Neglecting market research can lead to several risks:
Misjudging Customer Needs: Without understanding customer preferences and pain points, entrepreneurs may develop products or services that fail to meet market demands. Overlooking Competitors: A lack of research can result in underestimating the competition, leading to inappropriate pricing, positioning, and marketing strategies. Poor Financial Planning: Inaccurate market data can lead to flawed financial projections, affecting funding and operational decisions. Inadequate Market Entry Strategy: Without adequate research, entrepreneurs might choose the wrong market or entry strategy, resulting in wasted resources and missed opportunities.