| (1) Ask yourself what values you are bringing in the | | | | Do some research and hire the professional to do this |
| business? | | | | for you. Again everyone is there for a reason. So |
| To become successful business company anywhere | | | | please meet two or three experts and drill down the |
| in the world, you have to find what value you are | | | | details and get the clear idea of how they will |
| bringing in to business. Are you feeling the gap | | | | complete the task. Make sure there are no hidden |
| between end users and manufacturers? Are you | | | | charges. |
| offering something that no one else is offering in the | | | | (6) Marketing plan. |
| target market? Is your product or service unique? If | | | | Single most important factor in today's competitive |
| your product or service is not unique then be prepare | | | | world is marketing. Work out how much revenue you |
| for competition and hard work. You have to have | | | | want to generate in a month. Go down in to more |
| good marketing strategy that will make the competitor | | | | details and ask yourself to achieve your monthly |
| sweat. | | | | target how many resources you want to spend. |
| (2) Do market research and find the opportunity. | | | | There are number of ways you can market your |
| So you think that you have good product or service to | | | | company through yellow pages, telephone help line |
| offer. But how good is it exactly? It's always good to | | | | firms, internet, radio, newspaper, magazines and |
| do some market research for the size of market, | | | | leaflets. If you are in service sector or you want to get |
| price, quality, delivery time etc. You can opt for | | | | business from foreign countries as well then make |
| professional market research companies. But what if | | | | your website and do the search engine optimization. |
| you don't have enough money - the common problem | | | | If your site comes up in first 10 results in major search |
| with the startups? Just ask your friends and | | | | engines like goggle and yahoo then your company will |
| colleagues. What they think of your idea? Keep your | | | | grow like no one else. |
| mind open for any improvements. | | | | (7) Documentation. |
| (3) Draw the business plan. | | | | If you are going for partnership which I recommend for |
| The outcomes of the first two stages are positive and | | | | young entrepreneurs, make sure you put the |
| you think you can do it. Well now is the time to do | | | | agreement in official document. Make sure everything |
| some serious work. We have everything clear in mind | | | | is clear right from investment to the profit and loss |
| how to make this product and sell it to the clients; then | | | | sharing. Partnership also shares your risk & |
| why not put it in to a paper (or shall I say computer!!!). | | | | efforts and also it will bring in more professional |
| Work out the time frame, marketing strategy, finances, | | | | network which is vital for the startups. |
| expected revenues or anything else that you feel | | | | (8) Always good to have technical know how. |
| needs to be planned. This will also help you if you are | | | | What ever business you are in, make sure your |
| opting for business loan. | | | | company has technical expertise in relevant field. How |
| (4) Decide which type of company you want to form. | | | | worth it would be if your marketing team get you the |
| This is one of the processes where the government | | | | business but you simply can not do it. Soon the |
| laws come in picture. There are mainly three types of | | | | motivation for the marketing will dry up. Marketing is |
| company that you can form: | | | | good to get new customers and technical expertise is |
| (a) Proprietorship (cheaper and Fast) | | | | proven tool to keep the customer satisfied and bond |
| (b) Partnership (good if you want to share resources | | | | with you in long teams. |
| and grow rapidly) | | | | (9) Organizing and planning everything. |
| (c) Limited liability Company (public and private) | | | | Something that we never been taught of until we do |
| Take some advice from any business owner whom | | | | professional work. Emails, meetings, conferences, |
| you can trust. You can go to the professional guys like | | | | follow-up calls, contacts all sort of daily work - Plan it. |
| chartered accountants and company secretaries. But | | | | Organize it properly with the latest technology like |
| be aware that they are there to do business; don't | | | | Google applications and other personal information |
| expect them to give you honest advice. | | | | manager software available for free. Make planning |
| It's always better to go for partnership firm if you are | | | | and organizing as your work culture and make |
| below 30. | | | | everyone follow this. This single thing prevents so |
| (5) Legal issues and licensing. | | | | many reworks and save good amount of time we |
| Make sure that you know the government laws and | | | | spent on just searching things. |
| licensing procedure for the product/service you are | | | | (10) The Golden Rule- Never Give UP. |
| selling. It takes fair amount of time to get through this. | | | | There you have it. You have heard it so many times |
| You have to plan this very well and well ahead of | | | | before and here is the perfect time for the execution. |
| other things for your company. Thanks to the | | | | If you are an entrepreneur, you are always a winner |
| E-governance and changing work culture in | | | | because entrepreneurs never give up. If one idea |
| government organizations, things are moving fast then | | | | doesn't work then another will. Keep trying and |
| it used to be. | | | | success is sure. |