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You Are Starting Your Own Business and Must Do a Competitive

question 52

Essay

You are starting your own business and must do a competitive analysis to determine where you stand with the competition.Describe the steps of the competitive analysis and explain the importance of this analysis.


Definitions:

State Law

Laws enacted by individual states in the United States, as opposed to federal laws which apply to the entire country.

Surety-Guarantor Distinction

The difference lies in the obligations they undertake; a surety directly promises to be responsible for another's debt or performance, while a guarantor's liability arises if the primary obligor fails to perform.

State Statutes

Laws enacted by state legislatures that govern within the state's boundaries.

Mechanic's Lien

A legal claim against a property by a contractor or repair person for unpaid labor or materials.

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