Assignment: Market Research of Your Entrepreneurial Idea

In this assignment, you'll conduct market research for each of the three solution ideas you developed in Module 3. The goal is to gain a deeper understanding of your target market, your competitors, and what makes each idea potentially unique.

What to Do

Step 1: Review your three ideas

Go back to your Module 3 final assignment and review the three solution hypotheses you wrote. Your task is to conduct a focused market research report for all three ideas.

Step 2: Define your research objectives

For each of your three ideas, write down specific research objectives. Consider:

Who are your potential customers?
What do they like, want, or need?
Who are your competitors? (Other people or organizations already offering something similar)
What makes your idea stand out from what already exists?

Step 3: Conduct your internet investigation

Use online resources to gather information about your target market and competitors for each idea. Here are some effective ways to do it:

Google Search — Search for keywords related to your ideas and explore the results. Look for articles, news stories, and reports about the industry or problem you're addressing.
Competitor Websites — Find businesses or organizations doing something similar. Analyze what they offer, how they price it, and what makes their approach unique.
YouTube and Podcasts — Explore content related to your ideas. Creators often discuss market trends, consumer needs, and what's working or not.
Customer Reviews — Search review platforms and social media for feedback on products or services similar to your ideas. What do customers love? What frustrates them?

Step 4: Write a short research report for each idea

After completing your research, write 1–2 paragraphs per idea describing:

What you discovered about the market (who the customers are, how big the need is)
Who the main competitors or existing solutions are
What gaps or opportunities you identified

Tips for Success

You don't need to be exhaustive — focus on the most useful insights for each idea
A summary table (Idea | Research Findings | Sources) is a great way to present your results, as you'll see in the examples
Be honest about what you found — even if a competitor is doing something similar, that's valuable information, not a reason to give up

Examples

Check out Aisha, Jacob, and Jenny's examples to see how they researched each of their three ideas and presented their findings clearly.

When you're ready, submit your market research report in the submission box!