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Who Are Your Customers?

Find out by researching your market.

This story appears in the August 1997 issue of Business Start-Ups magazine.

The most successful businesses flourish not only because they provide innovative products or services, but also because they fill a specific niche in the marketplace. As an entrepreneur, it's essential to learn as much as you can about your market and your product's potential consumers before launching your new business.

You need to know your market inside and out to develop an effective product or service people will pay good money for. Is your business idea something enough people want or need? Who are your likely customers, and how much will they be willing to pay? Who are your main competitors, and how many are there? Discovering the answers to these and related questions will require conducting some market research of your own.

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