Planning for Success - Business Opportunities

• Market Research - Collecting and analysing information about customers and the business opportunities available
• Location - a good location can make the difference between success and failure with a constant flow of people walking
• Demographic - population characteristics that affect customer spending, e.g age, ethnicity
• Competition - rivalry among businesses that try to supply the needs and wants of a market
• Target market - the group of customers to whom the business intends to sell its product to
• Startup - a young company funded by one or more entrepreneurs to develop products or service into the market within initial funding from the founders of their friends and family.
• Unicorn startup - a privately owned startup valued at one billion dollars