Researching and understanding potential opportunities and threats is crucial when starting a business because it enables informed decision-making and strategic planning. By identifying opportunities, you can capitalize on market gaps and trends, positioning your business for growth and success. Conversely, understanding threats allows you to anticipate challenges and develop contingency plans, minimizing risks and enhancing resilience. This comprehensive knowledge ensures you are well-prepared, competitive, and adaptive in a dynamic business environment, ultimately increasing your chances of success.