Suss out the need for your potential online business
Conduct market and consumer research to determine what’s needed.
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It’s important for aspiring founders to ensure that the product or service is needed in the marketplace, said Cynthia Franklin, an entrepreneurship professor at New York University.
When deciding what type of business to start, “looking at where societal forces are heading and seeing if you can get ahead of the trend” is a good start, she said.
“Start with scratching your own itch,” Franklin suggests for aspiring online business owners. “Whatever you do, find something you care about because you’re going to need to put a lot of time and energy into making it succeed.”
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