Competitive Edge
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Competitive Edge
Creating your Unique Value Proposition to gain your Competitive Edge.
Curated by Marc Kneepkens
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Rescooped by Marc Kneepkens from The Intelligent Network to Acquire, Sell or Finance Private Companies!

How to Determine If There’s a Market for Your Business Idea

How to Determine If There’s a Market for Your Business Idea | Competitive Edge |

So you have a great idea for a product—something that’s bound to capture the hearts and minds (and wallets) of consumers everywhere. Or perhaps you’ve stumbled on a service that isn’t being offered by anyone else—one that’s desperately needed. This is your opportunity! Don’t hesitate … don’t look back … jump right into it and … 

Wait! Before you shift into high gear, you must determine whether there really is a market for your product or service. Not only that, you need to ascertain what, if any, fine-tuning is needed. Quite simply, you must conduct market research.

Many business owners neglect this crucial step in product development for the sole reason that they don’t want to hear any negative feedback. They’re convinced their product or service is perfect just the way it is, and they don’t want to risk tampering with it.

Other entrepreneurs bypass market research because they fear it will be too expensive. With all the other startup costs you’re facing, it’s not easy to justify spending money on research that will only prove what you knew all along: Your product is a winner.

Regardless of the reason, failing to do market research can amount to a death sentence for your product. “A lot of companies skim over the important background information because they’re so interested in getting their product to market,” says Donna Barson, president and owner of Barson Marketing Inc., a marketing, advertising and public relations consulting firm. “But the companies that do the best are the ones that do their homework.”

Consider market research an investment in your future. If you make the necessary adjustments to your product or service now, you’ll save money in the long run.

So what exactly is market research? Simply put, it’s a way of collecting information you can use to solve or avoid marketing problems. Good market research gives you the data you need to develop a marketing plan that really works for you. It enables you to identify the specific segments within a market that you want to target and to create an identity for your product or service that separates it from your competitors. Market research can also help you choose the best geographic location in which to launch your new business.

Before you start your market research, it’s a good idea to meet with a consultant, talk to a business or marketing professor at a local college or university, or contact your local SBA district office. These sources can offer guidance and help you with the first step in market research: deciding exactly what information you need to gather.

As a rule of thumb, market research should provide you with information about three critical areas: Read more: click image or title.

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Via Merger Alpha
Marc Kneepkens's insight:

An #idea is just the start. There is a lot to do before getting to #funding. Taking all the right steps will save you from #failure and frustration.

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Guide to 12 Disruptive Technologies

Guide to 12 Disruptive Technologies | Competitive Edge |
Description of 12 disruptive technologies for 2014

What is a disruptive technology? According to Clayton M. Christensen, an Harvard Business School professor a disruptive technology is a new emerging technology that unexpectedly displaces an established one.  Christensen used this term for the first time in his 1997 best-selling book entitled “The Innovator’s Dilemma”.  In it the author established two categories of new technologies: sustaining and disruptive. Sustaining technologies corresponds to well-known technologies that undergo successive improvements, whereas Disruptive technologies means new technologies that still lack refinement, often have performance problems, are just known to a limited public, and might not yet have a proven practical application. Disruption can be seen at a different angle, if we look at how the word means, something that drastically alters or destroys the structure of society. Disruptive technologies hold within themselves the capacity to alter our lifestyle, what we mean by work, business and the global economy. What are those technologies? And what will be the benefit they will bring to the world where we live in?

According to a report published by the McKinsey Global Institute, there are 12 technologies that can produce great disruption in our near future as they might transform the economy and our lives. McKinsey Global Institute report also offers quantitative data on how the outlined technologies can impact the economy, and what are the risks these will bring. Curiously, the concepts behind those technologies have been around for a long time. Here we outline a list of 12 of the most disruptive technologies:

Click title or image to read article.

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"I have so much gratitude in my soul right now. Growthink has helped me to come a long way since I've found the company and started making my business plan.
I'm counting my blessings every day."
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Via Richard Platt
Marc Kneepkens's insight:

That's about all of them lined up, know of any others?

Pierre Casanova's curator insight, January 6, 2015 2:43 AM

Another list of disruptive technologies.

Rescooped by Marc Kneepkens from Trending Intelligence!

The 10 Social & Tech Trends that could Shape the Next Decade

The 10 Social & Tech Trends that could Shape the Next Decade | Competitive Edge |
A decade ago the idea of driverless fully electric cars, digital currencies and deep sea mining seemed like science fiction.

It is testament to the rapid pace of social, economic and technological change that we are witnessing that these concepts no longer seem impossible with Bitcoin trading at values that are best described as outlandish and the UN giving licenses away for companies to mine the sea beds. As such, a revolution is under way, where gadgets, large and small, are changing our society. And this stuff is not make-believe any more. In less than a decade, many of these trends will be embedded in our daily lives.

These revolutionary changes equate to great opportunities for entrepreneurs and businesses, and they can prosper from it if they are the first to spot and adapt to these major global societal and transformative forces, which I call “Mega Trends.” The knowledge of these Mega Trends is only a first step towards understanding your future opportunities.

To read the full article, click on the image or title.

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Via TechinBiz, Gebeyehu B. Amha
Marc Kneepkens's insight:

Predicting trends and acting upon that with a clear vision is makes all the difference in this competitive world. This article only gives general ideas and trends, but it's good to sit down and look at your options.

Techstore's curator insight, May 16, 2014 10:05 AM

The 10 Social & Tech Trends that could Shape the Next Decade.

#socialmedia #technews #technology

Marc Kneepkens's curator insight, May 20, 2014 9:41 AM
Several of these trends have implications on our energy strategies and ecological ideas. Take a look.
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The Top Jobs In 10 Years Might Not Be What You Expect

The Top Jobs In 10 Years Might Not Be What You Expect | Competitive Edge |
We talked to three futurists to find out what the hot jobs of 2025 could be, and their answers may surprise you.

For decades, the U.S. Bureau of Labor’s Economic and Employment Projections have been the bellwether for predicting what the hottest jobs up to a decade out would be. But with the rapid pace of technological change disrupting industries faster than ever before (think: robotics, 3-D printing, the sharing economy), it’s becoming obvious to many futurists that past trends may no longer be a reliable indicator of future job prospects.

"In the last two centuries, we’ve seen two significant shifts in the global labor market," says Graeme Codrington, futurist at TomorrowToday Global. "First we stripped the agricultural sector of workers, and then we did the same to manufacturing. Now the machines are coming for the tertiary sector, and will begin to strip companies of their white-collar workers in the next decade."

What that means, says Codrington, is that some of the hottest jobs of today could be obsolete by 2025 (check out the sidebar to see if yours is on the chopping block). Yet all hope isn’t lost, he says. "History tells us that somehow the labor market creates new jobs whenever it destroys some old ones. While it’s easy to see how the overall job market could contract significantly, and certainly many jobs that exist today will not exist in a decade or two, it’s also quite easy to see myriad new jobs being created."

So just what are the jobs that will be in demand in this brave new world only a decade away? Codrington and two other futurists give us their predictions. Read more: click image or title.

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Marc Kneepkens's insight:

Changing and adapting is essential nowadays. Looking forward and predicting what's coming up is not easy. I think this article provides some good information on what's coming up next.

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10 Trends for 2015 You’d Better Pay Attention To

10 Trends for 2015 You’d Better Pay Attention To | Competitive Edge |
Keep a close eye on the future and how it will affect your business -- it will be here before you know it.

Every large business in the world keeps a close eye on future customer trends and demographics--they have to if they hope to be selling the right products and services to the right customers at the right time.

Ford Motor Company recently published its 2015 trend report, and no matter what size your company is--or in what industry it does business--the results are extremely valuable for any company.

Here, according to Ford, are the 10 trends to pay close attention to in 2015:

Marc Kneepkens's insight:

Really interesting information about a new generation growing up in this digital, mobile, cyber age.

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