In this lesson, you started by reviewing customer demand before choosing a business.What microeconomic factors point to the fact that your business should be successful? Be sure to provide evidence for your claim.

Answer:

Market research and consumer surveys indicate a high demand for custom outdoor shoe equipment in my area. Microeconomic factors such as consumer willingness and ability to pay, a high standard of living, and low existing competition for specialized footwear point to the success of The Shoe Hut. Unlike the coffee shop market, which is saturated and requires more capital, the shoe business addresses an unmet need with lower relative risk.