Eureka!  An idea is born. 
A solid business begins with a solid idea.  But since there is no such thing as a perfect business concept, one of your first jobs will be to uncover all of the negatives inherent in your concept.  Then you can begin to develop ways to overcome, or at least minimize, potential barriers to success.

As you begin to articulate your business concept, be sure that you can describe the unique functions of your product or service, including any innovative technology that is involved.  Describe your intended customer and specific benefits that the customer will receive.  Think about how your concept will be sold to customers.

Dig, dig, dig!
Now it’s time to do some serious research.  Simply put, you need to learn everything you possibly can about your intended customers and your competitors.

A good place to start is with a trade association that represents the field you are trying to enter.  Or you can contact the U.S. Department of Commerce, which will direct you to the appropriate agency for a wealth of information.

You also will need to gather detailed information about your target market within a specific geographic area.  The U.S. Census Bureau offers a tremendous amount of data online or you may want to seek help from the reference librarian at your local library.

An obvious source of information about your competitors is the Yellow Pages.  More data is available through online databases or from your reference librarian.  You should try to learn everything you can about your competitors by visiting their places of business, requesting information by mail or poring over their web sites.  You can never have too much information about your competitors.

Next, gather some prospective customers and others who might be involved in your business to develop a customer needs assessment.  Try as best you can to look at your business concept from your intended customer’s perspective.

Finally, be prepared to conduct, or hire someone to conduct, some primary research.  Well-designed customer surveys and/or focus groups will help you discover customer preferences and unmet needs in the marketplace.  Use what you learn to refine your business concept.