1. Select a suitable business idea (Product), state reasons behind your choice and explain why you think this business idea will work.
2. Select a suitable name for your business, explain why you have chosen that name and the impact you think it might have on your business.
3. Select a suitable location for your business; explain the reasons behind your choice of location and the impact it might have on your business.
4. Describe the legal status of your business and explain its implications for your business in terms of the advantages and disadvantages.
5. Identify and describe the main short- term and long-term objectives of your business. Explain why it is important to set these objectives and how easy or difficult it may be for your business to achieve these objectives.
6. Identify and describe all the stakeholders of your business. Explain the benefits and some of the potential problems these stakeholders may generate for your business.
7. Research the market for your business by undertaking:
Secondary research to identify and explain all the key features of the market such as size, growth, trends, consumer profiles and competitors’ profiles. Give the reasons for this market research and explain how you intend to use the findings for your business set- up.
Primary research such as questionnaires to collect essential information from your target market (potential customers) about your product. You must justify the choice of your research method, analyse the information collected and use your conclusions to justify your decisions on price, promotion and others.
TASK B - BUSINESS ACTIVITIES
1. Identify and describe all the resources (physical, human and financial) that your business will
