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Most people think that because someone owns a business, that person actually knows the business.
From my experience with thousands of entrepreneurs, I know that in all too many cases, this couldn't be farther from the truth. Understanding your own business and its place in your market is crucial. An important point to remember is that in order to do this, you have to know the type of race you're in as well as your place in the race. Be sure, when you conduct your research, that you relate everything you learn back to your operations. As easy as this all-important question may seem, many businesses cannot answer it.