Every entrepreneur runs their business idea by their nearest and dearest, gauging their reaction and obtaining what they deem to be useful information.
Although primarily, it can produce ideas and objections that may not have been explored yet, it is vital to remember who these reviews are coming from – they will be biased! An entrepreneur’s enthusiasm and passion for their business idea, along with their personal connection to those they are asking will mean the data is far from relevant or useful.
In order to take any business idea to the next stage it is essential to prove, using reliable information, that the idea is wanted or needed by the target market. Using biased participants to conduct primary research will not aid the launching of your product or service.
Further to this, any business plan that is solely based upon figures resulting from biased primary research will almost certainly prevent a business from being successful. Despite this, many entrepreneurs only undertake a minimal amount of market research.
When undertaking any business project, whether it be developing a business idea or producing a new service, it is essential that an entrepreneur is realistic: will it be a success?
