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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 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 ...

    Solution Summary

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