Every viable business is born from some form of business research. Why? Because you can’t start something without figuring out whether it is first possible and second probable. Conducting business research provides the opportunity to take a step back and really look at the idea from all angles. Entrepreneurs are by nature passionate, driven people. This is can create problems with objectivity. Not taking the time to consider the viability and probability of an idea -- but rather, charging ahead and trying to execute on something -- is a recipe for disaster.
What may be holding many would-be business owners back is the issue of how to do business research. Consider something as simple as checking whether or not a trademark or patent exists on an idea. That research can be conducted in less than five minutes over the Internet. I know, I know -- business research can seem intimidating (or to some, a waste of time). But it is entirely possible, and absolutely crucial to get a business off on the right footing.
In order to better understand your business idea's likelihood for success, start by conducting these three simple and critical business research exercises: