robert rutkowski's List: bussiness finance

• Of course, sometimes the idea works anyway, in spite of a lack of market research. Unfortunately, other times, the idea crashes and burns, halting a business in its tracks. We'd like to help you avoid the latter.
• "Entrepreneurs are often so passionate about their ideas, they can lose objectivity
• Rather than taking the time to thoroughly plan and research, they sometimes plow ahead with execution, only to spend valuable dollars on unfocused or untargeted activities.
• Market research, then, can prove invaluable in determining your idea's potential.
• If, for example, the product is a tangible item, letting the target audience see and touch a prototype could be extremely valuable," notes Shenker. "For intangible products, exposing prospective customers to descriptive copy or a draft Web site could aid in developing clear communications.
• looks at a business idea from four perspectives: company, customer, competitor and collaborator.
• Think of your idea in terms of its product/service features
• purchasers (those who make the decision or write the check), influencers (the individual, organization or group of people who influence the purchasing decision), and the end users (the person or group of people who will directly interact with your product or service)
• Again, there are three different groups you'll need to keep in mind: primary, secondary and tertiary.
• associations, the media and other organizations that sell to your customers.
• "Visit their Web site and put yourself on their list," she says. "Talk to your competitor's customers, too-ask them what they like or don't like about your competitor's product or service. If you conduct formal research, include a question like 'Where do you currently go for that product or service? Why?'"

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