Answer to Question #193158 in Management for kiran

Question

Justify the business idea linking it to the chosen destination and providing research evidence of why it will be successful there

Identify an appropriate form for you proposed business considering the local legislation and market conditions

Identify the potential barriers that it might face and discuss the business relationships that may help you overcome these barriers

Answer 1

Answer

After developing a business idea such as establishing a fast-food, I would conduct market research regularly to ensure my business enjoys longevity. Although market research should not be underestimated, it would help understand the target market, identify customer problems and pinpoint realistic competitors. Therefore, this would be the simplest way for my business to keep up with market trends and maintain a competitive edge.

When launching the business idea, I would make sure the business complies with all legal obligations, including financial regulations, tax obligations, and employment laws. Therefore, complying with legal responsibilities would enable my business to get back focusing on its growth.

Potential barriers such as start-up capital, technical knowledge base, and educating the market concerning the foodstuffs should be overcomed to success by assessing the situation, consulting experts, considering alternatives, and taking action.