By Fernando Berrocal

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In this digital age of rapid change, the fundamental catalysts for business success in any organization–regardless of size, context, or industry–are creativity and innovation. Today's entrepreneurs have serious difficulties in determining actual problems the marketplace faces; and establishing appealing and efficient solutions for those core issues. 

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There are already several main players in the market, and solutions for different problems people face. However, far too many business owners attempt to go the other opposite direction.  In other words, they attempt to create something that nobody asked for in the first place. This outcome is commonly referred to as the "excellent product, no market" mistake. In this blog post, we will go over how to proceed in terms of of reading a market’s needs before creating the main product.

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Entrepreneurs are constantly evolving from making simple assumptions about markets, consumers, and rivals to making well-informed judgments–and taking strategic measures.  They accomplish this by thoroughly investigating the core facts. Follow these seven tactics for fact-finding before taking an innovative concept to market:

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1. Look for facts that are relevant, yet different.

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This part involves three main stages; the first stage, the beginning, is like a rocket about to launch. This rocket launches when a fresh business opportunity or market issue is mainly discovered. Although it's a good enough indicator to get the entrepreneur going, the process has only begun its course. The issue as they initially see it could not reflect the issue as others eventually will see it. The second step involves looking for information regarding the new opportunity or issue and its different interpretations, and the third (and final) stage involves finding further pertinent information about this outcome. Entrepreneurs will enhance, enlarge, and enrich their ultimate perspective of the opportunity by being receptive to all the available pertinent data.

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2. Use as many perspectives as you possibly can. 

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Every person views the "facts" through their own lens, or reality.  We are all constantly evaluating stimuli via our own biases, filters, experiences, and information; in other words, the subjective knowledge we have cultivated and curated over time. By bringing together many diverse points of view–if possible from stakeholders with different backgrounds–collaborative problem-solving can uncover new information and extend the scope of a particular issue. You want to consider the viewpoint of the potential consumer, in addition to finding out how they spend their time, what they value, and what products and/or services they prefer (to name just a few factors).

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3. Avoid having an unfavorable attitude about the "issues".

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If you instinctively see a problem with a negative connotation, not only does your attitude make you less motivated to solve it, but it also limits your ability to gather business information. When you exclusively search for negative information about an issue, no reaction can be eventually supported. Without a complete picture of the facts (negative and positive that the problem may have), your subsequent problem definition will be off the mark.

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4. Try to avoid making as many irrational assumptions as possible.

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The approach utilized in obtaining information is crucial to finding a solution to an issue. By approaching issues with an open mindset towards fresh knowledge, you might question preexisting notions about them. Zen master Shunryu Suzuki once said, "There are many possibilities in a beginner's mind, but just a handful in an expert's mind".  Entrepreneurs should start their fact-finding process as amateurs professionals rather than experts. By doing this, they may identify the terminology, problem facts, crucial success factors, and limitations that are part of a larger issue.

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5. No matter what, express your personal opinions. 

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In group problem-solving sessions, it's crucial to express your opinions. By sharing your opinion, you collaborate with the team to improve the brainstorming process. In this part, the main rule is that there are no incorrect ideas during fact-finding. Giving merely what you perceive the other members of the group want to hear in terms of facts and thoughts excludes the session of your unique perspective and hinders the process. Many individuals doubt themselves and think they must be mistaken if no one else views the issue the way they do because they are afraid to be seen as "different". Sometimes the individual with a unique perspective on a situation is the one who can perceive it the clearest and ultimately help provide the solution to the issue.

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6. Encourage information exchange. 

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Since they worry that their ideas may be stolen, entrepreneurs frequently avoid making inquiries or offering important information. However, the overprotective concept of protection makes one seem like Gollum from Lord of the Rings–and that is not a good thing! Anyone who seems pathological or greedy won't receive any assistance. Instead, when more information is obtained, the concepts discussed during collaborative sessions will evolve into completely new business concepts.

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7. Look for the truth, not techniques to stroke your ego. 

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Everyone participating in a fact-finding session should have the open mentality that the exercise's goal is to learn as much as we can about a particular issue. Everyone should be aware that all suggestions are welcome and helpful in achieving the main goal.  They need to embrace it in every possible way. Any fact-finding session should have the shared objective of obtaining crucial data that will help define problems more accurately and produce better future solutions for their products and/or services.

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In retrospect, the mutually agreed-upon objective of the fact-finding different techniques is to unearth data. This data transformation into valuable information, over time, will result in improved issue characterization and superior solutions. When someone looks for answers that other people aren't willing to look for, the greatest discoveries happen.

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