Micro knowledge

Understanding your business competitors is a must in order to increase your chances of owning a successful/micro business. What current position do the currently have in the market. Are they considered at the top or somewhere else. I would also look at how your product versus their product form a similarity to a difference's standpoint. Make an attempt to monitor what your business competitors are doing. Especially something they are doing in the market towards introducing a new service or product.

Key Takeaway

1. Conduct a thorough research on your competition in reference to their business strengths and weaknesses?
2. How can you take advantage of your competition's weaknesses?
3. Setup a schedule to monitor your competition and their market moves.