What steps should I take to choose the right direction for my business?

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  • #83947
    petrderbikov
    Participant

    What steps should I take to choose the right direction for my business? I am also interested in how to conduct market research and assess the market potential to see if my idea will be successful. In addition, I would like to learn about the financial aspects of starting a business. Where do I start in terms of financing? What are the possibilities of getting financial support or a loan for a new business?

    #83970
    petrderbikov
    Participant

    So what?

    #83977
    jolik
    Participant

    Effective business management involves many aspects including strategic planning, marketing, financial analysis, operational management and human resource management. Business leaders must make decisions based on data analysis, risks and opportunities to ensure the stability and growth of the company.

    #83998
    Majed Abu Al-Faraj
    Participant

    I think the best step to take is conduct an external market analysis in order to assess the existing players that operate in your line in business, be it companies that are direct or indirect competitors. In addition, I would also look into their product / service offerings and try to learn more about their market positioning from a 4Ps perspective (price, product, place and promotion). In doing so, this should give you some better insights into how your business standout interns of your USP.

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