Believing that a product or service will be successful “because you love it” or “because there is a need for it” without taking practical steps to research the market is a common pitfall amongst young entrepreneurs.

Investing in market research and particularly field research, which involves conducting interviews, testing the product, carrying out trial runs, analyzing questionnaires, receiving feedback is absolutely critical and usually saves up a lot of precious resources.

It also enables an entrepreneur to understand whether adjustments are needed to the product or the service in order to position this more effeftively in the market.