Outline the steps to starting a new business
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ChatGPT Prompt: I am considering launching a business in the [industry] sector and would like to understand the key steps involved in launching a successful venture. Can you provide a step-by-step guide to launching a business in this industry, including market research, business planning, financing, legal considerations, and marketing strategies? Additionally, it would be helpful to have an analysis of the potential risks and challenges that entrepreneurs commonly face in this industry and how to mitigate them.