Entrepreneurs have a multitude of ideas but it isn’t enough. Out of these many ideas which one is worth looking into in more details? Which one is worth spending time and resources on? At the filtering stage, there is no need to go into an elaborate plan. By going through the next three steps you will be able to assess if you want to go further.
Step 1: Look at the size of the market
There are essentially 3 numbers you need to assess: the Total Available Market (how large is the overall market you are looking into), the Served Available Market (how large is the market dealing with your specific product or service) and the Target Market (how large is the market you can realistically cater to).
There is no right or wrong answer in terms of market size. If the size of the market is worth it for…
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