“Who is the competition? Who else is doing this?  The worst rookie mistake in the world is to answer: No one.  There is always a competitor.”

If you think someone hasn’t already thought up what you think is an original idea, think again.  Another business may copy your idea, or compete with you for customers and market share.  They may have some single element of your business model that will edge yours out; to prevent this from happening, first you have to figure out what this is.

Gregg Fairbrothers, Director of the Dartmouth Entrepreneurial Network, tells Fast Company that one of the keys of starting up your own business – taking it From Idea to Success – is to spend time investigating your competition, their strengths and weaknesses, and how your business will distinguish itself against yours.  Once you begin your due diligence, your business plan will sharpen and the opportunities for failure wil diminish.

Learn More about how to find the pack and what you can do to pull away from the competition.