By conducting Market Research or Startup Business Strategy, entrepreneurs can gain the latest information about the consumer’s wants and needs, allowing them to adapt their product or service accordingly and gain a competitive advantage. Objective market research has many benefits for start-ups and entrepreneurs. The key ones are unbiased views, reliable data, valid results, and factual figures.
Start-ups have a series of barriers to overcome when seeking credit. Market research helps remove some of these. Once primary market research has been conducted and an idea has been modified and finalised into a business plan, an entrepreneur’s chance of securing funding will increase dramatically. By showing an investor primary market research findings and business strategic plan that underpin a business plan and highlighting the potential for success, it will present as a lower risk to them. Unbiased information obtained from primary market research can allow an entrepreneur to build a product and service which will meet client’s needs.
When a product or service can satisfy a need or a want in the target market, the business plan pitch becomes far more valid and reliable which is one factor that will attract investors time and time again.
Following fig. shows the number of successful startups and failed startups till date, with the launch of new startups from January 2004 till date: