What market research would you need to conduct in advance to assess whether your idea has the potential to be successful?

Posted byJohn

Entrepreneur Market Analysis

Go online and conduct a search for an entrepreneur in an industry that interests you. Respond to the following questions in paragraph form. Your responses should be 2-3 pages in length (not including cover and reference pages). Be certain to utilize course content and terminology in your responses to display your level of mastery of the learning objectives. Cite and indicate your sources using APA 7.0 formatting.

1. Provide a brief bio of the entrepreneur and the type of business he/she is operating?
2. Why do you think the entrepreneur has been successful?
3. Describe the target market that the entrepreneur is trying to appeal to in all of his business ventures (demographic, geographic, psychographic, and behavioral). What does this target market value?
4. Discuss which ways the entrepreneur’s surroundings influenced his/her thinking. What were the advantages of the entrepreneur’s surroundings for the marketplace? What could’ve been some of the limitations of his/her background?
5. Brainstorm a business idea that you could pitch to the entrepreneur that would be appropriate for the entrepreneur’s interests. What market research would you need to conduct in advance to assess whether your idea has the potential to be successful?