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Author Topic: How do you come up with business ideas in crypto space?  (Read 126 times)
cryptied
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November 30, 2019, 07:01:02 PM
Last edit: December 02, 2019, 12:08:59 AM by cryptied
 #1

I'd like you to take a moment to think about the way in which you explore new opportunities in crypto world. I'm sure there's a lot of concepts one can use to bring a new business to crypto.

I'd like to open a discussion that might inspire others to look at places they never even knew existed. Smiley

Edit:
Although it may sound like it, I'm not actually looking for a concrete ideas for my own business. Sorry if I made it sound like it. What interests me (and I hope others as well) are general strategies to find one, particularly in crypto. E.g. In what way is it best to look for some emerging trends that might be good to explore?
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December 01, 2019, 06:45:19 AM
Last edit: December 02, 2019, 07:50:20 AM by TheUltraElite
 #2

You are looking for a idea-farming thread? I can see zero use of it unless you are trying to farm out something for free to run your own project.

Ideas dont come for free. I had said this previously in this section and I will repeat it again - Ideas are bought, not given out for free. Creativity is rare and having a creative idea that stands out will be paid for.

So basically you are asking for free ideas. While you could run a project with a run of the mill idea but its takes uniqueness to stand out of the crowd, which is rare.

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December 01, 2019, 11:24:00 AM
 #3

Business idea?

Since there is a word 'business' so let me assume you are looking to take profit or making money from the idea, I have idea that maybe no one care about, it is about a platform that could change the music industry, it could benefit both music artists and those common people who just love musics.

But, I can't make it happen yet, I am still busy in real life and the time isn't perfect yet. Oh, I am sorry I can tell you the details, you may know the big pictures but I can't give the full details for free.

Other than the one above me, the idea is free but the detail isn't.

 
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December 01, 2019, 05:18:26 PM
 #4

I'd like to open a discussion that might inspire others to look at places they never even knew existed. Smiley
If you want to be successful you have to create your own idea, no one who really got that creativity may not give it for free of cost.

If you don't have that creativity to create something new then just follow the services which are already existing and try to create something new on the services which lacks on others.

Most used crypto services:

1.Wallet

2.Payment processor

3.Gambling sites

4.Trading platforms.

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December 01, 2019, 05:38:43 PM
 #5

At this point you really cannot be innovative anymore in a sense that you can create a new business that isn't already existing so your only chance is to find already existing business that you can develop and give unique features or have better rates so you can get some market share of your own. Demand for the business is something you also want tobconsider may it be a crypto exchange or a e-commerce website since this will be your starting point to know if you have a chance to get some new customers.

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December 01, 2019, 05:56:35 PM
 #6

To make a really successful crypto business, you need to leverage cryptocurrency's strength. Take crypto gambling for example - it became popular because it allowed players to avoid government's gambling regulations that raise the costs for players. You can't succeed by picking a business at random and just slapping crypto on it - practice shows that people need to have some good incentive to use crypto.

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December 02, 2019, 12:11:09 AM
 #7

Thanks for feedback.

I'm not really looking for free ideas but rather some more or less effective ways to find them, I've edited the original post.
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December 02, 2019, 09:52:21 AM
 #8

I'm not really looking for free ideas but rather some more or less effective ways to find them,

well you need to "come up" with the ideas yourself, otherwise an idea could be considered the intellectual property of someone and they won't give it up freely.
to come up with it on your own you need two things:
1. experience and familiarity with the field that you want to enter. this means hanging around, using different services,... to see how they work, to find where something is lacking and whether there is room for any improvements. of course there is also a big difference between wanting to make money from the idea or just wanting to innovate a useful tool.
2. having skills. after you found the opportunities and the lacking stuff, you have to look to yourself whether you have the skills to fill the gaps or if it is a business you want to run whether you have the skills to run a business.

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December 02, 2019, 06:24:15 PM
 #9

I think you need more than just the idea to get the people's attention in the forum. You need a code behind that idea. That's why we see a lot of ICOs and businesses like that because that idea has a backend and a code with it.

People who only comes with the idea and without money to hire employers always end with the idea in the clouds. But those who have the idea and money to launch the project are the ones who end in success.

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December 02, 2019, 09:11:08 PM
 #10

I think you need more than just the idea to get the people's attention in the forum. You need a code behind that idea. That's why we see a lot of ICOs and businesses like that because that idea has a backend and a code with it.

People who only comes with the idea and without money to hire employers always end with the idea in the clouds. But those who have the idea and money to launch the project are the ones who end in success.

What about people with ideas and strong programming backgrounds (but not exactly having that kind of money)?
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December 02, 2019, 09:20:18 PM
 #11

I'd like you to take a moment to think about the way in which you explore new opportunities in crypto world. I'm sure there's a lot of concepts one can use to bring a new business to crypto.

I'd like to open a discussion that might inspire others to look at places they never even knew existed. Smiley

Edit:
Although it may sound like it, I'm not actually looking for a concrete ideas for my own business. Sorry if I made it sound like it. What interests me (and I hope others as well) are general strategies to find one, particularly in crypto. E.g. In what way is it best to look for some emerging trends that might be good to explore?

You are the only one who can make up better ideas. There are lots of ideas but only you can tell if you can manage to handle those along the way. Try to spend some time searching those suggested ones in a silent room, solo or be accompanied by your supposed partners. Try to analyze if those on the lists can handle well - in other words, brainstorming.

Because that is a crypto-related idea, you need someone with basic knowledge about it. Try to search if one of your colleagues might be a help or maybe in your local section. It's easy and more approachable if you will consult there first.

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December 02, 2019, 10:36:58 PM
 #12

If ideas don't immediately pop into your head, then you're probably in the majority of people that are practically incapable of ideation.

Personally, if I want to think of a monetizeable idea, I just need to look at the area I want to monetize and ideas will automatically start appearing in my head.

Ideation isn't really something you can just force (as far as I know). Maybe you could try identification unmet needs in the market, and then work from there.

Or you can pay guys to generate ideas for you.


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December 02, 2019, 11:25:54 PM
 #13

I'd like you to take a moment to think about the way in which you explore new opportunities in crypto world. I'm sure there's a lot of concepts one can use to bring a new business to crypto.
Certainly, there are but you tend to choose the one you're most comfortable with depending on your background. I can't think of an idea for you.

Although it may sound like it, I'm not actually looking for a concrete ideas for my own business. Sorry if I made it sound like it. What interests me (and I hope others as well) are general strategies to find one, particularly in crypto. E.g. In what way is it best to look for some emerging trends that might be good to explore?
So you need an idea on how to come up with an idea? For most people, it's either intuitive or from experience. The idea is not everything, you can't be a professional footballer and have an idea to design a car like Tesla. I look at the existing projects, find their shortcomings and figure out ways to fix them. Or use the existing crypto services and think about how the experience can be made simpler. For instance, I want to create a payment gateway that is way better than BitPay and doesn't ask for KYC.

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December 02, 2019, 11:42:21 PM
 #14

So you need an idea on how to come up with an idea? For most people, it's either intuitive or from experience. The idea is not everything, you can't be a professional footballer and have an idea to design a car like Tesla. I look at the existing projects, find their shortcomings and figure out ways to fix them. Or use the existing crypto services and think about how the experience can be made simpler. For instance, I want to create a payment gateway that is way better than BitPay and doesn't ask for KYC.

From my experience these are exactly the things that doesn't really work. If you run a business in established market, you'll most likely fail regardless of whether the competition sucks or not, they were first. That's the most important thing. The only reliable business is to be first to provide some service or sell some product. The problem with a new idea evaluation is that you never know the reason why it doesn't already exist. Is it because it's a genius idea and only you can provide it, or is it because there's no demant for it.
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December 02, 2019, 11:48:22 PM
 #15

So you need an idea on how to come up with an idea? For most people, it's either intuitive or from experience. The idea is not everything, you can't be a professional footballer and have an idea to design a car like Tesla. I look at the existing projects, find their shortcomings and figure out ways to fix them. Or use the existing crypto services and think about how the experience can be made simpler. For instance, I want to create a payment gateway that is way better than BitPay and doesn't ask for KYC.

From my experience these are exactly the things that doesn't really work. If you run a business in established market, you'll most likely fail regardless of whether the competition sucks or not, they were first. That's the most important thing. The only reliable business is to be first to provide some service or sell some product. The problem with a new idea evaluation is that you never know the reason why it doesn't already exist. Is it because it's a genius idea and only you can provide it, or is it because there's no demant for it.
You mean if you create a product or a service that doesn't exist already has much higher chances of success? I don't think so. Have you watched the Shark-Tank? They get new ideas and products every week but how many of those actually hit the market? Also, with that logic, people would have stopped creating gambling sites or crypto wallets since there are too many of them and the market is very established? There is UBER but new Taxi apps continue launching. It doesn't work like that. If you see shortcomings, you can provide something better alternative over the existing products, people will slowly adapt to the new service. There was no "demand" for facebook like website, Zukerberg created that demand. Look, how many social networks you see around now!

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December 03, 2019, 05:03:11 AM
 #16

So you need an idea on how to come up with an idea? For most people, it's either intuitive or from experience. The idea is not everything, you can't be a professional footballer and have an idea to design a car like Tesla. I look at the existing projects, find their shortcomings and figure out ways to fix them. Or use the existing crypto services and think about how the experience can be made simpler. For instance, I want to create a payment gateway that is way better than BitPay and doesn't ask for KYC.

From my experience these are exactly the things that doesn't really work. If you run a business in established market, you'll most likely fail regardless of whether the competition sucks or not, they were first. That's the most important thing. The only reliable business is to be first to provide some service or sell some product. The problem with a new idea evaluation is that you never know the reason why it doesn't already exist. Is it because it's a genius idea and only you can provide it, or is it because there's no demant for it.
You mean if you create a product or a service that doesn't exist already has much higher chances of success? I don't think so. Have you watched the Shark-Tank? They get new ideas and products every week but how many of those actually hit the market? Also, with that logic, people would have stopped creating gambling sites or crypto wallets since there are too many of them and the market is very established? There is UBER but new Taxi apps continue launching. It doesn't work like that. If you see shortcomings, you can provide something better alternative over the existing products, people will slowly adapt to the new service. There was no "demand" for facebook like website, Zukerberg created that demand. Look, how many social networks you see around now!

exactly... businesses only fail when they are run by incompetent people who have no idea how to run and grow a business. it is not an easy task, it requires a lot of experience and a lot of constant effort. for example i have seen a lot of new businesses come along that they don't even bother advertising their services or spend so little time and money in advertising it. they have no decent customer support, don't listen to feedbacks, and don't change or improve. at the same time they expect success!

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December 03, 2019, 07:45:43 AM
 #17

Ideas are like flash of light, the first step in getting a constructive idea is to have an open mind ready to assimilate any thought, you need a good memory or writing pen in order to remember hundreds of ideas that flows through your mind.

Quote
How do you come up with business ideas in crypto space?
The best way is to be active in the crypto space, this will make it easier for you to notice problems that is calling for solution, business could be described as a system that create solution to a problem/need.

 
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December 03, 2019, 10:00:49 PM
 #18

I'd like you to take a moment to think about the way in which you explore new opportunities in crypto world. I'm sure there's a lot of concepts one can use to bring a new business to crypto.

I'd like to open a discussion that might inspire others to look at places they never even knew existed. Smiley

Edit:
Although it may sound like it, I'm not actually looking for a concrete ideas for my own business. Sorry if I made it sound like it. What interests me (and I hope others as well) are general strategies to find one, particularly in crypto. E.g. In what way is it best to look for some emerging trends that might be good to explore?
Well, no problem man cause in any way no one will share their business idea so feel free to discuss with things that are already around.
But I would say, new business idea comes from a lot of researches and thinking, to create something new. There are a lot of songs and musics, yeah? But people still create amazing and unique ones, it doesn't depend fully on you but on your brain and creativity too. Some people have ideas - others have money, unite of them brings us great projects.
Exploring new opportunities in crypto world hugely depends on the country where you live, otherwise, doing international business is very hard.

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December 04, 2019, 01:27:42 AM
 #19

...
Well, no problem man cause in any way no one will share their business idea so feel free to discuss with things that are already around.
But I would say, new business idea comes from a lot of researches and thinking, to create something new. There are a lot of songs and musics, yeah? But people still create amazing and unique ones, it doesn't depend fully on you but on your brain and creativity too. Some people have ideas - others have money, unite of them brings us great projects.
Exploring new opportunities in crypto world hugely depends on the country where you live, otherwise, doing international business is very hard.

What would you say is the main reason that it's harder to do international business than a local one (speaking of digital business era)?
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December 04, 2019, 09:02:38 PM
 #20

Oh! Starting a new business is child's play.  Just send me 10 BTC today and I _guarantee_ that you'll be a billionaire in 30 days. Hurry! This offer won't last.  Limit of 5 per household.  Problem solved. :-)

IMHO you have to start at the bottom and study general business management skills.  A critical, but frequently overlooked part of this is to learn basic bookkeeping and financial analysis.  Any endeavour you have in mind requires assets (and perhaps) liabilities to start, will certainly consume expenses, and if you have the right balance of smart and lucky might even generate some revenue.  Is this project making a profit? If not, do you have enough cash to feed it until it does?  Even if it _is_ technically turning a profit, what rate of return are you making on your invested capital? Is that enough? These are examples of questions that are generally and basically useful, regardless of whatever business you're in.  I cannot count the times I've heard people excitedly explain some business idea w/o any idea that these questions even exist. 

Any fool can borrow money or torch his hard-earned savings or whatever windfall of cash he's acquired and "start a business."  He can rent office space, hire people, buy hookers 'n' blow and generally be the BOSS until the cash runs out.  Then it's party over time.

Another thing to get all gloomy about that there's something very horribly wrong with money, economy, and politics in today's world. One element of this problem is that there's a vast amount of "money printing" going on.  Not literally "printing" as in the olden days, but the creation of new money ex-nihilio is red-lined and getting worse.  This flood of newly created money flows into the pockets of politically-connected people first, via bank loans.  They can then use this cheap and easy credit to build any fantasy they can imagine.  Said money continues to flow into the economy generally, pushing up the price of productive assets, thereby driving down the rate of return on them.

So now the world is filled with people who literally have more money than they know what to do with.  They cannot find sufficient rate of return.  So they double-down on whatever they're doing now and/or copy what a million other people are already doing.  This gives us vast over-capacity almost everywhere.

Yes, yes... I know... there's nothing we can do about these things but we have to use them anyway.  Well, that's an example of "sucker deal."

If I had an easier answer I'd be doing it myself and not telling folks on the Internet about it :-)

pooya87 said... "businesses only fail when they are run by incompetent people who have no idea how to run and grow a business."

Able management is no guarantee of success.  Businesses are frequently killed by outside forces, regardless of the quality of management.
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