From Research to Reality and How Preparation Shapes Business Outcomes
- Brainz Magazine
- 5 hours ago
- 7 min read
Written by Hayden Mater, Serial Entrepreneur
Hayden Mater is a professional life enthusiast and serial entrepreneur. He is the founder of Mater Made, a micro brand watch company, and the department head for the US West lumber department at Richmond International Forest Products, a commodity trading firm.
Preparation can be the reason you pass or fail. Being knowledgeable on the front end can drastically shorten the learning curve of a new product or new industry. The point of preparation is to be armed with a bag of knowledge and skills to apply to a variety of different types of situations.
Importance of preparation
The definition according to Merriam Webster is the action or process of making something ready for use or service or of getting ready for some occasion, test, or duty.
Preparation is also the ability to make informed decisions. I recommend doing the homework on the front end of anything to eliminate the mistakes that cost time and money. You won’t know everything in the beginning and this is normal. With thorough planning, you can shorten the learning curve. There will be roadblocks and hurdles you can’t see. It’s part of the journey to success. Success comes from momentum and being in a rhythm. To get the momentum and rhythm, you have to have things work together and that can be a challenge. It can be a challenge; business is all just one big puzzle. With proper research, you can discover the correct puzzle pieces and visualize the best way to put them together before taking action.
The role of research
Understanding the landscape
Research helps in understanding the market, competition, and audience.
Have you ever tried to blindfold yourself and play a round of golf? You just can’t be as effective without seeing the landscape of the course and potential hazards.
This example is similar to launching a business or new product without conducting any preliminary research on the product or industry you're entering. You’re going in blind, which does not breed viable results.
The point I want to make here is that preparation is your friend and never the enemy.
Why I like research
It’s an opportunity to learn something new.
When I set out to start Mater Made, my microbrand watch company, I had a surface-level understanding of watches. I knew the basics: there are essentially two types, battery (quartz) or automatic movements. Watches can have timers (chronographs), and there are dressy, casual, and dive watches, among others. To manufacture and sell a watch, I needed to answer several key questions: What kind of watches did I want the company to produce? What price point should these watches fall into? Why does beat frequency matter? What depth rating signifies value in a dive watch, if at all?
As I contemplated launching Mater Made, I was acutely aware of the potential hurdles and setbacks that could threaten its success. Would the market see value in my product? Will my watch design be unique? Am I offering a watch with the right specs?
These unanswered questions loomed around my idea like sharks circling, ready to attack and destroy. The answers to these questions couldn't be made up on the fly; it would be too costly to haphazardly experiment or guess. This is the exact reason why I began my market research.
My research was both critical and enjoyable, so I dedicated about two years to it before spending a dime. During this time, I read through watch companies' websites to learn about the movements inside watches at different price points. I watched YouTube videos on watch reviews to understand what people liked or disliked about certain trends and sizes. We were aiming to sell a product and needed to know what might be worth steering away from and what might be worth offering to the consumer. The goal was to make sure the product would be embraced and valued by its users.
Consider your competition
If you analyze what your competitors are doing well AND what they are doing poorly in your research, you could stumble upon a way to offer a service or product in a more attractive way.
Netflix is an exemplary case of providing a competitive solution in the home entertainment industry. While Blockbuster and Hollywood Video dominated the DVD rental market in the late 1990s and early 2000s, Netflix introduced a more attractive alternative. In late 1998-1999, Netflix launched a mail-in subscription service for DVD rentals, which continued for nearly a decade before transitioning to streaming in 2007. This service offered the same video rental experience but with the added convenience of home delivery for a flat fee.
The success of Netflix was not merely a result of chance; it stemmed from thorough preparation, critical thinking and innovative research. Identifying and capitalizing on market opportunities often involves extensive research and surveying the business landscape. This may take years to complete. Do so with urgency, but you also need to have an element of patience woven in.
Identifying opportunities and threats
Discuss how research can uncover potential opportunities and threats.
Part of your ongoing research should include learning what opportunities and threats exist in the space you are pursuing.
Do you remember SWOT analysis from early high school classrooms? Here is where it comes into real life. Strengths, Weaknesses, Opportunities, and Threats.
These 4 topics are all pieces of the business puzzle that can’t be ignored. We can circle back to critical thinking here and ask yourself questions to better understand the subject, product or industry.
Strengths:
What are our unique advantages or assets?
What do we do better than our competitors?
What resources do we have that are valuable?
Weaknesses:
Where do we lack resources or expertise?
What negative feedback do we receive from customers?
What internal processes or systems are inefficient?
Opportunities:
What market trends can we capitalize on?
Are there new customer segments we can target?
What partnerships or collaborations could benefit us?
Are there emerging technologies we can leverage?
Threats:
What external factors could negatively impact our business?
Who are our main competitors, and what are they doing?
Are there changes in regulations or policies that could affect us?
What economic or market conditions pose risks?
Data-driven decisions
This is another arrow in your quiver. Data is where you have visual proof of your decisions, essentially the outcome of your choices. Data should be valued and organized.
These are the answers to your questions hiding in plain sight. It’s very important to establish clear data gathering strategies as well as a detailed analysis of the numbers. This data could be the number of customers, the number of sales for one product, geographic sales, demographic sales, etc. Likely, your sales and business are always changing, and as some say, the cheese is always moving. It’s imperative to regularly review and adjust data-driven decisions based on new insights achieved.
“If you can’t measure it, you can’t improve it. Data beats emotion every single time.” – Kevin O’Leary aka Mr. Wonderful
Benefits of preparation
Increased confidence: Preparation boosts confidence and reduces anxiety.
Improved performance: Being prepared can eliminate distractions because you have a plan. You have a road map to stay on course. You can’t become an expert on something if you chase every flashy idea.
Adaptability and resilience: The ability to pivot is crucial in business. Business is comparable to a contact sport, requiring frequent adjustments. The advantage of thorough preparation is that it equips you with informed options when the need to pivot arises.
Practical tips for effective preparation
Research techniques
A straightforward method to research in a particular field should include exploring YouTube, podcasts, and interviews, primarily featuring industry professionals. In addition, it’s a great idea to conduct targeted searches on Google for specific individuals that can yield valuable insights. I do these research projects for myself, where I pick a person. I might select an athlete or a high-level person in business to learn about. I encompass myself in someone’s entire business journey. I learn from their mistakes and their wins. I watch every interview or podcast I can find. There’s so much gold out there on the internet. These people I research essentially have done the work in their business journey or discovery process. You get to learn for free, sitting in the stands.
Read books. Reading books is a fantastic way to learn something new. I find one of the advantages is you can read and learn at your own pace. The other benefits of reading are improved focus and concentration. Regular reading can enhance your ability to focus and concentrate.
Conclusion
In conclusion, preparation is the cornerstone of success in any endeavor. It empowers you to make informed decisions, reduces the likelihood of costly mistakes, and shortens the learning curve. While you may not know everything at the outset, thorough planning and research can help you navigate the inevitable roadblocks and hurdles along the way. Success is built on momentum and rhythm, which require all elements to work together seamlessly a challenging yet achievable goal with proper preparation.
Research plays a critical role in understanding the landscape, identifying opportunities and threats, and making data-driven decisions. By studying the market, competition, and audience, you can avoid the pitfalls of going in blind and instead position yourself for success. The journey of launching a business or product is akin to solving a complex puzzle; with the right pieces in place, you can visualize and execute your vision effectively.
Ultimately, preparation boosts confidence, improves performance, and enhances adaptability and resilience. It equips you with the tools needed to pivot when necessary and stay on course. By embracing research and preparation, you set the stage for a successful and sustainable venture. Remember, preparation is your ally, not your enemy, and it is the key to unlocking your full potential.
I'd love to know what resonated with you. What caught your attention? Where do you feel challenged or ready to grow? Share your thoughts with me.
Read more from Hayden Mater
Hayden Mater, Serial Entrepreneur
Hayden Mater is a dynamic professional who seamlessly blends the worlds of commodity lumber trading and innovative watchmaking. With years of experience in the lumber industry, he has honed his skills in navigating complex markets and securing top-tier deals. In addition, as the founder of Mater Made, his micro brand watch company, Hayden brings precision and passion to every venture. Dedicated to excellence in health, work, and family life, Hayden cherishes every opportunity to grow and inspire others. With a commitment to professionalism and a drive to motivate those around him, he is a true leader in both the lumber industry and the entrepreneurial world. Click to learn more about his journey and vision.
