A Lack of Market Research – #1 The reason many projects fail

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All of us, especially those gifted with vision & creativity (like most entrepreneurs, engineers & problem solvers) have had thousands of “great ideas” go through our heads at one time or another.
But how do you move from the initial excitement to testing your idea to see if it’s viable?

It takes a measured process to sort out which ideas you can monetise & which ones to leave alone.

​One of the main problems we see is that people don’t know how to research an idea properly & end up making project mistake #1

What Should You Do Next Time You Get A BIG Idea?

  1. ​Get your idea down quick
    Use your smartphone & record all your thoughts in the voice recorder. Draw some quick sketches & photograph them before you forget. Use a mind-mapping tool like www.mindmeister.com
    & spend time collecting all your thoughts quickly. Put this all in a file in your Dropbox filed under “ The Next Big Thing.”
  2. Do your market research
    Take a lot of time to search the internet for similar products or solutions. Search for the problem that your invention solves & remember to dig deep & cover all the search terms you can think of. Visit industry websites, search for news articles & patent registries worldwide.
  3. Ask yourself “what problem does this actually, solve?”
    A marketing friend of mine always says. “There may be a hole in the market, but is there a market in the hole?” Simply put, if no one has thought about this, does this mean that there won’t be sufficient demand for your product or solution?
    I would state a lack of sufficient market research as the #1 reason why good ideas don’t make it to the marketplace. So do an amazing amount of research before you proceed with your next BIG idea.

Take Away: Do extensive market research BEFORE you launch into anything!

This article comes from our new publication “7 Mistakes Smart People Make.” If you would like to download & read our guide, please Click here

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