MARKET RESEARCH AND VERIFICATION
The market appraisal and confirmation of potential sales is the most important aspect of the entrepreneurial undertaking. To say that confirmation of a market and the demonstration of ability to sell to that market is critical might in fact be an understatement. Without sales, there is no revenue. Without revenue there is no profit, no survival.
Information from these are then combined to establish estimates of market potential for the new venture and subsequent forecasts of sales.