This week we worked on web business models and idea generation. Surprisingly there were more business models than I would have guessed. http://digitalenterprise.org/models/models.html describes the nine business models.
- Manufacturer (Direct)
- Utility *list directly from website
Each of these models are broken down into subcategories. They all have advantages and disadvantages and they can be combined to possibly provide more revenue streams from the same idea.
The second assignment taught us how to look at demand and competition for products and ideas using google keywords searching. This is very helpful and I wished I had know how to use this search function for other business classes I have already taken.
There was also a very good article on how to choose a business to start. https://www.entrepreneur.com/article/30846
The three pointer it suggested were
- Find your niche
- Follow your heart
- Build a financial model – this is very important
The article says, “By following your heart and your head in this way, you'll find that sweet spot where what you truly want and the world of possibilities meet.”