When strategizing or laying the groundwork for your new/existing business, it is easy to think you know all there is to know already. After all, you’ve been nurturing this idea and working on it for a while.

However, so much experience or money will not be enough to remain relevant as a business. The most successful people in business don’t know and understand just their product, but also the market in which they are playing.

If you don’t understudy your market and competition, then your venture has already failed before you even breathe life into it. Here are three reasons why you should totally study your competitors:

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Like an apprentice learns from a teacher, you can study your competition so that you will be able to avoid the pitfalls they’ve dealt with and other stuff that has probably cost them money and market share. Happy hunting!