Introduction to Business Management II – How to know what business to start ?

The video is a follow-up video to Short Introduction to Business Management. It explains in more detail the market dynamics that were discussed in the first video. Different concepts in the video can also be useful to people looking for ideas about what kind of new business to open.
Common to all successful businesses is their capacity to fulfill market needs. Hence, before opening a new business, one must study the market and try to identify potential market needs that other companies cannot fulfill. In other words, new businesses should look to profit from an imbalance or a gap between supply and demand. In most cases, the imbalance occurs because companies cannot supply the required kinds of goods and services at the right time, price, sufficient amounts, and/or desired quality.
Most people assume that the most difficult part about a new business is coming up with an idea of what kind of products or services to supply to the market. In fact, starting from the opposite side is more likely to work- first, establish what types of products and/or services markets need and then try to come up with an idea of how to fulfill that need.

The video was made by using Camtasia and Canva assets.