This Is Not An MBA Business Plan,Part 5

“If we knew what we were doing, it wouldn’t be called research.” – Albert Einstein

Market Research: Detective Work

Continuing with the This Is Not An MBA Business Plan series, let’s discuss why market research isn’t about dazzling the reader with how brilliant your idea is. Instead, it’s about asking:

What am I learning that I can apply to my business right now?

Here are some tips to guide you in the right direction.

Don’t Be Afraid of Competition

Many entrepreneurs believe that creating something unique to meet their personal needs automatically makes it their Unique Selling Point. However, the hard truth is that customers don’t care about your needs.

Too many entrepreneurs also assume they can execute a Blue Ocean Strategy — creating an entirely new market space where competition is irrelevant. This might work if you have consistent buyers and a substantial marketing budget. Do you?

If you have no competition, it likely means you’re offering something nobody wants or needs. Customers will always categorize you — you don’t get a say in the matter. So, what category do you want to be placed in?

Competition is beneficial. It indicates demand and allows you to start learning the customer’s language.

Go Local

I’ve seen business plans filled with colorful pie charts and national statistics on booming industries. For example, you might say, “People are eating healthier,” suggesting that your new vegan high-energy bar will sell effortlessly. You might include stats about the industry’s size and future growth.That kind of data works if you’re pitching to venture capitalists or angel investors (who, by the way, rarely read business plans unless they’ve already spoken with you).

However, if you’re applying for a loan, focus on your local market.

Where are energy bars being sold in your community right now? Who’s selling them, and how are they reaching customers? What gaps exist in your area — even if others are already tapping into them?

Your reader needs to know that you understand how the local market operates. Who are your key competitors in your region?

Selling online? You still need to narrow your focus. What regions will you concentrate on? (Please don’t say “the whole world.”) Choose a specific area — Southern Ontario, Western Canada, something realistic and strategic.

Don’t shy away from identifying challenges in your market. This shows the reader that you’re attentive to how the business actually works.

Aspiring Competitors

We often view competitors as “the enemy.” Instead, try this: look for competitors you admire and can learn from — especially those just a few years ahead of you. Before you break the rules, understand what they are.

What best practices are your competitors using that you can emulate? What ideas from their website, customer service, or marketing could you adapt for your own business?

Be cautious with assumptions. Just because your competitor is spending on Google Ads doesn’t mean you should. They might be in year three with a full marketing budget while you’re just getting started.

Find Your Best Customer

Many entrepreneurs I work with claim their product or service is for everyone — both B2C and B2B. “Anyone can use this!” they say.

Sure, maybe. But that’s not helpful when deciding where to focus your efforts.

That’s why I ask them to describe their best customer.

This isn’t about who can use your product. It’s about where your energy goes and who it’s best to sell to. Otherwise, you’ll find yourself wondering: Why is no one buying?

Market Research is Ongoing

Market research is like detective work. And no, you can’t get all your answers from AI.

Most of your insights will come from talking to industry contacts, observing firsthand, gaining experience, and getting real customer feedback.

The truth is, your assumptions will change — and they should. Market research never ends. But if you start with faulty assumptions, you’ll end up overspending (or underspending) with little to show for it.

Next Up

Good market research lays the foundation for the next major section we’ll explore: Sales and Marketing.

Seen and Unseen by Maximillian Singh Gill, Featuring Vince Jerad and Saamer Usmani, 7th inspiraTO Festival.