The StartUp Master Plan

CHAPTER 6

Importance of Business Research in Delivering a Successful Startup

Knowledge is power. It is the ultimate tool. Research helps attain knowledge much before it is supposed to be used. That makes it a valuable asset. Researching is vital to know your consumers, suppliers, and, more importantly, the business and industry itself. Without research, you are risking money blindly.

The best way to live is to live like you know nothing; this is the only true wisdom.

—Socrates

Chris, who lives in New York, was on the lookout for new business opportunities; he looked around the city and realized that most stores did not sell budget-friendly tablewares. Two of the local retailers in the city sold expensive high-end items; however, none of the ...