Gathering Business Intelligence When considering new business opportunities, you need knowledge about the competition. One of the things many new business owners fail to do is to gather business intelligence on their competitors, such as how many there are and what differentiates each of them.

You may find there are too many and that they would be tough competition for you. Or, you may find that there are few competitors and the ones who are out there offer very little value. Generate a new business idea you could launch on the Internet. Research the Internet to find similar business in the area you have chosen.

How many sites did you find that are offering the same products or services you are planning to offer? Did you come across any sites from another country that have a unique approach that you did not see on any of the sites in your own country? How would you use this information in pursuing your business idea?