Market Analysis: It is important to think in advance about the type of information that is needed and to ask people the same questions each time so that their answers can be compared and summarized.
It is better to do a market survey (if necessary with assistance from partners or advisers) because they will then properly understand their customers' needs and how their business should operate. If an idea is found to be feasible, this knowledge will in turn give them the confidence to go ahead when problems are encountered, knowing that their product is in demand.
Conventional business scenario
Start a business that you are familiar with.
Start a business due to the needs of existing business contacts.
Gain business inspiration from your hobby or interest.
Gain inspiration from an imported item.
Explore the possibility of import business
Innovative business scenario
Gain inspiration from the needs and wants of customers.
Gain inspiration from the problems and issues that bothered you and your peers.
Study the usual or existing solutions and venture into the alternative solution
List down existing products and find out their other uses aside from what was stated
Market share is the percentage of sales a company makes in a specific market or industry compared to the total sales of the industry. It's a way to measure a company's size and importance in its sector. It is therefore important from the outset, to estimate the proportion of the total market that a new business could reasonably expect to have.
Competitors are very important to the success or failure of a new business. The entrepreneur should recognize that there are different types of competitors.
