HOW TO RESEARCH A BUSINESS IDEA
The process of determining either the success or failure of one’s business idea takes the following steps; 1. The idea stage This involves getting the idea and imagining the possibilities. Market research is conducted. One can gather information from industry associations, web searches, magazines, newspapers, government departments, e.t.c The aim is to gain a general sense of the type of customers one’s products or services will serve. The research plan should spell out objectives and give the entrepreneur information that he or she needs to go ahead with the idea. The entrepreneur should utilize experts in planning and conducting research sessions. 2. Idea analysis This involves evaluating the idea that has been generated. The idea can be looked at from four perspectives, i.e company, customer, competitor and collaborators as discussed below. - Company One can think of an idea in terms of its product/service features, the benefits to customers, the personality of the company, wh...