"I lost my job so I started the desi-store"

The logic was amazingly in its simplicity. Ann Arbor, Michigan has its 3rd desi store - Shakti Bazar - it's close to my office and I will shop there for my frozen-parathas! A few weeks ago a potential entrepreneur called me asking me to estimate to what extent market research needs to be done in order to start their business. I said, how can one tell - it's impossible to know what you know and what you don't know? Ok, if I do tell you that the opportunity does exist and you can scale, what difference does it really make if it is $5B or $10B? The Shakti Bazar businessman had an easier formula to start his venture - Lost job. Started business. Don't care about competition. Don't care about market size. Will make money.