Brian Tracy explains how to test a business idea before spending money. Study your competitors obsessively like Walter Chrysler did with cars, read trade magazines to become an expert fast, and hunt for the fatal flaw. In 99 out of 100 cases you can find it and fix it before launch.
Market Research how to properly evaluate your business ideas the common characteristic of self made millionaires is that they continually work harder and smarter than the average person. Brian Tracy how do you do fast, cheap market research? How do you find out whether or not the product or service will sell before you get into it? Before embarking on any new business venture, considerable time must be spent in research. Your payoff will be in excess of 10 to 1 in time and money saved or earned for every dollar. For every hour that you put into research, you're going to save 10 or 20 or $30 or hours later on. If you're a new entrepreneur or you're thinking about getting into a new market, the best time to do your market research is in advance. Here are some key ideas to help you make the right choice before you invest in a new product, a service or a business. First, check every detail. To ensure success, you must find out every detail of the product or service. Study it carefully. There's a story about Walter Chrysler who formed the Chrysler Corporation. What he did is he went out and bought several of the most popular selling vehicles in America. He then took them home to his garage and took them apart down to the very last nut and bolt. He then put them back together again. By the time he had done this with several automobiles, he had some very good ideas on how to create a car that was superior to any other car in America. He went out, formed Chrysler Motors, and the rest is history. Discover how to live your business dreams, create massive wealth, and make your competition green with envy. You can launch your new venture into a world of incredible business success simply by following the laws of business. There are universal laws that lie behind every business success everywhere. If you follow these laws, success comes easily, but if you break the laws, you will struggle just to survive. Second, research your product or service. The second market research technique you should apply before you embark on a new business venture is to read trade magazines, read articles, read stories on the business, industry or occupation. Here is a piece of advice that is worth its weight in gold. Search for all articles that have been written on a particular product or service in the last week, last month, last year, five years and you can make yourself an expert on a particular subject area by using the Internet. There are many consultants that when their clients ask them about a particular subject, go onto the Internet and look up everything. They become well informed on what is going on in that area and then they sell that advice, sometimes for hundreds of dollars an hour to their client. Become intimately familiar with the business, product or service before you begin Next, Ask the right questions. Ask yourself why would someone switch to buy from me if there's already a similar product or service in the market? Why would someone leave a product or service that they're comfortable with for the product service that they don't know anything about? Is your product or service better? Is your idea cheaper or of higher quality? And can you convince enough customers of this to stay in business? Another way to do fast, cheap market research is to be suspicious, be wary, develop a cynical, pessimistic attitude and accept nothing on faith. Look for a fatal flaw. Look for the one thing that's wrong with the investment that could cost you a lot of money if it's not fixed. And do you know something? In 99 out of 100 cases you can find that flaw. Fix that flaw in your business. Finally, look at the business before you go into it as though you were going to be in it for 20 years. The long term perspective sharpens short term decision making. If you look at any business venture, any product or service as though you are going to be doing this for 20 years from now, you'll find that you'll make much better decisions. So here are two things you can do immediately to put these ideas into action. First, look for the fatal flaw in any business opportunity you're looking into or that someone tells you is a good idea. Look for a critical weakness that could cause this business to fail. Second, think about being in this business or selling this product or service for the next 20 years. When you think long term about business decisions, you make much better decisions in the short term. Now, we'd love to hear from you. So our question today how are you going about market research for your ideas? Leave a comment below and we'll be sure to follow up with you. Thanks for watching. And as Brian says, if you want to change your future, take action and take action now.
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