Want to do a business? But don't know what business to choose?
Given below are some ways to churn out business ideas in bulk!
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* Look for unmet needs and unsolved problems.
- Start a business to fulfill those needs. Ability to observe is crucial for this. Provide solutions to unsolved problems.
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* Look for dissatisfied customers (of competitors)
- Start a business to satisfy them and thus win them over!
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* Kaizen (Japanese for 'continuous improvement')
- Come out with a much improved product at same or lower cost and thus win over the customers and build a successful business.
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* Guerilla / Niche warfare
- Specialise in one area of the business your competitors are doing and be miles ahead in that speciality as compared the competitors.
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* Brand the unbranded your competitors are dealing in!
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* Unbrand the branded your competitors are dealing in and offer the product/service cheaper (as you don't have to spend on creating and maintaining a brand.
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* Position the product or service differently. Take one of the value corners. (Position and Value are technical marketing terms. Pl check in Google.)
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* Renovate, Rejouvenate the product, packaging, pricing, point of sale, promotion. Offer a new experience and thus win over the competitors' customers.
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* Takeover/buy a running business. The better choice is a truggling one. It will be available for less. Then turn it around!
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* Start a business dealing in emerging technologies / concept where there is little or no competition. Just ensure the time is ripe.
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* Enter the value chain
- Every business is a supply chain. Hardly any business is independent of suppliers. Enter that supplier chain. People will let you enter the chain if you bring them some value / benefit!
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* Become a franchisee of successful business.
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* Franchise what you have.
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* Geo spread!
- 'Copy Paste' successful businesses of one place at multiple places!
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* Leverage an established brand for other products / services as well (Line Extension)
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* Outsource / Convince others to outsource (to you!) and thus reduce costs!
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* Vertical Integration
- If you are refining petrol, then it makes sense to enter in drilling and exploration as well as petro retailing!
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* Work for your self!
- If you are salaried, check if you can do the same thing for yourself!
e.g. If you are a doctor on salary, think about starting your own clinic. If you are a good driver and run a taxi for someone against a salary, consider buying and running your own taxi!
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