You've heard about promoting your business on a shoestring budget. This is market research for when you don't even have a shoestring.
You survey three people. If two responses are the same, you have a trend. OK! We are exaggerating. But, you get the point. It helps if these three people are selected for their knowledge, connections and intuitive sense of your marketplace.
A low-risk launch adds to the advantage of foregoing time and money on market research. It is not recommended for a venture launch. It's more appropriate for adding a new product line.
Since many of our ideas flow to us from our environment, others could be having the same idea. In a small marketplace, the greatest rewards go to the first into the market. Perhaps, your marketplace has capacity for only one entrant. You can be launching your venture while others are doing costly research.
This is not to say market research is not essential to launching a product. It does suggest small business managers with limited funds must make some trade-offs.
Stories from members will add great value to these maxims.
Please post your story by emailing it to max@unclemaxsays.com.
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