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Element 9. Quality of Evidence of Demand > Practical Experience—This Deserves t...

Practical Experience—This Deserves the Medium Weight of 2

Perhaps a bit of news, information, or complaint you heard is what first indicated demand before your idea was born. You can judge the quality of this evidence by the origin and number of the complaints, the purchasing power of the complainant, and the estimated cost and difficulties involved in delivering your products. Entrepreneurs, and particularly serial or repeat entrepreneurs, are quite gifted at spotting this evidence and allowing it to drive a quick analysis of whether it’s worth the effort to pursue the idea.

Dr. Market’s Observation:

If you saw high-quality evidence of demand, trust that others saw it too. Be prepared to move fast. And for goodness sake, collect all the evidence so you can prove your case for demand to your investors!



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