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A Summary of

How to Find Profitable Business Ideas

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Red ocean business ideas are discovered using two methods:

  1. The Internal Approach
  2. The External Approach

The Internal Approach

In this method, the entrepreneur determines that they are the cause of success or failure in the business and therefore: 1. Let skills and experience guide you 2. Pursue achievable goals 3. Develop “Organic” Ideas

The External Approach

This approach aims to discover gaps in the market (white space) where they have an opportunity to solve a customer’s problem. 1. Observing the market 2. Focus groups 3. Reverse brainstorming 4. Market growth 5. Matrix charting for insights 6. The “slice of life” approach (decision tree) 7. The Market-Area Saturation 8. The competitive matrix approach

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