News is that Brisbane’s Doughnut Time is closing half its stores and hasn’t paid its employees in weeks. I admire Damian Griffiths’ style but did he really do any market research on whether or not people wanted to pay $8 for a doughnut? I’m a huge doughnut fan but I tried Doughnut Time only once and found it overpriced. Just have to wonder whether or not he really researched the market before he launched. We see this a lot – entrepreneurs just assuming that a market exists for their product or service without testing that assumption before they throw a million dollars are it.
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