Whatever you need to know about the market
The initial step of your business involves gathering information from your surroundings or life environment as much as possible. The more information and data you possess, the lesser would be the risks. Consequently, it would also allow you to take wise decisions in the future since information is the key to every issue. However, the biggest mistake in this phase is that you think you know everything. Even the biggest payers in the business world gather information constantly and it should be your habit as well.
Throughout this time, we will use a metaphor to explain to you more in detail about different parts of the business and we compare each part by fishing. Consequently, it would be easier for you to remember and trace it back whenever you have a problem or in the case if you want to develop your business.
So, let us start with understanding your market. As you might be familiar with it and I have also explained it earlier, starting your business is like fishing. If you want to go fishing the first question would be what area to choose from? A lake, small sea, or ocean? Sweet water or salty? What weather conditions are needed, how deep the water ought to be, and what should be the water clarity? Similar to this phenomenon, in this module, you will learn interesting and important aspects of gathering the information for your market.
