Being new to web based businesses, I am a novice at many of the ideas and processes of starting an online business. There are insecurities, but also excitement in learning something outside of my comfort zone.
For this week, despite my self doubt of using technology, I found using Google Ads to be a creative way to look into demand and competition of a product. By utilizing the information from the forecast option and keyword planner, assumptions on what products or services to sell as a start up company was helpful in generating ideas for the right business model, low risk markets, and highly sought after products with low competition.
Another notable learning objective this week was how to brainstorm business ideas. What should come first? The business model or the product? My initial thoughts were based on passion. Having a product or service based on passion would be a driving force in the motivations to continue pursuing a business model that may have setbacks. Passion also provided opportunity for a new business owner to examine lateral thinking by looking in to an existing problem and applying worthwhile solutions while understanding how their strengths can contribute to the solution. By pursuing a passion, the business would be based on purpose rather than profits.
However, I discovered a new way of thinking from the discussion boards. I learned that passion isn't the only thing to consider when starting a business. Knowing specific skills and capabilities that an individual posses, can greatly benefit a business model before exploring products or services to render. Choosing a business model first can have its benefits because it allows room for testing and revising assumptions based on demographics and meeting consumer needs.
No comments:
Post a Comment