In the November 2016 issue, JurnaluldeAfaceri.ro conducted an interview with the founder of the MKOR agency, Corina Cimpoca, discussing the importance of market research in defining strategy, launching, and the takeoff of a business, as well as the major challenges entrepreneurs face at the time of launching a business.
Below are some excerpts from the article:
A market study can help a company know its competitors better and more deeply than what is visible at first glance, see trends in their industry, and identify new business opportunities.
While most market studies present dry statistics, MKOR Consulting focuses heavily on interpreting them within the client’s strategic context.
For competitor research, in addition to standard analyses, mystery shopping scenarios can even be included in the B2B segment—an approach that can help clients identify new potential customers through lead generation or differentiate themselves from competitors.
The biggest challenge for a starting entrepreneur is overcoming their own fears and the prejudices of those around them. Most entrepreneurs starting out begin with high, unrealistic expectations and poor financial education (e.n.): ..you need to know how to calculate rates or costs, understand why accounting asks for so many documents, and why you must be organized with the company’s finances.
One of the reasons businesses fail is that most people start with the thought that their “unique” idea will surely “catch on” in the market, without testing or asking, because the Romanian entrepreneur suffers from conspiracy theories. “What if someone steals my brilliant idea?”
Many businesses that fail do so because that idea had already been implemented or because it is so innovative that customers do not understand how to use the new product or service.
