2.) HEADLINE ARTICLE
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If you want to perform your own market research, we recommend the following exercise:

1. Go to a mall or other public place (or often you can just do this exercise in your mind).

2. Ask 100 random people if they would be interesting in more information about _______________ (where the blank in the market you are considering).

3. If more than 30% say "yes", then follow up with a question asking if they would pay $10 or $100 for information on how to __________ (where blank in the same market you are considering). If more than 30% say "yes", then you have identified a profitable market.

The 30% number is arbitrary. If you only get 21% on one answer and 60% on the other answer, that's fine. There is nothing magical about the 30% number. It's just an arbitrary number to let you know that a true market exists instead of some kind of microniche where you will have to work extremely hard to sell 0.1% of the population something that even they don't really want very much.

You can validate this approach by looking at all of the richest people on the planet and the market they chose. Bill Gates chose software. It's hard to put that into a sentence like the above and so he had to do some missionary work to convince people they even needed personal computers and then that they needed an operating system and word processing software, etc. After that missionary work though, you can clearly see that over 30% of those at the mall would answer that they would certainly want to have software in their lifes and that they would be willing to pay a reasonable amount for that software.

The 2nd richest man in the world until recently was Warren Buffet. He sells "making more money via investing." Go to the mall and ask 100 people if they want to make more money. More than 30% will say "yes." More than 30% will be willing to pay a reasonable amount to learn how to make more money.

The 3rd, 4th, 5th and 6th richest people in the world until recently were members of the Walmart family. They sell "saving money by paying less." Obviously that passes the 30% test at the mall.

Amazon.com with books and Ebay with auctions for personal items also meets the standard.

Now find some businesses that recently failed and see that they probably didn't fit that standard. They were trying to sell to a microniche or to people who weren't really interested in paying for that particular interest.

The latter is also a common problem. Ask 100 random people in the mall if they want to hear a joke. More than 30% probably will. Ask them if they are willing to pay $10 to hear a joke or even $1 and most will not. Telling jokes isn't a profitable market for most people. There are very few rich commedians. They worked extremely hard and even then the ones that succeeded represent a tiny fraction of the ones who tried and failed.

Most people want to travel, live longer, lose weight, look better, have more dates or a closer relationship with their loved ones, build more muscle, make more money, save more money, have a nicer house or car, etc. Those are markets. There really aren't very many. We recommend simply choosing one and getting to work.

The most common cause of failure is not taking action. The excuse of "I'm still researching my market" is a very common method that people use to choose to fail. We recommend against that. Just choose a true market from the above list and get to work. The market research phase is over. Now it's time to create your first product and get it to market.

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