ChatGPT Prompt: I am considering starting a new business and am trying to determine if targeting a niche market would be advantageous. Could you explain the advantages of a niche market for a startup business, including reduced competition, targeted marketing, and potential for higher profits? It would also be helpful to understand how to identify a profitable niche market, including analysis of customer needs and market demand. Additionally, what are some potential challenges or drawbacks to targeting a niche market, such as limited scalability and potential market saturation?