Here are a few tips for those of you who have an entrepreneurial streak in you.
Decide on your area of business. Choose one in which you are not only comfortable but also efficient and well versed. A thorough feasibility study has to be done before deciding on your business.
Keep in mind that a service firm requires less investments in the form of money and a business involving technical expertise may require a higher investment by way of machinery.
Prepare a detailed business plan for the proposed investments in qualitative and quantitative terms. Once you prepare the plan, stick to the schedule of implementation.
Work out how much you will be able to mobilise from your personal savings. Work out the source of funds for your proposed investment, which would be a combination of your personal savings and loans from banks or other institutions.
Explore the possibilities of funds from government agencies and non-profit organisations such as capital subsidy, power subsidy and interest free sales tax loans etc.
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