You are starting a company. Suppose funding isn't a problem (you can get $1 million in seed money and up to $10 million from venture capitalists). Describe your startup idea. Perform a 5-forces analysis of the industry you propose to enter. Remember: attractive industries are usually difficult to enter. The most successful startups create new industries with high entry barriers or stake out niches in existing industries that the others have missed. What is the projected growth rate of this niche/industry? Your goal is to find/create an industry or market niche that is relatively easy to penetrate but once entered, you can put up entry barriers and prevent others from entering and imitating your idea (refer to Warren Buffett's idea of an "economic moat.") You want to reduce future competition. Profits are an inverse of competition: the higher the competition, the lower the profits. How high is the competition in the industry/niche? Take this step seriously: it's hard to find an industry/niche that's both relatively easy to enter and can be closed off to future competition. Simply saying that you want to enter XYZ industry because it looks like you can (looks like a good idea; it's an industry you