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Enterprise & Freelancing: Ideas and Market Research

a guide to starting your own business or setting up on your own

Enterprise & Freelancing

Market Research

How to decide what you're going to do

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Generating Ideas

Ideas, good or bad, are at the heart of most startup businesses. It is always possible to change direction, but understanding what makes a good idea is an ideal starting point for your entrepreneurial thinking. 21times highlights 3 ways to recognize a great startup idea:

  • This changes everything - The idea that becomes an industry game changer
  • I would use this - solving a problem that you, or people you know, have
  • I already built this - if you have an idea that is already out there, you may still be able to build on it to create a niche of your own

The idea is only the start. Market research is key to the success or failure of your enterprise

Market Research

Research is essential to find out if your idea has a potential market and to find out about your competitors. It is important to be objective about your idea, as pursuing the wrong idea can be a costly mistake. Business Link has a useful list of questions to ask yourself about your idea:

  • Does it satisfy or create a market need?
  • Can you identify potential customers?
  • Will it outlive passing trends or capitalise on the trend before it dies away?
  • Is it unique, distinct or superior to those offered by competitors?
  • What competition will it face - direct or indirect, local, national or global?
  • Is the product safe for public use and does it comply with relevant regulations and legislation? Seek legal advice before proceeding.
  • Will the market want your product or service at a realistic price?

Market Research Resources