Too many businesses start up after having a great idea but failing to carry out any basic market research, which in many cases ends in tears when the business fails. Just because you think your business idea is the best idea since sliced bread does not mean that everyone else will share your passion.

Go out there and get cold, hard facts and figures, not just base your business on loose guesses.  This will then give you a competitive advantage when entering the market.  The more you can find out about how much demand there will be for your product or service, who is likely to buy it, what they will pay and what your competitors are doing the better chance you have of creating something successful.