Business ideas (English: Business ideas) can simply be understood as the idea of a business activity. Vinslim V3 will give the answer
Business ideas in English are called business ideas.
A business idea can be simply understood as the idea of a business activity.
The problem is, ideas are always many, business ideas are also many, but not all business ideas lead to a guarantee for successful business activities.
To be successful, a startup needs a good business idea.
Good business idea
A good business idea is a business idea that guarantees feasibility and can lead to success.
Thus, in the whole forest of business ideas, startups must look for good business ideas – ideas that can bring success to their business activities.
A new business that only produces existing products/services and sells them in existing markets is not a good business idea.
But if businesses know how to create new and different things in their products, they will create opportunities for success when entering the market.
To be successful, the business idea must create a competitive advantage that not only fills a new need, but it also delivers better value or service to the customer.
Competitive advantage is created from forming new products/services, providing products/services to completely new markets, using new technologies and techniques to create products/services with superiority. outperform existing products/services or create a new way of doing business that is much more advanced than the existing way of doing business.
The case of creating a competitive advantage
The following cases can be summarized:
– New products/services can be formed from new inventions or start from the improvement of existing products/services. Business ideas that come from new inventions are often not easy when starting a business.
Because the invention of new products or services is often associated with a passion for creation, often the creators of new products/services do not pay much attention to market demand.
This makes it difficult to start a business. And when starting a business from a new invention, the business needs to have a patent as well as test it. But to achieve that takes a lot of effort, money as well as time.
It is easier for a business idea to come from the improvement or innovation of an existing product/service.
Product improvement or innovation is the improvement of existing products, be it changing weight, shape, color in the use of new materials, or adding new functions,…
Sometimes an innovation also requires a patent or an experiment, but it is not as complicated as for a new invention because it is already based on an existing product that is already in use.
– Can invent new technology or new machinery and equipment. Creating new technology with superiority over existing technology often leads to higher productivity, better product quality, and lower costs, thus creating a real competitive advantage over existing competitors. use old technology.
The same thing happens when inventing new machines. However, the magnitude of the effect in the case of the creation of new machinery and equipment is usually not as great as the effect in the creation of new technology.
– The creation of new materials to create products/services being provided is also one of the cases that creates a competitive advantage over competitors who are using old materials.
Usually, if a new material can be created to replace the scarce material, the advantage is clear.
– Finding a new market or a market area where demand is outstripping supply also creates new opportunities for entrepreneurs to start up.
– Can create a new way of organizing in production as well as in distribution.
For example, Ford Vietnam can’t build cars, but they can create an assembly line that can be said to be a new organization. This gives businesses a price advantage cheaper, better quality, better service.