Being
young business professionals, some of us begin to think as entrepreneurs. We
often find ourselves talking to our friends about that “million-dollar start-up
idea”. This idea could be something you thought about randomly in the shower,
maybe a new product or a service, maybe a new app or an idea for a new patent. It is good for us to maintain a creative
entrepreneurial mindset and way of thinking. But before we get too carried away
with our “million-dollar idea”, it is important to do our research.
Did
you know that 9 out of 10 new start-up businesses fail? Out of that 90 percent, 42 percent fail
because they failed to create a product or service people actually wanted. No
matter how good you think your idea may be, you must make sure there is a market
out there that will be interested in your new product or service.
In
this article author, Ray Beharry says that “researching your idea is just as
critical as having it to begin with.” He also provides 4 Phases of Marketing Research to Ensure Success.
1. Identify the problem you’re solving. How will this
product help solve the problems of consumer’s life?
2. If you think you’re idea is a good one, can it answer
the question “ can I actually build a
product/service people want?” Obviously, it is very important to make sure your
target audience has a want for the product or service, and is willing to pay
for it. You should gather both
qualitative and quantitative information about your target audience and think
of as many alternatives, and problems you and your start up might face.
3. Adjust according to customer taste. By doing this you
will make consumers loyal customers. It’s very important to continue to adapt
to the customers wants and needs, don’t stop asking for feedback and continue
to try to improve.
4. Turn traction into momentum. Nearly 70% o startups
fail due to premature expansion. Stay focused on your business model, and don’t
try to expand too soon.
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