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"Looking for a Goldmine": Business Ideas for Russia

Discussion in 'General Business' started by TheMasterOfDe..., Feb 28, 2024.

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  1. #1
    Greetings everyone!
    I am a student from Russia, studying business analytics.
    Please do not judge strictly about my location.
    During the year I have been thinking about potential projects, but have not yet found the very "gold mine". Perhaps you, experienced entrepreneurs, can suggest promising areas for business development in Russia, taking into account the specifics of our market.
    What I have:
    $100 (reminiscent of the book "Startup for $100"); a small but sufficient budget for a startup.
    A team: developers, designers and other specialists ready to help with the implementation of the project.
    Skills: the ability to negotiate, organize processes and high motivation.
    Together we can come up with a successful business project!
    Sincerely,
    Artem

    P.S. I am ready to answer any questions in the comments.
     
    TheMasterOfDe..., Feb 28, 2024 IP
  2. Spoiltdiva

    Spoiltdiva Acclaimed Member

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    #2
    It is very difficult for investors to get into the Russian stock market these days. But with so many natural resources much $$$ can be made. People can access it through ETF's* and ADR's* but it's not easy.
    You know the culture and the language, you could be of value and you would be paid for this. My advice to you is to take a crash course on the Russian stock market then go online and offer your services as a middleman, and make a lot of money doing so. Good luck to you with all.

    *(Exchange-traded fund)
    *(American Depository receipt)
     
    Last edited: Feb 28, 2024
    Spoiltdiva, Feb 28, 2024 IP
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  3. TheMasterOfDe...

    TheMasterOfDe... Peon

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    #3
    Thank you for the idea! At one time I also thought about the stock market, but I had to give it up due to the complexity of this task. Can you please recommend any courses if you have any in mind?
     
    TheMasterOfDe..., Feb 28, 2024 IP
  4. Spoiltdiva

    Spoiltdiva Acclaimed Member

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    #4
    Start slowly by going to Kensaq and AllShoppingHub, there you should be able to get the info you need.
     
    Spoiltdiva, Feb 28, 2024 IP
  5. Agalak

    Agalak Peon

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    #5
    The e-commerce sector continues to grow globally, including in Russia. You could build a website that sells special products from your area, or maybe a place online where artists and people who make their own things can sell them. Think about types of products that aren't easy to find online already.
     
    Agalak, Feb 29, 2024 IP
  6. sarahk

    sarahk iTamer Staff

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    #6
    You're looking for ideas that for some reason need to be implemented by actual Russians, otherwise we'd just do it ourselves.

    What problems do Russians (people or businesses) have that aren't being solved?
    Flexible/drop in office spaces? Create a directory of places that offer that.
    What services exist in other countries that don't exist in Russia?

    Make sure you have in writing who is responsible for any profits or losses you make.
     
    sarahk, Mar 1, 2024 IP
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  7. TheMasterOfDe...

    TheMasterOfDe... Peon

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    #7
    I considered this sector before, but after the coronavirus pandemic, this niche has already been occupied by large companies and starting a project from scratch is very risky, time-consuming and tedious...

    I am looking for ideas that can be successfully implemented in Russia. Due to the current sanctions, many Western ideas are not available to Russia. Therefore, I want to know what successful ideas can be implemented in Russia.
     
    Last edited by a moderator: Mar 1, 2024
    TheMasterOfDe..., Mar 1, 2024 IP
  8. sarahk

    sarahk iTamer Staff

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    #8
    That makes no sense. How can ideas be sanctioned?

    The basic premise of entrepreneurship is to find a need that isn't being met, and create a product or service to fulfill it.

    Let's take a pretty basic idea of "first table". This is where restaurants have a discounted menu for people who dine early and leave before people who have booked arrive. So you turn up at 6pm and leave by 7:30. It's fast, but it's cheaper and you get to eat at a fancy restaurant. You have to book ahead and there will be a limited number per evening. The "first table" website earns a fee for either the listing, or making the booking.

    Now, if this hasn't been implemented in your city or province in Russia you could try that. It's a "Western Idea" but I can't see how it could be sanctioned.

    There are probably thousands of similar ideas, only I would have no idea if they already exist in Russia or would work. You have to do some research and write a business plan, do the competitor analysis etc. You're looking for ideas that have a low "barrier to entry" since you have little money and volunteer labour, and that makes it easy for a competitor to stomp all over you, so you need to find ways to raise that barrier to entry once you've started.
     
    sarahk, Mar 1, 2024 IP
  9. TheMasterOfDe...

    TheMasterOfDe... Peon

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    #9
    Thank you so much for your advice and interesting ideas, but they are a bit out of my league at the moment. I am currently planning to focus on IT projects, as they require the least investment. I have conducted analysis and brainstorming sessions many times, but I have not been able to come up with a decent idea...

    I would be grateful if you could share some successful local projects from your country. I have been researching foreign markets for a while but haven't been able to find anything interesting.

    In terms of workforce and initial budget, I don't anticipate any major problems as I already have solutions in mind. I also have ready-made methods for promoting projects. The main problem, again, lies in the very idea of the project...
     
    Last edited by a moderator: Mar 1, 2024
    TheMasterOfDe..., Mar 1, 2024 IP
  10. Agalak

    Agalak Peon

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    #10
    I think you can easily pinch some ideas from the EU or US market and develop them in Russia. I've heard that Russia has a lot of analogs of American successful companies. Just have a look at what's trendy now in the US, modify it a bit, and adjust it to your local market.
     
    Agalak, Mar 1, 2024 IP