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Task
1. What do you mean by sole proprietorship?
2. Write the advantage of Partnership.
3. Write about the disadvantages of corporations.
Steps for Starting a Business
Starting a business involves planning, making financial decisions, doing market research, and acquiring knowledge
in areas you never thought you would learn about before. If you are planning to start your own business, then you
should follow certain steps.
Step 1 Plan and finalise a business idea: This is a very important step where you make a choice of
starting your own business with your planned idea. This could be:
• Something you are interested in.
• Something related to your skilled learning.
• Something that the market requires.
Step 2 Plan and finalise your finances: Before you implement your business idea, you need to have a
clear picture of your financial status. You need to figure out how much money you’ll need to start
your business and let it survive for at least a year without profits. The money you are planning to
invest in business will be:
• Taken from your savings and personal assets.
• Borrowed from banks or any other financial company.
• Utilised from the profit of some other business.
Step 3 Choose your legal business structure: Here you decide whether you want to be a sole proprietor
or you wish to start a business in a partnership or you plan to start a Limited Liability Company.
After this, you finalise aspects like business name, tax details, employee details, etc.
Step 4 Finalise the business location: Here you finalize your business location based on the location
of your target market, business partners and your personal preferences. You plan to buy, rent,
or build the prime location. Factors like access to talents, network opportunities, business and
investor friendliness, low taxes, etc. play an important role in this.
Step 5 Build your team: Depending on the size of the business, the team needs to be built. Job roles to
be assigned, number of full time and part time employees required, different departments to be
created, etc. are the factors to be taken into account while building a team.
Step 6 Target the prospective customers: Through target advertising, surveying customers, customer
support services, etc., you can reach your customers. Through them you have a fair picture of
your customers' likes and dislikes and your improvement areas.
Step 7 Promote the business: This helps you to bring your business straight to potential customers. It
can be done through advertisements in TVs, radios, newspapers, Social Media, etc. If in case it is
a small scale business, then promotion is done through pamphlets in newspaper.
Step 8 Feedback in the long run: It is important to take feedback from the customers in the long run.
You can use the feedback to improve your product and reach out to a larger group for future
expansion of the business.
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