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ENTR 409: Internet Entrepreneurship

Estimating statistics. Start with what you know. Use Statista or find an organization with a vested interest in the topic. Use what s available to find out what proportion of people do X? Or, what percentage of people enjoy Y? Example: 1 in 300 children have a disorder; 1 in 3 of those children need your product. Find a population base. Use Explore Census Data. To find your base population, look up the location and, if necessary, a variable that subdivides the market, such as age. Example: the number of children in the U.S. aged 5-19 is 62,644,315. Do the math. Use the percentages or proportions and the base population to find the Target Market. Example. Total # of kids 5-19 in the U.S. = 62,644,315. Then, with 1 in 300 kids having the disorder, I divide by 300 to figure out how many have it. = 200,814. Then I divide that number by 3 because just 1 in 3 kids with the disorder need the product. Thus, my Target Market = 69,605.