When competition is ignored, a business is usually doomed. By the time a competitor is recognized, it is likely too late. Then the new business is forced to compete and often resorts to cutting price. This is the worst thing to do. By cutting price, the business must endure competition and do it with a lower margin.
Successful businesses know the competition, make themselves different and deliver more value.
Why a person is willing to gamble his or her whole life s assets on a business and won t spend a few hundred dollars to get competent professional advice is beyond reason. If bankruptcy occurs, the lawyer and accountant will have to be paid anyway. Pay them first. It s cheaper. In every profession, there is an internship that must be served to succeed.