Avoid these critical mistakes that prevent entrepreneurs from accurately assessing market demand.
Mistake 1: Confirmation Bias
Only seeking information that confirms your existing beliefs is a recipe for failure.
Mistake 2: Ignoring Competitors
Thinking you have no competition is almost always wrong.
Mistake 3: Small Sample Sizes
Making decisions based on too few data points leads to poor outcomes.
Mistake 4: Outdated Data
Using old market research in a fast-changing world is dangerous.
Mistake 5: Not Talking to Customers
The best market research comes directly from potential customers.