The
best business plans
are not always the best and innovate ideas. However, they
are probably the best researched ideas.

For any to succeed, an
entrepreneur
needs to ensure that he or she
is building a that is satisfying the needs of the market. The challenge
is in understanding what makes “one ” right enough to satisfy the needs of
group of customers.

The best plans rely on impeccable market research and a core understanding
of the and the need for it by customers. An needs to take into
account the existence of a similar already available in the market and the
uniqueness of the prospecte that distinguishes it from all s already
available. Finally, the
entrepreneur
should estimate whether the will make
and if so how much.

In-depth market research is essential not only in formulating plans but
also for successfully earning the finances to see the plans through. Angel
Investors as well as
venture capitalists
expect and demand market research from
any presenting a proposal.

The proposal developed by the
entrepreneur
will him or her with
information that is critical to secure financing. In ition, the process will
yield valuable information about customers that will help the fine
tune his or her idea.

Failure to research customers can be costly. A that is introduced by an
into a market with insufficient market research will most probably
fail. This is because the has entered into the market without sufficiently
ing if there was a need for the and for how much of the . An

entrepreneur needs
to know the potential customer very well. not surprising
that s who are most successful are those who visit as many potential
customers as possible.

First the successful tries to sell the and impress upon the
potential customer need for the . But at the same time, the
successful entrepreneur

also listens to the customer and tries to understand why there may never be a market
for the .

The bottom line is that a successful
entrepreneur
is always listening. He listens
to his potential customers and he knows the value of market research.

Source

9 thoughts on “Researching The New Idea”


Leave a Reply