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June 20, 2013
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The most critical problems you will face in your early planning will be to find your niche and determine the feasibility of your idea. "Get into the right business at the right time" is very good advice but following that advice may be difficult. Many entrepreneurs plunge into a business venture so blinded by the dream that they fail to thoroughly evaluate its potential.
- What is your niche?
- Why is it unique?
- Does your product or service satisfy an unfilled need? Why?
- What benefits does your product or service provide? How do they differ from your competitors?
- Will your product or service serve an existing market?
- Do you know how fast this market is growing?
- Will your product or service serve a completely new market?
- Do you know when demand will be created?
- Will your product or service be competitive based on its quality, selection, price or location?
- Do you know your break-even point?
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