As this week comes to a close, I am already learning so much about starting a business. We discussed business models and there are so many I never really knew about. At least I didn’t know they were actually thought of as business models and named. I realized that some of the business models could be used simultaneously too, such as advertising and affiliates.
Part of the lesson titles this week included “idea generation,” which I did not feel like was really covered all that well. I thought perhaps we would do an assignment that helped me start to brainstorm and find a path toward what my own business endeavor, perhaps a start here kind of guide, but I find that although studying business models was very informative and eye opening I still have no idea what kind of product or service I would like to offer people, perhaps more ideas will come as we continue to work on project #1.
We also discussed Demand and Competition this week. This was especially eye opening for me. Previous to this assignment and discussion I had no idea how to use google keywords to learn more about the demand and competition of a particular product idea. I also had no idea what any of it really meant and how demand and competition work together. But due to this assignment I really thought deeply about how demand and competition work together. I learned that the obvious choice or instinct is not always the best path (such as chess with low competition but also relatively low demand). I started to think about how the consumer will use the product and whether or not future purchases seemed likely. Most importantly I learned more about my thinking process, how the discussion and thoughts of other influences me, and the time I need to fully think out an idea.