In today’s session of Silicon Valley Teenpreneur Program held by Edudot, the mentor was Beibei Song. She focuses on the topic of market research. I got the chance to have an in depth look to what market research actually is. There is two main types of research which is primary and secondary. Primary research is information that we receive on our own through the methods of doing surveys, interviews and focus groups. Meanwhile secondary research is more on analysing the data that are available either in the internet or in a book. Beibei also conduct a market research interview practice with my colleagues to show how she would interview a person in order to receive information. From looking at how she would interview someone, I saw there are some key techniques in order to get the best possible information from the source. For example when first starting to ask, make the questions as general and easy to answer as possible. This is to make sure that the interviewee doesn’t feel pressured to answer the questions. Another major technique is to don’t show any judgment towards the interviewee so that they would feel comfortable into sharing their personal responses towards the questions given.
We were given a task to identify and make our own market plan for our startup idea. The market plan consist of basic ideas on what my idea is all about. Another task was to make a user persona for our target consumer for our idea.
I’ve learned quite a lot in today’s session. Market research is definitely one of the most important part of being an entrepreneur. This topic can help me develop my startup idea into something much bigger. There still a lot of market research I need to do for my startup idea but once I’ve done that, I’m sure my idea would be 100% more perfect.
