Managing Sustainable Small Business - - - book; Entrepreneurial Small Business 4

Question

Managing Sustainable Small Business - - - book; Entrepreneurial Small Business 4th edit.

Identify and evaluate at least three methods that entrepreneurs can use to search for small business ideas.

Select one of the methods you identified and use it to identify an idea that might be of interest to you. Describe the process you used and the extent to which you think the method helped you come up with your idea. Did you see value to following this method?

After looking at various methods and practicing one of them, do you think that using them leads to better ideas for aspiring entrepreneurs? Why or why not? What did you discover about identifying new entrepreneurial opportunities? Explain.

Explanation / Answer

According to Perry Lowe, there are several methods available for entrepreneurs to search for business ideas. I identified the following three methods including family business, brainstorming with friends and Internet research to search for ideas. Family forms the strong support at all times. If a family business is in place, then there will be no hassles to build and develop the family business. The financial contribution will come from the family. Donald Trump serves as the perfect example of a family businessman leveraging on the experiences of his family about the real estate developers. One needs a strong background and platform for the family to get into the family business and succeed as an entrepreneur. The next method of brainstorming with friends to arrive at various business ideas is effective. Various ideas emerge to start an enterprise but unfortunately, finance will be the problem. The risk-taking nature among my friends was low and most of them wanted to end up in a job after their graduation. The final method of internet research is an effective way to generate several ideas about starting a new business. Google, youtube and other social networking sites form an excellent source of getting new ideas.

I identified internet research to the method to arrive at the business idea. I used Google and youtube videos to search for new business ideas. I listened to the business tycoon speeches on youtube and their success stories. The speech by Steve Jobs is my favourite. This is a cost-effective way of approaching new and innovative ideas on the internet. An entrepreneur can do extensive web research about the business idea. I found value in the internet research and identified the idea of drop shipping after researching the internet for ideas. This will serve as my active income. I also plan to open a new youtube channel on drop shipping and share my experiences. This will serve as my passive income.

I can assure that internet research through Google, Youtube and other social networking websites are very effective in leading aspiring entrepreneurs to better ideas. I identified the entrepreneurial opportunity of drop shipping and opening a youtube channel on drop shipping. Drop shipping is selling products on Amazon and other online websites as a seller by listing the various products that are available on Amazon. I learnt that through drop shipping, I will act as a mediator between the buyer and the seller without actually owning the products. I can research the internet to buy products at lower price and list them in Amazon at high prices. When a customer purchases the product from me, I will order the item from the website that offers the product at a low price with good quality and sell it to the customer at Amazon at a premium price. I can also earn money by sharing my drop shipping experiences by posting videos on my youtube channel for every thousand views of my video. In this manner, one can find many exciting entrepreneurial opportunities through online research.

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