How to start my own business? Part 2. Factory for ideas
In the first part of the article “How to start my own business?” We talked about five simple rules that can help you decide whether you need your own business. The most important thing in a business is always an innovative idea. Crowdholding will talk about how and where to find a business idea in the following article.
Also read our article on how idea innovations and co-creation are linked.
An idea in business is not the same as, for example, an idea in philosophy. A business idea is a direction of movement. At the end of this direction is the “Mission of the Firm” that is raised proudly. Henry Ford’s idea of giving every American a personal car. The vision of J. Eastman (Kodak) on the dry photoplate and the mission “Photography available to everyone”. The higher and nobler the company’s mission is, the more chances of success it has in the long run.
How to find an idea? Simply, a business idea is always connected with some type of problem and the solution for it. A mission is an ideal (global) solution to this problem. That is: first find a problem of people, help them and build the solution together on Crowdholding — they will pay you for it. That’s the essence of any business in one sentence.
Sometimes you are offered a false solution to the problem. A typical example is some dandruff shampoos. It is known that dandruff is a symptom of a fungal disease. Instead of treatment, it is suggested to use shampoos every day with an exfoliating effect. However, once someone stopped the using shampoo the dandruff appeared again. The client, as they say, is “on the needle.” Anyway, the correct sequence looks like this: The problem — An idea of a solution — The implementation plan — The execution of the solution.
Finding the problem is much easier than the idea. Problems are on the surface. Unsolved problems (such as a cure for AIDS) are easy to find, but the solution is difficult. If you find a solution to such a problem, you’ll get rich! Although, it is possible and in another ways. In our crazy age it is enough to offer a solution to the problem of “saving” in comparison with solutions already available on the market. Saving time, money, nerves, effort. For saving resources — people will pay you. The bistro network, payment machines, delivery of everything-all at home, ordering everything — all over the telephone-Internet-businesses saving time. As the saying goes “Time is Money”. Discounts, sales, discount systems — saving money. Lawyers, insurance business, tax consulting — saving nerves.
A good tool is the Maslow’s pyramid of needs. In the pyramid, the needs of people, or, in other words, their pressing problems, are determined in a row. We use this pyramid rather originally: the height of the client on the pyramid makes the average higher, the width of the line is the volume of the market (the number of potential customers). It is about the approximate percentage. If your business operates at the lowest level of needs (physiological: food, sleep, sex, clothing, etc.) — you can count on a broad market, but relatively small margins because there are a lot of competitors. But in the upper part of the pyramid (self-expression) business is only just emerging. Example: have you watched the movie “Shall We Dance?” with Richard Gere? Do we have many similar clubs where we learn to dance, sing, and draw that is not for children, but rather for adults? The need for self-expression is all. If your business captures two lines of the pyramid and more, you can count on a steady profit.
Just to disappoint you, even the greatest idea does not guarantee the success of the business. It’s all about implementation. Firstly, the most groundbreaking idea / concept might not be able to implemented. This could be down to many different reasons such as a high cost level or incorrect timing. Moreover, sometimes the idea is just not implemented correctly. Over the past five years, we have watched how two dozen of our ideas were embodied by someone quite successfully. Why not us? There was no money, time, desire, and someone had it all. Research and you will find your idea.
There are interesting areas that you should pay attention to:
- Crowdholding — receiving feedback and ideas from the crowd to produce innovative solutions to problems.
- Vending (shopping and payment machines), the higher the rent and salaries in your region — the more attractive is such a business. It is a modern and fast-growing sector.
- Non-profit organizations (sports clubs, various circles of interests, etc., although non-profit organizations — you can earn on them very well).
- Small household services. Or for those which provide such services. The firm “Husband for an Hour” is a good example.
- Any types of business related to the processing of information. Help services with telephone / Internet access. Consulting of all kinds (tax, economic, legal, psychotherapeutic). Information is always expensive.
- Seasonal business. Making candy gifts for New Year easily brings $10,000 for a month, in the summer selling ice cream and soft drinks in the right places (beaches, parks) — 150% of profits or more.
- Religious organizations. Oh, these earn simply huge money! Organize your following if you are not afraid of the Last Judgment. This is a joke.
- Internet projects. The Internet is a great place to start! Website “School of Life” — is it not an example? We hope you have not forgotten the formula of business survivability? Only 10% of firms exist two years after the start.
So, you saw the problem, you are ready to offer the original solution. How to present the idea and will the idea find its buyer? We need to validate your idea! At the stage of the business plan, many ideas are dismissed, as unrealistic or low-profit margins. But this is already the topic covered by Crowdholding of the next part. Be resourceful! And good luck with your business!
CrowdholdingCrowdholding connects the crowd with entrepreneurs, allowing you to give feedback and ideas for a future share.
First æternity Aepp Joins Crowdholding: Welcoming CryptoTask
Crowdholding Partner’s with Aeternity Ventures to support Starfleet Acceleration Program
Crowdholding May Update
Top 5 reasons to get YUPs! (Get dividends for holding YUPs)
Crowdholding April Update
Implementing Crowdholding widget to your website
ITF excelled with Crowd Wisdom
TailoredInk ICO Community Management
IronX ICO Social Media Marketing
Aerum ICO Influencer Marketing
Jarvis built with the crowd
ySign engaged the blockchain crowd
6 Ways to Earn Crypto For Free
Common Mistakes When Investing in ICOs
Connectjob joins Crowdholding
Week in a Nutshell & Smart Contract
Opporty joins Crowdholding
Getting to Know our Users
SmartCash joins Crowdholding
Bitcoen.io joins Crowdholding
What is a Smart Contract?
How to Create an ICO - Part 3 - Marketing
How to Create an ICO - Part 2 - The Two "W's"
How to create an ICO - Part 1 - The building blocks
Invest Time, Not Money
What alternatives are there to financing your business?
What is an ICO? And should you invest?
Blockchain technology : changing the world of business silently
Crowdholding’s Pre-Sale — A Case Study
How to become a Crowdholding supporter: Part 3 exchanging ETH for YUPIES
China ban on ICO’s : Not all Doom and Gloom?
How to become a Crowdholding supporter: Part 2 Buy some Ether (ETH) on Coinbase
How to create a task on Crowdholding
How to become a Crowdholding supporter: Part 1 creating a Ethereum wallet on MyEtherWallet.com
How to create a project on Crowdholding
Cryptocurrencies and their value
What is Crowdholding?
What is a White Paper? And do you need one?
What can CEO’s / Entrepreneurs learn from athletes?
How to start my own business? Part 3. Validating Your Business Idea
Top 10 career mistakes to avoid
6 Benefits of a Sharing Economy
How to start my own business? Part 2. Factory for ideas
Startup Promotion and Content Marketing Strategy
How to start my own business? Part 1. Five simple rules
The Year Capitalism could have Changed
Robots & Work: Jack Ma Predicted The Emergence of Robot-CEO
Startup Psychology: Why Entrepreneurs will save the planet?
Billionaire's School: it's hard to be the first
10 interesting sport startups that will rule 2017
30 reasons to be an online entrepreneur
How to chose a dating site?
You should know this striking marketing trend
10 reasons to join Crowdholding if you are a student
How did 67,000 people create the first crowdsourced melody?
Launch a startup with a partner, never alone.
Collaboration solves education problems with flying colors!
Hollywood movie from your smartphone?
Design your room the way you want it!
Hi, Your business is now a unicorn!
Hi, You're Hired!
Don't want to change the world for the better? You can stop reading now.
Sharing Economy is not a niche, it's the future
📊 What if karma was 🆚 worth something? 🤜🤛
Raise capital, preserve equity
5 marketing strategies for successful contact with Millennials
Why 75% of new products are doomed to fail?
Small Business Staffing Opportunities
What are Crowd Currencies?
Mass Collaboration leads to unprecedented innovation
Alternative Finance: Equity vs Crowdshare Crowdfunding
Co-creation between the crowd and small businesses
THE RELATIONSHIP BETWEEN IT AND CO CREATION
Corruption on Wall Street: The Stolen American Dream
To own or to rent, trends in sharing economics
Crowdsourcing a girlfriend
CROWDSOURCING IN FASHION
CrowdSourcing Trends 2020
Peer-to-peer journalism: What and how?
The Peer-To-Peer Marketplace Revolution
Peer-to-peer in the fashion industry
The relationship between Co-creation and Innovation
CROWDFUNDING AND VIDEOGAMES
NON-EQUITY CROWDFUNDING CHANGING FASHION BUSINESS
Revenue-sharing vs Reward-based crowdfunding
Blockchain application in Media industry
Blockchain Technology & Crowdfunding
Creative marketing through Crowdsourced Content
JOBS OF THE FUTURE
Alternative finance for small businesses
WHY CO-CREATE? – A message to the Crowd
Think Tanks and Benefits
Empowering Global Citizens to Improve Education
THE EVIL WALL STREET
Co-creation in Tech
Co-creation and Innovation
WHY CO-CREATE? - Benefits for Small Businesses
Co-creation in the Fashion Industry
Crowdholding vs Wallstreet
Make a brand your brand
Reward Distribution Rules.
Please read below how the rewarding structure works.
Voters get 35% of the reward
Commenters still receive the majority of 65% of the reward weight, while voters 35%.
You receive only 7 upvotes and must vote what you think are the best answers
You now have a limited amount of upvotes. You won’t see the other user votes until the task expires. If you vote the top half comments you will receive a portion of the 35%.
Top 50% upvoted comments get bigger share
Our algorithm gives top 50% upvoted comments more rewards than the bottom 50% comments.
Give me an example with numbers
Upvoters get 35 % of the reward.
65 % goes to the commentors.
Half of the reward is gained from bottom 1/2.
Upvoters get nothing
1/2 of the reward pool for this segmentis distributed among top 1/2
There is a task with 1000 Reward.
Let’s assume Top 1/2 recevies 70% of all upvotes.
Bottom gets 30 %. But because half of the reward goes to Top 1/2 that makes the final numbers more like Top 1/2 gets 85% (55.25% for commentors, 29,75% for upvoters) and bottom gets 15 % of the final reward.
If there’s 100 upvotes:
1 upvote that upvotes a comment in Top is worth around 12 Yups (circa 8 goes to commentor, 4 goes to upvoter)
1 upvote that upvotes a comment in Bottom is worth 5 (All goes to commentor).
Reminder about our Moderation
If you upvote a comment that’s reported as Spam or comment that should not be rewarded (eg. “Good job” comments) you will lose your right to be rewarded for this task.
We hope you like this new system and it brings you lots of fruitful discussions and reward you fairly.
Do you still have questions? Read more detailed explanation at our helpdesk
All the best,
Your Crowdholding Team