Starting A New Business...
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1. What is the need to analyse the reasons for going into business?
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Many of us start our own business due to the following reasons:
- Good business idea
- Favourable market
- To be your own boss
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2. What is the importance of research and development on your business ideas?
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Research and development will help your business in the following ways:
- Developing your business idea into a commercial product or service.
- Establish whether there is a market for your product or service.
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3. How to organise your business take off?
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Compile a personalised list of starting-up tasks and access resources to help you complete each one.
- Business name
- A bank
- Finance
- Tax & record keeping
- Premises
- Working
- People
- Insurance
- Promotion
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4. How to safeguard your business when starting up?
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- Launching a business involves risk. Businesses are vulnerable to failures during initial years.
- Most of the failures are due to the following mistakes. The mistakes are mainly:
- No market research
- Lack of efficient planning
- Cannot foresee competition
- Competition
- Lack of controls
- Wrong people
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