This document provides guidance on defining a target market and conducting market research for a new business venture. It recommends researching market segments, trends, customers, competitors and distribution channels to select an optimal target market based on ease of sales, profit potential and purchase frequency. Several research resources are listed, including online sources, libraries and industry associations. Action steps include conducting a competitor SWOT analysis, drafting a initial marketing plan, and refining vision and pitch statements in preparation for launching a new business.

1. FastTrac ® TechVenture tm 2_A

8. Is your business concept going to meet your personal or professional needs? Are the advantages of running your own business worth the trade-offs?