STEP 3:
Begin Primary Market Research (PMR)

The previous two steps can start with desk research, but early on, entrepreneurs need to learn about problems by engaging directly with the people who experience them. Step 3, "Begin Primary Market Research (PMR)," is where you roll up your sleeves and start talking to real people: potential customers, stakeholders, and industry experts. This step is all about getting out of the building and gathering first-hand insights to validate your assumptions about the problem and potential solutions. The PMR process is more than just asking questions. It requires listening deeply to understand the pain points, motivations, and decision-making processes of those who will ultimately use or support your solution.

What makes PMR so powerful is its ability to uncover insights you can’t get from reports or secondary data. For example, you might discover that customers are willing to pay a premium for reliability during extreme weather events. Or you might learn that a key decision-maker in your target market prioritizes ease of implementation over cutting-edge technology. These insights help you refine your approach and avoid building something no one wants or needs.

By the end of Step 3, you’ll have a clearer picture of your target market and a stronger foundation for your venture. PMR isn’t a one-and-done activity. It’s an ongoing process that evolves as your idea takes shape. This step teaches you how to ask the right questions, interpret feedback, and use what you learn to guide your next moves. It’s like building a bridge between your vision and the real-world needs of your market, ensuring your solution is both impactful and practical.