3 Key research actions for entrepreneurs 🚀
Are you thinking of developing a new business idea, but don't know where to start? Do you want to make sure your idea is moving towards the right direction? Understanding your potential users and learning from industry leaders and competitors is the best strategy to make informed decisions and reduce the risk of failure.
Here, we present 3 key research actions to help entrepreneurs like you gather relevant information to answer the questions you may have regarding your idea and make evidence-based decisions.
We recommend the following 3 research actions for the early stages of developing an idea:
👀 Perform a benchmark to observe and compare what current industry leaders and emerging companies with innovative projects are doing.
👨🏻💻 Develop a survey to get general and descriptive information about what your potential users want and need.
🙋🏻♀️ Conduct interviews with your potential users to deepen your understanding of their motivations and needs.
📐 By triangulating the results from these different research actions, you will be able to identify the key points to understand the market and your (potential) users.
"Research is to see what everybody else has seen, and to think what nobody else has thought." ― Albert Szent-Gyorgyi
To avoid getting lost in the process and obtain actionable findings, follow these 3 steps on our Miro board.👇
👉 Define the problem
Start by identifying the problem you want to solve, and specify which questions you have regarding this problem. Here are some common questions that entrepreneurs who start a new idea have: What group of users encounter this problem? How do they currently solve it? What products are they using? Are they satisfied with existing solutions?
Conduct different research actions to obtain the information you need to answer your questions. For example, compare what current industry leaders and emerging companies are doing with a benchmark; collect information on a large volume of potential users through a survey; and interview some users to get a good understanding of their needs and motivations.
👉 Triangulate your results
Map the main findings from each of the 3 research actions on a single canvas, and try to detect common patterns. With this process, you will obtain more robust insights that can help you define your next actions and make evidence-based decisions.
☝ Be humble
Listen, observe, question, and don't marry your first idea. Listen to your (potential) users and make informed decisions. 💪
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