During which period is a business typically started according to the timeline?

The correct answer indicates that a business is typically started during Year 1. This aligns with the general understanding of business development, where the initial stages of any entrepreneurial venture occur right at the beginning. During Year 1, an entrepreneur focuses on critical foundational tasks such as establishing a business plan, conducting market research, acquiring necessary licenses, and setting up operational systems.

Starting a business in the first year is essential, as it lays the groundwork for growth and development in subsequent years. This initial phase is when the most crucial decisions are made, including defining the target market and establishing a brand identity, which are vital for future success.

The other timeframes mentioned refer to later phases of business operation and growth rather than the initiation. Therefore, the timeline emphasizes that Year 1 is specifically focused on the startup phase of a business, making it the earliest and most crucial time for entrepreneurs to launch their ventures effectively.