067 Reality Check Your Business Idea: The Hard Truth About Market Research with Andrew Muir Wood
Think you've got the next billion-dollar idea? Hold that thought. In this eye-opening episode, research expert Andrew Muir Wood reveals why 42% of startups fail by building something nobody wants - and how to make sure you're not one of them.
Discover the counterintuitive approach to customer research that saved one founder from wasting six months building the wrong product. Learn why watching a bank employee copy-paste between spreadsheets led to a game-changing business insight, and why your mom's opinion about your startup might be your biggest danger signal.
Here's the reality most founders miss: market research isn't about validating your idea - it's about understanding your customer's world so deeply that the right solution becomes obvious. Andrew shares the systematic process that's helped companies like Mozilla and Deliveroo avoid costly mistakes:
Start with listing your scariest assumptions - not just "will people pay?" but every make-or-break belief about your business. Organize them by what you can control and what you can't. Those uncontrollable but critical assumptions? That's your research hit list.
Skip the surveys initially. Instead, get face-to-face with potential customers. But here's the twist: don't pitch your idea. Watch them work. Note their frustrations. One founder discovered a million-dollar opportunity just by watching loan officers struggle with spreadsheets for three hours.
The secret to great customer interviews? Structure them like a researcher, not a salesperson. Start with concrete questions about current behavior: How often do they face this problem? What solutions have they tried? How much time does it waste? Save your solution for the end - their unfiltered insights about the problem are worth more than their polite feedback about your idea.
Most importantly, remember that every successful startup began as an experiment. The founders who win aren't the ones with the best initial ideas - they're the ones who test their assumptions early and adapt based on what they learn.
Watch the Full Episode with expert Andrew Muir Wood below:
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