When solving a problem, smart entrepreneurs and entrepreneurial thinkers take advantage of the vast amounts of information and access that exists. Remember, our primary goal is to make the world, or maybe just our corner of the world, a better place. To do that we need to come up with some solution to the problem at hand, and then get that solution in the hands of the people who need it.
That's why we'll look at two sides of the market research process; what do we know about the problem and possible solutions, and what do we know about our market?
How does market research inform the Business Model Canvas?
We must conduct market research at all stages of the ideation and implementation process. It is an iterative process, meaning that market research leads to new insights, that lead to new questions, that lead to new research, etc.
In particular, market research will help us:
There won't be data available on every question, and you'll be expected to talk with your customers to make up for this lack of data. This might be other students, or staff + faculty at the university, students' parents, etc.
Especially when it comes to the educational environment we are in, there is an enormous body of literature and research around the problems we are trying to solve. You can use the following databases to access much of that research.
Our goal here is to find other researchers writing about our problem; this will help us understand the root causes of the problem, as well as see possible interventions or solutions that could be implemented in an entrepreneurial way.
Sense of community
We have the benefit of being close to our market - students and CSU employees. We'll want to understand the problems both from the perspective other students, as well as the people who work at the university and make decisions (decision makers).
Higher Education Resources
These websites and resources pertain to the higher education industry. Explore for trends, news, and some original research.