Week 1: Business Development

Business idea development is a process that becomes difficult as the initial idea starts fabricating. As creative minds, it’s easy to come up with big ideas that can seem outstanding, however lack practicality.Unlike ideas, resources aren’t always infinite, sometimes even the good ideas can complicate a very simple process, thus creating potential risks in the business. To avoid such complications, a business must do a thorough research and mold the idea in a way, so it doesn’t lose its taste, while its still practical to make it.

A good business idea is often an idea that has a perfect mix of creativity and practicality. In this day and age, there are many business ideas that are catering to the same target audience and for the exact need. What sets apart one from another is, how each of them tackles that need in their own unique way, while still keeping to a practical, profitable business recipe. Either they make a little leeway into creating more needs within that one need, or they introduce a cool product that serves that need differently. Also, another important factor that I personally feel sets a good business idea from a great is the, Customer service and Community based around the business. I feel all good business ideas, often have great customer service and an established community that self present he potential of the business idea to new customers. However, that does come way far down the road in terms of business idea development.

Market research is a very important step in business development process. The reason for its importance is, it gives the business a solid knowledge about the audience they are catering  to, and also a good list on what their competition is doing with similar ideas. This helps the business in developing the idea in a much more unique way compared to the perks that already exist out there. Also a business can know more in-dept about likings, and disliking of the specific target audience, and brand their product in an appropriate way. The closer it speaks to the target audience, the faster it will sell. Market research can also help the business avoid the mistakes that the competitors may have made in past. Also, the business can avoid having any weird overlaps with others, that might otherwise occur while serving a similar target audience.


Inspirational Business:

In terms of innovative business concepts I’ve always had a special place for the company Maker Bot. It’s a little common now when we speak about buying 3D printers for homes, however, some years ago this wasn’t possible. There are many small companies now that sell 3D printers, but Maker Bot was the first business that had made a lot of buzz about it and marketed in a way that would interest general public. The reason I think that succeeded in their business was, they targeted their product to the growing DIY trend of the time. They came out in a period when a lot of start-ups were kick starting, and were looking for cheap tools to prototype their products. This tool marketed extremely well for that target-audience. Also, the company did something really fun for generating a community of followers. They simply opened a community where people that have experienced this printer would show off their product, and they would also help each other with technical issues. This quickly showed potential of the product to people that would be thinking about investing in it. And lastly it was fairly cheap.

This day and time this company is still functioning and earning revenue. They had essentially come up with an idea that was unique and supporting of the growing culture of its time, which made it an interesting and successful company.