Promoters have several critical responsibilities, including:
1. Ideation and Research: Conceiving the business idea and conducting market research to evaluate its feasibility. 2. Assembling Resources: Gathering the necessary resources such as capital, talent, and technology. 3. Legal Formalities: Taking care of the legal structure of the business, including registration and compliance with regulations. 4. Networking: Building relationships with potential investors, customers, and other stakeholders. 5. Business Planning: Developing a comprehensive business plan that outlines the strategy, goals, and operational details of the venture.