In 50 Tips for Starting Your Own Company, John Rampton runs through a thorough checklist that entrepreneurs must review. One of the first steps involves developing an idea you're passionate about. Rampton warns: "Don’t just start a business because something is in vogue and you think commercializing it will make money."

But passion isn't enough. One must identify their market not just by knowing potential customers but by also understanding existing competition. In this Google Hangout, Rampton discusses the importance of identifying your market and performing a competitive assessment. 

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