How do you predict how potential a market before venturing into it as a startup?

1

So i was thinking how do a new entrepreneur predict a potential market before venturing into it as a startup. Note: this is just a theory correct me or contribute if i am wrong

BETTING COMPANIES
Daily, Hourly user engagement,
Get rich quick philosophy by users,
Ease of transaction with the platform (Compared to the traditional BABA IJEBU)
Weekly crazy competitions which lead to usage,sales and revenue

NIGERIAN MOVIES STREAMING COMPANIES
Daily, Hourly user engagement
High demand for nigerian movie content abroad
Willing and paying users

PAYMENT COMPANIES
Daily, Hourly user engagement
no more details you add +

E COMMERCE COMPANIES
Not successful by me just famous add your reason if you oppose.

GAMING COMPANIES
Not successful by me add your reason if you oppose.

MUSIC STREAMING BUSINESS
Not successful, free downloads will kill their market esp, add yours

what do you think?

2

To predict a market’s potency you first study the industry, identify key players and the prevalent market forces. When this is done you then project where the industry is going to and how to key in.

3

You don’t have to predict! Just ask yourself - are there successful players in the industry? If yes…Then look at what they are not doing well and build your start-up from there.

That’s BLUE OCEAN STRATEGY.

1 Like
4

You need Data, Study the Current companies there and the current pain points, if they havent captured dat, do ur primary research by interviewing people then check euromonitor, google n oda sites for data with number, check NIBSS and NBS for statistics gives u an idea on ur strategy and route to market.

5

You are right. Creating something different from what has already being created. For example, if one company delivers to their office, you can create yours, and then deliver to their door step.