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Top 10 Things You Need to Know

Here are 10 questions every entrepreneur should be able to answer.

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1. Who are my competitors?

2. What are their financial resources?

3. How do they market their products or services?

4. How many employees do they have?

5. Where are they located?

6. How do they treat their customers?

7. What are their pricing strategies?

8. What are their main strengths, and can I meet--or exceed--them?

9. What are their biggest weaknesses, and how can I do better?

10. How will they react to my entry into their territory?

Excerpted fromGet Smart: 365 Tips To Boost Your Entrepreneurial IQ