1) Explore the market: In the case of a new company in need of idea for the creation of a product/service the best step is to explore the market, find out what the customers needs, what the market is lacking or what product/service which could be improved upon when created.
Whereas if the new company has an idea of a product, the organization needs to check it's competitors in the market, how will the customers be satisfied with their product, if there is need for improvement, how to advertise the product.
2) Getting resources: After exploration of the market the company needs resources to bring the product to light. The resources could be in form of capital, machinery, workforce, point of operation etc. Getting the resources could be a little difficult if the business owner is not wealthy or doesn't get support but there are ways to put through.
For instance through Sponsors, this would require the business owner to convince the sponsors of their credibility and that of the product, and what they stand to benefit from their contributions. The sponsors could be private individuals or an organizations.
3) Organizational process: This is the plan on how the business activities are going to be run. It is the workforce, their positions and duties in the company. It is the planning and arrangement of the operations of the company so that it would be successful and effective.
4) Designing the product: The design of the product is what differentiates it from other product as well as attract customers/public to the product. The design of the product also at times carry the uniqueness of the product to others. It says what the product have more when compared to other product.
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