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Why start a business without thorough research?

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The only reason I have heard for doing what you have asked is to "Fail Quick".

This is a concept whereby an entrepreneur has several ideas or approaches and wishes to spring them on the market to see if they work. If they do not work the entrepreneur moves on to the next concept.

I do not promote the above, but I see it all the time.

Report Kenneth's answer

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Trying different businesses without proper research/planning takes time, energy and resources that should have been used for research and market analysis.. Most people start a business because they like it, their friends or family members are doing it or because people are making money from it and so they assume it is a good business venture. That you like a business doesn't mean it will be profitable or that you will excel. Before you start a business you need to ask yourself "Will the business idea fuel my needs? Can I afford the lifestyle i want with the business? Is my business idea new in the market? Are people doing it, if they are, how do I make mine different? What is my competitive advantage over other competitors? What are the threats associated with this business? If I need a shop/office where do i situate it? etc... the more you probe, the more answers you get to make a successful business decision.

Report Keren's answer

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The research takes a lot of time, effort, and sometimes money, but still it allows you to better understand whether it will be possible to create a successful business. If you want to pursue your dream, then of course you can skip this step in planning.

Report Elizabeth's answer

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You should do your homework first. If you want it to last, you should do some checking around,to see if it will work. Also, I would suggest taking some leadership courses online. I do not know,if you believe in God or Prayer,but if you do I would pray to God. Pray for Wisdom and for guidance. I will keep you in my prayers.

Report REV DR GERALD J's answer

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Thank you good people.

Report Keren's answer

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