MGSB22 Entrepreneurship / MGSD24 New Venture Creation & Planning

MGSB22

1. You will articulate the questions you have about your business idea industry, competitor, and consumer in order to identify if these require primary or secondary market research.
2. You will narrow and relate your business idea to industries to help limit the scope of your investigation in order to find relevant industry reports based on your information needs as early-stage startups. You will apply the Resources & Capabilities model as you discover and identify industry information so to inform your business plan and strategy. 
3. You will consider your questions regarding competitors and explore appropriate search tools and utilize search strategies in order to find relevant data and market research. 

​​​​​​​Using minimum effort for maximum output to build confidence in your product  

• Start with a hypothesis 

• How does your product solve a problem or create new value for a user?  

• Consider questions you need answered about your customer, industry, and competitors 

• Use primary and secondary market research to iterate answers, creating a better hypothesis at each stage 

• Build confidence and move through the inner circle to out circle