Start-ups often exclude research in the beginning or launch period, whether that is for financial reasons or other motivations.
This can be a mistake from which can inhibit growth. Research can act as an indispensable tool in ensuring a new business venture is ready to launch and grow successfully. But why can it help?
Most crucial of all is ensuring that your business is both a viable proposition and will be sustainable in the future.
Any new business needs to make sure there is a need for the product they are bringing to the market. Do people really need it, and how will it fit into the industry as a whole?
What’s more, how much are people willing to pay for your product, if anything? Obviously, this is the key to deciphering whether you do indeed have a viable product that could lead to a successful business. Going to market with a product that is overpriced and badly positioned will render years of hard work, savings and sacrifices worthless.
Securing investment is one of the biggest challenges new businesses face. Potential investors need to be convinced of the viability of the enterprise.
Taking accurate, in depth and multi-faceted data to investors which illustrates why the business can be a success in the long term helps to placate their worries and secure support.
A fresh perspective
While it is natural that an entrepreneur can become obsessed with their idea, and wants ownership of it in both a practical and metaphorical sense, it is vital to gain a sense of objectivity. In order to understand both your customer and the market, you need more than your own hunch.
And to truly know if you are on the right path, you need more than encouragement from well-meaning friends and family, you need scientific evidence. You may well uncover an aspect or additional feature that you had not considered.
In short, start-ups shouldn’t ride on a wave on unchecked enthusiasm, it truly pays to test whether there’s no such thing as a bad idea
|Research for start ups: Everything you need to succeed|