Unable to copy the project settings while creating a new project

Question

Hello All,
Hope you all are doing well in this pandemic.

Goal:
I want to create another project having identical settings ( workflows, same columns, etc )
as that of an existing one.

I am using 'Company managed' project type.

Steps to achieve

1. I have gone to Projects-->new project-->Scrum-->use template-->company managed-->new project name and the key

2. Then, have checked "Share settings option" which as per my understanding should give the same settings for the new project just like the old project.

Kindly correct me If I am wrong?

Question
Once I have created a new project it doesn't have the identical settings 
Egs:
1)I have given mandatory option under label while creating any issue type in old project but in new project mandatory asterisk field is not coming.

2) The workflows are not coming up in new project.

It looks like the settings of the old project has not been cloned while creating a new project.

Can someone please assist me, if I am missing on anything. Thanks

John Funk · Answer

Great - glad you were able to do that. If that answered your question, can you click on the Accept Answer button to close this one out? Thanks!

Mohd Hassan_79z3gn · Answer

Hello John,

I was able to do that.

Thanks for your prompt reply.

Thanks

John Funk · Answer

Hi Mohd,

It should work as you have described. If you look at the Project Settings for each project, do they have the same or different schemes attached to them?