Being an entrepreneur is not an easy task. It is a very big decision and one has to make efforts, has to be patient, and should work hard. Before starting an enterprise, some factors should be considered and reviewed in order to increase the probability of profitability.
The meaning of small business, however, changes in different countries according to their respective laws. The criteria depends on the number of employees, turnover, asset of the company etc.
Before starting an enterprise, some factors which should be taken care of are −
● Identification of business opportunity.
● Preparation of project.
● Selecting a business opportunity.
● Accessing the viability (technical, operational, financial marketing) of the project.
● Deciding the location for production, offices etc.
● Deciding the size of the project.
● Deciding the source of finance.
● Deciding about marketing.
● Deciding the launching of the project.
● Deciding the plan, program & policy, strategy of the project.
Starting a business includes planning, making crucial financial decisions, and accomplishing a series of legal activities.
Taking care of the following six steps will ensure a successful start.