I have learned that there is a lot to consider in planning a business such as finding a unique business idea, identifying the market, considering competitors, analyzing the business, developing financial the strategy, promoting the product and developing management skills. The first step to be taken in proposing a business plan is thinking about a business idea that is unique but will definitely appeal to a lot of potential customers. The process seemed so easy but when my group mates and I started thinking about it, we found it was quite difficult. There were a lot of ideas that were suggested but most have been easily disregarded. I realized that one has to really spend much time thinking about what could become his own benchmark. Research has been essential in this step because we learned that we have to know the interests of potential customers for us to have an idea about what they will possibly buy. Through the process, we found out that most of our ideas already exist and that makes the task more difficult. Competitors also abound. With their businesses already established, beginning a business which has no creative innovations would definitely put us in a bad business. Therefore, we have to look into the services which could be offered for TJX. . Challenges of Starting a Business.
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