For Whom Wealth Matters
February 1, 2013
Filed under Entrepreneurship
Tagged with Anita Roddick, Anita Roddick on Market Research, Anita Roddick Quote, Cambridge University, Judge Business School, postaday
About Keerthika SingaravelEngineer,Investor,Businessperson
A company should be adapting at every moment to changes in the market, this obviously requires real-time information of what the market is doing. Too many companies crash and burn based on poor knowledge of their market.
Anita said this in the context of small start-ups.If small entrepreneurs waited for detailed market research,which they may not be able to afford or get they may not get started or opportunities might pass them by.The better way is to start with something workable and adjust as you go along.Statistically,to be 96% right takes a fraction of the effort it takes to call 99.99% of the market right.
It seems by getting involved with the market by selling in it may be better than exploring it from the sidelines.
Most definitely.And you get instant feedback about what you are doing wrong.In the early days sales is everything,marketing becomes important later when a business matures a bit.The first sale launches a business and every profitable sale that follows ,sustains it.
An example of feedback is the two blog posts I did on Liberated Way yesterday, there is a marked difference in numbers of “likes” between them.
The first is both long and abstract the other is concrete and we could all participate in your wonder and joy.Interestingly both are about living in harmony with the universe.
Once a person opens shop,pretty soon they know what sells and what doesn’t .And strangely there are always some surprises.
Thanks for your observation.
This post I identify with.
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