1. What is the need to analyse the reasons for going into business?

Many of us start our own business due to the following reasons

Good business idea

Favourable market

To be your own boss 

2. What is the importance of research and development on your business ideas?

Research and development will help your business in the following ways:

Developing your business idea into a commercial product or service.

Establish whether there is a market for your product or service.

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3. How to organise your business take off?

Compile a personalised list of starting-up tasks and access resources to help you complete each one.

Business name

A bank

Finance 

Tax & record keeping 

Premises 

Working 

People 

Insurance 

Promotion

4. How to safeguard your business when starting up?

Launching a business involves risk. Businesses are vulnerable to failures during initial years. Most of the failures are due to the following mistakes.

The mistakes are mainly:

No market research

Lack of efficient planning

Cannot foresee competition

Competition

Lack of controls

Wrong people