Welcome to this deck on spotting a business opportunity. To succeed, a business can't just have a good idea; it needs to know there are customers willing to buy its product or service. In this topic, we'll explore how businesses find out what customers really want. We'll cover market research, how to analyse competitors, and how to find your own space in a crowded market. This is a vital first step for any entrepreneur.

So, where does a business idea start? It starts with the customer. A successful business identifies and satisfies customer needs. Think about what you look for when you buy something. You might want a low price, or high quality. You might want lots of choice, or the convenience of quick service. These are all customer needs. A business that understands which of these needs are most important to its target customers has a much better chance of success.

How do businesses find out about customer needs? They don't just guess. They do market research. Market research is the process of gathering, analysing, and interpreting information about a market, its customers, and its competitors. The main purpose of this for a new business is to reduce the risk of failure. By understanding the market before you launch, you can make much more informed decisions about what to sell, who to sell it to, and at what price.