How to come up with a great business idea in 3 steps | Wafa Elamin | Skillshare
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How to come up with a great business idea in 3 steps

teacher avatar Wafa Elamin, Health Entrepreneur

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

    • 1.

      Introduction

      2:04

    • 2.

      Why should you set up a business?

      6:07

    • 3.

      Start with the problem

      9:51

    • 4.

      Next comes the solution

      4:24

    • 5.

      Consider your idea's advantages

      5:40

    • 6.

      Business case studies

      8:59

    • 7.

      Common myths about business ideas

      3:57

    • 8.

      Final words

      0:27

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About This Class

In this course, you will learn the key steps of generating a business idea. We'll discuss:

  • What people start businesses
  • What makes a good business idea
  • How to adopt the problem/solution approach when coming up with a business 

We'll also discuss some interesting business cases worldwide and learn why their ideas have been successful. 

This course is for people who want to set up a business or monetise their skills. It will suit beginners from all academic or creative backgrounds. 

All you'll need is a pen and paper and your thinking cap!  

I hope you enjoy this course. Enjoy! 

Meet Your Teacher

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Wafa Elamin

Health Entrepreneur

Teacher

Hello, I'm Wafa. I've been teaching students about entrepreneurship and self-development since 2014. Thank you for joining me on my courses here at Skillshare! 

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Transcripts

1. Introduction : Hi everyone and welcome to my course on how to come up with a great business idea in three easy steps. My name is Rafa element. I'm a medical doctor working in the UK within the NHS, but I've also got an interest in experience and entrepreneurship and setting up my own medical and health startups. Over the pandemic, we've seen that more and more people are wanting to set up their own businesses and become their own bosses. But with so many new starships and businesses being launched every single day all over the world, it can be a bit difficult to differentiate yourself from everyone else and to create a winning idea that would ultimately be the foundation to your business success. We know that every good startup needs a great starting point. There are ways to come up with a good idea. Unfortunately, I figured this out quite late with my businesses. I always knew what I wanted to do in general, but I never truly had a strategy when I was thinking of what to work on and what ID to pursue. Now with experience. And by adopting the three steps too, forming a great business idea. It's helped me so much along the way and I can now recognize, for the most part, what is it good idea, What is a bad idea, and what would make a great business. For this course, I'd like to go through the three strategies with you to discuss with your business while so be going through different cases for other businesses around the world and what makes them a success. And so hopefully by the end of this course, you will have a better idea for your business and you'll know where to start. So join me on this course and I hope to see you in the next class. 2. Why should you set up a business?: Hi everyone and welcome to my course on how to come up with a great business idea in three steps. At Wofford element, I'm a medical doctor, currently working in the NHS in a and E. I'm also PhD students in public health and I've always been really interested in community health and working with organizations on the ground. When I was back in Sudan during medical school, I worked with a lot of charities on health campaigns. And I realized at the end of my journey through medical school, my experiences within these organizations that I actually wanted to make change without asking for donations. I started to think about businesses, starships, and the entrepreneurial world more seriously. And in 2014, I launched my first business, which I ran for three years before I moved to the UK. My first business was called Solon. Solon was a social health starship that I launched with a great group of friends and volunteers and coworkers. We run a community center in Khartoum. And throughout the three years, I hosted over 41 creative and cultural events as well as educational events and forums. And through that time period, I also trained over 700 young adults, college graduates on a variety of different topics within the center. Throughout my experience and as Iran's oil lens well, I learned a lot about business. What makes for great business? And also what makes for a really great at business idea or startup idea. The first question we always ask ourselves is why start a business in the first place? It's all in all. It was because I was looking for a platform at the time to help me grow as an individual. I couldn't find the community a positive minded individuals or go Gaster's where I was living. And so I decided that I needed to create thought for myself. The second reason was because I really wanted to become financially independent to supplement the salary that I was getting from my hospital work. The third reason was because working as a hospital doctor, I felt was limiting my creativity and I needed more control over my life. And in a way I wanted my freedom back. For me, my reasons for starting a business where one, to solve a personal problem, to financial independence, and three, career freedom. There are many other reasons you might want to start a business and really thinking about that at the beginning before you start your journey helps you know what you want. I'll show of the Starship of the business and why you're starting this journey. There are many other reasons. So you may want a more flexible lifestyle with the working from anywhere kind of lifestyle, working with your laptop and traveling. Or you may want to just cut your commute. You are traveling long distance every day and you really don't want to do that anymore. Are there reasons are to pursue perhaps a passion project or a creative product? You're really good at this skill. You want to invest more time in that scale and bring it to life. And that's what you want to do and bring it, kind of create a business out of it. Other reasons are to help people. Oftentimes people want to help their community and they can do that in variety of different ways. And businesses can offer a lot of support for communities, either directly by the services that they provide and sometimes by creating jobs within their local communities. Another reason could be to invest in yourself. You may want to be your own boss, call the shots, or have more leadership roles. And entrepreneurship is a really great way for you to develop those skills on the ground and learn from experience. Another reason would be that you just want to be doing a number of different jobs, would take on a number of different roles. And really businesses help you do that because at the beginning, before you start hiring other team members, you and your co-founder, if you have one, are going to be doing everything within the business. And that might mean a marketing role. It might mean if it's a tech company, might be writing the code, you might be out there doing sales. You might actually be producing the product itself. If it's a creative project, might be the one actually producing the creative product. There are different roles that you're gonna be playing in your business and that might be something that interests you. But really knowing what you want out of the business on why you're starting it from the beginning will help you plan the trajectory where the business is going. And so this list isn't exhaustive, but it's definitely some of the main points why people want to start a business. For your first task, I think it's important to stop here for a second and just to get pen and paper and write out a list of why you want to start the business. What do you want out of it? What are your objectives? In a way, it's really about why you watching this video. Just to kind of put that down on paper and you can be as honest as possible with yourself, everything you want down there, and then see how you get on how the business develops and if it begins to fulfill those goals for you. Yeah, That takes us to the end of our first class. I hope that was a good introduction. I'll see you on the second class. And as we start the three steps of the business idea, strategy. 3. Start with the problem: When we're thinking about businesses and coming up with great business or startup ideas, there are really three steps, are three parts to the process of doing that. The first step is known as the problem. The second is a solution, and the third is the advantage. Now we'll discuss each and every single class. But for this class we're going to talk about the problem. All great businesses have good starting points. Not necessarily great starting points, but a good starting point. How we do that is by looking at the world around us. The world is full of problems and the best businesses identify these key problems and then find ways to solve it. It's really that simple. Now the problems should always come first. Now, in business, it isn't really a chicken or an egg riddle. We don't know. We don't think about it as an O. Let's start with the solution and then maybe come up with a problem though the problems should always come first. There are many different types of problems that we can think of solving. But there are six particular ones that if you focus on, you'll be able to come up with hopefully a great business that's going to survive past the 35 and ten-year mark. Now when we're thinking of problems, we can think of ones that are popular is the problem that we're looking at quite popular as in do lots of people have that problem or that need. And if it is, then most likely it's going to be successful because there is a high demand for it. It will be successful, of course, based on your execution. But really going for a popular problem is really important and popular ideas and I've just kind of come up with a few of them here. Things within perhaps the cosmetic world. That's something that a lot of individuals are interested in. And so, which is probably why it's such a competitive market, because it's so popular. Other problems around social engagement or entertainment again, these are problems. We don't look at it as a problem initially, but actually it is quite popular and without it, you're going to have a problem. So popular issues, or once you can think of the second will be recurrent problems. Is there an issue that people have that they experience over and over again that could be on a daily basis or a weekly basis, a monthly basis. And those are usually issues that are ingrained within our daily or social lives. They can be things like travelling. Are you traveling to work? Do you have an issue with that? Paying bills evening in eating out again, these are issues that you have over and over again. So when you're targeting these kind of issues, are these problems trying to solve it? It's lucky that your customers or clients are going to come back to you over and over again. Other problems are ones that are urgent, that needs to be solved right now. Now. Now, these could be quite big issues, things around, for example, climate change or disaster management. Again, they have to be solved immediately. Other key issues are, for example, the ones that are expensive to solve now that might actually put you off initially because it is so expensive. But if you get it right, then you've kind of took a gold mine. One example of that would be spaced traveling. If we look at the success of SpaceX by Elon Musk, again, he went into a space that was struggling, that was extremely expensive and was trying to be solved by perhaps governmental bodies and before that. And so by solving that problem, we can see how there's a lot of success there. And again, lots of income and lots of money. Other key expensive issues are things like chronic diseases. Chronic diseases make up about 70% of budgets around the world. And so trying to solve that will help not only have lots of customers and government is helping to pay for your services, but also you're solving a very expensive problem and so there is a huge demand for it. Other problems you can think of are ones that are mandatory. And we can really look at that width legislations, for example, when we've had the COVID pandemic and when PCR tests became compulsory in certain countries for traveling, then that became a very important issue that has to be solved. And companies that began to produce PCR tests for travel have a lot of success because of that legislation change. Then again, problems that are growing quickly and we can see how certain lifestyle brands, things like pump lifestyles, are very, very popular, but they're also growing very quickly and it's a space that there is more investment in. Because more and more people want to adopt that lifestyle with problems. These are the six main things that you're thinking of. Is my problem popular? Is it recurrent? Is an urgent, is expensive, is it mandatory? Or is a growing quickly? And you don't necessarily need to have all six of them. You might have one, you might have to. But really looking at it from that point of view helps you come up with a great business idea. Now in the next slide, we can take a moment to sit back with a pen and paper and start thinking of some of the problems in your life. Or perhaps a problem that you've noticed at work. Maybe on the way to work, maybe frustration that a friend or family member has discussed with you, or maybe just general issues within your community. Make a list of all those pain points. They can be 12 or ten different issues. It can be as long as the list can be as long as you'd like. But write them down and don't really worry about whether they have business potential at this point or not. We can discuss that later, but just think of all those frustrations and things that you wish someone else would solve for you. Once you've done that. If you have more than one issue, try to put them into this little box. List them out according to the appropriate problem category. Think about whether your issue is popular. May be more than one person has it, lots of people have it. It could be a problem that's growing quite quickly. It might be something that's expensive to solve. So just make a list of where your problems fall within this box and have that in front of you to reflect on moving forward. If you do have more than one problem, we can think of many different business issues or business ideas. Pick just one. I know that's very hard to do. I myself have multiple ideas. Sometimes I wake up in the morning and I can think of new business idea and something that I want to solve. But really that's a distraction. Focus is king. You have limited time and energy to set up a business. It takes a lot out of you in terms of time and commitment. So really focusing on, on one idea at a time is the best option. Now to do that, you need to think about the idea that excites you the most. In other words, what would you be excited to work on ten years from now? Would you still be very happy to be working in this idea or is it something that you just want to solve for now? Maybe create a business and then move on. But really if you can see yourself working in something for ten years, because usually that's how long it takes for a business to grow, become quite successful. If you can see yourself working within that time period, then probably that's the idea for you. Something that you're quite passionate about. But always remember that passion doesn't necessarily mean business. It just because you're passionate about something doesn't mean it becomes a great business. And this is the point where you start to think of, is this a problem that I want to solve? Because it's a passion of mine. It's something I want to invest time in? Or is it something that I can see growing and having lots and lots of people and becoming a viable business. And I'm also excited to work in it. This is the balancing point here for you. So in summary, pick an idea, pick one idea and one that excites you the most and you can see has potential business opportunity. Finally, pick an idea that you're especially good at executing something that has a good fonder market fit and really thoughts something that perhaps you have a lot of skill in or you know, the industry, you know the area. That's usually when businesses succeed the most because the founders have some sort of experience. If you have absolutely no experience it in it. But you're still quite passionate about it. It doesn't necessarily mean that you can completely leave it, but you may want to bring in a co-founder has a bit more experience in that field as well, right? And that's the end of this class. I hope you enjoyed the first part to the three-step method. In the next class, we're going to discuss solutions. 4. Next comes the solution: The next step when thinking about a business idea, and perhaps the easier step would be to think about what the solution would be for the problem that you identified earlier on. Now your solution will depend on the problem. It could be a whole range of different things. You may decide that you want to set up a shop, either a physical shop or something that's online selling. So it could be sales. You may want to train people. That might be the service or the solution to the problem you're trying to solve. It could be a creative product or creative production of some sort. It might be a business-to-business service. You're offering a solution for another company or another service. It could be some sort of technology, whether it's online, perhaps a mobile application, perhaps even something like machine learning or artificial intelligence, that might be the ultimate solution. Or it could be a licensing deal of some sort where you create the product and then you license it out on someone else produces. So really, there are a huge range of different solutions. You've just have to think about what that could possibly be for your problem. But ultimately, when you're thinking of the solution to the problem and the foundation of the business, think of something that you yourself would use and build it out of intuition. Because if you're able to see yourself using it, or perhaps a family member or community members, then it's likely that it'll be simple and it'll work. So think of something that you would use. Always ask yourself, while your solution solve the problem. In other words, is it going to provide value? And really solutions when we're thinking about them should provide value, should be able to solve that critical point or that pain for others. When you're thinking of a new idea and you want to create that business, make sure it's simple and straightforward. It doesn't necessarily have to be very complicated, Don't overthink it. It may be that in a year, 35 years down the line, your business grows on, you then have multiple different avenues and different ways of having revenue. But at the very beginning when you're in that idea stage and you're kind of creating that first product. Make it simple, make it straightforward, make sure it's quick to implement. You don't want to spend months and months, or even here is trying to come up with this product and then putting it to market and testing it. You want to create something that you can quickly test to see if people like it and then change and adopt. And that's another key part of, uh, solutions to be adoptable. What you come up with the first time, maybe the ultimate and final product, but it's unlikely that it will be, it's likely that it's going to change as the business grows and as you get feedback from others. So start quickly. Make it adoptable and also make it cheap to start. Oftentimes we think that actually if I set up a business, I need to have all this money invested from the very beginning. And in some cases that might be it, that might be the case. But oftentimes if you can start quickly and cheaply, then you can test and grow faster. Now for the task for this class, grab a pen and paper again and write down some of the solutions to the problems you listed earlier in the last or previous class. Take some time to go through the problems, figure out creative ways or innovative ways to solve them and just think about whether they would work as a business or not. And then whether people will pay for that service or that product that you want to produce. Coming up with a good business takes time, especially for the solutions part. Don't be afraid to revisit this step over and over, and don't be afraid to adopt it after you start talking to potential customers or clients. 5. Consider your idea's advantages: The final step when coming up with a business idea is to look at the advantage that you have. Now this is actually my favorite step because it really brings everything together. Now, you might be thinking, what does this third step actually mean? Well, it's the unfair advantage that your business idea has above everyone else. And so everyone else who's creating business IDs are reassessing up startups. You're asking yourself, Why will my business idea succeed? And the answers oftentimes people give is because I'm going to work harder than everyone else because my idea is amazing, of course, grade team and all those things are important. But really they don't look at the heart of what makes for a great idea and the advantages, or especially the unfair advantages that your startup has from day one. There are five top unfair advantages that you should be thinking about when you're coming up with your idea. I'm going to go through the list here and I'll go in more detail throughout the class, but the top five would be the founder. So who are the team members that are coming up with this ID? Who are going to set up this business, this space that your problem or your business is working in, the type of product that you are creating, the acquisition of clients or customers. So how are you going to bring people into the business? How are they going to find out about your business and how are you going to keep them coming back to you? And then finally, the monopoly that your business will have over everyone else. So when we're looking at founders as an unfair advantage, what you're thinking about is I or my co-founder, an expert or super expert in something? For example, um, I, one in ten people in the world who can solve this problem. Perhaps you have a PhD in a very niche scientific problem or area, which means that you are one of few who can solve this. That's a great thing to have. Or maybe it's because you are a team member, you're quite creative and only you guys can produce the specific product that you're creating. Founders is one unfair advantage that you might think about. The other one is being in the right problem space is the market within which your business is going to be growing year after year. Now, is it growing at 10%, 2 years of growing at 20%? And is it going up in a kind of upwards trajectory? Now, if it is, that's great. However, always remember that markets change, situations change on something that might be trending are growing this year or this decade mightn't be doing the same thing next decade. So make sure that this is not the only unfair advantage that you have for your business. The next one is to think about your product. My product better than everything else in the market. And not just better, but 51020 times bachelor than everything else available. If you're in a space where there's a lot of competition or you're creating something that's perhaps already on the market or has been done before. Think about how your product can be faster, maybe cheaper, maybe easier to use than everything else. So how are you going to knock it out of the park in terms of your product being better than what's already available. The next one is acquisition. So that's how are you going to get customers or clients to know about your business idea, know about your starship, and then to keep coming back and using it. Again, if you have to pay customers to come and use it, for example, you're paying for ads and that's the only way you're bringing customers. That's not really great situation to be in. What you want really is organic growth for your product. It's that good than when one person uses it, they're gonna tell someone else and so it spreads by word of mouth. And that would be the best way to acquire customers and to keep customers coming back. Finally, the last unfair advantage to think about is monopoly. Will your product be difficult for competitors to either create a similar product or defeated? Are you going to have a patent on something in particular? Really think about this because it can be quite easy, especially if it's a physical product for it to be knocked off. So just think about how you're going to be protecting your business and how it's gonna be hard for other competitors to come and do what you do maybe faster than you are doing it, especially if they have more money than you. Now, for this task, we're gonna be looking at what unfair advantages does your business idea have? Now we've already talked about the problem, the solution. So by now hopefully you have an idea that gets you excited that you think you might want to work on. Think about where it fits within this unfair advantage table. Now, it may be under one, it could be under 23. The more the bachelor you don't have to have all of them. But the more unfair advantages you have, the better it is for your business. So it takes some time and think about thought. 6. Business case studies: For this bonus class, we're gonna go through some business case studies on. We're going to look at different cases from around the world and seeing how businesses have used the three-step model to come up with some great ideas. All these cases have been taken from the Internet. They're just some of my favorites. So thereby no way an example of all the different types of businesses you can look at any startup. You use the same kind of strategy to see how it's managed to maintain success over time. That start. This first one is called shortly. This is actually a strategy I've worked with for a number of years. It's based back in Sudan. It's one of my favorites. When I spoke with the founder of Shorty, she was discussing how there was a lack of tourism and culture awareness of the different tribes and communities. Tribal practices all over sudden she felt people were not connected. She just wanted to solve that. We sat down together and looked at ways that we can bring tourism to Sudan and how to do it in a really creative manner. So her solution for this problem was to come up with some bespoke tailored guided tours to the difference in Islam marks around the country and to also visit the rural villages as well. So each torque would be followed up by a cultural and creative event and exhibition. Once people who've returned back to the city of Khartoum, that exhibition was open for those who had not gone on the tour to come and see what has happened and to experience the art, the creativity, the photographs, and then to also listen to the stories of those who had traveled and the impressions that they had by visiting these remote communities. And so it's been quite a success and it's been going on for a number of years. I worked with them through solar and solar, It's quite a different experience because not only is it a traveling company, but also it's a creative and cultural company as well. When we look at the advantages, we can see that they offer unique and bespoke service. It's not been done before, especially in Sudan. The acquisition was really interesting because it's mainly through word of mouth. And once someone goes on a tour, they're often likely to become repeat customers because of the experience that they've had, but also to bring a friend along for the next tour. And so that's a way that they maintain loyalty within the company. So again, great example of a creative spin on a tourist company. The next idea which I also really love is called Banca bio. So this is a company based in Taiwan. And the problem that the thunder noticed was that people find it very difficult to swallow normal pills and medicine. They're unpleasant T to eat and that's one of the barriers for people using medication more regularly. Her solution was to create candies that deliver active ingredients and medicine in a tasty, chewy, sweet. And as you can see, it looks almost like a candy. Allows users and customers to, not only by the medicine more regularly, but to also enjoy the process of eating it. And so this company, from a medical company, but it looks at the solution for quite a unique angle. So it's a unique product. It's solving quite a large scale problems. So that's one of its key at unfair advantages is that it does solve a large-scale problem, a problem that's not gonna go away. And as more and more people take medication or vitamins or supplements, it's going to grow with time. Again, acquisition could be paid, but also it could be word of mouth or direct business-to-business. So it does have a number of advantages. The next company is called Mama Made, and this is based in the UK. The problem that the thunder wanted to solve is that it's quite difficult for parents to prepare healthy and allergen free meals for their babies and their toddlers. That this was a pain point for the founder herself, which she had her first child. And so it was a solution to a problem that she was facing in her life. To solve that, she decided to make sure that baby food was plant-based. It's easy to make and it comes from very. And clean and good ingredients. So the company delivers plant-based meals and ingredients that are frozen direct to one's home. They also have a podcast and they use that to acquire more and more users and just to continue the discussion around healthy food for children, but also supporting parents and new moms. Their advantage is acquisition, it's word of mouth. It could be paid marketing as well. Then they also use other often use like social media and the podcasts to promote themselves. The other unfair advantage that they have is that it is a recurrent problem. As long as the child is within a certain age, it's likely that the parents, if the product is good, are going to become repeat customers. And if they have more children than they are likely to come back again. And it is a large-scale problem. There are children being born every day all over the world and so it's unlikely to go away. So if they get it right, It's this company is likely to succeed and this idea will grow with time. Finally, we've got a company called Quit Genius, and this is a USA it based company. And it's a medical technology company. And the problem that the founders notice, what's that substance addiction is very common and very difficult to solve. And it's difficult to solve because of the stigma related to it and the nature of addiction itself. Now the founders were all doctors and so they had that kind of firsthand experience working with patients. They took that experience at the problem that they noticed to create a solution that would be available to many people on a larger scale. And that is a digital clinic and that provides patients or end-users with a program to help them overcome addiction. Because of the nature of it being on a mobile phone means that there's less stigma related to it and people are likely to stick to the program and use it within their own convenience. Now, the advantages are what? They've got a number of advantages and unfair budget. First of all, the founders are doctors. Now, just because they're doctors is to make them, for example, absolute experts in it. But if they have that expertise, then that makes it even better. So that's something definitely to look at the founders background. The second thing is that the product reduces stigma and it is virtual products which makes it quite unique. And it's something that isn't as widespread in terms of having a lot of other competitors. And then finally, it's a large-scale problem. It's a problem that's found all over the world and it needs to be solved and it can be quite expensive to solve. So that's another unfair advantage that this company has and it's going to determine their success. And actually the company is doing quite well and raising a lot of money for their startup. This takes us to our final slide, which is just putting it altogether. You've seen the examples of all the businesses. You've now gone through the different steps and discuss the problem, the solution to the advantage of creating a business and putting together a great business idea. So now in your own time you can gang grab a pen and paper, write out what your problem is right up with solution you want to use and think of the unfair advantages that you have as a founder or as your business Starship, put that altogether and hopefully that will take you through to setting up your own business. 7. Common myths about business ideas: Finally, for this class, we're just going to go through some common myths and IDs that perhaps shouldn't be rejected. With some common myths, things that I often hear include, Oh, my idea has to be absolutely brilliant. Needs to be out of this world, must never been done before. Needs to be at the forefront of innovation. If that's what you want, that's fine. If you have the skills to be able to create something that's never been done before, that's absolutely fine. But actually your ID does not necessarily have to be when out of this world and amazing, at least not in the beginning. You can't start with a good idea and then have great execution. Really execution is the key part. Bringing that idea to life, making sure you make a business out of it. There is demand for it, and it grows consistently with time. That's what takes a good idea to a great idea to them becoming something absolutely brilliant through execution. So don't be afraid to start off with something that's more simple at the beginning. The next myth is that oftentimes you will think, Oh well, my first idea is not my best one, so I need to keep thinking. And again, it really depends if your first idea screams to you, there's a market for it. You can see working. You've asked customers and clients and they think it's going to solve frustration for them or a pain point in their lives, then that's it. If it's the first idea or this hand when it really doesn't matter, as long as you're able to create a business out of it, make sure that it grows with time. And finally, at the last myth is your ID must change the world. It really does not have to be an idea that becomes a unicorn company like grows tremendously a period of time and trained his everyone's lives. If it does, and if you can, that's brilliant. If not, if it's something that you want to create, you have a smaller market. There's smaller demand for it, but it works for you and it's a smaller business. That's absolutely fine in itself. As long as you're happy with the business that you're creating and that it is again, solving a problem for someone, then that's a business and go for it. Finally, just in terms of ideas not to reject one idea that people are problem areas, that people stay way from our boring problems. So something that's not perhaps as fancy or trending, but yet it's still a pain point. I mean, if you can find the solution for it, then go for it. It's likely that other people might be working in that area, but it can still produce a lot of great revenue and become a great business or startup for you. Also don't reject ideas that are very ambitious. If you think that again, this can become something great, but it looks like it's too big of a mountain to conquer straightaway. Then just break it down into small bite-sized pieces and see how you can go from one step to the next to the next. Then get to your ultimate final ambitious goal. Then finally, you don't have to reject ideas that are in competitive spaces. If it's already been done before, or it's a market that's a quite full. Then just think of something that you can do that's different. And we go back to this point about having a great product. How is your product better, faster, cheaper, more innovative, and maybe solves the problem in a different way. So competitive spaces are competitive because there was a great demand for it. So don't shy away from it. Just think about how you're gonna make your product, your service, your business better than everyone else's. Yeah, that's it. That's the end of this class. I really hope you enjoyed this course and you got a lot out of it. And I hope to see you in my next class. 8. Final words : Thank you for joining me on this course on how to come up with a great business idea in three easy steps. I hope you enjoyed it and that you've learned through it and worked on the project. If you have any questions, don't hesitate to contact me directly. And I hope to see you in future videos about entrepreneurship, self-development and business strategies.