What was the outcome? As much as 90% businesses started by entrepreneurs and small business went busted or failed within a year. I experienced one of the many busts few years ago (with my cafe business) because i don't really have a proper and "the few solid sheets" called a marketing plan.
Strategic analysis: consists in continuous scanning of the macro_ and micro_environment. The accent should fall on the consumers' needs that change very rapidly in the online market, as well as on surveying the competitors' actions and evaluating the opportunities offered by new technologies.