Research the Market and Products
Once the vision is identified, the company planning process has now begun with an understanding of the business and prospect customers. At this juncture, it’s a must that one knows all aspects of the business, in as much detail as possible.
To gather this information, primary and secondary research is conducted to know the inside out of the chosen industry. Pain points are identified, need-gap analysis done or sometimes simply speaking to existing customers in online and off-line forums is taken up. Exploring the Geographic market in support of planned products and services is recommended. This phase is labour intensive, however there is no substitute for this phase to reach the required level of understanding. Failure to intensely research results in resource mismatch, overbudget on certain aspects, loss of employees or even imminent shut-down.