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Part of developing any business idea into a successful company is understanding the addressable market for it. The best ideas often have clear answers to the following questions: Who is the most likely to purchase from you with the least amount of convincing? Who’s already spending money on products like this and what are their defining qualities? To develop a deeper understand of who your business idea can serve, you can: 1.Use technology to conduct a competitive analysis of other businesses in the same space. This is the process of identifying and evaluating other companies providing similar solutions to your…
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You probably have a business idea or three rattling around in the back of your mind. Whether it’s monetizing a jewelry-making hobby or selling to a growing niche market, if you’re reading this, you’ve probably flirted with the idea of starting your own full-time business venture or side hustle. What’s often missing in the early stages of successful business development is the confidence that comes with knowing you have a great business idea—a solution that capitalizes on market conditions and will generate sustainable income. If you’re not fully sold on your business idea yet (or just have too many ideas…
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