What information do you need before you can decide which type of business might be the most successful?

What information do you need before you can decide which type of business might be the most successful?
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Before I can choose a business, I need to know how much competition there is in my community. For example, if competition for outdoor footwear is high, the coffee shop might be the better choice. I also need to know which business has factors of production that are possible for me to meet. For example, how many employees would I need for each business?
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