4 ms·

How does one size a market? I've always been curious about this. Where do you go looking for the data? Are there any biz-dev people that could point me towards

• smallnamespace 10y ago
  One common technique is to use basic demographic estimates: https://www.preplounge.com/en/bootcamp.php/case-cracking-toolbox/identify-your-case-type/market-sizing https://www.preplounge.com/en/bootcamp.php/case-cracking-too... In a real interview, you normally wouldn't have access to a calculator or a computer. The point is to show you can arrive within a factor of 2-3x of the actual real-life answer just by smart guesstimating and doing arithmetic in your head. One reason is because consultants often get asked these sorts of on-the-fly questions by clients, and they need to provide reasonable answers without looking them up.
  • Klinky 10y ago
    Is testing who can sound the most competent while pulling a number out of their ass really the best test to determine the right candidate? There are good consultants out there, but there are also the horror stories.
    • smallnamespace 10y ago
      For better or worse, consultants are often paid by clients for sounding like the smartest person in the room. Bullshitting convincingly is very much part of the job. Anyway, if the technique is good enough for Fermi [1] or Drake [2], what's the problem? [1] https://en.wikipedia.org/wiki/Fermi_problem https://en.wikipedia.org/wiki/Fermi_problem [2] https://en.wikipedia.org/wiki/Drake_equation https://en.wikipedia.org/wiki/Drake_equation
      • Klinky 10y ago
        Fermi questions can be polarizing, especially for precision/accuracy focused individuals. Beware. Drake equation has its criticisms, and ET has yet to phone home.