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I need help brainstorming ideas for new business ideas! Name your business. (I need help naming something and coming up with an idea) What will
I need help brainstorming ideas for new business ideas!
- Name your business. (I need help naming something and coming up with an idea)
- What will you produce? For whom? (Like what will this business produce and for who?) It needs to be around a paragraph or pretty much a summary for the purpose of this business, also including who will benefit from the good or service being provided.
- How will you produce? List at least three factors of production for each of these categories:
- Land
- Labor
- Capital
- Entrepreneurship
- What's a challenge that could prevent success in this business and whats a solution that could help with the problem.
Here is an example!
Name your business: Coffee Consultants, LLC What will you produce? For whom? The coffee industry does not seem to be slowing down any time soon. However, it can be difficult for small, privately owned coffee shops to compete with large, corporate coffee franchises. My idea is to create a consulting company focused on the needs of small business owners. We would be a one-stop shop for those who need to outsource some of their business needs. My company would offer an a la carte approach to our clients who can choose the services they need or bundle services at discounted costs. We will specialize in branding, public relations, technology systems and support, logistics, supply, and general business management. How will you produce? Our factors of production according to resource include: . Land - office space, parking space for employees, meeting spaces to work with clients . Labor - experts in finance, accounting, advertising, public relations, business management, app development, web design, graphic design, management and information systems, supply and logistics, and business management . Capital - money to fund startup costs, office equipment like computers, furniture, high-speed internet, and phones . Entrepreneurship - apply for business loans, create proposals to potential funding sources, cold call existing coffee shops, attend conferences and expos Anticipate and overcome roadblocks: A challenge I expect to experience would relate to capital. As a new company, I need to be able to offer a product or service that makes sense to small business owners. They have limited resources, especially with their own revenue. It means that I should expect to have limited resources, too. It won't be until I am able to establish my business as cost effective that I can gain more clients. Since I don't expect to generate a lot of revenue at first, I will need to find other funding sources. I can take out small business loans, ask friends and family for funding, and find other investorsStep by Step Solution
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