Why Is Market Potential Important for Entrepreneurs?
Evaluating market potential is essential for several reasons: 1. Risk Reduction: Analyzing market potential helps to identify risks and enables entrepreneurs to make informed decisions, thereby reducing the likelihood of business failure. 2. Resource Allocation: Understanding market potential allows for better allocation of resources, ensuring that capital, time, and effort are invested in markets with the highest return potential. 3. Strategic Planning: Market potential analysis informs business strategies, helping entrepreneurs develop effective marketing, sales, and expansion plans.