As per my own observation, the type of business, location, those target audience, while they can be important to consider in building a business, but the most crucial thing to consider first is that if you have a sufficient amount of capital that you will use to make your business comes into possibility.
Money is the most essential thing, that’s why those who don’t have enough amount of funds have been delaying their business, while those who have prepared good amount can easily start setting up their business.
Exactly. I think we can't ignore the fact that capital is the most important factor when starting a business. No matter how good your planning, strategy, and target market are, none of it will work without capital. However, of course, someone must have or prepare all of the above if they want to start a business.
So, it could be said that even if you have a lot of money to start a business, if you don't prepare other aspects like market research, strategy, and planning, you'll still end up wasting money and time. This is not uncommon; many business owners end up like this. So, the point is, everything must be prepared thoroughly.