Upon selection of a suitable option from the list we have provided, the entrepreneur now has to make a decision:
- Start the entrepreneur journey, or
- Conduct an in-depth analysis before beginning the entrepreneurship journey
Market research serves as a critical compass for both wannapreneurs and entrepreneurs, providing invaluable insights to refine and validate their business plans. It delves into competitor analysis, aiding in identifying strengths, weaknesses, opportunities, and threats. Additionally, it plays a pivotal role in the creation and validation of the business model, shedding light on potential adjustments for optimum effectiveness. Furthermore, an in-depth market research study encompasses evaluating the industry’s scope for the next 3 to 5 years, enabling strategic planning and future-proofing. It guides decisions regarding the geographic focus for establishing the venture and identifies target markets for client acquisition. Addressing aspects like branding and digital strategy, market research becomes a comprehensive tool for informed decision-making and sustainable business growth.