There is a very popular saying that tells us “failing to
plan is planning to fail”. Most people
know the saying and it isn’t a difficult one to understand, yet it is the
single biggest reason why start-up businesses fail. Planning starts straight after the business
idea has been conceived with market research, or at least it should. Too many businesses though fail to undertake
this most vital piece of planning, resulting ultimately in their failure. There are two common reasons why budding entrepreneurs
fail to carry out market research; impatience and fear.
Impatience
To undertake market research thoroughly enough for it to
form the solid base of a new business takes time. Sadly time is a resource that many starting
up their own business simply don’t have therefore market research gets overlooked in
the haste to have a business up, running and making money. For others the excitement of the possibility of setting
up a business sweeps them away and the entire market research phase gets
totally ignored.
Fear
Carrying out a piece of research
always entails the possibility of the results disproving the hypothesis, in
other words, a concept can turn out not to be a valid business after all. This fear that market research might lead to
the business idea being proved unworthy frequently results in the process being
avoided altogether. For entrepreneurs with an original business concept the biggest fear is having their idea stolen and with it all the millions of pounds it would have made them. In their determination to keep the concept a secret market research is limited, or even worse, totally avoided.
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