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Most of us dream to be big, some of us make it in life, while others remain mute spectators. What is the secret of success of these successful people then ?
Most of us dream to be big, some of us make it in life, while others remain mute spectators. What is the secret of success of these successful people then ?
Business can be simply split into Busi (Busy) + ness, the act of remaining busy for gainful purpose can be termed as a business. The more returns that you gain from the busi-ness the more successful you are.
A business enterprise is an economic institution engaged in the production and/or distribution of goods and services in order to earn profits and acquire wealth. The scope of a business is very wide. It includes a large number of activities which may be classified into two broad categories i.e. Industry and Commerce. Production of goods is the domain of 'Industry' and distribution comes under 'Commerce'. Every entrepreneur aims at starting a business and building it into a successful enterprise. The term 'entrepreneur' means to undertake and pursue opportunities and to fulfill needs and wants of people through innovation. He/she innovates and combines resources in the form of men, materials and money and brings them together to make the business venture profitable. He/she is prepared to take risk and face challenges. Thus, innovation and risks are the two basic elements of a good entrepreneurship. The whole process of starting a business begins with writing a business plan. A good business plan is the key to setting up a successful business. Once a plan is prepared, the entrepreneur faces various challenges while implementing the plan.
"It all begins with an Idea..."
It is you who should be able to conceive an idea to start a new venture. It has to be in you, the fire to succeed should be there in your belly. Nobody else can motivate you better than you yourself.
Ideas need to be filtered through the following layer though. One has to test his/her Idea on the following questions.:-
- Does the idea fire up your motivation?
- Is it a viable business proposition in your area?
- Does it match the needs of your clientele?
- Check it out with basic market research
- Test it out at market place
- Consult with the experts
- Look out for competition in the field
- Is it a sunrise industry?
- Your business opportunity
- Project conceptualization
A business enterprise is an economic institution engaged in the production and/or distribution of goods and services in order to earn profits and acquire wealth. The scope of a business is very wide. It includes a large number of activities which may be classified into two broad categories i.e. Industry and Commerce. Production of goods is the domain of 'Industry' and distribution comes under 'Commerce'. Every entrepreneur aims at starting a business and building it into a successful enterprise. The term 'entrepreneur' means to undertake and pursue opportunities and to fulfill needs and wants of people through innovation. He/she innovates and combines resources in the form of men, materials and money and brings them together to make the business venture profitable. He/she is prepared to take risk and face challenges. Thus, innovation and risks are the two basic elements of a good entrepreneurship. The whole process of starting a business begins with writing a business plan. A good business plan is the key to setting up a successful business. Once a plan is prepared, the entrepreneur faces various challenges while implementing the plan.
"It all begins with an Idea..."
It is you who should be able to conceive an idea to start a new venture. It has to be in you, the fire to succeed should be there in your belly. Nobody else can motivate you better than you yourself.
- Does the idea fire up your motivation?
- Is it a viable business proposition in your area?
- Does it match the needs of your clientele?
- Check it out with basic market research
- Test it out at market place
- Consult with the experts
- Look out for competition in the field
- Is it a sunrise industry?
- Your business opportunity
- Project conceptualization
