As a research firm which focuses on market research, polls, surveys, among others, we hope to bring insights to you through today’s article on the critical importance of market research before launching a new business, service or product. By nature, a business thrives on its ability to solve people’s problems and that is what any entrepreneur should investigate through market research before deploying costly resources into the idea.
In simple terms, the fact that an entrepreneur is fired-up with their business idea is not good enough as they have to investigate whether there is someone out there who is willing to pay for the goods or service they intend to offer. It is very common for entrepreneurs to assume that because other service providers still have their businesses operational, theirs will also thrive. That is one mistake which must be avoided. As an example, market research has shown that the commercial rental space is flooded but one is likely not to know about such issues until they perform such research. Another entrepreneur may realise that there are so many errands businesses in Gaborone and they immediately take the decision to start theirs, without research. On the ground, it may be known that many such businesses have closed shop and the majority of them can’t sustain operations especially that fuel prices continue to skyrocket.
Market research gives the entrepreneur the real facts on the ground, i.e. whether or not there is demand for their service or good and how well or bad their competitors are doing. Embarking on a business or new product without full market intelligence is like diving into a river without checking whether or not there may be crocodiles. Bearing in mind that most start-ups fail within the first 5 years, you need to get your facts straight before opening shop. Therefore, here is the long and short of the matter; conduct market research before launching your start-up or new product.
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Market Research Critical For Start-Ups
