How to Research a Potential Entrepreneurial Venture

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Thinking about starting a company? Ask yourself these questions first.

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How to Research a Potential Entrepreneurial Venture

  1. 1. QUESTIONS FOR RESEARCHING A POTENTIAL ENTREPRENEURIAL VENTURE FERHAN PATEL ADVICE FOR ENTREPRENEURS FERHANPATEL. ME
  2. 2. FERHAN PATEL 1 DO YOU HAVE A MARKET? Ae you solving a need that nobody has addressed, or starting based on a solution that already exists? If your business is the latter, your research must include the money that is spent in that market every year, and if it can afford you.
  3. 3. FERHAN PATEL 2 WHO IS YOUR COMPETITION? You must study the business plans, marketing efforts, and metrics of other organizations in order to determine for yourself what these companies do well and what needs a little work. Researching other businesses is a great way to find a niche that will make your company stand out from the crowd.
  4. 4. FERHAN PATEL 3 HOW WILL YOU COMMUNICATE YOUR NICHE? You need to present your business in a way that shows the customer it is unlike the others. In order to do this, you can look into trade shows to discover what your customers are looking for specifically, census data to discover to whom in your area your business will cater, and you can even look into the business classes of local universities to see if students will do a market study for your business for class credit.
  5. 5. FERHAN PATEL 4 HOW WILL YOU EVALUATE YOUR IDEA? For example, every business could use a focus group. Such a group could provide you with valuable information on changes to make that would only increase your company’s value.
  6. 6. FERHAN PATEL 5 WHO CAN HELP? It is helpful for entrepreneurs to determine if there are any companies they can either market to or partner with to help their startup. Identify companies that need what you are offering, or ones that could use your offerings to boost their own business.
  7. 7. FERHAN PATEL 6 WHAT ARE YOUR MILESTONES? Every owner of a company defines success differently. That being said, you should go into starting a business with concrete values and goals. Craft a list of small goals that add up to big ones along the way.
  8. 8. FOR MORE INFORMATION, VISIT HTTP: / / FERHANPATEL. ME FERHAN PATEL

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