This week in my business class we learned a how to brainstorm business ideas. Some of those tools include:
- Lateral thinking (redefine the problem)
- The Godin method (go to the edge of an idea, make a twist and make your idea memorable)
- Find your personal strengths (analyze talents, find what you have to offer)
We also learned some overviews of business models that could benefit online businesses:
- Advertising
- Infomediary
- Merchant
- Subscription
- Affiliate
Then we learned about how to use Google AdWords to analyze and determine the demand and competition of different online categories.
The case study we are using asks us to compare chess with snowboarding for a group looking to gain online business experience. Snowboarding has a lot of competition, but the searches used under this category are for products that could yield a lot of money. However, the demands for this category would be seasonal and require a high amount of overhead and inventory. On the other hand, chess is much less interesting, and has a lower click rate. The interest is steady, and there are a few keyword searches that have low competition and therefore potentially more opportunities for exposure. I think chess would be a better target for a group looking to gain experience with online business.
References:
Business models: http://digitalenterprise.org/models/models.html
Brainstorming ideas: http://bizthoughts.mikelee.org/brainstorming-business-ideas.html
How to Grow a Family Tree 