Lead Your Business Through the Coronavirus Crisis - Harvard Business Review

Lead Your Business Through the Coronavirus Crisis - Harvard Business ReviewLead Your Business Through the Coronavirus Crisis - Harvard Business Review5 Best Home Business Ideas for People Who Love Books - News & FeaturesInnovation Finalists Pitch Ideas, Earn Seed Money at Big Idea Event - Colorado College NewsLead Your Business Through the Coronavirus Crisis - Harvard Business ReviewPosted: 27 Feb 2020 09:03 AM PSTExecutive SummaryThe economic impacts of Covid-19 are significant, and as the crisis unfolds, many companies are trying to understand, react to, and learn lessons from rapidly unfolding events. While the full impact will only be clear in hindsight, the authors offer 12 lessons based on BCG's ongoing analysis and support for our clients around the world. ababil12/Getty Images The Covid-19 crisis has now reached a new critical phase where public health systems need to act decisively to contain the growth in new epicenters outside China.Clearly, the main emphasis is and s…

The Ultimate Step by Step Guide to Come Up with Start-up Business Ideas - - VENTS Magazine

The Ultimate Step by Step Guide to Come Up with Start-up Business Ideas - - VENTS Magazine

The Ultimate Step by Step Guide to Come Up with Start-up Business Ideas - - VENTS Magazine

Posted: 31 Aug 2019 06:38 PM PDT

Entrepreneurs are ambitious and each one of them wants to be as successful as Steve Jobs and Mark Zuckerberg. The most crucial step which any entrepreneur can get stuck in is to find the right business idea as this is the stepping-stone that would determine their entire journey. The business idea will not strike you in the middle of the night, you have to consciously think about many factors before you can come to a final conclusion. Here's how you should do it.

To Begin With:

Start by finding out about various business options, searching for them online. Do market research and study business trends. Also read the stories of other entrepreneurs, their successes and failures and how they made it. Save all the important points for future reference.

Identifying Problems to Inspire Ideas:

Ideas need inspirations hence instead of jumping to find a business solution, find out the problems that consumer's face. This will give rise to inspiring ideas that can become your business solution.

Focus on a Trending Niche in Your Area of Interest:

Though you have a business idea in mind which you really are passionate about, if the business you wish to pursue does not have much potential, then just skip it. Do not quit your field of interest completely but find a niche which is trending amongst customers and develop a business idea from there.

Question Yourself:

Launching a start-up is like taking a risk hence you need to ask yourself several questions to come up with new ideas.

What is Your Expertise? 

You need to first figure out what you are good at. If you are starting a product company, then are you good at marketing and understanding how to focus on the target audience? If you are good at finance and understand market trends, then your expertise suggests that you should start a trading business.

Technology has made it possible to make things simpler hence analytics tool helps in understanding the customer behavior to improve your marketing techniques. Similarly, if you are into trading, trading software from https://de.the-newsspy.com which makes accurate predictions using algorithms can trade for you, you just need to make your preference settings.

You should stick to business ideas which you are passionate about and have expertise in.

What's Solution is Missing Out There? 

Instead of copying an existing business solution, brainstorm to figure out a better solution than the current one. Successful companies have come up with groundbreaking solutions which have solved customer problems. Try to come up with a unique business idea.

How Can Your Small Company be Different from its Large Competitors? 

Small businesses may find it daunting to compete with large companies but in reality, small companies have many advantages over large companies. One such huge advantage being, your company can interact one-to-one with customers giving them a personalized experience which large companies cannot do.

Build Network: 

Sometimes meeting similar minded entrepreneurs and discussing with them may help you figure out the right path. Creating acquaintances in the industry will help your business in the long run.

In Conclusion: Start with Simple Ideas

If you are looking to start a start-up, the best approach is to start with a simple idea that you are passionate about and with time grow around it to expand your company's horizon.

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Entrepreneurs are individuals full of business ideas which they passionately wish to pursue yet the …

4 Signs You've Chosen The Right Niche For Your Business Idea - Forbes

Posted: 16 Aug 2019 12:00 AM PDT

For much of human history, opportunity has been limited—by factors like geography, social status, training and education. People often lived within the same area their entire lives, never learning all too much about the world beyond. 

Today, all of that has changed. And the Internet has been one of the most incredible catalysts for making it happen.

For those willing to pursue it, opportunity is more accessible than ever before. And with a world as interconnected as ours, niche markets are no longer just for small businesses. Instead of serving a small number of enthusiasts that live within your local area, entrepreneurs can now reach across the world.

To shed some more light on this, I recently sat down with musician Paul Nowell, better known as Paul the Trombonist, a man who certainly knows about competing in a niche market. I also interviewed Mike Pearson, founder of Stupid Simple SEO, and was able to glean some insights on how he successfully monetized his niche.

They both had impactful ideas to share on how to determine whether or not your niche has the potential to grow into a sizable business.

1. An Eager Audience Exists

"There's no such thing as a niche that's too small if the people care enough," says noted marketer Seth Godin. "If you think you need a bigger market, you're actually saying that the market you already have doesn't need you, depend on you or talk about you enough."

Nowell knows a lot about this. He's a trained trombonist who studied under some of the best in the world, but trombone isn't exactly something that people are lining up around the block to hear by itself. Still, he's managed to carve out a niche for himself by finding what Godin calls a "tribe," a passionate group of fans that cares about what he brings to the table. 

"I found out the hard way when I released my first album, that not a lot of people even knew my message existed," he shares. "Then I decided to give it away for free in exchange for email addresses and built up a bit of a mailing list. Not thinking much of it, after I wrote my first e-book, I sent out one email and generated $6,000 worth of sales in 24 hours. A lightbulb went off in my head. I'd found out how to get my message directly to my audience. It was from then on that I understood, in order to be in complete control, I needed to own my own distribution."

Passion matters. People don't want to spend money on something they aren't passionate about, but if you can tap into a group that really cares about what you have to say—and shares the same interests—assuming you're in control of your own distribution, you've built a lever that can move mountains.

Look at Apple. As illustrated by Guy Kawasaki in his book The Macintosh Way, they leveraged groups of what they called "software evangelists" to build a devoted fanbase that carried the company long before they became the giant they are today. 

Find the people who care. Once you do, you've found your niche.

2. There's A Clear Need

When Mike Pearson was trying to come up with an idea for his business, he was in a Facebook group composed mostly of bloggers, and he spotted something. "A trend that I was noticing from all of these bloggers—4,000 of them—as questions kept coming up in the feed, almost everyone wanted advice about how to improve at SEO."

He began answering questions and helping out where he could. "That was when the idea was born. I thought, maybe I should start a blog about SEO, and eventually release a course about it for the readers that want more."

Pearson quickly found out that he'd tapped into an immediate need. His course generated $55,000 during its first five-day public launch. Finding a need and filling it, is what takes you from a person with expertise—to one with a meaningful business. 

3. You Have A High-Intent Audience

If you have a passionate audience and you've found a need, you still need to figure something out: whether they'll pay for what you provide.

"Starting out, this was hard for me," adds Nowell.

He continues, "I always thought finding a high-intent audience was about social media followers. But once I built up my email list and was in control of my own content distribution, I was able to get direct feedback from my audience on what they were interested in—and how I could better serve them. I discovered how to build a business doing something I love." 

Finding intent is hard, but if you walk into it like Nowell did, it's a sign you're on the right path. A good way to start figuring out whether people will buy, is to ask them.

Sales research indicates that asking the question, "Why did you invite us here?" when starting a pitch in a B2B setting, is a good way to find out what strengths your best prospects see in you, then double down on that. Pearson was able to tap into that by answering questions and finding out naturally, as he shared in his interview. If you can find that high intent in your audience—figure out what moves them to act in your niche—you'll be well on your way to a strong business.

4. You're Passionate Yourself

Your expertise is probably something you're naturally passionate about. But what if it's not? It's difficult to maintain motivation if you're good at something, yet don't necessarily love it. Richard Branson of Virgin has had that experience.

"If you have an idea that might work in an area you're not passionate about, instead think about ways you could apply it to a sector that does excite you," Branson says. "Look at your idea from a different perspective, and you might be surprised by the results."

This is what he did with Virgin Money, a business sector that didn't excite him, but he found the customer service aspect did.

If you can find a passionate fanbase with a clear need, high purchase intent—and you can get passionate about that niche—then keep pushing forward.

You may just have a niche you can turn into a sizable business.


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