Sally lives in a town in the middle of Pennsylvania (pop. 35,000). She has been a house painter for ten years. She is interested in now opening a hardware store like her grandfather owned from 1948 to 1970 in which paint would be one of the items sold along with tools, home goods, garden supplies, electronic and plumbing supplies and all the other items traditionally found in hardware stores. Home Depot is the nearest store selling hardware and it is a 40 minute drive away though some items can be obtained in the local Walgreens and the local supermarket."

1. What analytical process should Sally go through to determine if this is a good idea for a new business venture?

2. Apply the process to the scenario and state whether you think Sally should open the hardware store and your reasoning.