I’ve been researching, studying and comparing our business model and business environment for a number of months now.
This is extremely essential in any business, but even more so in the tech industry where at times you’re literally making a concept up out of thin air. The research that we’ve found has been essential and at times hard to come buy because we aren’t a large organization, which has access to library databases.
In school, I learned about primary and secondary research. I learned that primary research is essential in the start-up world. Asking the right question is essential to your start-up’s success, and allows you change your perspective and actually get your customers feedback, while secondary research in my experience is better at gaining insight and understanding statistics.
Asking the right question is essential to your start-up. This allows you to change your perspective and actually get your customers feedback, which is much more important than finding any kind of online statistics you can find.
Getting an online database and finding key research is not affordable to a start-up unless you know someone. Going out there and asking the right question is the way to go and can save you countless hours reading, copying, and pasting; instead, you get to build a key relationship with your customers which is gold.
I’ve, me (C.E.O) used secondary research for mostly understanding complex concepts like the exempt market, or mutual funds, or better understanding exempt market dealers, so I can better understand how they work as I have no experience in those industries I can research my way to understanding it; although this requires a lot of time and energy to sit down copy, paste and store key information and data.
Our website believe it or not has been built this way; even our main concept was built this way and works on a tight budget.
The best part about being excessive about your research is that when you need to make a pivot you can actually see where your business model would fit in, regarding other industries or technologies. We are going to have to make a pivot in the near future and that’s what has allowed us to do it! Secondary research.
Summary- Primary research is great to get a first-hand perspective on things, while secondary research is extremely good for understanding complex concepts or topics and supporting your arguments.