But if you want to target a specific group (and most businesses have to do this these days), I think you need to properly size your market first. You might not need to hire someone who will calculate it using a scientific method, but you have to be able to get a “feel”. If you sell ergonomic shoes for women over 7 feet tall who suffer back pain then you ought to know that there are only 3 women in North America who fit this description but strangely enough, 10% of Turkish women are over 7 feet tall (I’m obviously making this up). I think anyone can do that kind of high level market research using Google and various government statistics. In this case, if you plan to sell your shoes in Canada and USA, chances are you won’t be making a lot of money because your niche isn’t actually one – it’s inexistent. If you sell your shoes in Turkey then you get 10% of the market, which is pretty good.

People might love your product but if you have only 3 customers, chances are you won’t be profitable. I don’t know, perhaps I’m wrong (or I see market research differently) but I wouldn’t jump in any market without researching it first. Finding an idea and finding a business opportunity are different things, no?

I think there are many startups who do everything in secret (but still advertise their secretness like crazy) who could learn a thing or two from this list.