“The facts are sobering: the majority of small businesses fail within five years of starting up. While there are many reasons that businesses fail, including some that have nothing to do with an owner’s skills, it’s also possible that many of those same businesses collapsed simply because they couldn’t get enough customers to buy their product or service. In other words, the owners founded their business on a strategy of “build it and they will come” where, unfortunately, the customers never came. In fact, a recent study undertaken by the Blackbox seed accelerator found that many tech start-ups failed because they focused more on their product than on their potential customers.” - Darren Dahl
Taken from Darren Dahl’s article, these are some of the questions Victor Kwegyir (business consultant, business motivational speaker and author) suggests to begin with:
- Is this product or service I have in mind going to satisfy a market need?
- Who are my potential customers, and where can they be found?
- What competition is out there? Is it direct or indirect, local, national, or international?
- How distinct is my product from what is being offered by the competition?
- Can the product stand the test of changing trends or take advantage of it before it dies out?
- Does the law of the land allow for such a business to be established?
- At what prices are consumers prepared to buy my product, and can I make any profit at any stage?
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