STATE OF NEW BUSINESS INITIATIVES IN INDIA
Although while talking of future of India most people talk about importance of MSMEs, Developing Industrial Zones and Business Centers, Entrepreneurship, Farmers, Rural India, Skill Development and Startups, migration and reverse migration; Most people fail
Let us say, that you decide to start some business. This example shows, few steps that you can take in order to gain confidence in your decision. I take an example of an idea / thought which anyone might have. Remember, This is just one possibility.
In cases where a person has money to start a business, he or she can take two pathways. One which leads to starting a business and then putting in money as and when required. And secondly, analyzing the kind of money that would be required and then starting the business. Here, I discuss the second pathway. Remember, there is nothing wrong with the first pathway.
For any business to be successful it is important to manage and be successful at very many variables. Moreover, every business has a different set of such variables. Lastly, every person has a different view of success. By taking an example, I show why it is important to have clarity and specificity at the beginning of every opportunity assessment.
Although, someone working in the same sector or industry as XYZ business will let you know the profitability according to his experience of one, two or three companies he has experience of. But, Profitability assessment is critical to stepping into any business. Such assessment can be done depending on the kind of business you are looking at. By an example I, explain this.
Franchise as an option to enter a market has been a well established option. For example, Domino’s is operated in India on a franchise model. Many things are offered as franchise, like brand name, business model, technology, invention, etc. etc. Here, I list bare minimum essentials in evaluating a franchisee. Remember, this is not a list of entire things to do.
Many people disregard a business opportunity because they believe that there are not enough profit margins in that business. It is easy to directly correlate a products profit margins to business profitability and wealth creation. Here, I explain the same with an example
More often then not ideas die. Life of an idea is very short mostly due to the fact that ideas are risky. Furthermore, ideas worth pursuing originate from original and creative people who have better observation talents and who actually think about ideas. Here, I give one possible template of how to move forward after getting an idea.