Reasons for starting an own business. What we expect out of the Business How good we are or what our skill sets are. Business Objectives. What are the advantages and disadvantages of owning a Business. The Level of dedication and Commitment required. The Business is likely to succeed only if there is a good match between the idea, skills and abilities, interests and motivations. We have to conduct a Market research on our Business idea. This is done to ensure that our Business idea is feasible. We have to find out whether our Product or Service is actually required by the customers. We should also enlist our competitors and their strengths and weaknesses. We have to consider the following factors: What is the Product or Service provided? Is the idea feasible, that is, whether it is worth selling that product or providing that Service? How can we protect our Business Venture? Does the market actually require your product or service? Who are your competitors How does our product or service differ from theirs? What is our Financial Position? Can we afford the Business?
Business Planning should also be done before Marketing so as to ensure our Business is profitable.
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