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Probability of Success in a Venture

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I need an explanation on what to do to better understand the market place and customers' needs in a specific market when a person begin examining the potential for starting a new business. What would you be looking for to determine the probability of success in that venture?

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This solution discusses the market place and customer needs in relation to starting a new business.

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This would be specific and based upon the exact nature of the business venture. As an example, if I was going to open daycare center in the middle of a certain town, I would want to have enough market research in that specific area to determine, based on a preliminary analysis, if my venture would be supported. I would want to analyze the basic demographics in the area. The main elements would include (1) the average age of the ...

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