Market research

My data-driven advice for getting rich for someone with good analytical skills and deep experience in a field is to start a market research business. Use your specialized knowledge in the field to write up reports; sell them widely and charge a fortune to your contacts in the field. I have estimated that more than 10 percent of owners of market research businesses are in the top 0.1 percent.

from this NY Times op-ed, “The Rich Are Not Who We Think They Are,” by Seth Stephens-Davidowitz.

Intrigued, I Googled “how to start a market research business” and found:

There are a number of market researchers out there fighting for the same business you are. Consider your own business the firm’s first client. What does your target audience respond most to? Build a marketing strategy around that. Highlight your strengths through the use of existing contacts, networking, and cold calling. Get involved by attending conferences. Offer to speak at a conference or become a committee member.

Bold is mine, that’s brilliant. It does sound like a lot of work though. But, Stephens-Davidowitz tells us:

A study of thousands of millionaires led by researchers at Harvard Business School did find a gain in happiness that kicks in when people’s net worth rises above $8 million. But the effect was small: A net worth of $8 million offers a boost of happiness that is roughly half as large as the happiness boost from being married.

That sounds good?