Talk to a room full of business owners and you’re sure to come across a good few who are struggling to find a lucrative market for their product or service.
If you were to question just how long this struggle had being going on, the likelihood is that it’s always been that way. That’s a tough place to be.
In our businesses, we have to find the gap for our product or service before we attempt to fill it (or at least have a very convincing indication that the gap really does exist).
This is basic stuff, but the truth is when you’re all fired-up with enthusiasm, passion, and outrageous optimism, you’re probably not doing enough looking and listening.
Here are five basic steps to launch a little Research & Development Program:
- Source, buy, and read all the publications that cover your market. Get a grip on what’s going on.
- Look at what others are up to and see if and where your product or service takes things further.
- Attend all the relevant trade shows, exhibitions, and networking events that cover your market.
- Talk to people. Be very inquisitive. Learn as much as you can about other people’s businesses.
- Don’t be afraid to share your ideas and intentions with others, at least in outline. Being frozen by fear that someone will pinch your great idea means you’ll be doing zero R&D. Every failed entrepreneur has a filing cabinet full of great, top secret ideas and the world is still waiting.
Finally and most importantly, be very suspicious if there’s nothing like your product or service on the market. Ask yourself this question and think deeply before answering: “Is it really because I’m a total genius or could it possibly be because there simply is not a lucrative market?”
Ouch! Sorry, but someone had to challenge you.
