#806 Do The Research

What this episode covers

Too often inventors and entrepreneurs fall in love with their idea. Just because it can be built, does not mean it should be.  Before you launch your business, you need to answer a really important questions.  Does anyone really want your product? That’s where research comes in helping you determine how many individuals or businesses have a need for your product or service and, more important, how many are likely to buy? History is full of well-designed, extremely innovative products that were commercially unsuccessful because customers did not believe they needed them. You can research to determine market size, competitive products, preliminary level of interest in your product and customers’ willingness to change. A good starting point for your research is data from the U.S. Census Bureau, your local chamber of commerce, library and online data bases. These broad studies can give you a feel for the overall size of a community. Surveys, focus groups, and informal conversations with potential customers, will help you evaluate the market acceptance of your product.  Remember, just because they “should” like it, doesn’t mean they will.

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