Report information how to form a business

Conduct market research Market research will tell you if there’s an opportunity to turn your idea into a successful business.. Pick your business location Your business location is one o

HOCHIMINH CITY UNIVERSITY OF FOREIGN LANGUAGES AND INFORMATION TECHNOLOGY DEPARTMENT OF INTERNATIONAL BUSINESS ADMINISTRATION

REPORT INFORMATION

HOW TO FORM A BUSINESS

Student’s name: Nguyễn Hồng Đức - 22DH123613

Class: KQ2206

Course: 221141012213 NOVEMBER 5, 2022hcm

Instructor: Ngô Văn Bình

Table of Contents

Table of Contents 1

I What is a business? 3

II Step toward business collaboration 3

1 Conduct market research 3

2 Write your business plan 3

3 Fund your business 3

4 Pick your business location 3

5 Choose a business structure 4

6 Choose your business name 4

7 Register your business 4

8 Get federal and state tax IDs 4

9 Apply for licenses and permits 4

10 Open a business bank account 4

III An overview of the worldwide market research procedure 4

1 What is global market research? 5

2 Why is global market research important? 5

3 The challenges of global market research 5

a Cultural 5

b. Linguistic 6

c. Logistical 6

d. Legal 6

4 The right way to do global market research 6

a Learn as much as possible about the regions you’re targeting 6

b Design an effective research approach, rooted in your understanding of the market 6

c Collect the data and analyse the results, bringing cultural understanding to bear 7

d Looking to embark on a global market research project? 7

IV Factors that influence business success 8

1 Make a business objective 8

2 Understand Your Customer Needs 8

5 Be transparent with your team 9

6 Become a decisive leader 9

7 Learn to be patient 10

8 Keep business documents 10

9 Build strong business relationships 10

10 Be resilient 10

V Strategies for taking your company worldwide 11

VI Conclusion 11

VII Reference 12

I What is a business?

A business is a company or organization that engages in commercial, industrial, or professional activity A business's objective is to arrange some type of economic output (of goods or services) Businesses can be for-profit corporations or non-profit

organizations with a charity aim or a social cause From individual proprietorships to massive worldwide enterprises, businesses differ in size and scope The act of starting a

business involves a large number of factors, which the article below explains and analyzes in depth

II. Step toward business collaboration

1 Conduct market research

Market research will tell you if there’s an opportunity to turn your idea into a successful business It’s a way to gather information about potential customers and businesses already operating in your area Use that information to find a competitive advantage for your business

2 Write your business plan

Your business plan is the foundation of your business It’s a roadmap for how to structure, run, and grow your new business You’ll use it to convince people that working with you — or investing in your company — is a smart choice

3 Fund your business

Your business plan will help you figure out how much money you’ll need to start your business If you don’t have that amount on hand, you’ll need to either raise or borrow the capital Fortunately, there are more ways than ever to find the capital you need

4 Pick your business location

Your business location is one of the most important decisions you’ll make Whether you’re setting up a brick-and-mortar business or launching an online store, the choices you make could affect your taxes, legal requirements, and revenue

5 Choose a business structure

The legal structure you choose for your business will impact your business registration requirements, how much you pay in taxes, and your personal liability

6 Choose your business name

It’s not easy to pick the perfect name You’ll want one that reflects your brand and captures your spirit You’ll also want to make sure your business name isn’t already being used by someone else

7 Register your business

Once you’ve picked the perfect business name, it’s time to make it legal and protect your brand If you’re doing business under a name different than your own, you’ll need to register with the federal government, and maybe your state government, too

8 Get federal and state tax IDs

You’ll use your employer identification number (EIN) for important steps to start and grow your business, like opening a bank account and paying taxes It’s like a social security number for your business Some — but not all — states require you to get a tax

ID as well

9 Apply for licenses and permits

Keep your business running smoothly by staying legally compliant The licenses and permits you need for your business will vary by industry, state, location, and other factors

A small business checking account can help you handle legal, tax, and day-to-day issues The good news is it’s easy to set one up if you have the right registrations and paperwork ready

III. An overview of the worldwide market research procedure

Market research is essential for propelling growth It may help you succeed by informing strategy creation, product development, and marketing But it's much more crucial when it comes to expanding your firm outside of your local market The global market research method differs from domestic market research and necessitates a distinct technique to achieve the best results In this post, we'll discuss why global market research is so essential, the obstacles that come with it, and how

to conduct it as efficiently as possible.

1 What is global market research?

Global market research is an umbrella phrase for the collecting and analysis of information that businesses conduct in countries outside than their home market This involves anything from consumer understanding to product development research, and includes creating the study, doing the fieldwork, analyzing the data, and reporting the results It varies from domestic market research in that a knowledge of cultural variations

is critical to its successful execution

2 Why is global market research important?

Global market research serves several key functions It assists businesses in

understanding their present or prospective clients in foreign marketplaces These marketplaces — and the people who inhabit them — are frequently markedly different from your own market in a variety of ways

Failure to appreciate the many subtle characteristics between different worldwide markets and have a good understanding of them before launching a product may be a costly mistake

3 The challenges of global market research

Global market research may be considerably more difficult than domestic market research since there are many more components and variables to examine Much of your market research will include communicating with consumers in markets other than your own This can be challenging for a variety of reasons:

a Cultural

Some international markets will be home to a vastly different culture from your domestic market This can make research difficult It’s important to respect cultural norms and take these differences into account both when designing your research approach and analysing your results

b Linguistic

Customer surveys, focus groups, and anything else that involves interviews and questions creates evident linguistic obstacles in international markets This makes worldwide research extremely difficult You must be able to communicate with respondents and comprehend their perspectives in the local language Understanding subtleties and ensuring essential facts are not lost in translation are critical, thus working with native speakers to assist you manage these challenges is beneficial

c Logistical

Finding appropriate facilities to conduct research in a different market can be tough, particularly if you’re working on logistically challenging projects such as central location tests or taste tests, where you also need to factor in transporting products for consumers

to test in person For this, it’s important to plan ahead so you can anticipate problems and delays that might not exist in your home market

d Legal

In many parts of the world, there are laws and regulations in place that you’ll need to consider when designing your research approach For example, Europe’s GDPR or Singapore’s PDPA

4 The right way to do global market research

a Learn as much as possible about the regions you’re targeting

Before you begin chatting with individuals and performing market research, you must first obtain a solid grasp of the location in which you will be operating This helps to prevent or lessen many of the above-mentioned cultural and language issues

Learn as much as you can about your selected region's demographics, legislation, culture, language, and so on This is something that public resources can help with You may be able to obtain government statistics or publications that provide an insightful perspective

of the business environment for companies in your sector in your selected market, as well

as what other organizations are doing This can offer you with a good foundation for your study before ever speaking with your target audience

b Design an effective research approach, rooted in your

understanding of the market

You must devise a research strategy that works in the context of the market Every part of the world is distinct from your home market, often in shocking ways It is critical to ensure that your study is designed in this manner

This is important when you’re considering what methodology to use

It’s also important when thinking about sampling

Working with an organization that has boots on the ground and offices in the place you wish to explore is one of the finest ways to truly immerse oneself This enables you to develop a research approach tailored to your new market, allowing you to get vital insights

c Collect the data and analyse the results, bringing cultural understanding to bear

After you've developed your strategy, you're ready to begin your research

There are several approaches you may take here, including:

 Personal interviews

 Online polls

 Group discussions

 Mobile or online research

Each strategy has advantages and disadvantages, and the greatest research plans will combine numerous ways Again, cultural awareness is critical here

This can impact the way you approach every element of your research

The next phase is analysis, which requires a thorough grasp of the market in order to appropriately interpret the data and compare them across nations

To guarantee success, remember to account for translation or dealing with native speakers at this stage

d Looking to embark on a global market research project?

Global market research is a critical step for any firm trying to expand into new foreign markets or strengthen their position in existing ones It enables you to maximize your chances of success while attempting new ventures in areas that may be vastly different from your home market in a variety of ways It also allows you to better understand those markets and service your consumers there

There are several aspects that might complicate the research process for global market research assignments Before you begin your study, it is critical that you first grasp your new market

Global market research, on the other hand, may be a vital aspect in mounting a successful market entrance effort, marketing campaign, or product launch, allowing you to develop your brand throughout the globe and achieve totally new levels of growth

IV Factors that influence business success

It's one thing to say what makes a company successful It's another thing entirely to realize that success As a business owner or entrepreneur, you must try to

understand the aspects that will contribute to your company's long-term health and prosperity.

1 Make a business objective.

What is the main goal of your company - the ultimate goal that you're aiming for? Every company should have a quantitative idea of where they want to go in five or ten years It's possible that:

 You wish to be the market leader in your industry

 You wish to sell your goods or services all across the county or the world

 You wish to expand your staff to a particular size

 You want to run a completely sustainable company with a low carbon impact

You may manage your firm in accordance with your objective once you've properly stated it

2 Understand Your Customer Needs

Successful businesses meet the needs and wants of customers They identify a pain point

or a gap in the market, they conduct deep research on what people are looking for, and they offer a solution to suit While it’s true that some companies have successfully created demand – fashion labels, tech companies, supercar manufacturers – they are the exception, not the rule

Such a focused approach to development can also lead to a more customer-focused approach to sales and service In an ever more digital and automated world, human touch is becoming a real point of difference

3 Research your competition

Some markets are more competitive than others If you’re trying to enter a saturated market, you’ll soon find yourself racing to the bottom to secure business It’s difficult to grow when you’re fighting for every morsel of food Again, work to identify demand before committing to a path

But no matter how innovative or left of centre your business is, you’ll always have some form of competition It’s critical that you conduct competitive research to avoid being left behind or caught off-guard You always want to be proactive, not reactive, in business

4 Attract and retain the right talent

People are a company’s most important asset – clichés are usually clichés for a reason Attracting and retaining the right people can have a greater effect on your business success than perhaps any other activity

Do all that you can to get the best possible people on board initially, then take a structured approach to treating these first employees well In doing so you’ll begin to develop your employer brand – your reputation as a place to work If you paint a positive picture, you’ll find it far easier to attract and retain great people into the future

5 Be transparent with your team

Gone are the days of autocratic, dictatorial leadership, where bosses barked orders without explanation The most successful modern businesses work to build a culture of trust by being perfectly transparent:

 Clearly outline your values and live by them

 Consult your team when you need to make important decisions

 Follow through on promises

 Own up to mistakes and commit to being better

6 Become a decisive leader

But even in the most consultative and transparent of company cultures, leaders will still need to make the tough decisions when necessary There are often times when business success is dependent on prompt and confident decision making, often without the luxury

of all the information you might want or need

An imperfect decision early is usually better than a perfect decision that comes too late Business success is about using experience and gut feel in these moments, and

committing to your call

7 Learn to be patient

Don’t be distracted by a big and flashy sale, nor a particularly bad week, as these events only serve to distract you from your overall trajectory Business success is an incremental process, one that demands quiet and consistent effort over the course of months or years

By taking the tortoise’s approach to growth, rather than the hare’s, you’ll minimise risk and build real confidence in your team

8 Keep business documents

Record everything It’s been said before that data is the oil of the 21st century, and it’s true Between internal company and external market information, the answers to almost all of your business questions will be hidden within the zeroes and ones And you no longer need to be a data scientist to make the most of this resource – smart tools like Square Analytics allow you to gain deep insights with a single click

Documenting everything also allows your business to preserve ideas, establish credibility and resolve disputes

9 Build strong business relationships

Your professional network can be an incredibly valuable thing The relationships you build with mentors, thought leaders, suppliers, customers and other industry players can

be a source of business, talent, ideas and advice Make yourself known in your industry: get active on LinkedIn and attend in-person events

No business has ever experienced pure and unadulterated success There are always missteps, knockbacks and bits of bad luck Success or failure isn’t shaped by these events themselves, but rather by how you respond to them