Market research is essential for entrepreneurs who want their businesses to succeed

By Philippe Massiera, Professeur agrégé en Marketing Management, Université du Québec à Montréal (UQAM)

According to the U.S. research and consulting firm CB Insights, most entrepreneurs fail because they lack sufficient financing. The second reason they fail is because the market for their product is too small.

Yet many entrepreneurs and coaching professionals continue to reject the market research phase in favour of a “fail fast, pivot quickly” approach. Launching companies this way — even if it means having to adapt to customer feedback later — is very trendy, especially in the world of…

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