Business Models and Idea Generation
This week is all about coming up with a business model and then seeing if it will be competitive and viable in the current market. I found the following articles that were included in the lesson materials to be very informative:
“Business Models on the Web” had a very thorough listing of various online business models and “BizThoughts Brainstorming Business Ideas” offered differing perspectives on how to brainstorm your perfect business idea.
The video we were assigned to watch, Russell Brunson and His Secret Magic Box, rubbed me the wrong way. To me, it felt slimy and as if all the guy cared about was making money and not selling a worthwhile product. He talked about making money off someone else’s intelligence and expertise if you can’t market your own. While making money in business is important, I was disappointed to see a BYU-Idaho class referring this video.
Demand and Competition
The other topic covered this week was Demand and Competition. We learned how to use Google’s Keyword Planner to see what keywords are being searched for as well as how much advertising competition there is for those keywords. By analyzing this data, it can give you an idea of how viable a business idea is.
The last article included in the lesson material, as a bonus, was Entrepreneur.com’s 3 Pointers for Choosing a Business to Start. I felt it gave very apt advice that applies to anybody thinking of starting up a business. The three pointers it gave are:
- Find your niche: Find what market you would like to serve that is underserved, as well as figure out what makes you unique
- Follow your heart: Keep in mind what type of role you would like to play in the business and make sure the business you choose lets you act in it
- Build a financial model: Write up business plans for several of your ideas and compare them to find what is the most economical
This week was a very informative week and I’m excited to get on with next week’s lesson!