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In this post, we will briefly discuss and exemplify the top 10 market size estimation methods. There are a bunch of different tools, from AI to traditional survey-based estimation methods, that have varying levels of simplicity and accuracy. Figure 1 compares these methods in more detail.
Around 65% of new businesses never make up more than five years, and they fail. Do you know why? Many reasons, like the absence of a market (market size estimator tools can help), wrong team, financial problems, intense competition, and other reasons are some of those failure factors. No matter how interesting your idea is, if you don’t investigate where you are taking steps, you are stepping into a risk zone. Among all successful ones, 70% had a business plan.
How a market shapes and how it works and people sell and buy goods or service is a crucial concept to be understood by any business runners. This is a crucial mechanism that any person who wants to create a business that generates money should consider since a significant number of businesses fail due to the absence of a market for their produced goods.