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Many theoretical tools or frameworks exist in order to solve this question. The good news is that there are a variety of ways you, as an entrepreneur, can conduct some market research to assess the potential demand for your product/service without spending a lot of money or hiring an expensive market research team. Some of the followings are not primarily bases to give a direct and immediate answer but constitute an important system by which to reflect and deepen the analysis:
· Keller approach i.e. look at a business idea from four different perspectives: company, customer, competitor and collaborator;
· SWOT Analysis i.e. take into consideration strengthens, weaknesses, opportunities and threats of the upcoming business idea;
· Market research i.e. gather information from industry associations, web searches, periodicals, federal and state agencies, and so forth. These means can prove invaluable in determining your idea's potential such as trip to the library or a few hours online can set you on your way to really understanding your market;
· Customer approach (especially for services) i.e. map and walk-through the customer experience in order to understand if the client really perceives an added value from the company’s services
Research plan should spell out the objectives of the research and give you the information you need to either go ahead with your idea, fine-tune it or take it back to the drawing board. Create a list of questions you need to answer in your research, and create a plan for answering them. Basically the aim is to gain a general sense of the type of customer your product or service will serve.
Finally, as a matter of fact, it is also necessary to take into consideration that many start-ups fail because they are focused more on their product than on their potential customers.
Business Idea always generate with the Market need, if you come up with a unique idea that captures at the first to your closest circle and then you indicate/measure the success on outer layer of the market. outer layer go beyond, sometime it applies to the global reach. so first and foremost step is the Market Research.
Some of the Entrepreneur use their personal instincts and also it depicts what kind of personality trait they have. if they have flexibility to accept the results of deep research then your analysis will give you much accurate results otherwise if you have a very close and stubborn personality traits you will jump into business with out foreseeing damages. so as per my learning you should stay flexible and expand the approach of research.
Second foremost step is planning, even if you are at the Business Idea stage do with a proper planning. Do not jump around and also do comparative study as well. your main target should be who are or can be your market competitors?. How can you take the lead? and what is your extra edge?
By conducting market research
Perform both preliminary research (consumer surveys) and secondary research (through online/desk resources). Use Survey Monkey or direct surveys to reach out to your potential customers.
Thanks for the invite. Do proper studies- online and offline. Find out if there are competitors. If you can survive with them. If profitability of the business is good in future at least if not at the beginning. Be sure you have sufficient balance as a back up incase required. Make sure you have sufficient resources to make this a successful one.
Thank you for your invite. If you do not have any idea of the market of your business idea. Then please thankful to 35 experts who took out time to advise you. Good Luck.
No Idea will do you any good; That's business where it is demonstrated based on risk versus return;unless you take the risk ideas will stay just thoughts
There are many ways to conduct a survey of your new business idea, you may reach out your potential clients, online survey one of the successful tools throughout social media, online market research and SWOT analysis ( strength, weaknesses, opportunities, and threats ) will give you clear picture of your comparable goods or services in your area.
First and foremost, your self confidence of your business idea, to be great and done from heart. Just like we treat our dear once from heart. In one word your business is part of your family and the heart should beat for it. If you can't do big thinks, do small thinks in big way.
Effort is ours duty, but gains are given by Allah the Almighty. With best wishes from my end Almighty always never be scared of NO as it is New Opportunity.
With regards
S Rahman
If you think your idea is beneficial to your customers, then you need to have a faith,passion,and lots of confidence in you.......You need to have a risk taking ability and vision..... If you think you can disrupt the market , just go for your passion.
