Brainstorming
What are 6 ways to improve brainstorming?
Create a good environment for sharing
Set a focus
Make participating easier
Prepare for success
Break it up
Revisit and review
Are business plans only for new companies/ companies who are starting a new project?
No, business plans can also be “what if plans”. These are for companies weighing their options for releasing a new product, or thinking about starting a new project.
What are three ways to get funding when starting a business?
Self, investors, or loans
Why is it important to know your audience?
It is important because the audience tells you who you want to sell your product to. If you don't know who your audience is, you won’t know who to market it to, which will waste money in advertising. For example, the article brings up marketing dentures to college students, this would be ridiculous because college students would likely not want to buy that product, however elderly people would.
What can you do to spread the word about your newly created business?
Advertise on social media and create a positive image.
What is setting a focus?
Setting your focus is knowing your goal. This helps to forward your brainstorming if you know what you're working towards.
What are three mistakes that new business owners make when creating a business plan?
Unrealistic goals from the start, focusing on the executives instead of the team as a whole, and not backing up what the plan says with evidence.
In exchange for funding could you lose some ownership if you choose to get funding from venture capitalists?
Yes, in most cases venture capitalists will want a part of the company in exchange for helping financially.
What is a demographic?
Demographics are defined by the corporate business institute as “socio-economic characteristics of a population that businesses use to identify the product preferences and purchasing behaviors of customers.” Some examples of these are purchasing power, geographic region, age, and family status.
How can you figure out what jobs your business needs?
You could ask someone who runs a successful business what the first most essential jobs your business needs first.
What is the best way to spark creativity in brainstorming?
Surround yourself with other creative people. You can seek out these creatives through certain groups such as The Entrepreneurs organization: founded in 1987, this organization lets you network with 10,000 other members to help each other out.
What are three ways a new business would stand out?
A great and easy website, good customer service, and better prices than competitors.
If the bank thinks your business idea is too risky and has fear that it won't get the money back it loans, can you not get any help from the government?
No, the U.S. Small Business Association can agree to guarantee you a loan.
What is a target audience?
A target audience is a specific audience that you want to market and sell your product. Some target audiences may be broad for products like shoes because anyone can wear shoes, however, some may be a niche like Nickelback's audience.
How can you make sure that the people you hire are fit for their job and will actually benefit your company?
Have the potential employees go through background checks.
What’s a good way to remember every idea you “storm”?
A good way to remember every idea you storm is to Write them down and follow up research on ideas.
Name one section of a standard business plan.
Overview, market analysis, Situational Analysis, Marketing plan, financial plan, competitive analysis, and operations plan would all be correct answers.
What is the credit for a new business based on?
The credit for a new business is based on the owner’s personal credit.
How do you determine your target audience?
You can determine your target audience by analyzing demographics and seeing which category of person would be willing to buy your product. To find this you may have to use data compiled in various ways, from cookies online or focus groups/surveys. Once you find the type of people willing to buy your product, group them together by the shared trait they have and that would be your target audience.
How can you make sure that you are not just hiring people who may not have the right qualifications just because you need people for your business?
Have an interview if they meet the qualifications, or take them out to lunch to see if they fit the job and see what kind of person they really are.
How do I start actually brainstorming ideas?
The best way to begin the actual process of brainstorming is to start with a question or a problem, as recommended by some professionals.
What is the overall requirement that a business startup must fulfill to be successful?
A: A genuine need for the product. The product must be better than competitors or fill a gap that the consumer wants to make their life easier.
What is crowdfunding?
Crowdfunding is funding for a business from a large number of people that don’t expect a financial return or a part in the business. Rather they expect a small ‘gift’ as an appreciation token.
How do you grow your audience?
You can grow your customer base by taking in feedback from existing customers on what may need to be improved. Expanding on that, you could add a referral bonus to your product or business, this would incentivize your customers to bring new people in. That way it's more appealing to everyone. Another way would be to get an expert/ famous figure to promote it, which would give your product attention from everyone who is a fan of that person
How can you successfully recruit people to your business as you just created it?
Ask people you have connections with, if they know anyone that could be a good fit for your business.