Market Research

The journey to starting a new business in never easy, a lot would have necessitated the move, job loss, graduate un-employment, innovation or even idleness. But whatever prompts an entrepreneur to take that plunge. It is not to be disputed that some market research should have been done. How viable would this venture be, would it be profitable or would this be another sisyphean task, these are pertinent questions that should have answers. Of course some market research always helps to get a feel of what the potential outcome would be and if market research involves the actions or activities of gathering information about consumers’ needs and preferences, its importance becomes glaring, if especially one is venturing into a new sector, consideration has to be made for different markets, culture and the socioeconomic context, because what works in one might not work in another. Market research serves as a risk management tool for small business owners and should be constantly deployed in the life cycle.

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