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Here’s what we will cover today:

• Learn how to judge your business growth ideas

• Get an AI-powered roadmap to grow your business

• Samsung’s AI Club: Robots for rent

Quote of the Day

“Take risks. Failure is a stepping stone to success.”
~Arianna Huffington

Today’s Tip

It’s relatively easy to come up with ideas to grow your business. It’s unfortunately a bit more work to conduct market research to judge the merit of these ideas.

Specifically, there are several market and marketing criteria against which you should judge your potential opportunities to figure out which ones are worth pursuing. These criteria are primarily focused on new product or service opportunities you identify, and include the following:

• Big Market Size: is the market for your potential new product or service big enough? If the market is too small, it might not make a material impact on your bottom line — even if you achieve success.

• Positive Market Trends: is the market for your potential new product or service growing, shrinking, or flat? A shrinking market is not a good indicator of your future success.

• Competitive Gaps: How well are competitors filling the customer needs your potential new product or service seeks to fulfill? If the answer is not very well — then how quickly or easily do you think they could modify their offerings to directly compete with you?

• Solving a Real Pain: How big is the customer pain that your potential new product or service solves? Are you offering a “nice to have” or “need to have” solution?

• Customer Targeting: How identifiable and/or reachable are the customers you hope to serve with your potential new product or service? For instance, finding soccer players is very easy; identifying business owners who are interested in losing weight is a bit more challenging.

Make sure to conduct this research and judge your growth ideas against it to ensure you pursue only the worthiest opportunities. And then document these opportunities in your business plan. 

Today’s Resource

Turn Doubts into an Actionable Business Plan

What’s stopping your business dreams? Is it the overwhelming feeling of where to begin, or the fear of falling short in front of investors and lenders?

PlanPros.ai eliminates those fears. 

Our AI software doesn’t just help you start; it gives you a roadmap to grow, fund, and succeed, all in minutes. 

Answer simple questions, and watch as we transform your idea into a professional business plan with financial projections, strategies, and investor-ready designs.

Don’t let doubt hold you back another day.

Trivia

Today’s Question: The Forester and Outback were two of the top 25 best-selling cars in the U.S. in 2019. What Japanese company manufactures both of these models?

Previous Question: Reflective of Dubai's shift away from an oil-based economy towards the information and tourist sectors, what is the alliterative name of the coastal central business district that was built with over 200 buildings in the 21st century?

Previous Answer: Business Bay

One of Dubai's central business, commercial, and residential areas, Business Bay, is a charming neighborhood, with architecturally-striking buildings, strong transport links, a plethora of world-class amenities, and all the attractions of Downtown Dubai at its doorstep.

News

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