From the course: Determining Market Size for Your Product or Service
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How broadly should you define your market?
From the course: Determining Market Size for Your Product or Service
How broadly should you define your market?
- Going to take you step by step through a process for defining what industry you're in, all the way down to what markets you're in as well. So first thing I want to talk about is how broadly or how narrow do you define your market? There are actually pros and cons to each. The problem is entrepreneurs, they love to say, "I'm going to define my market as big as possible, "it's everybody in the world can use my product or service." And that sometimes can be a challenge. Bigger is not always better in this particular case. So I've got to get you thinking a little bit more about how do you narrow down the market so that things are more believable, more realistic, right. So there are advantages and disadvantages to both. So I don't want to advocate anything that says, "You must go broad" or "You must go narrow." But I want to give you kind of the decision tools to be able to think through this for yourself. So, more broad, if you…
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