Problem:
The business owner is not thoroughly educated about the business they are entering. Research in the industry should be done to understand all of the aspects of starting a business. The business owner should also seek out and develop contacts as well as attend trade shows and join trade associations within that industry. They must also develop a business model that can be tested with customers to determine its strengths and/or weaknesses and determine if there is a real and viable need for the products and/or services. Developing a business model is crucial to understand if it is likely to succeed. Also, discussing your business model with potential customers to gain their feedback to validate needs or gaps in the industry. Business owners often fail because they do not have a unique business offering-they are just like all the other businesses in their industry. The key for these business owners is to constantly research and adjust the products and services offered compared to the competition. It also helps if they have researched the businesses in the area that the company services to see how many companies they are competing against and determining if there is enough opportunity for growth in that community to sustain the business.
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