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Use your competitors’ products diligently to the extent that it’s possible. Find out what works for the products and what doesn’t. Understand and examine every feature, and single-out every shortcoming. Create an exhaustive list of all your direct and indirect competitors. Understand the current market and gain experience by using every solution available. Prepare a detailed draft of all that’s missing in the competitors’ solutions. Use your personal experiences with their products to make sure that it covers all bases.
You must get in the trenches and understand the nitty-gritty of how the business works.
If you’re researching an e-commerce business idea, then buy and sell a bunch of items on eBay or Amazon.
Are you researching a ride-sharing concept? Drive for a cab aggregator company for a few weeks!
If you’re researching a new food delivery business, deliver food for other businesses and order food from them as well to understand how everything works.
The underlying point is that you must test the waters before setting sail and risking the safety of your entire ship! Know what the business exactly entails before you dive into it head-first.
You must talk to as many potential customers as you can. You can run casual focus groups that try to understand the way customers think about the problem. If you’re doing so, then make sure to have a solid focus group script and finish it in under an hour. Thank everyone who helped you with gift cards or any equivalent token of appreciation. Focus groups can really help point out perspectives about the problem that you hadn’t taken into consideration yet.
