How To Determine Market Demand For Your Startup

4130 reads

Recommended by: Balaji Pasumarthy

 By: Rahul Varshneya

Nice article, this quote from Guy Kawasaki sums it up “Market research and business planning are overrated. The best market research is putting a product out and seeing if people will buy it. The best business plan is to create something great and sell it fast,” recommend it to entrepreneurs and startups.

You’ve got a business idea that you feel has tremendous potential. You probably got the insight by solving a problem that you had. Brilliant, isn’t it, since most of the successful companies today were created because of this very insight.

 

To give you an example, YouTube was founded by Chad Hurley, Steve Chen, and Jawed Karim, who were all early employees of PayPal. Hurley and Chen developed the idea for YouTube during the early months of 2005, after they had experienced difficulty sharing videos that had been shot at a dinner party at Chen’s apartment in San Francisco.

Now, when you’re solving your own problem or one that you feel is the pain point of a certain target audience, how do you know whether there is a large enough pool of people that face the same problems .....

 

Read Original rahulvarshneya.com