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.
I agree with you, we must be able to map and plan. We must carefully plan what business we will build, map our targets, and also find a strategic location to support the business we will build.
Now, regarding capital, I think it's better to have a reserve fund after the initial investment we make. The goal is to anticipate if our business doesn't perform well at the start. It's difficult, but if we start with limited capital while we're still building, it will also be stressful.