Competition and Demand | BYU-I B 250 – Lesson 02
This is certainly going to be an amazing but challenging experience. I need to say that I wasn’t expecting for such a demanding course, I should though, after all it’s a course where we’re going to build a real Web Business. I hope three months can prove to be enough time for that.
This was the second week of the course, but it was the first lesson where we are putting our work into the business itself. I felt very impressive with the idea of using Google AdWords as an important part of the planning. It really makes sense, we are building a WEB Business after all. Google has a lot of experience and information about the web.
Of course we can not blindly trust every information provided by this amazing Google tool, but we can use the information to help us guide our decisions. And I believe that’s exactly the intention of the course for us.
This week we were asked to pretend we were part of a group (four people) who wanted to start a Web Business, everybody is trying to give some suggestions on a good path to follow, while deciding which business model to follow. As the fourth member of the group, I was supposed to give my opinion too. I felt that the best alternative was to decide on the business model first and then to choose the product/service to offer. But the discussion showed that it wasn’t something as simple as it seemed.
We then were challenged to try some key word search at Google Adwords, to compare competition and demand for both Chess and Snowboard. I noticed that this kind of research can prove itself very useful. Understanding the market and necessities of demand is very helpful when you want to open a business but don’t know exactly where to invest in.
All these exercises are really very interesting, but I am not a bit closer to deciding what kind of business to start than when the course began. I am feeling very overwhelmed yet.
I am especially scared with the assignment of listing 20 different ideas for businesses. I only have two so far. I hope I can get around this problem. I believe it’s going to be a very important exercise to get to the best alternative possible.