Imagine yourself in one of the following situations:1. You are currently working for someone else and have an idea for a new product or service.2. You own a small business and have had success with your first product or service. Now you have an idea for a new product.3. You work for a large company and the product you manage has started losing sales even though the market seems to be growing. In situation no. 1, the question you're asking yourself is, "Should I quit my job and start a new one?" business to sell this product?" The secondary question is "Will this idea work?" If the idea will work and you can make a significant profit by starting the business and selling the product, then starting the new business is something you should consider. In case otherwise, starting a new business is a bad decision, you will have to quit your job, get a second mortgage on the house, work incredibly hard to make everything work and so on all of this, it will be a big disappointment and a big financial loss. Is your small business up and running and making a profit? profit in this new product or should you put the profit in the bank and wait for a better idea? In situation #3, you have a mystery. Your job is to find out why so you can correct the problem. Somehow you have to reach potential customers and/or current customers and find out what they are thinking. You need to ask questions and get concrete answers. Do people need the product or service you offer? If so, how many people need it? Which characteristics are important to these people and which are not? What price would customers be willing to pay and why? The process used to get answers to questions like these is called market research. There are two ways to look at the process: From a business perspective, market research is a way to get answers to important questions before investing a lot of time and money into creating a new product or service.