• It's what your business will do.
• Can be simple like house-cleaning or fancy like manufacturing.
• Real-world example: Imagine you noticed everyone in your town loves spicy food but there's no spicy chip shop. Boom! Your business idea could be a spicy chip shop. 🌶️🍟

• Market-Driven: The market tells you what they want!
• Product/Service-Driven: You have to convince people they need what you offer.

• Where's the business location? 🏢
• What's the cool business name? 🤔
• Legal stuff: What type of business? (e.g., Corporation, sole trader) ⚖️
• How will the biz operate day-to-day?
• Got the essentials? (Suppliers, customers, government services) 📋

• Dive into Market Research! Find out what makes your biz special.
• Real-world example: Say you want to start a grocery. Research might show too many general stores. But maybe there's a gap for a grocery specializing in... unicorn-themed snacks! 🦄

• Addresses ALL things before starting.
• Helps potential partners, investors, and banks believe in you. 💰

• Every country has rules for businesses: registration, licenses, taxes, etc.
• Know the laws to avoid surprises (and fines)!
• Real-world example: You can't just bake cookies at home and sell them everywhere without checking health regulations and getting a business license.

• Find funds to start the biz.
• Might be from your savings, or you might need investors.
• Real-world example: Imagine pitching your unicorn snack idea to an investor like on the TV show, "Shark Tank". Will they bite?

• Launching is the final step but test first!
• Start small, see the reaction.
• Adjust based on feedback.
• Real-world example: Before opening a big restaurant, maybe start with a small pop-up stall or food truck to see what dishes people love the most

Remember! Starting a business is thrilling but risky. Statistics say many new businesses fail. But with the right idea, research, planning, and flexibility, you increase your chance of success. 🚀

Study tip: Always connect these steps with real-life businesses or your own mock business ideas to better understand and remember.

Happy studying! 🌟