6-The process of starting up a business

Question 1

What are the common features for all the startups

Answer 1

The business idea
Planning

Question 2

What is the process of starting a business

Answer 2

organizing the basics
Researching the market
planning the business
establishing legal requirements
raising the finance
testing the market

Question 3

what does organizing the basics include

Answer 3

name of business
location
legal structure
operational structure
Suppliers/ potential customers/ government services

Question 4

What does market research include

Answer 4

market research is carried to determine;
the targeted market segment
a unique selling point

Question 5

What does planning the business include

Answer 5

Business plan to be carried out that shows how the business is operate
it will mainly be you be used by potential owners (partners and shareholders) and financial institutions (bank and Lending companies)

Question 6

What does Establishing legal requirements include

Answer 6

legal labor
operational practices
tax obligations and requirements
company organization/registration

Question 7

 What does testing in the market include

Answer 7

begin on small scale
test Customer reaction