- Market Research: Conducting thorough market research to understand the target audience, competition, and industry trends. - Business Planning: Developing a robust business plan that outlines the business model, revenue streams, marketing strategies, and financial projections. - Prototyping and Testing: Creating a prototype of the product or service and testing it in the market to gather feedback and make necessary adjustments. - Networking: Building a network of industry contacts, mentors, and potential investors to provide support and resources. - Marketing and Sales: Implementing marketing and sales strategies to attract and retain customers. - Financial Management: Managing finances effectively, including budgeting, accounting, and securing funding if needed.