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Strategic Plan
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Manager; Business Advisor; Owners; Peers; Accountant; Lawyer; Banker; Government Agency; Information Services
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Phase 1 - Strategic Plan
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Manager; Business Advisor; Owners; Peers; Accountant
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Self-Assessment
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Manager; Business Advisor
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Define business vision
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Manager
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Identify available skills, information and support
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Business Advisor; Manager
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Identify available skills, information and support
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Decide whether to proceed
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Manager
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Decide whether to proceed
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Define the Opportunity
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Business Advisor; Owners; Peers; Accountant
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Research the market and competition
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Business Advisor
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Research the market and competition
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Interview owners of similar businesses
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Owners
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Interview owners of similar businesses
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Identify needed resources
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Business Advisor; Peers
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Identify needed resources
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Identify operating cost elements
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Accountant
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Identify operating cost elements
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Evaluate Business Approach
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Evaluate Business Approach
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Manager
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Define new entity requirements
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Manager
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Define new entity requirements
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Identify on-going business purchase opportunities
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Manager
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Identify on-going business purchase opportunities
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Research franchise possibilities
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Manager
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Research franchise possibilities
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Summarize business approach
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Manager
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Summarize business approach
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Evaluate Potential Risks and Rewards
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Evaluate Potential Risks and Rewards
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Business Advisor; Manager
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Assess market size and stability
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Business Advisor
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Assess market size and stability
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Estimate the competition
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Business Advisor
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Assess needed resource availability
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Business Advisor
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Assess needed resource availability
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Evaluate realistic initial market share
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Business Advisor
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Evaluate realistic initial market share
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Determine financial requirements
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Business Advisor
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Determine financial requirements
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Review personal suitability
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Manager
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Review personal suitability
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Evaluate initial profitability
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Manager
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Evaluate initial profitability
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Review and modify the strategic plan
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Confirm decision to proceed
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Phase 2 - Define the Business Opportunity
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Phase 2 - Define the Business Opportunity
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Business Advisor; Manager; Accountant; Peers; Lawyer
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Define the Market
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Business Advisor
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Access available information
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Business Advisor
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Access available information
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Create market analysis plan
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Business Advisor
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Create market analysis plan
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Implement market analysis plan
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Business Advisor
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Implement market analysis plan
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Identify competition
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Business Advisor
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Summarize the market
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Business Advisor
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Identify target market niche
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Business Advisor
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Identify target market niche
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Identify Needed Materials and Supplies
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Identify Needed Materials and Supplies
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Manager
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Select a business approach (from "Evaluate Business Approach" above)
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Manager
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Select a business approach (from "Evaluate Business Approach" above)
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Identify management staff resources
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Manager
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Identify management staff resources
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Identify staffing requirements
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Manager
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Identify staffing requirements
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Identify needed raw materials
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Manager
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Identify needed raw materials
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Identify needed utilities
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Manager
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Identify needed utilities
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Summarize operating expenses and financial projections
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Manager
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Summarize operating expenses and financial projections
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Evaluate Potential Risks and Rewards
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Evaluate Potential Risks and Rewards
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Manager; Accountant
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Assess market size and stability
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Manager
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Assess market size and stability
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Assess needed resources availability
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Manager
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Assess needed resources availability
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Forecast financial returns
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Accountant
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Forecast financial returns
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Review and modify the business opportunity
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Confirm decision to proceed
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Business Advisor; Peers; Lawyer; Accountant
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Confirm decision to proceed
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Phase 3 - Plan for Action
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Phase 3 - Plan for Action
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Business Advisor; Accountant
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Develop Detailed 5-Year Business Plan
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Develop Detailed 5-Year Business Plan
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Business Advisor; Accountant
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Describe the vision and opportunity
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Business Advisor
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Describe the vision and opportunity
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List assumptions
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Business Advisor
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Describe the market
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Business Advisor
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Describe the new business
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Business Advisor
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Describe the new business
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Describe strengths, weaknesses, assets and threats
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Business Advisor
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Describe strengths, weaknesses, assets and threats
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Estimate sales volume during startup period
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Business Advisor; Accountant
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Estimate sales volume during startup period
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Forecast operating costs
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Business Advisor; Accountant
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Establish pricing strategy
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Business Advisor
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Establish pricing strategy
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Forecast revenue
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Business Advisor
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Summarize pro-forma financial statement
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Business Advisor
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Summarize pro-forma financial statement
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Develop break-even analysis
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Business Advisor
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Develop break-even analysis
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Develop cash-flow projection
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Business Advisor
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Develop cash-flow projection
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Identify licensing and permitting requirements
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Business Advisor
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Identify licensing and permitting requirements
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Develop startup plan
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Business Advisor
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Develop sales and marketing strategy
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Business Advisor
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Develop sales and marketing strategy
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Develop distribution structure
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Business Advisor
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Develop distribution structure
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Describe risks and opportunities
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Business Advisor
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Describe risks and opportunities
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Publish the business plan
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Business Advisor
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Publish the business plan
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Confirm decision to proceed
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Business Advisor
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Confirm decision to proceed
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Phase 4 - Proceed With Startup Plan
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Phase 4 - Proceed With Startup Plan
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Lawyer; Banker; Accountant; Manager; Government Agency; Business Advisor; Information Services
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Establish Business Structure
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Establish Business Structure
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Lawyer; Banker; Accountant; Manager; Government Agency; Business Advisor
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Identify implications
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Lawyer
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Research name availability
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Lawyer
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Research name availability
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Establish accounts
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Banker
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Establish line of credit
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Banker
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Choose legal representation
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Lawyer
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Choose legal representation
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Select business tax-basis category
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Lawyer; Accountant
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Select business tax-basis category
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Choose capital funding source
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Manager
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Choose capital funding source
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Commit capital funding
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Manager
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Establish the Operating Control Base
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Establish the Operating Control Base
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Accountant; Lawyer; Government Agency; Business Advisor
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Choose and set up the accounting system
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Accountant
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Choose and set up the accounting system
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Obtain required licenses and permits
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Lawyer; Government Agency
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Obtain required licenses and permits
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Obtain needed insurance
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Accountant
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Establish security plan
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Business Advisor; Lawyer
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Develop Marketing Program
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Develop Marketing Program
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Business Advisor; Lawyer
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Establish an advertising program
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Business Advisor
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