Global Entrepreneurship & Business Management Summit

Studies of New Businesses

Whatever idea you have whether it is selling coffee, computers, and conferences etc. It pays to know and understand your market target. The time gap between sharing your idea of starting a business should be spent over studying the concepts of the business and marketing. Big businesses do this in spite of its high cost. They have teams dedicated to interviewing the customers, surveying about the possibilities, analyzing buying partners etc. This analysis and studies should be done in every stage of the business. But the major part should be completed in the seedling stage. Study of market research helps us to analyze whether our idea is innovative? the area to start the businesses, time when to apply for the funding, when moving into new markets etc. Second thing thinking of how your idea will be helpful to the customers. The major study should be done on the type of customers who get attracted to the idea. Basically, there are 3 types of customers. They are purchasers (Those who take the decisions), Influencers (Those influences the purchases), End-users (Who usually interacts with you and use the product). This study directs the growth of your business. Later you need to concentrate on the competitors in the field. This study gives a clear idea of how you would tailor your growth when competing with each group. The last point to be noted is the Collaborators who support your idea but aren’t paid or rewarded for that. So making these studies will be helpful for the growth of your idea into a business.