Page 85 - Webapplication11_C11_Flipbook
P. 85
Unfulfilled and Known Needs
These needs are known to customers, but are not met by anyone in the market. For example, residents of small towns
had no electricity at all times, and therefore their children could not study after sunset. A company recognized this
problem and installed solar lamps, which are charged during the day and can be used at night.
Unknown Needs
These are needs that people have but are not aware of or expect to be addressed by a business. For example, 10 years
ago people didn't know that online education is possible. However, through innovation, entrepreneurs have found the
technology to make it happen.
Certain aspects should be kept in mind while figuring out the above needs:
QUALITY QUANTITY
Quality & Quantity Price
Location Time
Conducting a Customer Survey
Surveying customers is an exercise entrepreneurs do to understand if there is a market for what they have to offer.
Through this survey, entrepreneurs try to find out if they meet the needs of their customers and also understand what
their preferences are. Surveying customers is one of the most effective ways to find out what customers want. Surveying
can be done by talking directly to customers and asking them questions.
Understanding Competitors
Before an entrepreneur starts a business, another important step in
Position
understanding the market is knowing which other companies in the market (High quality/
offer the same product or service. This helps an entrepreneur understand Any offer given Low quality
the competition he/she may face. Some key aspects to keep in mind while to customer brand, etc.)
studying your competition are:
Relationship Price
with Customer
Entrepreneurial Skills-III 83

