In the business journey that leads to the creation of the company, the starting point is to find an idea or business opportunity that allows us to reach the end of the journey. This article mentions the necessary conditions to help you turn your idea into a company. and the most common sources from which ideas and business opportunities arise are mentioned.
In the business journey that leads to the creation of the company, the starting point is to find an idea or business opportunity that allows us to reach the end of the journey, the start-up of the company, for this it is good to take into account the following :
1st. The idea must be “timely”, that is to say, that it arises at the right time and is maintained for a certain period, which means that there must be customers who demand the product or service that we have detected and that this need is maintained at medium term because if it is satisfied in the short term it is not viable to be transformed into a company.
2nd. The idea of our product or service must provide “added value” to the potential client since otherwise, it will be very difficult to displace existing competition in the market. The ideal would be to offer something new, in the sense of improving what already exists, or else to satisfy customers with a different service that gives them greater satisfaction to their needs, or in other words, greater added value.
3rd. The market segment we are targeting must have a “minimum size”, however, specialized our sector or activity may be, there must always be a minimum number of customers willing to demand our products. I encourage you to read more about this blog here: The Business Plan, What It Is, Benefits, Characteristics, Formulation, And Structure
4th. “Creativity” is important, we must use it in such a way that we can discern and separate only the best ideas.
5th. Creating a team or a network of relationships, “network”, having collaborators, or dealing with the different components of a team will eliminate personal subjectivity and be more objective in the analysis and implementation of ideas and opportunities for business detected.
6th. Motivation, it is necessary to have an entrepreneurial spirit, have a real will to move the idea forward, and believe in oneself, which will help to solve the different problems that arise during the business trip.
Taking into account what has been said in the previous sections, we can now begin the search for ideas and business opportunities.
The most common sources where we can find them are mentioned below:
a.- Our environment and the circumstances that surround each individual are very diverse and particular in each case, especially analyzing our work experience, knowledge, and hobbies.
b.- Analyzing the market, it must be taken into account that the environment in which we move makes it change continuously, we must pay special attention to the behavior of individual and collective consumers, their desires, their tastes, and ultimately the degree of satisfaction of their needs.
c.- Analysis of existing businesses, attendance at fairs, participation in seminars, congresses, contacts in other companies, etc. Try to improve the existing processes of manufacturing, distribution, production, promotion, after-sales service, etc.
d.- Reading publications, studies, statistics, ratios, magazines, articles, and economic data.
e.- Lateral thinking or association of images, applied to everyday situations. What products or services are not available in my area of residence I usually demand with a certain frequency? What can I not buy or enjoy due to its high cost and what if I am interested in having it? Are there products and services that are sold for a purpose by the company that sells them and there are consumers who apply them for another function, can I satisfy that demand with a new product or service? I know some frustrated business initiatives because they failed. What information or service is missing on the Internet, or in other words, a service that can be offered at the moment “online” that does not currently exist on the network?
f.- There are many opportunities in emerging or growing sectors, such as the current Internet, as well as deregulated sectors open to new ideas, and concepts.
Of course, it is necessary to analyze and assess business ideas and opportunities, especially their technical viability. Can I? their economic viability. Is it profitable? and finally, its financial viability, do I have money? for this there is a business plan or business plan tool, in the next newsletter sent from the wired list it will be analyzed how to prepare a good project and also help find investors.
Top 10 Most Successful Businesses To Start
In a global comparison, it is all the more difficult for a startup to stand out from the competition. But some companies have managed to become unicorn startups and can prove themselves through particularly high sales, rapid growth, and a high market value. The following most successful startups in the world are particularly conspicuous as unicorn companies:
1. SNAPCHAT INC.
There are now many messenger services for smartphones. But the US startup Snapchat Inc. has become famous for the fact that photos and other media are only visible on their messenger for a certain number of seconds and then automatically delete themselves. It is now known that the files sent by the well-known startup can be restored, but the release of Snapchat in 2011 caused a sensation.
The number of users rose rapidly, just two years after it was founded, 350 million messages were sent per day. Today there are already 332 million daily active users. In 2016, the company was renamed Snap Inc. and currently employs 3,200 people. The annual turnover is over one billion euros, giving an estimated market value of 28 billion euros, making this unicorn one of the most successful startups in the world.
While Samsung and Apple are more familiar as smartphone manufacturers in this country, everyone in China knows the smartphones from the start-up Xiaomi. The well-known startup Xiaomi Tech is currently the third-largest smartphone manufacturer in the world. In 2010, the Chinese founders set themselves the goal of producing inexpensive high-end smartphones and two years later they were able to generate sales of 800 million euros.
Today, 33,000 people are employed by one of the most successful startups in the world and the annual turnover is over 85 billion euros. As a next step, the company and unicorn startup wants to establish itself in the European market with its “Mi Stores”. Only in 2020 was the first German Mi Store of this successful startup worldwide in Düsseldorf opened.
Behind the company name ByteDance, a technology company can be assumed relatively quickly. And that’s correct, too, because the well-known startup founded in China in 2012 owns several learning content platforms. It quickly rose to become one of the world’s leading users of artificial intelligence. But ByteDance achieved its financial breakthrough in 2016 through the video portal TikTok.
In November 2019, TikTok reached one billion monthly active users, making it one of the fastest-growing companies and most successful startups in the world. At the beginning of May 2020, there were already over two billion downloads and annual sales of 160 million euros, and in the following year three billion downloads. As a result of this development and further investments, the enterprise value of the unicorn company ByteDance is currently estimated at over 80 billion euros.
Anyone who likes to exchange photos or is inspired by recipe photos has certainly heard of the well-known startup Pinterest. The name is a portmanteau of the English words ” pin” for pinning and ” interest” for interest. What is meant by this is that you can get useful ideas that correspond to your interest and can be noted on pinboards. The photo community was founded in the USA in 2010 and has been able to double its user numbers every year since then.
The unicorn startup Pinterest currently employs around 3,000 people and around 400 million users are active on the platform. In addition, advertising sales are expected to exceed one billion euros this year, which will make the unicorn company one of the most successful startups in the world.
5. DOOR DASH
Well-known startup Doordash doesn’t have a unique business idea, but it executes it best. Because the service is comparable to that of the Lieferando founders in Germany: Customers can use the Doordash app to eat at restaurants order, and drivers pick it up there and deliver it to their homes. The startup was founded in 2012 by four students from the elite Stanford University in California. Today, Doordash offers its service in around 700 US cities.
In addition, as one of the most successful startups in the world, it even delivers supermarket purchases through cooperation with Walmart. Doordash currently employs around 8,000 people, plus the equivalent of 900 million euros in annual sales at this unicorn startup and an estimated market value of almost four billion euros.
6. DIDI CHUXING
The Uber app is now known around the world as an online brokerage service and ride-hailing service. However, the app does not appear in this list because Uber was founded in 2009. DiDi Chuxing is considered its Chinese counterpart and only started in 2012. Just two years later, the well-known startup had already reached a valuation of one billion dollars and was thus designated a unicorn.
More than seven billion trips are offered every year, and the number of users is 600 million annually. In the meantime, the startup has also entered the areas of bicycle rental and bus transport, where it has established itself as the market leader in many cities and is considered one of the most successful startups in the world. The current market value is over 40 billion euros.
Oyo is the only most successful startup in the world in this list that is not from China or the US. Instead, the company was founded in India in 2013. However, it has since expanded to China, Singapore, Indonesia, Malaysia, the United Arab Emirates, and even the UK. Oyo is known for operating around 9,000 cheap hotels in 240 cities around the world.
Because a night here sometimes costs only 12 euros with a minimal principle of equipment and comfort. For the clientele, who otherwise stays in cheap hostels with eight-bed rooms and shared showers, this is completely sufficient. The well-known startup currently has annual sales of around 800 million euros and is valued at 4.5 billion euros.
8. JUUL LABS
Electronic cigarettes are still very popular and Juul is the leader in this industry. Founded in 2015, the manufacturer already has a market share of 72 percent in the USA. And behind this success story are two American product designers, who developed Juul as a project at the inhaler manufacturer Pax Labs and later continued independently.
Because today the company, as one of the most successful startups in the world, generates annual sales of 1.8 billion euros and is valued at 40 billion euros. The Unicorn company is so successful because its nicotine blend is stronger and at the same time cheaper than the competition. However, critics complain that the amount of nicotine from this well-known startup is artificially increased and is even more harmful to health.
Anyone who starts or owns a company usually also needs office space. However, depending on the location, the rent for such a business space can exceed your budget or represent too much effort. The US startup WeWork, therefore, provides coworking spaces for startups, the self-employed, and corporations.
In 2010 the first co-working office was created in Brooklyn, today there are over 650 locations worldwide with almost 10,000 employees. In Germany, the well-known startup operates locations in Berlin, Frankfurt Main, Hamburg, Cologne, and Munich. The market value of the unicorn company WeWork is currently estimated at almost 40 billion euros.
10. ANT FINANCIAL
The company name Ant Financial is unfamiliar to most Europeans, but this well-known startup is the highest-valued financial technology company in the world with a value of up to 150 billion euros. Founded in China in 2014, the unicorn company means “ant finance”. And this company name also describes the business model, because this most successful startup creates a huge network and sales of 14 billion euros from many small fees.
If you have a Chinese passport, you can also buy investment products through the startup, for example, buy and manage, pay the electricity bill, top up your mobile phone credit, order a ride-sharing service, or send parcels. This combination has made Ant Financial the most financially successful startup in the world.
Frequently Asked Questions (FAQs)
How Do I Find New Business Opportunities?
Business opportunities are at the beginning of every business start-up. It is important to dedicate enough time to the development of business opportunities. It must have a unique selling proposition compared to its competitors and meet sufficient demand. We give you some tips for finding opportunities.
What Are The 7 Steps In Selecting A Business Idea?
But now you want to know what you need to consider. You need a checklist. I would like to support you with your start-up and show you exactly the steps you need to take now. And I will introduce you to people who will be happy to accompany you on your way.
First of all, I want to encourage you. Many people, including friends and acquaintances, will warn you about the risks of entrepreneurship. You may be told that your idea is not as new as you think. That the competition is tough. Your options are limited.
- The business idea
- The business plan
- Choice of legal form
- The business license
- After the foundation
What Are The 4 Methods For Generating Business Ideas?
The mother of success is a great idea. But how do you find them? In most cases, those who wait to be kissed by the muse miss the big moment. But you can also search for an idea in a structured and systemic way. Here we show what important brainstorming methods there are and how they work.
- 1) The classic in brainstorming: pinboard cards
- 1.1) The method – this is how it works
- 2) The Hemingway notebook – collecting business ideas in a targeted manner
- 2.1) The method – this is how it works
- 3) MindMapping & BusinessMindMaps – visualize and develop business models in a targeted manner
- 3.1) The method – this is how it works
- 3.2) Tools & Tips for Mind Maps
- 4) The 6-3-5 method: produce 108 business ideas non-stop in 30 minutes
- 4.1) The method – how it works
Which Startups Are Among The Most Successful Startups In The World?
Xiaomi, for example, is one of the most successful startups in the world. The well-known startup Xiaomi Tech is currently the third-largest smartphone manufacturer in the world. In 2010, the Chinese founders set themselves the goal of producing inexpensive high-end smartphones and two years later they were able to generate sales of 800 million euros.
Learn More About How To Find And Launch Business Ideas And Opportunities From businessjohn