Is my idea legit? Will people respond to it? So many entrepreneurs struggle with these questions. In fact, Nick and I struggled with these very questions when coming up with the idea for Hatch Detroit.
Photo courtesy of http://www.volusion.com
How does one test their idea fully? Most entrepreneurs think they have to spend a lot of money on “Market Research”, but in fact there are many things you can do yourself to validate your idea. Check out the article below written by our friends at Inc.Com. Nick and I spent a ton of time collecting feedback from anyone and everyone in the entrepreneurial community. We are also big fans of the last tip in this article, and we’ve talked about it before. As Nike told us years ago, the #1 way to test your idea is to “Just Do It”!
Get out there and ask questions, collect feedback, and take action.
Enjoy,
Ted
How to Assess the Market Potential of Your Idea
Not sure if your new business idea is good enough to succeed? Here are six ways to test it.
The good news is that there are a variety of ways you, as an entrepreneur, can conduct some market research to assess the potential demand for your product or service without spending a lot of money or hiring an expensive market research team.
Ask the Right Questions
As a first step to determining the potential market……READ MORE
