Finding the Faster Horse: Strategies to Finding your New Business Idea

The Faster Horse

 

 
Henry Ford once said, “If I had asked people what they wanted, they would have said ‘Faster Horses.’” This provides valuable insight to the mindset and thinking involved with launching a successful business venture. Henry Ford was the first to mass-produce the automobile at a time filled with large changes in modes of transportation. For centuries Americans relied on the horse for their transportation. The idea here is that consumers always want something ‘better’ but do not necessarily know what ‘better’ actually is.
When searching for a business idea entrepreneurs should learn to be observant and focus on customer pain points. For example, in the early 20th century transportation was too slow. There are two main ways in which you can focus on customer pain paints: 1) In a broad sense across any industry or 2) narrowly examine a focused industry/product.
 

Broad Observation

 
Remember we are looking for problems and pain points in services and products that consumers see. One approach to finding these ideas is to sit back, observe, and reflect on products/services in any industry. This involves skimming across many different products to find pain points. In order to find a pain point in a broad sense like this begin asking people questions like,

• What recent purchase have you regretted the most?
• What is a great product that has some glitches or annoying features?
• Tell me about a recent bad experience you’ve had recently with a product or service?

Asking people questions like these will allow you to scan across a broad range of ideas then focus in on one specific pain point found in a product or service.
 

Examine a Specific Industry/Product

 
You may already have an expertise in a certain industry or field and would like to continue working in that field. A narrowly focused examination of customer pain points within that industry will lead you to entrepreneurial opportunities. Ask questions such as,

• If you could change anything about [the product], what would it be?
• Hypothetically if you could do anything different with [the product], what would do?
• What keeps you from buying or fully utilizing [the product]?

These type of questions will allow you to focus on one specific industry/products and come to some real conclusions about what could be done differently. These changes and variations will be your next entrepreneurial venture.
 

Think Small, Big Results

 
Often, the best entrepreneurial ideas are not brand new, cutting edge ideas but instead are simple improvements to a previous idea. When brainstorming, it is best to restrain or constrain your creative thinking, or in other words narrow the scope. These approaches allow you to be observant to current trends, markets, and ideas then constrain your thinking to find simple improvements or even a brand new, cutting edge idea. By thinking small you can find a magnificent idea that will lead to big results and your own entrepreneurial success. Like Henry Ford implied, we must not think like the consumer but instead understand the consumer’s problems and be thinking ahead of the consumer.

eBusinessPlan Partners with Lendio to Further Help Entrepreneurs

Thank You

 
First, we want to thank you for your interest in eBusinessPlan and thank you for the trust you have in us to help you build your business by utilizing our business plan editor. We take your business goals and dreams seriously. As a team of entrepreneurs we understand how much sacrifice and hard work goes into dreaming up and executing a new business. As such we have created a number of resources to help entrepreneurs plan and start their business.
 

Partnership with Lendio

 
Second, we want to let you know that we have a myriad of tools and resources which have helped thousands of entrepreneurs launch their company. Recently, we have partnered with a financial organization that has helped fund thousands of start-ups. To take advantage of this funding resource and the many other entrepreneurial tools we offer, please use the following link:
 
http://ebusinessplan.lendio.com
 
This tool can help you compare loans and institutions that want to fund your business. Our resources will also give you a view into the angel and venture capital investment world.
 

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Creating a winning Business Plan Template and heading to go after the funding you require

If you have an idea for a business you’re certain will be a success, but you don’t have enough money to get it started, you need some investment funds, or capital. If you need investment capital, the first thing you need is a business plan. Essentially, a business plan can be a written document that explains to potential buyers the nature of one’s company, why you think it will likely be profitable, and the way you program to create it effective. Traders do not just go around giving out cash for any company concept; right after all, their quantity 1 objective would be to obtain a substantial return on expense, generally much more than 10% on the low finish. If there is a higher than normal risk, they would want a 15-20% return.

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Now that you just need to have a business plan, there’s a issue, you’ve in no way commenced a enterprise earlier than and also you didn’t even attend college. You have no idea what goes into a professional business plan Let’s go over some basic elements of an effective business plan from the level of view of what the traders are heading to search for. The first thing a potential investor wants to see is evidence of some serious thought and strategic planning. They wish to know that it is not just your mother who thinks it is a great concept, but that you’ve identified a gap within the marketplace and produced, a minimum of conceptually, a item or service that fills that gap. What customer need is not being adequately met by existing companies, and why do you think you can fill that need?

make positive that you just make strategic planning and monetary insight evident from the very first portion with the business plan. It ought to be summarized, together with every thing else within the strategy, within the executive summary, which is frequently the only factor an trader will study. In the event you do a great job with the executive summary, and also you really possess a great concept, the trader will then take the time to study much more in detail. If they believe there’s some thing to your concept, they’ll appear into your market analysis to determine the way you intend to address rivals. Is your item differentiated from other people, or have you innovated some procedure which will allow you to create a comparable item at a significantly lower price? It’s important which you realize your competition and that you choose to make this level clear as part of your business plan and as part of your advertising strategy to ensure that traders can see it.

Your business plan really should also involve explanations from the organizational framework you envision for the corporation and the way it will likely be managed. Do you have enough skilled people to run the business? Even an excellent item could be mismanaged to ensure that it doesn’t return a profit. You might also will need to place jointly financials and pro forma financials. Unless you have taken accounting courses or run a company already, you most likely are unfamiliar with fundamental monetary statements like the Balance Sheet and Earnings Statement. These documents possess a precise regular of precise info, and for the business plan, ought to consist of forecasted quantities of what you anticipate your company to earn within the initial six months, 1 year, and beyond.

How to Start Your Own Online Business

Start Your Own Online Business

 
Starting your own online business is a smart move that can be daunting at the beginning. Let’s take a look at the bare essentials to starting your own online business and what you can do to get your feet off the ground and moving.
 

Create a Business Plan Using Software

 
One of the benefits of starting an online business is that it is relatively cheap. Entry costs are low in comparison to other industries and businesses. A major function of creating a business plan is to help gain capital in order to fund your business so some may view creating a business plan unnecessary when starting an online retail business for example. But a business plan will prove critical to starting your business, especially if you’ve never done it before, because it will help you consider business variables you may never have before. As well, your business plan will help you understand the market you are selling to, how to market your site, and what exactly you are going to sell. Basically the business plan will help you iron out the major details.
 
Online business plan software will help you create this plan without overlooking any key factors to starting your business. It will guide through a step by step process of creating the plan helping you gain a broader understanding and vision for your business.
 

Create Your Website

 
Having a quality website is key to online business success. It must be easy to navigate and professional looking while having the content and pictures functioning properly.
For those who have little or no experience in web developing there are many online hosts with website templates with which you can design and build your own website. These are easy to find and usually very affordable. Other sites will help you find the financial ability to process credit card payments as well.
 

Business Considerations

 
Without a great product sales will never grow. Be sure you are finding the right products and selling them at a competitive price.
Do not forget such things as customer service. Delivery and return logistics are vital in customer experience and retaining customers. As stated earlier the business plan will help you iron out these details to provide top notch customer service.
 

Market Your Site

 
One downside to online business world is that it is very easy to get “lost in the mix.” One vital part of starting your online business is understanding how to market. As you work through your business plan early on you will come to understand your target market and will be forced to consider how to gain notoriety for your business.
Decide early on how you will market and master online resources such as SEO optimization, social media sites, and online advertising. By using these tools you can build a following for your business which leads to customer creation then potential customer retention.
 
In today’s evolving economy starting an online business is a smart move and fairly easy to do. By using the internet you can find resources which can help create a business plan, organize yourself, create a website, and market your new business. Good luck starting your online business in this exciting industry.

An Answer to College Graduate Unemployment: Start Your Own Business

Options For Recent College Graduates

 
It is no secret that recent college graduates are struggling to find work. For the last couple years the topic of recent college graduate unemployment and underemployment has been common in journals, magazines, and newspapers. As recently as June 2013 statistics report that the unemployment rate for recent graduates is 4.8 percent to 14.7 percent depending on major and the underemployment rate is between 44 percent and 52 percent.
What can graduates do to counteract this trend? For recent graduates the norm following school has been one of two options; grad school or get a job. As we’ve talked about already, right now it is proving more difficult for graduates to find a job or enter a job in their ideal career field affecting the latter of the two options. Grad school isn’t for everyone and is expensive for kids who are already swimming in debt from their undergraduate studies. As well, while advanced degrees do increase the likelihood of finding employment they do not guarantee anything in today’s economy.

A third option we can add to the list above is start your own business. Actually this is already starting to become more common and will probably become more and more common as time goes on. Startups are responsible for creating roughly 3 million new jobs per year in the United States. This is a viable and great option for recent graduates.
 

How Can I Afford It?

 
A lot of recent graduates can feel overwhelmed financially when starting a business. I mean, where are you going to get all that money? Comparatively for grad school you could be looking at well over $50,000 in tuition and fees alone. Why not use that money to invest in your business and networking instead of going to grad school right away? This is not to say that your business replaces further education, it is simply proposing a change in timetable and allocation of resources.
 

Pursuing Your Career Path of Choice

 
A portion of underemployment statistics is college graduates who end up working in positions that are not what they intended. Many settle for part time positions in a field unrelated to their area of study. By starting your own business you are automatically working in an area that interests you personally and are potentially more experienced with. Ultimately, you get to decide what you work in, when, and how. That is a luxury many graduates do not have when first starting out.
 

Learning by Experience

 
One of the best ways to learn is trial by fire. Many times our learning is decelerated by being told what to do, when to do it, and how to do it. It stifles our creativity and teaches us to not reach out and grab our potential. Starting your own business is a risk, one that you could be potentially taking all alone. By taking the risk you are blessing yourself with an opportunity to see just what you are made of and gaining a better understanding of your personal potential while developing as a person and professional.

Currently more young college graduates are deciding to start their own business and it is becoming an option among the norms of “getting a job” and “going to grad school.” Starting your own business after earning your bachelors is doable and provides an alternative in the current tough conditions for recent college graduations. By taking this risk you are allowing yourself to pursue your dreams while learning important lessons that will help towards future career success.