as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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list five tips associated with starting a successful business
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1. develop a business plan: outline your vision, identify your short-term and long-term goals, consider potential threats and opportunities, develop your cash flow and budget accordingly.
2. research your market: understand the dynamics of the industry, do competitor research, and understand the needs and preferences of your customers.
3. acquire sufficient capital: look into loans and grants, consider crowdfunding, or ask friends and family to support you.
4. create operational infrastructure: secure office space, acquire computers and other devices, acquire software that supports your product or service, and learn how to use it well.
5. hire the right people: recruit talented and motivated people who believe in your vision, delegate responsibility, and motivate your team.
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