Existing Market, existing product, new market or new product?

How hard it is to create and imagine a new business!

For some people it seems to be clear as the day light but for some other ones who just have an entrepreneurial thinking it is difficult sometimes to precisely believe this or that business can reach consumers at their visceral needs and expectations.

Watching a lecture of Giapo (check it out) – the owner of Giapo which sells organic ice cream in the middle of Queen Street, Auckland –  who said something like this:

The secret of a successful business is not just about numbers and figures, it is how strongly you believe this will succeed…. then this feeling will give you all the tools and directions you need to achieve your goals” .

In terms of passion I’d say he’s completely right. First of all you must believe in what you’re selling and offering to consumers, otherwise there’s no point in starting up a business if you do not think it will deliver benefit to your potential customers. Secondly, the tools he mentioned is nothing less than the spirit of making the business succeed at any price, by inventing, innovating, creating, designing,  giving incentives, promoting, reinventing and others.

On the other hand, by analyzing figures and making plans based on them may not be a bad thing, it is not just essential from my view.

Whereas, for this project number 2, I’ve thought of something new that has been in the market for such a long time, but consumers are not fully aware of its usage and benefits. Apart from that, I had once applied for a position of a company which works within this segment. I was impressed by the way they wanted to grow in the following years, something not less than 30%.

This business segment is known, among other names,  as Home Automation and in the next chapter I will be trying to create an image of what might be done if this became business, ran by me!


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