This was the first week of Web Business Creation. Although it was an overwhelming load of information, I really learned a lot.
I am going to write on my personal reflections and what I learned about creating and running an online business.
This week we really emphasized the importance of Business Models and Ideas. We discussed whether it is better to pick a business model first or to pick a business idea first. There isn’t a right or wrong way to do it, but discussing both ways really made me come to the conclusion that I think having a business idea first would work better. First, I think it is really important to get into or create a business selling something you’d enjoy selling and being around. I don’t think a business can last long if you don’t enjoy working it. Second, I think it is easier to pick a business model based of your idea. I would have a tough time picking a specific idea based off a business model, especially picking one that I would enjoy creating and working. Below I attached some useful links to help put together a business idea/model.
- Business Models: http://digitalenterprise.org/models/models.html
- Brainstorming Business Ideas: http://bizthoughts.mikelee.org/brainstorming-business-ideas.html
I also learned a lot this week discussing Demand and Competition. Demand is “a customer’s desire and willingness to pay a price for specific good” (http://www.investopedia.com/terms/d/demand.asp). Competition is “the rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix: price, product, distribution, and promotion” (http://www.businessdictionary.com/definition/competition.html). Both are very important when deciding a business idea. You want to study up on the demand and competition of a certain product or idea as much as you can before you decide to invest into selling that product or idea. A good way to figure out some of that information is through Google Adwords. We learned how to use it this last week and I think it will be very helpful for me and my future as an online business owner. Google Adwords can show you the demand and competition of the product by giving you statistics of people searching for that product or idea online. We learned how to use it a little bit this last week, but there are several things you can learn through Google Adwords that we haven’t touched on, yet. I’m excited to really dive into learning more of that resource and using it to my full advantage.