John Mullins in “The New Business Road Test” says
“the odds against hitting the jackpot as an entrepreneur can be nearly as daunting as those in Las Vegas or Monte Carlo. One way to mitigate the long odds,…, is to make sure you’ve identified an attractive market segment, one where the customers, according to evidence you’ve gathered, are almost certain to buy what you’ll offer.”
The above statement is ignored by too many. Time and again I meet startups where the founder is convinced that their idea is the path to wealth and that customers will flock to their door. It simply is not true.
The key is doing due diligence in discovering a market segment that badly needs and wants your product.
Discovering that market is not a trivial undertaking. While you may be convinced that of course customers are more than willing to buy your product,that’s not enough. What you want is answers to the following:
Market Size and Growth Rate
Is your market large enough to allow you to attract a specific segment that will prefer you over the competition?
What are […]