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B-250 Lessons Learned Blog – Week 1

14 Jan
I want to create an online business, but what makes a good online business? Where do I start? What kind of tools and knowledge do I need to make one? How much will it cost? These are all valid things I have been taking into consideration. Luckily I am enrolled into a web business class to help get me started.The first step has been to decide whether to start with my business model first or a business idea first. That question is almost as hard as asking what came first the chicken or the egg? Because honestly if you have a really great idea it’s not going to do you any good unless you can execute it. That’s why my first thought is to come up with a great business idea but after thinking about it, I think I could use a good provenbusiness model that I can shape my business idea around. I was reading about Brain Storming Business Ideas and I really liked “the Problem and Solution Method” it said that a good idea is to consider everyday activities and what things in life are complicated and what would make them easier. It was suggested to carry a notebook around (I think I’ll use the notepad on my phone) and to keep track of all of the task’s and problems people face. Every problem is essentially also a possible opportunity to for a profitable product or service.
I really also liked the idea of a Mix and Match Method, by taking unrelated concepts, products or services and combining them into something entirely new. In my Graphic Design class we talked about every “new” thing or invention is really a combination of 2 existing things. There is a really good video labeled “Everything is a Remix” (Parts 1-3)  that explains in depth what I mean. From this concept of combining ideas I think that I could combine two ideas or even possibly two business model’s to create something unique resourceful. It seems to me there is a great variety of options to go about deciding a business idea or model and following them to develop a product. Actually any number of ways might work in a given situation. I am going to consider my strengths and passions but without letting them overpower the needs of my target market. In the end I think I can combine business models and ideas in order to create a valuable product.I have been thinking about some things that I might be able base my business off of but I also need to take into consideration the demographics and area I want to do business. By using keyword marketing research I can to a test of how often different keywords and searches are in my area. Though this data I can decide what the supply and demand or popularity of different possible business ideas are in my area. This will help me because I can test how popular a keyword is in my area or how much demand there is for an item and compare that to how much competition there is for me in that market. In this way I can possibly find a market with less competition and a higher chance of getting business.After reading an article about 3 Pointers for Choosing a Business to Start, I have been considering that even if I have an idea that has lots of competition. I might be able to improve my product or develop my own niche so that my product or service will stand out as a better solution to people’s needs in my area. I can find better opportunities then my competitors by choosing a particular product/service and consider what might be lacking or frustrating with what is being offered now and how I might make things simpler and more user friendly. Hopefully by combining the all of these idea’s I will be able to create a successful online business.
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Posted by on January 14, 2012 in B-250, Uncategorized

 

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