1. Do market research. First, I need to conduct a written survey to identify how many competitors are out there. If there are competitors, I probably cannot gain a large market share unless I improve my products to distinguish them from those of other competitors.
2. If my products have their advantages, such as healthy, tasty, low-cost or special, I believe they can satisfy some specific customers.
3. I should see if my food products would attract a wide range of customers. This means surveying potential customers such as giving out free samples, to see if they like my products.
The partners of Seed + Mill determined whether there was a need for its product by:
Observing the consumers’ behavior. Lisa Mendelson said that when she was on …show more content…
Lisa Mendelson, one of the founders, is from Israel. She’s very familiar with sesame seeds since it is a very basic ingredient in the Middle East. Also, Tahini and Halva were the food that she ate very often when she was in Israel. Thus, she knows about her products.
They considered the location of their store. They chose the Chelsea market which has six million people go through each year, so it is easier for them to gain customers. They can not only attract tourists, but also the locals. In this way, they can have loyal customers.
Some of my own considerations for choosing an idea for a new business would be:
When I choose an idea, I would choose something I am passionate about and enjoy doing.
I would like to think of an idea that can improve people’s life or help them solve problems, and I need to convince people that my idea can indeed improve their lives and help them solve problems.
I need to have a loyal team that would support my idea, so that I would have confidence to pursue it while believing it would be feasible.
I need to choose a location depending on my target market. For example, if I were selling umbrellas, Seattle, Washington would be a better market than Tucson,
2. If my products have their advantages, such as healthy, tasty, low-cost or special, I believe they can satisfy some specific customers.
3. I should see if my food products would attract a wide range of customers. This means surveying potential customers such as giving out free samples, to see if they like my products.
The partners of Seed + Mill determined whether there was a need for its product by:
Observing the consumers’ behavior. Lisa Mendelson said that when she was on …show more content…
Lisa Mendelson, one of the founders, is from Israel. She’s very familiar with sesame seeds since it is a very basic ingredient in the Middle East. Also, Tahini and Halva were the food that she ate very often when she was in Israel. Thus, she knows about her products.
They considered the location of their store. They chose the Chelsea market which has six million people go through each year, so it is easier for them to gain customers. They can not only attract tourists, but also the locals. In this way, they can have loyal customers.
Some of my own considerations for choosing an idea for a new business would be:
When I choose an idea, I would choose something I am passionate about and enjoy doing.
I would like to think of an idea that can improve people’s life or help them solve problems, and I need to convince people that my idea can indeed improve their lives and help them solve problems.
I need to have a loyal team that would support my idea, so that I would have confidence to pursue it while believing it would be feasible.
I need to choose a location depending on my target market. For example, if I were selling umbrellas, Seattle, Washington would be a better market than Tucson,