Last updated on April 23rd, 2021. Posted in Finding Profitable Ideas.
A big, common mistake business owners and new entrepreneurs make is this: Not doing thorough, in-depth market research. That is, not putting in the work to dig deep and uncover as much as they can about the narrow target audience that they want to serve.
Here are links and resources mentioned in today's video. Enjoy!
It's understandable WHY most entrepreneurs skip this critical step. After all, it can be kinda dull. Sometimes it's hard work and can seem like drudgery...and it certainly isn't sexy. And it isn't all that fun either...
...especially when you compare it to building products, services, and business models. As entrepreneurs, we're creators and builders...not investigators or researchers, right? Well in truth, entrepreneurs are BOTH -- we're both researchers and creators. It's these dual skills that can make your business come to life and crank up revenue.
And here's why: Deep, thorough research is the necessary groundwork for your business. It's mandatory. Solid research is the foundation. Here, you won't be going on hunches, opinions, or gut feelings. Honestly, that stuff doesn't have any place in business any more than it's welcome in the world of science!
Solid market research gives you reliable data and feedback directly from the market you wish to serve. It's how you can know, beyond a shadow of a doubt, that the products and services you'll offer will be runaway successes...before you've even developed them!