‘Why Entrepreneurs Must Research Market Size’ – ‘Entrepreneur’ Blog
Louis Foreman says, “”Everyone will buy this product!” This overambitious misjudgment underscores an all too common fallacy in the world of entrepreneurs: the entrepreneur’s bias. After all, ideas quickly become “your baby,” and no one wants to hear their baby is ugly. But this thought process, could be a costly mistake. Instead, entrepreneurs need to ensure there is a need for their “baby”
Reasonably and thoughtfully estimating an idea’s potential market size is a key step to successfully bringing an idea to market. When seeking out potential licensors or investors, you can bet they’ll consider market size to judge the revenue generating potential of a new idea“.
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