B 250

Week 1:Featured image

This week’s objectives are:

  • To determine how to start when choosing an online business
  • To learn how to determine levels of demand and competition and systematically choose and evaluate online business ideas
Business Model and Idea Generation

This week I learned the basic categories of the business model. We discuss about “when it comes to create an online business what should do first?  A) choose a business model first, then brainstorm product ideas to fit in the business model, or B) brainstorm the product idea first, then choose the business model that works best with that idea. We received an hypothetical situation where there was Joe, and two college friends, Amy and Trevor. Joe wanted to In this particular situation Joe and the rest of the group have no idea of what is the product they want to sell or give. At first I didn’t know if it was first the chicken or the egg, I was confused. After reading some extra material (Brainstorming Business Ideas,3 Pointers for Choosing a Business to Start), I could make a decision.

In this particular situation Joe and the rest of the group have no idea of what is the product they want to sell or to give. That is why I think that if you don’t know exactly where to start, you need to choose in which area you want to work.  So that will be option A. Sometimes people just have an idea (to have a dealership for example) because they have already worked with cars for several years. So they already have the product (or service) that they want to give, that is the other situation.

After reading other’s opinions, I found out that everyone has a point and exposed them very well. There were some that think different than me, but we all have the opportunity to express what we think. In my opinion anyone that want to create a business need to find their niche, follow their passion, get to work and enjoy what they are doing.

Demand and Competition

Looking for the best product to sell is another part of this story, but you need to find the right tools. We have the opportunity to use the “Google AdWords Keyword Planner“. We used this important tool to find how were the differences between two products: snowboards and chess. Our teacher also gave us a video so we can learn about How to Use the Google Keyord Planner for SEO. While using this tool I had the opportunity to find out the demand and competition in both products and it was a really good experience. It showed me how this market works while using the different keywords on both products. Most of the students have the same result, where chess was the product with most local monthly searches. Here are my numbers:

numbers

In case of the chess there was a big difference in the average of the local monthly searches which ended in 16,800 so in comparison with the snowboards which the average was 10,460. That is why I found more passion for the idea of chess. I think this happens because it is a less dangerous thing to do and we can find more people that would prefer chess over snowboarding.

EPSON scanner image

Probably as a personal case, I have a special bond to chess. Here it is a picture of my grandfather. Enrique Grassi, who was an excellent chess player. This picture was taken around 1950. He played in  a championship against six other people. And he won! It is funny to see the man on the right with a really worried face, even though my grandpa seems so calm!

Through the demand and Competition Discussion I also have the opportunity to share my thoughts as well as see other points of view. We handle different ideas on how to improve these products in business and there were many divergent opinions. For example how chess is a classic and snowboarding is a kind of a new recreational activity, or how different are these activities and their use is dependable on each human being stereotype.

chesssnowboards

According of some of the graphics I could see in Keyboard Planner, we also can see how chess is an year around activity while snowboarding is a seasonal one. This was another factor to discuss in the discussion board where we could think about extra activities, like sand boarding, to sell outside the peak season.

All of this activities gave me knowledge of many lessons learned of this topic, which will surely influenced in my career as well as in my future business.

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