From the course: Determining Market Size for Your Product or Service
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How to define and size your market using the worksheets
From the course: Determining Market Size for Your Product or Service
How to define and size your market using the worksheets
- Now you're ready to fill out your prep worksheet for defining and sizing your market. But first, let me give you a couple of tips. The more accurate you define your market, the more effective all of your other strategies will be because defining your market is really at the cornerstone of how all your other business planning will work. Now also when you're defining your market, I want to make sure you back everything up with data that you can. I know this is hard and sometimes it's impossible so make sure if you do have to guesstimate, that's okay but make sure you justify any guesstimates that you make so that you can really stand behind what you're saying. You can't just make stuff up. You've got to have a way to justify it. I want to make sure if you remember one thing, remember this. Don't be afraid to narrow down your focus. What I find entrepreneurs want to do is they keep want to growing their market. They keep…
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