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Assess your competition. Understanding your competition is an essential component to understanding any business environment. Whatever the business you are looking to establish, you will always have competition in varying degrees. Perhaps you want to open a restaurant in an area that is already saturated with eateries; you then need to think about what is the unique selling point of your restaurant. Or maybe you have found a niche in the market, why is that? In order to make your business a success you should look to your competitors to see how they are managing their business or areas where they could improve. You also need to assess whether you can compete effectively with the existing businesses and how you plan to do so.

Management by objectives (MBO) is a process of agreeing upon objectives (as can be detailed within business plans) within an organization so that management and employees agree to the objectives and understand what they are in the organization.

Products and services-You should list down all your products or service offerings and highlight how it is different from your competitors, its basic features and advantages and in what way it will benefit your customers.

A business plan is the utmost requirement for securing your financial needs. There is a pattern for writing a good business plan which one should follow to get success. The major components of a business plan are as follows:

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