Gathering Information and Analyzing the Business Environment

The stage of gathering information and analyzing the business environment will give you the initial answers to the following questions:What is the scope of your business? In what areas is your business active?Who are your potential customers? How can you attract them (or more of them)?Is there a need for your proposed product or service, and if so, how pressing is that need?What is the total market potential for your product or service?What is the financial potential for your business?What different submarkets or segments can you identify?How competitive is your market, and how will your product or service be positioned to contend with competitors?How does the technology of your product or service compare to the existing technology and to future innovations that your competitors might introduce?What is the financial environment to be considered?What is the legal and/or patent environment to be considered?What is the environmental impact of your business?What is the social contribution of your business?On the basis of the answers to these questions, you will have a better understanding of the opportunities and risks, and be able to make the critical Go or No-Go decision…