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Sandi can


Sandi can

Signed up August 22, 2022

Is there a sizable niche market for your idea?

Your plan may be unsuccessful if there isn't a sufficient market. You must determine whether there is a niche market for your concept. It is more likely to succeed If your business is able to improve upon the existing market and is a unique solution to a need that is recognized.

How do you determine whether a particular business area is, in fact, an actual market? It's a mixture of "research, gut instinct and personal preference," according to Ari S. Goldberg, the founder and chairman of the investment firm RNMKR. "I take into account the general trends in the industry and the level of investment activity that has taken place in recent times, the amount of information I've read on it from a consumer's perspective as well as whether I've heard anyone discussing it," Goldberg explained.

Are you enthusiastic enough to pursue your business idea?

Your venture will take up the entirety of your time, therefore make sure you're enthusiastic about it to make it successful. It is essential to be committed to your business idea, not only choose it because it seems lucrative.

"Starting your own business requires an enormous amount of energy, time and patience. Ideally, the concept must be something that you are passionate about as well as one that you've worked on before," stated Melissa Bradley, Project 500's managing director and professor at Georgetown University's McDonough School of Business.


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