Understanding of the product :
Vague understandings of the true nature of your products will always lead the company to a disaster. One should know even the intricate details of their product even in their sleep. Such detailed understanding is very much essential. You have to understand the strength of your product, the unique feature of it, the kinds of people it would gain attention among, the positives, the negatives, just everything. When all this is perfectly studied your process becomes a bit smooth. It’s like knowing the recipe of a delicacy, if you don’t know it you are never going to make a delicious end product.
Pre-analysis of market competition:
As much as knowing your product inside out you should also be aware of the market conditions as the competition in any field is really huge in modern times. When this is done you will be able to get a clear idea on where the other players have succeeded, where do they lack and how can you attract people by rectifying them. It also helps you think creatively on how you can provide a fresh experience to your customer through your product.
Future of the product :
Long distance vision is a must when one is jumping in to business. You have to look things through a telescope. You should have a clear idea on the survival of your product/service. It will help you devise plans accordingly. Innovation always comes from having a great vision for the future.
Financial status & risk:
The common thing which people do is to spend their money on things that would never help their business growth. The most common thing than that is when they never spend at all, afraid of taking risk. Proper money management is required. Once you have done the analysis you would have a clear-cut idea on how much you are going to need and the areas where you should spend on. Investing wisely and investing on the right departments will always make u a winner.