How to start a new business

Entrepreneurship has always been a significant stabilizer of economy. Only through empowering entrepreneurs can India develop itself into a Super Power. Before taking up or starting a business you must have the mindset of an entrepreneur.

Have clarity of thought Write down why you have decided to become an entrepreneur. Keep the points in your mind always; these reasons will motivate you in good times and in bad. Evaluate your personal strengths and weaknesses. Factors such as motivation, organization will be important to your success.

Have a business plan Do what you love. You're going to devote a lot of time and energy to starting a business and making it successful, so it's really important that you truly enjoy what you do.

Identify your talents. Define your passion and think of it in terms of money. Know what your unique selling point is. Option Always have an option for a small secondary income. It's always better to start your business while you're still employed.

Capital : Business need some time to get profitable. So analyze your financial resources before pouring your savings into a business venture.

Identify both the start-up and ongoing costs like operational costs; don't take money for your personal expenses from your business.

Research : Learn about the business by attending association meetings, by talking with business owners in similar fields. Research the industry and investigate the competition. Do a lot of research working through a business plan.

Have a mentor : You need to have a support system while you're starting a business and afterwards. A family member or friend who will listen sympathetically to you will help. Apply for a business start up program. Experienced guidance is the best support system you can get. Consult with colleagues, friends, and family. Ask them to provide feedback about your business. Their support and suggestions will be valuable as your business venture progresses.

Business can also be started with a partner you believe in. Be in business Start business before opening the store. Don't wait until you've officially started your business to get customers. Do the networking. Make contacts. Sell or even give away your products or services.

Starting up : Spend money to create professional logo, business card and stationery. Present a professional image. Create web presence it gives people a place to go to learn about your business. Get professional help when you need. If you're not an accountant or bookkeeper, hire one. Keep records. Complete, accurate records are needed to file taxes and properly manage your bank accounts.

Marketing : Be creative. Look for something out of the norm for your business to get people talking about you, your product or service.

Create credibility : Get the legal and tax issues right. Any one can start and stop a business, but only a few persist. Persistence is the key to successful business.