How to Find the Best Business Ideas When Considering Startups

Coming up with the perfect idea for a business might seem like a difficult task. If you already have an idea in mind, good for you. However, if you are in the mood for entrepreneurship and didn’t know where to begin, Michael Dadoun, Montreal based entrepreneur, has some tips for you.
Read the market

You would probably have some idea as to the type of business you would want to specialize in. There would be a specific industry that you are targeting. Therefore, you would want to ensure that the perfect business idea is one that involves your target market. You want to understand what type of things customers like, which service they are looking for, and what is the current market scenario. You would need to learn more about the current products and services on offer. Michael Dadoun, the Montreal based venture capitalist, studied his target market, E-Commerce vendors, looking for the right online payment solutions. Therefore, as Upclick co-founder, Michael Dadoun was able to set up ecommerce processing solution that enables quick payment across various geographies, and also helps build a sales funnel.

Study competitors

Competition is not always bad news. Competitors enthuse you to do your best to retain your customers and to grow your business. Competitors are a learning experience. Look at their mistakes and avoid them. On the other hand, you can study their good points and try to incorporate them — mindful of copyrights — into your business model. You could try to exceed their business model in terms of quality. If the competition in a particular market is fierce, it would take some dedicated efforts and funds to start a business.

Slow and steady wins

If you lack the necessary funds and you are afraid of the serious competition, you might look for associated industries, whether competition is less and which will give you more stable footing in the market. This way, you can start building a stable business in a relatively safer environment, moving from the edge to the centre of the action. However, you would need to know that setting up business, any type of business, involves some amount of risk and you would need to have a plan B.
Know your strengths

Michael Dadoun, Montreal citizen and an entrepreneur, academically specialized in Computer Science and Finance. As a result, he was able to use diverse capabilities in helping set up UpClick. This Internet based payment processing platform enables retailers to send and receive payments easily. Additional benefits such as multilingual interfaces and multiple currencies ensure that there’s great flexibility of choices for entrepreneurs and vendors. It brings together retailers and vendors from diverse markets, and helps them service new markets. However, all this would not have been possible if Michael Dadoun and his team were not using all their talents to the best effect. He used his knowledge to cater to market demands, and this is what successful business is all about.