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The three basic types of ideas for startups are new markets, new technologies, and new benefits. These are all great areas to begin a new business because there will always be a need for something new to help with existing problems. When looking into new markets, you are trying to find a new space to sell an existing product, but to a new customer base (Longenecker et al., 2020). This would be my route if I were to create a startup because I feel like the possibilities are endless on what you could market. An example that I could think of is hair ties. Granted this may seem like an extremely small or closed market, however, most women in this world have or will have put their hair up in some sort of fashion within their lifetimes. Most hair ties are made with one thing in mind, putting your hair up, but what about those whose hair is too thick for a normal hair tie to work properly? For hairstyles that need a certain size or shape of hair tie? I personally need to buy special hair ties because normal ones are not able to keep my hair properly because it is so thick. So even though hair ties are available all over the place, putting out a product specifically for different types of hair thicknesses, lengths, or styles, can grow a new market of customers.

Inspiration can come from anywhere, for anything that you aspire to achieve. When it comes to startups, the main inspirations are personal and work experience, hobbies, or passions, and discovering new things on accident (Longenecker et al., 2020). If we were to go back to the above issue with the hair ties, this comes from a place of personal experience. After years of being frustrated with normal hair ties and constantly having to retie my hair throughout the day, being able to find ones that are made specifically for thick hair has been a godsend. However, I believe my startup would be created out of a hobby or personal interest. If I was going to put my all into a new company, I would want it to stand for something that I enjoyed or was passionate about. When you have this kind of inspiration, I believe it gives way to a higher source of motivation to put one hundred percent into your business.