Many small business are successfully started from scratch. It is our purpose to examine the justification of starting a new business in a given location, and that the proposed business venture is sound. A genuine business opportunity may be defined as a need for the proposed good or service in sufficient volume at a high enough price and low enough cost to operate at a profit. This definition requires elaboration. The term “need” must be broadly interpreted to include existing wants and those that can be developed with resources available to the enterpriser. We know that most purchases are made to satisfy wants in contrast to basic needs, and that the buying public is often slow to accept some innovations even though considerable additional benefit would result from doing so.
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