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What is the Importance of Market Research to an Entrepreneur with Kori Tomelden

Dec 30, 2021

The number one reason why businesses fail is because of the lack of need and demand of the product or service. Around 40% to 50% of businesses fail because of this particular reason. If there is no need for what you’re offering, then you are not going to sell it. This problem can be solved by doing market research.


Market research is not a one-time thing only. This is why we try to incorporate this in our teachings inside the Impact Formula and encourage people to do this at least once every six month.  If you are about to launch a new product or a course and don’t do the market research first, then it is like spending your time trying to execute on an idea that has nothing to grab its teeth onto and wasting your creative energy.


Key Takeaways from Importance of Market Research to an Entrepreneur:

[02:54] How the angle at which you do market research is going to determine your results

[05:12] Some examples of market research

[08:46] What is the scope of market research?

[14:24] How is market research done? 

[16:38] How can people use market research for decision making?


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