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Market research objectives

Small business entrepreneurs often face a lot of questions such as who would become our customers, what product features are important, how much customers would be willing to pay for a new product or service. To address these questions you may decide to organise a whiteboard session to leverage expertise of your cross-functional team and brainstorm business activities required to develop and grow new lines of business. The result of this session may be various mind maps and flowcharts. However, there would likely be a number of assumptions requiring validation. You may make predictions about your customer demographics, about product…

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Purchasing Established Business

Purchasing an established business can reduce startup costs, help avoiding the long lead times involved in launching an enterprise and building a customer base. Established businesses also may have existing good will such as reputation that will reduce the risk of business failure. The decision to buy a business requires careful commercial evaluation including options for financing your purchase. As a buyer you need to recognize whether you have the right experience and management skills, whether the business is in a desirable location and how much you are willing to invest. You should also perform own due diligence as many…

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