Well, you need to have some product before you can "target audience"...

The target audience is important, but it's not the only thing that matters when starting a business.. the smarter you are, the more factors you will consider before making your move.

You need a solid product or service first, and then you can think about who it's really for. Every business is different, so I guess the key is to look at the bigger picture and not get stuck on just one detail...