Week 2 Reflection (Business 250)

I can easily say that I have no business experience whatsoever. Everything that we learned this week was brand new to me. The idea of this course is intimidating, but I know that I will gain much knowledge from creating my own business online. I will admit that I have had a few sleepless nights trying to decide on a business to create. There are many opportunities out there that it is hard to narrow it down to just one thing. The activities that we have done in the past week have put my mind at ease knowing there are ways to choose a business.

Our first activity that we completed, “Business Model and Idea Generation,” helped me to gain a better understanding of the various business models. From the list of various business models, I learned about which business models fit the idea of an online business. Some of these include the brokerage model, advertising model, merchant model, and affiliate model. A business can select more than one of these models to bring about their purpose. It seemed that many of my classmates were split on the decision of selecting a business model or product first. My decision was changed by many comments on the discussion board and my own experience in selecting my business idea for this course. Ultimately, I decided that choosing a business model first would be the most beneficial choice because it would be easier to find a product to fit a specific model instead of the other way around. However, I learned from this article that it is important to first brainstorm your goals, skills, and target market. This can help to make a difficult task seem much easier.

I found the second activity “Demand and Competition” enjoyable because I like seeing trends and comparing statistics. Using Google Adwords, we were able to compare Chess to Snowboards as a product idea for a business. We compared the competition and the total number of searches for each topic. Snowboards had the highest competition and monthly searches while chess had a low to medium competition and low monthly searches. I personally felt that selling snowboards and equipment would be a better approach for a business because of the demand. However, I can see why chess would also be a good option. With low competition and a lower cost of purchasing chess boards, it would be an ideal business for the beginner who has little experience. When I select my business, I would like to use Google Adwords to help me in the process but I hope that I can learn more of the tools that are used in the program to make my decision. Some of the data that was returned seemed inconsistent and hard to base my decision on those two factors alone.

Even though I still feel intimidated by starting my own functioning business online, I am more confident that I can find a business model and product that will work for me and my skills. In order to select that business, I know that I need to sit down and have a brainstorming session where I can get all of my ideas on paper and sort out the goals and skills that I have for this website.

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