Tag: domain expertise

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How to avoid start-up ideas that fail

Coming up with new business ideas is the exciting part. You are charged with energy. You see possibility in your new idea. But before you run out to build a prototype or sample and test your brilliant new idea it may be useful to look at why some start-up ideas frequently fail.

On the Quora site a start-up founder, consultant and adviser mentioned that almost anything selling technology into restaurants will likely fail particularly if it solves a problem for diners rather than the owners. As he says, ideas that failed include cheque-splitting, menu systems and order-from-your-table systems. It makes sense because will these new concepts bring in new business for the restaurant owner. If your product can reduce costs or increase sales for a restaurant, then it’s a different matter.

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Is there an opportunity in your domain expertise?

Street Art, Buenos Aires
Street Art, Buenos Aires (Photo credit: Wikipedia)

A young graffiti artist spent a lot of time after he matriculated skateboarding and doing graffiti after hours in the dark. This was his passion and he enjoyed it thoroughly. It wasn’t too long before he went to America and learnt from some top graffiti artists there but also learnt about specialised spray-painting methods. He’s come back and now is running his small business doing a new kind of graphic design that sets himself apart from all the graphic designers that are churned out from high-charging colleges.

A young woman, a successful model, in Srilanka started selling personal care products and later garments from a factory because her father had encouraged her to become a business person. One day while she was selling garments from the back of her blue station wagon she came up with an idea to come up with her garment range. Several years later her fashion house is one of the top such companies in Srilanka and is listed on the stock exchange. Continue reading “Is there an opportunity in your domain expertise?”

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Do you have an idea for an online food company?

Burrito and Coke
Burrito and Coke (Photo credit: Wikipedia)

Healthier food and beverage habits are catching up with companies like McDonald’s and Coca-Cola, says a brief in Bloomberg Business week. Profits of both companies have declined.

Customers of McDonald’s see the company mostly as a “manufacturing plant” and not an eatery.

In the US and China consumers are increasingly skipping sugary beverages, including juices and sports drinks. Continue reading “Do you have an idea for an online food company?”