I woke up early this morning to fix some bugs as well as deploy new projects only to open my email to behold a long epistle from a young entrepreneur.
He narrated his journey as a failed (self-acclaimed) serial entrepreneur and after I read his stories, I quickly replied to him:
You failed because you have never done a Market Research!
Many people start off businesses without conducting any market research and its rampant amongst young people. This could also be classified as overconfidence, but it’s such a large issue that it needs its own segment.
I’ve heard startups say:
“I’d buy my product”, “We’ll simply start selling to our friends and family and get feedback like that”, “Well, this other startup/company managed to succeed”.
All of those are simply excuses for avoiding what’s really important.
– Will people like your product?
– Will they be willing to dump their existing brand to buy yours?
– How would they ant the problem to be solved?
– How have they been solving that problem before now?
– Is your solution a pain-killer or a vitamin?
Simply do a survey of around hundreds and thousands of people especially around your addressable market, it shouldn’t take a long time and try to calculate the interest through statistics.
Did 90% of them say no? Well, maybe your idea isn’t that good then.
Quality market research is important. A family member may be honest with you with feedback, but a complete stranger will bring you down to reality and tell you that your product is bad, if it is indeed bad. That’s what I try to tell startups when they show me their product.
I say it’s terrible (if it is), and then explain why it’s terrible. It may be harsh, but it’s more effective to convince somebody into changing it.
If you must build a successful business/product, you must learn to build a customer-loop (Take your customers along your journey), do researches and build that which people are willing to pay you for.