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Many newcomers to the business world may assume that starting a new business is necessarily linked to an invention. And although this may play an important part in some pioneering companies, most business concepts are in fact all about tweaking existing ideas—or finding new ways to do old things.
For example, a company selling a Web-based customer service monitoring tool is simply improving on the long-accepted premise that successful businesses have to keep an eye on their customers’ needs.
However, finding the right niche, based on what you do best and the potential market situation, demands both careful planning and research. Even the best products may not necessarily find buyers because markets change and customers are fickle.
There are no clear recipes for starting a new business, but here are a few guidelines that can help you get going in the right direction:
Look for windows of opportunity
Find your market niche
Present your idea with a strong business plan
Get yourself a mentor
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