How do you do market research for a startup?

  • Talk to customers. Lots of them. Ask them about the need, the concept, the value proposition, the pricing, ease of use, etc.
  • Talk to potential investors – ask them about business case, interest in such concepts, etc.
  •  Talk to experienced entrepreneurs – ask them about challenges, watch outs, learnings from their experiences, etc.
  •  Talk to potential employees – ask them if they would join, if yes what would be a meaningful compensation (salary, equity or salary + equity)
  •  Talk to a couple of lawyers – they often can give you interesting insights about challenges or watch outs
  •  Talk to some accelerators/incubators/mentors – ask them if your plans look practical, is your assumptions look plausible

In short… talk to anyone whose perspective on the concept or the business around the concept will help you make a better informed decision 

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Author: Prajakt Raut

Prajakt Raut is the founder of Applyifi.com, and author of the book for startups - ‘Starting Up & Fund Raising’ Prajakt personal goal in life is to encourage and assist a 100,000 people to become entrepreneurs. _____________ Prajakt is the founder of Applyifi - an online platform that provides startups a 36-point scorecard and assessment report on the venture's investment readiness [www.applyifi.com], and helps them improve their odds of getting funded. Prajakt is also the founding partner of The Growth Labs, a platform where growth-stage companies get sharp, incisive advice from senior professionals and experienced entrepreneurs. [www.thegrowthlabs.in] Before starting Applyifi, Prajakt was the head of operations at IAN, founding member of a leading incubator, and the Asia-Director for TiE (2004 - 2007). Previously Prajakt had co-founded Orange Cross, a healthcare services company, and was part of the founding team member of Idealake Technologies. While in college Prajakt had founded a printing business and has spent over 10 years working in leading advertising agencies. Prajakt’s book, ‘Starting Up & Fund Raising’, helps startups understand an investor’s perspective, and helps them improve their odds of getting funded. The book also helps entrepreneurs understand the building blocks of a business.

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