Research and development is not reserved for the big guys, it's essential for small business and it need not be too difficult.
Talk to a room full of solo entrepreneurs and you're sure to come across a good few who are struggling to find a lucrative market for their product or service. Sad but true.
Often these businesses are in their early years - year one or two. If you were to question just how long this struggle had being going on, I'll wager the reply would suggest that it's always been that way. Yuk, that's a tough place to be, isn't it?
In our businesses, we absolutely have to find the gap for our product or service before we attempt to fill it (or at least have a very convincing indication that the niche really does exist). This is basic stuff, but the truth is when you're all fired-up with enthusiasm, passion and outrageous optimism, you're probably not doing enough looking and listening.
Research and development is not reserved for the big guys, it's essential for small business and it need not be too difficult.
In a moment we'll explore some tips, but first up let's have a playful look at what R&D
isn't:
- R&D is not about getting support from your family and friends ('Yeah thanks, I know it's a great idea');
- nor it is having a line of credit signed off ('Hey, the Bank are behind me on this one!').
- R&D isn't you succeeding in getting some free PR ('Wow. This thing is really flying!') ; and
- R&D isn't about getting swarms of people to your launch. These alone are about as meaningful as a celebrity wedding.
R&D is when we undertake effective research and what we do with what we learn (the development bit).
Here are 5 basic R&D steps to get things moving:
- Source, buy and read all the publications that cover your market. Get a grip on what's going on.
- Look at what others are up to and see if and where your product or service takes things further.
- Attend all the relevant trade shows, exhibitions and networking events that cover your market.
- Talk to people. Be very inquisitive. Learn as much as you can about other people's businesses.
- Don't be afraid to share your ideas and intentions with others, at least in outline. Being frozen by fear that someone will pinch your great idea means you'll be doing zero R&D.
Every failed entrepreneur has a filing cabinet full of great, top secret ideas and the World is still waiting.
Finally and most importantly, be very suspicious if there's nothing like your product or service on the market.
Ask yourself this question and think deeply before answering:
"Is it really because I'm a total genius or could it possibly be because there simply is not a lucrative market?"
Most solo entrepreneurs succeed by doing what others do, but by doing it better. Find the gap in the offerings of your competitors and you'll have the best chance of success.