The following 10 tips can help
you succeed:
1. Conduct research to
uncover evidence of a feasible target market. If there is no
target market for your business idea, no one will buy your
product or service. Conversely, if you under estimate the
size of your target market, you may miss out on important
opportunities.
2. Your business idea must
satisfy a need within the target market. It must do this at
a price that the target customer is willing to pay. You need
to be customer focused and you must be able to answer the
question, "what is in it for the customer?"
3. You need to perform a
thorough analysis of the business environment to expose
potential threats and opportunities for your business. You
need to evaluate economic, legal, cultural, political and
technological factors that can impact your business.
Companies may not have control over the external environment
but they can construct contingency plans to deal with the
impact the environment on the business