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Import generic THMB Are you ready to start your business?

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SME Times News Bureau | 29 Mar, 2011
The prospect of wealth or job satisfaction led many of us to start in new business everyday. Needless to say, it is exciting as well as full of challenges. Any business involves risk and needs careful attention especially at the initial stage. But generally what goes with a business start up is exuberance of enthusiasm which may result in great blunders.

Remember that every business form or method of business has its own pros and cons. How you can make the best of it mainly depends upon you- your attitude and skill-set, your commitment, perseverance, financial status and knowledge.

Mistakes are inevitable but reducing them is very important at the early stage which usually shapes the future of a business.  In this guide, our endeavor is to help you decide whether you are ready to set up a new business.

Starting up a business requires your full commitment. Determination, self confidence, perseverance, initiative quality are the key to success in a business as in any field of life. But to be a successful business entrepreneur, you must acquire some basic business skills.

Financial management: You must have a goods grasp of different financial aspects of business, such as cash-flow planning, credit management, income & expenditure management, etc. So brush up your knowledge of basic financial issues before starting your business.

Product/service knowledge: Any business deals in some products or services. To be successful in your business, you must have in-depth knowledge of the products or services you offer to your customers. Identification of the people who are likely to use your products/services, knowledge of materials and processes for product development, understanding of the competition you will face in the market- all these are very important to achieve business success.

Marketing skills: Setting up a market where you can sell your products or services is of utmost importance in a business. You need to be skilled enough to find out the best would be market for you, analysis its characteristics, and identify selling points for your business. Unless proper marketing skill, you can never be successful a business entrepreneur.    
 
Sales skills: Effective sales management is critical for any business. A business succeeds only when it can organize sales activities in a way that ensures increasing sales volume and growing flow of regular customers. Sales planning, identification of potential customers, effective promotional measures and other activities associated with selling a product or service largely determines the success of any business.

Business planning: When you start a business, it is very important to have a business plan that is realistic, action based and ethical. A proper business plan encompasses all the goals, and strategies of a business, identifies possible risks and challenges, and describes how and when you are going to develop your business in the future.

A few important questions to ask yourself before starting up a business
  • What is your business idea? Are you ready to gamble on your idea?
  • Do you have sufficient fund to set up the business?
  • Do you have sufficient start-up capital reserves to carry on your business without an income at the initial stage?
  • To whom will you approach if you need a business loan?
  • Who are your potential customers? Do your products cater to their needs?
  • Who are your competitors? Are your products superior to those offered by them?
  • What should be the price of your product? Is that price enough to give you sufficient profit?
  • Is your product safe? Does it comply with all relevant regulations?
  • What is the type of product you deal in? Will it be able to take advantage of a business trend before it dies away? 
  • What skills do you have to be a successful business entrepreneur? 
  • Are you determined? Do you have the ability to bounce back?
  • Do you need professional help to handle some areas of your business?
 
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Own Business or Services
K.Nazar | Wed Nov 26 16:46:13 2008
In Business or services patience is most important along with Honest,Timly work, My case strugled a lot with companies since 16years with an undergraduation studies but gained valuable experience now the days come to me doing business services to abroad clients so my personal opinion have confident in you but sometimes FRUITFULL DAY will be quite late Have a Wonderfull Day..

  Re: Own Business or Services
Kevin | Thu Nov 27 06:02:21 2008
Starting your own business is not so simple thing, your perseverance for somany years are valuable,congratulation! Finally you will be successful.Your business comply with your business trend in your country.

  Re: Own Business or Services
z sultana | Wed Apr 13 15:27:57 2011
i want open a multispecality hospital so need aloan what are the formalites i have to complete and to whom i have to approach please suggest me


STARTED OWN BUSINESS - FEELING HIGHLY SATISFIED
Mahendra Sharma | Wed Nov 19 13:21:33 2008
Hi friends, I started my business after leaving my job. At that time well wishers told me not to leave an stablejob and take risk. But i was not satishfied with my job and left it. Now I have fully established my business, doing well in it. on other hand the big cos. in which i was employed earlier are closed due to any probelems. So friends where is the risk? in my own business or in doing the job. Employer can issue you the pink slip any day on other hand in your own business sucess or failur is some how in your own hands.

  Re: STARTED OWN BUSINESS - FEELING HIGHLY SATISFIED
Kevin | Thu Nov 27 05:54:33 2008
This is only relative, generally speaking, if you work in a big group, the work is very stable. The risk is higher for you starting your own business. If you lose your work, you can find another one, you have not any loss, if your business fail, you will lose all.


started own business - end due to customer wish
Bagavathi Sankar S | Thu Nov 13 09:50:23 2008
Hi friends, I started a new company, for serving export & import people of india, to handle all export import service. But exporters told that they are not believing the people in other station. They are believing only a big group or having security such as registered organisation. Financially exporters & importers asked me to attend all activity with my money first and they pays after a month. Since they liked to use my service before payment, I put end to my organisation. Please think twice whether you spend of others to get business.. Have a nice day... good luck...

  Re: started own business - end due to customer wish
Kevin | Thu Nov 27 05:48:48 2008
This is in high risk and is not reliable.


 
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