Entrepreneurship and Small Business Management

Section 2: Industry and Market Analysis

Section 6.2 Summary
An entrepreneur must learn about the industry and study the market to create a product or service that people want. Industry research identifies your product's sales potential and your competition. Barriers to entry keep new business from either entering or succeeding in an industry. Research your competitors to determine your own competitive advantage and your ability to capture market share from other companies in the field. A customer profile increases an entrepreneur's chances for success.

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