Identifying high demand is essential for several reasons:
Market Viability: Products or services in high demand are more likely to succeed in the market, ensuring the viability of the business. Revenue Generation: High demand often leads to increased sales, which translates to higher revenue and profitability. Resource Allocation: It helps in the efficient allocation of resources, ensuring that time, money, and effort are spent on ventures with the highest potential for return. Competitive Advantage: Entrepreneurs who tap into high-demand markets can gain a competitive edge by being early entrants or offering superior products/services.