I have been thinking about this topic for a while, and figured I would post about it.
How much market research did you complete before you launched your business? I don't care if its bricks and mortar, online, MLM or whatever. If you own a business, how much time and resources did you truly spend on finding out whether the business was viable.
My thoughts? I have started 6 businesses (includes 1 franchise, 2 MLM, 1 bricks and mortar, and 2 online). Pretty much each of these were launched with either little or no market research. The only one that I really dug in a bit on was one that I needed investors for.
3 are still active (not the franchise or MLM)
I tend to think that most small business owners don't due a large amount of market research...I am talking significant money spent on market research firms, not just a quick poke around online and asking a few friends. I think entrepreneurs are too busy trying to get their idea off the ground to really go through the testing and research phase...but hey...let's see what the polls say!