Unfortunately for entrepreneurs, it isn’t enough to have a vision and a great work ethic, even though that’s a great start. For those pondering the thought of starting up a business, the preliminary concept of a product or service may not be destined for success. Therefore, in order to succeed, entrepreneurs must be cognizant of making sure they engage with prospective customers for crucial feedback instead of working to build a product to completion without guidance. Instead, they must recurrently ask themselves, "why are we creating this product? Who will benefit from its existence? And do we have the data to back up our premise?”

When venturing to start a business you may come to find that there could be quite a detachment between a great idea and a great business startup. Regrettably, many people are void of a solution on how to bridge the gap. You may have your own passion about a product or service that is so great that it deceives you into believing that other people will be passionate about it as well. In reality, customers may like a piece of merchandise, but will generally only pay for the things they need, or at the very least, the things they feel they need. Another possibility is that the people who really need the product don’t have any money. That right there is a problem in and of itself.

A key question to ask when considering a startup would be: Is the market opportunity large and growing? At the Queens Economic Development Corporation, we’ve compiled resources to help our clients answer this question. We recommend these resources:

First Research: Industry and market research database covers many industries. It provides data including market size, financials, and trade associations. First Research performs the “heavy lifting” by synthesizing hundreds of sources into an easy to digest format a sales person can consume quickly to better understand a prospect’s or client’s business issues. Their customers include leading companies in banking, accounting, technology, telecommunications, business process outsourcing, and professional and business services. www.firstresearch.com

Mintel: Market research for hundreds of US markets. In-depth reports include customer information for each market. The vast range of primary research they carry out and commission is the bedrock of their market intelligence, creating data series that can be assessed incrementally over the long term to track trends and forecast the future. In addition to research, they offer market, product, and competitive analysis. Users are required to create a profile prior to proceeding to the reports. www.mintel.com

Business Source Premier: Use this resource to access market research reports: Include the words “industry profile united states " and a word to describe the industry you are researching in your search. You’ll have access to full text for over 2,470 scholarly business journals covering management, economics, finance, accounting, international business and much more.
www.nypl.org/collections/articles-databases/business-source-premier-ebsco

e-Marketer: They cover the global digital ecosystem: digital marketing, media and commerce Market research, statistics for e-commerce, internet business, social media, bricks & mortar business, online marketing and emerging technologies and industries. They have a particular interest in understanding how consumers spend their time and money and how marketers communicate with them via digital channels. www.emarketer.com

Starting a business entails hard work that calls for a lot of determination, learning and only pays off in the long term. Take an honest look at yourself and the possible market before diving in. Best of luck.

The Queens Economic Development Corporation works to create and retain jobs through programming that grows neighborhoods, assists small businesses and promotes tourism and business development. Entrepreneurs are assisted by providing one-on-one consultations, business development workshops, training courses, and networking events. QEDC can help start, plan, and finance your business. In addition, QEDC assists in City & State M/WBE certification, and serves as a referral source for CPA consultations and pro-bono legal services for qualified individuals. You can learn more at www.queensny.org