How much research should I do before starting a business? What sort...

How much research should I do before starting a business? What sort of things should I research?

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When an entrepreneur has an idea for a business, he/she should put the idea through three filters:

  • Marketing filter – does the market actually want the product or service?
  • Financial filter – can the product be delivered within a market related price range?
  • Operational filter – is it possible to produce the product?

Market research should be done to forecast the uptake in the market accurately. A reasonable estimate should be done about the sales opportunities. The success of the venture will depend on this forecast ability.

Dr Frances Wright
Dr Frances Wright is responsible for the overall management of Trinitas Consulting (Pty) Ltd. Frances has a BSc Honours in Industrial Technology, a diploma in operations management & a certificate in production management. Frances completed her MBA at NorthWest University in 2007, where she was honoured as the top Operations student. She was awarded her PhD in Entrepreneurship at North West University and acts as a business mentor and trainer for Business Partners and Enablis. Frances has written many published articles, is an accomplished speaker and also stars in the YouTube channel “The Wright Solution”.