Correctly estimating your market size and how much market share you can corner is a key element in any ecommerce business plan.
There are three important elements in assessing market size: The total addressable market is the total revenue opportunity for your product or service.
Moment, a cell phone lens company, raised over $1.5 million and was featured in several digital publications.
This kind of success is one outcome of understanding the market and standing out from your competitors.
Cameras on cell phones have gotten fairly advanced, but the video capabilities are lacking.
There’s a viable market for detachable mobile phone camera lenses.
As a traveling TV Producer for HGTV, she used too much travel-size toothpaste for her liking and was tired of the tubes exploding in her luggage.
She did her research and found that one billion toothpaste tubes ended up in landfills.
Hold a solo brainstorming session where you write out your ideas. Lindsay wasn’t a chemist, but that didn’t stop her from following through on her idea.
Ask them the following questions: This line of questioning will help you figure out what hurdles may come up in bringing your idea to fruition (and if your idea meets the initial criteria stated of being needed and useful). After speaking with your friends, select the idea you feel most passionate about.