Why do you want to set up a business?
 
 Some have irreasonable reasons
 ?  Because my wife, a Nurse in the Gulf, earns me enough money
 ?  I hate working for somebody. I want to be my own boss.
 ?  My father wants me to set up a business…
 ?  My friend became rich through business…so I also want to…
 ?  I am unemployed, and my in-laws and neighbours don’t care me….
 
 Some have reasonable reasons
 ?  I have an idea and know it will click…
 ?  I have worked for a business and know its in and out I think it is time to take off myself.
 ?  I want to take advantage of a business opportunity
 ?  I want an alternative to my current career 
 ?  I want to make better use of my skills and knowledge
 
 But in both the cases, one point is evident 
 ONE WHO IS ENTERPRISING IS TAKING A BIG LEAP FROM BEING A JOB SEEKER TO A JOB GIVER. IF YOU ARE HERE…CONGRATULATIONS …TURN YOUR DREAMS TO REALITY.
 
 Some of the people just think
        Some just start 
              Some get going
                    Some sustain
                           Only very few are successful

 

SETTING UP A BUSINESS      SUSTAINING THE BUSINESS      GROWTH AND SUCCESS

What do these successful people have,that others haven’t got?
1. Personality
2. Business skills

The rest can be hired, loaned or bought…
Before you start your business,Know Yourself. Assess your Personality.

Ask your self …
? Time and patience: 
? Do you have the time and patience to nurture a business from the ground up?
? Starting a business requires careful planning and preparation. Are you prepared to work long hours and make sacrifices? 
? Commitment, initiative and motivation:
? Are you committed to making your business work? Or do you get frustrated and discouraged easily? 
? Do you like taking initiative and making decisions? 
? Do you have the creativity to solve problems or know when to ask for help?
? To make it through the start-up phase, you need plenty of initiative and drive. And it doesn’t stop there. A business needs constant care and management.
? Flexibility is the key: 
? Are you prepared to weather the business cycles of highs and lows? 
? Know your risk tolerance: 
? Do you understand the risks involved in starting a new business? 
? Are you aware of the consequences of failure? 
? Skills and expertise:
? Do you have the necessary knowledge and skills?
? Are you equally at ease in a leadership role as you are about paying the invoices and doing the filing? 
? Enjoy what you do: 
? Do you have a passion for your business idea? 
? Personal and family considerations: 
? How supportive is your family?
? How capable is the family to take risks?

If you feel inadequate in any way you need to take up entrepreneurship training under an Entrepreneurship Development Programme (EDP).

Business Essentials
Finding a Business That’s Right For You 
Let your imagination wander for hours and you’ll probably still not run out of ideas for opening a business. 

Restaurants, franchises, engineering, training consultant, high-tech field, electrical contracting, hairstyling, catering, travel agency, freelance writer, software developer, opening a bookstore – the list goes on and on.
Ideas should come from observing trends, forecasting what people or businesses might want or need in the future, or simply seeing a potential opportunity. In other words, a need in the marketplace that no one is satisfying. 
Look into your background … you may find the seed for a good business idea. 

? your education, experience and hobbies. 
? Ponder over your natural talents, skills, and the sources of enjoyment in your life, 

Know Your Market 

? What is the demand potential for your product or service? 
? Who needs it? 
How can you learn about your market and potential customers?

? Talk to other entrepreneurs and even interview potential customers. 
? Don’t hesitate to take guidance even if you were to invest a little on a Market Research.
Planning Your Marketing Strategy 

Ask yourself these questions, as you think about marketing strategy: 

 

? What are you selling, and what are its features or attributes? 
? How will it be different than what your competitors are offering? 
? What about your customer service policies? For instance, will you offer a warranty or guarantee as part of the service package? 
? Will you provide round-the-clock service?
? If so, how will you pay for it? 
TIP: Understand: it is a customer-driven world, and a satisfied customer means business growth

? How extensive is it? 
? Is it a growth area? 
? Where does your company fit in? 
? How much of the market can you realistically capture? 

? Who are they? 
? Can you define them by age, buying habits, or other criteria? 
? What product/service do they want? 
? How are they currently being serviced? 

 

? How will your potential customers find out about your business? 
? Will you actively promote it or rely on word of mouth? 
? What about the budget? 
? How does the competition do it? 
? How about radio, print or television advertising?
? What about trade shows, the Internet or free publicity opportunities?

? How will you price your product? 
You’ll need to build in the cost of raw materials, labour and overhead, as well as an anticipated profit margin. 
? What will the price say to customers about your product or service i.e. will your product/service come across as high-end, moderately priced or inexpensive?
? Will your price be competitive?
 

? How will you distribute or deliver your product or service?
? In some cases, it may be as simple as a telephone call. In others, it may mean arranging overseas shipping and export financing. 
? Will your customers come to you or will you go to them? 
? Will you sell directly to customers or use indirect methods ?
TIP: Market analysis is a highly sophisticated task requiring highly knowledgeable personnel. Never hesitate to take expert opinion. 
Once you are through with your market research… STRATEGISE
NOW YOU ARE SET TO START UP YOUR BUSINESS
REMEMBER, YOU JOB IS NOT OVER.IT HAS ONLY BEGUN…YOU HAVE TO SUSTAIN AND THEN GROW TOWARDS SUCCESS
One word of Caution…UNDERSTAND POTENTIAL CAUSES OF FAILURE
The biggest causes of failure for start-ups are - setting your sights too high, not researching your market thoroughly, hiring the wrong staff and not putting enough funds aside for contingency. Keep an eye on these potential pitfalls at all times!

For sustenance, growth and success

Nowadays survival itself is difficult. So unless you aim growth, you cannot even survive. For that, you need, along with your intelligence, support form professionals for solving day to day problems.

This is the era of global markets. One need to be vigilant on the happenings around. From major policy issues,down to local issues of running a unit, one need to be informed atleast at margin. Relevant information is available only from professional agencies having day to day exposure with the happenings around. 
And procrastination haunts at least some of us! Do you get confused and delay things?
No, do it today. Better if you are able to do things on your own. But human beings need the help of others. Seek a competent person’s help.
But everything starts from basic arithmetic. Calculate how much it will cost you to be an entrepreneur. And act today itself.