Business ideas are all around you. Many business ideas come from a careful analysis of market and consumer needs. If you are interested in starting a business, but don’t know what product or service you might sell, here are some ways that may help you find one.
First of all, you should study how to value to an existing product. The difference raw wood and finished wooden products is a good example of putting a product through an additional process that increases its value.
But additional processes are not the only way value can be added. You might also add services, or combine one product with other products. For instance, a local farm which sells produce can also offer a vegetable delivery service—for a free.
What business ideas can you develop along these lines? Focus on what products you might buy, and what you might do to them or with them to create a profitable business.
Some people have another way of making profit. They improve an existing products or service. We all know that the person who can build a better mousetrap will make a lot of money. That person could be you! A local entrepreneur has created an improved version of the hulahoop. It’s bigger and heavier, so hula-hoopers can control it more easily and do more tricks. How did she come up with this business idea? She thought hula hooping would be a fun thing to do with her daughter, but found the commercially available product too flimsy.
There are very few products or services that can’t be improved. Start generating business ideas by looking at the products and services you use and brainstorming ideas as to how they could be better.
1. What is the first way the speaker mentions that helps you produce a business idea?
2. Which of the following methods does the speaker NOT mention?
3. Why does the speaker mention the mousetrap?
4. Which of the following is true according to the passage?
5. Which of the following can be the best title for the passage?
Keys: 1.C 2.B 3.B 4.A 5.D
