Tag Archives: good business idea

Where do the best business ideas come from?

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Redbull

Dietrich Mateschitz was traveling through Thailand in 1984, drinking a bottle of Krating Daeng, an energy drink popular in the country.

The drink was especially known among drivers and others who endure long working hours.

He decided to set up a company in Austria to sell energy drinks after having his jetlag cured by the canned drink – now known as Red Bull.

Tatcha

Traveling in Japan, Vicky Tsai discovered something that helped her dermatitis. It was petal-thin blotting papers.

After discovering what it was, she sold off her engagement ring – and even her car to finance the purchase of 10,000 sheets – and sold them online!

Tsai soon continued to learn more about the traditional Japanese beauty techniques based off the infamous geishas.

This has inspired her to start her own cosmetic company, Tatcha.

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Starbucks

Howard Schultz joined Starbucks in the 1980s as the marketing director.

While traveling Italy, he became fascinated with the coffee culture there, which stressed on the relationship between the barista and the customers.

The baristas in Italy prepare and present the coffees they make with reverence.

Discovering this, Schultz became fascinated with the ritual and sense of community that he felt in Italy’s coffee houses.

He returned to the States and managed to convince Starbucks’ founders to test similar concept. It changed Starbucks forever.

They never looked back since.

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Lyft

Logan Green discovered how locals in Zimbabwe use crowd-sourced carpool networks while traveling around Africa.

These vehicles could be anything ranging from pickup trucks, minibuses to whatever was available that can be used as a form of transport. They are called kombis.

Green learned more about the concept, and brought the idea back home which was called Zimride – offering long-distance carpooling between campuses.

Years later, the company has evolved into a ride-sharing company known as Lyft.

Noosa Yoghurt

Koel Thomae was back home Australia to have her boyfriend spend time with her family.

During a trip to the Noosa Heads Beach, Thomae and her boyfriend bought passionfruit yoghurt at a shop. They liked it.

Koel was amazed by the taste, she decided to bring the recipe back to United States to launch her own yoghurt company, Noosa Yoghurt.

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This Is the Biggest Mistake Entrepreneurs Make, According to Mark Cuban

According to a billionaire, the ‘number one sin’ an entrepreneur can make when starting their own business begins with money.

Dallas Mavericks owner and an essential investor on hit show Shark Tank, Mark Cuban, provided some good career advice on a podcast interview with Ryan Seacrest.

He told Ryan Seacrest that the biggest mistake an entrepreneur can make is thinking they need to raise money.

“I think the biggest mistake people make is once they have an idea and the goal of starting a business, they think they have to raise money.” – Mark Cuban pointed out.

“Once you raise money, that’s not an accomplishment, that’s an obligation. Now, you’re reporting to whoever you raised money from.” – He continued.

Mr Cuban indicated that by getting outside help, it adds further pressure to business owners since they have added another voice in the room – which complicates the dynamics of decision making.

He went on advising entrepreneurs to grow a business the old-fashioned way – which is to hustle and grind all the way from bottom.

“If you can go out there and start it on your own — like I started out by selling garbage bags — whatever it is … try to find something that you can make or that you can buy yourself and sell to people around you, then ask for referrals and grow the business that way, and you can turn it into something enormous,” Cuban insisted.

My Final Two Cent

While I agree the points made by Mr Cuban, I do like to argue that there are businesses that become a success after raising funds.

Yes, sometimes having another voice in the decision making process can slow things down, but if that ‘other’ voice brings in a lot of value to the table (e.g. expertise, network, experience etc), then, that changes everything.

I don’t think Mr Cuban is completely right in this case. But I don’t feel I’m completely wrong either.

One thing I’ve learned from my time running businesses, is that you’re often wrong on day one. It is your job to figure things out and become less wrong through trial and error – as Mr Elon Musk puts it. It’s just the way business works.