As a new business we need to research the market to understand our customer, channels, competition and how we'll respond. You may be searching for data and statistics to substantiate your position and use in your spreadsheets. Key things to keep in mind are:1. Don't buy or pay for statistical or market data2. Reports, white papers, webinars, podcasts that certain companies produce may be misleading � they have their own bias. You can use them but be cautious.3. If you download free reports, look for the sources cited at the bottom on the page or near the end of the document. Often these links can lead to source data which is more valuable4. Look for government data such as BLS, NIH, CDC, SBA a. Government data can be a little older, but it's trustworthy5. If you are a student, you may have access to sources such as Nielsen and Nexis. Check with your teachers, librarians and even the public library6. Look for local data at your chambers of commerce, trade organizations, and municipal offices.7. You can look for surveys, customer panels, and other group data. Sometimes you can find amazing things simply searching on Google, so long as you are mindful of the source and that it is reputable. !!! The big caution is as you gather data about your market, don't hide behind the computer screen. Get out and talk with potential customers as often as possible. There is no substitute for primary research where you are in front of people and testing what they say vs. what they do.

Creating your value proposition and being able to not only describe it but demonstrate is critical. Taking nearly everything you have done up to this point you'll need it to articulate your value propositions. Ask what value do you provide?Functional Value: saves time, simplifies, makes money, reduces risk, organizes, integrates, informs, reduces effortEmotional Value: creates nostalgia, fun/entertaining, reduces stress/anxiety, wellness, therapeutic, well designed/aesthetics, attractiveness, rewardsLife Changing Value: Self-actualization, motivation, hope, affiliation/belonging.Social impact: Creates value beyond the customer, self transcendent.

At this stage you should have a solid definition of your customers, their problems and how your value proposition satisfies their needs. The ability to move from a MVP or service to a real business is in selling your Value Proposition for money. In this step you need to think about the process of selling. How do you do it? How do you find your customers? How do you connect to them and make them aware of you? What prices do you charge? Is there post-sales support? Do you use 'channels'' or other parties to reach your customer? How to make the sales easy for them and repeatable for you? Is this a time to look into certain sales and marketing tools or even other people to help with this process?