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tinker
#1 Posted : Monday, October 10, 2016 9:45:37 AM
Rank: Member


Joined: 11/15/2010
Posts: 454
Location: Nairobi
This topic is in some way a product of an existing topic “ Have you ever failed flat in business?”. I didn’t want to hijack his topic because I still feel Wazua republic has many more stories to tell.
Does small business in Kenya conduct market survey before setting up the business?
Could the end result be different if a non-biased market survey was conducted before setting up?
We all agree some business may not even have capacity to conduct a formal market survey due to their nature.
Can we confidently say the outcome of market survey could impacted in making that all important decision – whether or not to open shop?
How can an average entrepreneur identify and analyze the market need, market size and competition independently, with minimum cost?
– Think of an Executive Kinyozi, Eateries outlet, coffee shops, boutique, Agency biz etc.
....He who began a good work in you will carry it on to completion..
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Foz00
#2 Posted : Monday, October 10, 2016 10:20:50 AM
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Joined: 1/13/2011
Posts: 297
Location: Nairobi
There's a guy on facebook "Crack a business kenya" who is selling surveys/ feasibility studies, affordable and independent.
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tinker
#3 Posted : Monday, October 10, 2016 1:55:44 PM
Rank: Member


Joined: 11/15/2010
Posts: 454
Location: Nairobi
Foz00 wrote:
There's a guy on facebook "Crack a business kenya" who is selling surveys/ feasibility studies, affordable and independent.


@ Foz00..That was very impressive, the guys have done a very good job. though I didn't find my line of specialization to compare figures.
....He who began a good work in you will carry it on to completion..
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Foz00
#4 Posted : Monday, October 10, 2016 2:36:29 PM
Rank: Member


Joined: 1/13/2011
Posts: 297
Location: Nairobi
tinker wrote:
Foz00 wrote:
There's a guy on facebook "Crack a business kenya" who is selling surveys/ feasibility studies, affordable and independent.


@ Foz00..That was very impressive, the guys have done a very good job. though I didn't find my line of specialization to compare figures.


I also didn't find my exact area of interest but got very good general insights and interesting reading at a bargain.
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Kurious
#5 Posted : Sunday, October 16, 2016 8:18:05 AM
Rank: New-farer


Joined: 6/26/2013
Posts: 15
tinker wrote:
This topic is in some way a product of an existing topic “ Have you ever failed flat in business?”. I didn’t want to hijack his topic because I still feel Wazua republic has many more stories to tell.
Does small business in Kenya conduct market survey before setting up the business?
Could the end result be different if a non-biased market survey was conducted before setting up?
We all agree some business may not even have capacity to conduct a formal market survey due to their nature.
Can we confidently say the outcome of market survey could impacted in making that all important decision – whether or not to open shop?
How can an average entrepreneur identify and analyze the market need, market size and competition independently, with minimum cost?
– Think of an Executive Kinyozi, Eateries outlet, coffee shops, boutique, Agency biz etc.


We mostly go with hunch or gut feeling Think
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Knowhow
#6 Posted : Monday, November 14, 2016 9:36:02 AM
Rank: Hello


Joined: 5/7/2013
Posts: 8
Location: Nairobi

This is Samuel, Crack A Business Kenya. Thank you for the mention.

In addition to the standard guides we also undertake custom market research.

From our experience few small businesses conduct market research. Most indeed make business decisions using a gut feeling to . " I think this will work here".

To many if a business does not exist within a certain location, then it will definitely succeed. This ignores such questions as Is it needed? Purchasing habits, Demographics, etc

Thus an entrepreneurs starts an exotic cake shop in say Kiambu , and it fails because of attitudes. Or purchasing habits where consumers think somethings like high end phones are cheaper in Nairobi.

Others use very simple methods to conduct market research. The question " Will you buy ABCD, if I start that kind of shop here?" Often such questions result in positive answers, and when the rubber hits the tarmac things become different..

There are all manner of reasons why small businesses don't conduct market research but include; inaccessibility of market research services and more important lack of skill.

Gradually the situation is changing ; more and more 'small' entrepreneurs are doing market research and professionally so. We are receiving more requests for location specific market research. We are also developing data driven products to help entrepreneurs reluctant or with no time and resources to conduct research to make better decisions.

Things are changing but we got a long way to go.


Cheers,

Samuel Munene
Crack A Business Kenya
www.kenyaknowhow.com



Know the market- Don't invest blindly.
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