Growth and Future PlansÂ
Lesson
In business, growth basically means making a company more successful in some way: finding a new revenue stream, revamping the cost structure to minimize expenses and increase profit, or adding new people and knowledge to the team. Watch the video to learn more.
Is Growth Right For You?: Crash Course Entrepreneurship #17
Project DescriptionÂ
This activity encourages you to think creatively about finding new revenue streams for your mock startup. Watch this video about the many different ways to brainstorm, choose the one you like the most, and then proceed to instructions.
Six Creative Ways To Brainstorm Ideas
Instructions
- Define Revenue Streams: What revenue streams are and why they are important for a business. Consider different types of revenue streams, such as product sales, subscription services, licensing fees, and advertising revenue.
- Brainstorm Ideas: Brainstorm potential new revenue streams for your startup. Think about ways to monetize your existing products or services, as well as new offerings you could introduce. Consider the following questions:
- Are there additional products or services you could offer to your existing customers?
- Can you create new products or services that cater to a different market segment?
- Are there partnerships or collaborations you could explore to generate additional revenue?
- Evaluate Ideas: Evaluate each idea based on its feasibility, potential profitability, and alignment with your startup’s mission and values. Consider conducting market research to validate the demand for your new revenue streams.
- Select Top Ideas: Select the top two or three ideas that you believe have the most potential for success. These should be ideas that you are passionate about and confident in implementing.