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You need to
clearly define the business you intend to set up. This will enable
you to remain focused on your core business. A clear definition
of your core business is necessary to identify your market, your
customers, your competitors etc.
Experience and research shows that you need to have knowledge and
expertise in the area of business you are entering. It is unlikely
you would consider a software development business if you have limited
computer knowledge.
To assist your thought process define your business idea by preparing
detailed answers to the following questions:
• What exact product or service do you intend supplying?
• How will you supply product?
• Will you supply it yourself or through partners, employees
or distributors?
• Will you manufacture, assemble, distribute or provide a service?
• Should you consider a franchise?
• Should you purchase an existing business or start a new one?
Reflect on your answers and use them to create a precise definition
of your new business idea.
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