One step forward is worth more than 100 years of thinking about it.
Market Opportunity Research
The focus of this section will be on opportunity identification as well as analysis of the optimal industry conditions to look for as a startup entrepreneur. Successful entrepreneurs boost their probability of success significantly by looking for a particular set of industry conditions. In other words, there is more to successful startup entrepreneurship than merely having the right product for the right need. Unsuccessful entrepreneurs remain oblivious to this reality.
As this section expands, we’ll show how macro and micro economics can actually be of practical benefit to those readers who slept through their college classes in these subjects. Who’d a thunk it?!
In the meantime, check out Step One: The Entrepreneurial Vision Thing.
Budget Methods for Spotting Opportunities
Good article for stimulating the creative juices for opportunity identification.
Springwise performs research on market trends and opportunities for you.
Identifying Pain in the Market
Everyone advises you to find a pain in the market place for which you can develop an aspirin style product. But how exactly do you go about finding that pain? The best way is from first hand experience of the pain as an employee of someone else. Many companies are started by ex-employees who saw a opportunity to solve a pain their employer experienced and then left to launch their own company. Another good way is to conduct a value chain analysis of an industry you know well in the way that an MBA class would. To learn about value chain analysis as a tool read this excellent article.
Additional Research Resources
Additional sources of market research data and information can be found here.
Be sure that you choose the right business opportunity to go after.
Good article on researching a market opportunity before you go after it.