From the course: Entrepreneurship: Finding and Testing Your Business Idea

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Evaluate demand

Evaluate demand

From the course: Entrepreneurship: Finding and Testing Your Business Idea

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Evaluate demand

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- The first opportunity that we want to assess is demand. Simply, we want to ask, how many people can buy this product or service? This is sometimes referred to as market size. There are four areas that we want to look at. First, who are they? We want to be focused about this. Are we looking at people or are we selling to businesses? For instance, an example might be we're targeting women between the ages of 35 and 54 who have an MBA. Second, we want to ask a question about geography. Where are they? What city or what geographic region do they reside in? For instance, we might say Los Angeles. Now, just a caution about this. Many people who are excited about their new business say our market is the entire world because they put it up on the internet. However, you will be much more successful if you're focused in terms of your geography. Third, now we want to get an idea of how many of these people exist. The good thing…

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