3. Utilize search engines. Do not stop with one engine. Search under the names of competitors, products, etc.

4. Network. Talk with people in the industry, organize your thoughts and have key questions in mind when you interact. Ask them whom else you should contact.

5. Search government Web sites.

6. Study consultant reports. Most of these reports require a subscription, but you may be able to gain access by contacting the consultancy directly or through someone who is a paying subscriber. Search under "white papers" on the Internet for hundreds of reports addressing various topics.

7. Become familiar with newsgroups and online media sources.

8. Study public companies in your market. Data on markets and customers is sometimes more transparent in the public markets than in privately held companies.

Along these lines, we can all learn a lesson from sports teams. Coaches and players spend days and sometimes weeks in preparation for a competitive match. The competition's strengths and weaknesses are assessed, strategies are developed to win, and contingencies are rehearsed should events turn in the wrong direction.

If entrepreneurs would focus with the same intensity on their competition, far fewer companies would fail in the marketplace. Time to market would be shortened and the amount of money wasted on missteps in the market would be reduced.

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Gary Williams is affiliated with the BYU Center for Entrepreneurship. He can be reached via e-mail at cfe@byu.edu.