Why is it needed for an entrepreneur market assessment?
Answers
Most often entrepreneurs come up with great business ideas introducing innovative products and services. Unfortunately, many people don’t show much interest in their product or service or sometimes it may so happen that the consumers may not want to pay the expected price for the specific product or service.
Common mistakes made by entrepreneurs
New entrepreneurs entering the market would be making a grave mistake if they assume that-
Their ideas or products are what the consumers want (without actually making an effort to understand who their consumers are
Not taking any effort to find out who actually are their competitors
Fix the price of the product at random on their own without doing any spade work to get an idea about how much money the consumers are actually willing to pay for the product