Following the principles of lean startup, test your partially developed business idea with potential customers to collect their feedback and recommendations for development of both the product and the business model.
- The project is to conduct interviews with real people, who could be potential customers, to gather their inputs
- Develop a questionnaire to use in the interviews that both establishes the respondent’s qualifications as a potential customer and then explores aspects of your product and business model to discover their wants and needs. For example, you might inquire about what features would be most needed in the product and what price they would be willing to pay
- You should interview a minimum of 10 potential customers so that a representative sample of responses is available for analysis.
- Consolidate the information you collect and analyze it to determine trends, preferences, and patterns, and how this can guide your product and business model development
- Summarize your Market Research Study in a two- to three-page Report to Management, describing your 1. survey approach 2. summary of findings 3. Conclusions 4. recommendations to management
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