The Impact of Crowdsourcing

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“The Impact of Crowdsourcing” Please respond to the following:

•Dell’s Ideastorm, Best Buy’s IdeaX, New York city’s Simplicity, and Samuel Adams’ Facebook application to determine the next flavor of beer are a few of the examples that use crowdsourcing. From the e-Activity, assess whether ideasourcing generates the best innovative ideas for a business or organization. Explain why or why not.

Everyday life has changed over the years and a business would be wise to employ ideasourcing. It will allow a business to become or stay successful. By addressing the feedback from customers it gives a company the capability generate more innovative ideas. By having customers involved in the process of creating or making a product better is way to keep them as customers and will also give the business the opportunity to gain new customers. The utilization of social media is such a valuable tool in letting business ideas or plans be known to the public. This is why it is important that a business needs to be on the cutting edge of technology and new business processes to be successful in today’s business environment.

•Suppose that you recently acquired a considerable amount of money and want to invest in some type of business. Determine whether or not you would use crowdsourcing to determine the type of business you invest in. Predict whether the use of crowdsourcing to select your type of business would be disastrous or advantageous, and explain why or why not.

I would use crowdsourcing to assist in determining the type of business to invest in. This will allow me to view the direction and opinions of people to see and hear the things they are looking for and from a business. It will also give me the positive and negative views of the business venture I am looking to invest in. Crowdsourcing will be advantageous for my business endeavor, which will be investing in a gluten free restaurant. The reason it will be advantageous is that this will allow me to be able to gather different ideas about potential menu options that would interest customers. This would grant me the capacity to gather information from multiple sources to give the business the potential to have an outstanding beginning, which can be an issue for a lot of restaurants just starting out.

Suppose that you recently acquired a considerable amount of money and want to invest in some type of business. Determine whether or not you would use crowdsourcing to determine the type of business you invest in. Predict whether the use of crowdsourcing to select your type of business would be disastrous or advantageous, and explain why or why not.

– My idea of becoming a successful business is providing customer’s needs as much as possible. However, crowdsourcing is not always suitable for all types of business. If a business that I invested generally deal with other firms or organizations, crowdsourcing seems unnecessary since crowdsourcing’s purpose is to figuring out what majority of people want. On the other hand, if a business that I invested deals with day-to-day customers, crowdsourcing may take huge advantage.

If I were looking for an opportunity to invest in, I would absolutely use crowd sourcing as one tool to gather information about the right direction to go. This is an inexpensive way to generate a vast wealth of knowledge. Crowdsourcing can offer some great insight into market trends that may help you decide what businesses come with more risk than others.

If starting new business, it’s highly recommended to have the best knowledge and tools available, so that would be helpful to use the crowdsourcing as a way to gather enough information to be able to determine and distinguish between all the pros and cons of this new business. I would consider the choice of a real estate business, in fact this business is one of the most open markets out there, and with the collection of information from many sources; you could be highly invested in to have a strong start, and avoid all the business issues.