Decision to be Self Employed
This is the most essential thing for any further progress in your entrepreneurial life. It has to come from within you and must not be an enforced factor. You and only you can take this decision, decision to be self employed, decision to change your life for better. There will always be factors that will act as a negative force, questions like will i succeed ? where will finance come from ? what if i incurr losses ? what will my friends and relatives say ?
Once you make up your mind and overcome these pressures you can succeed in life. Remember the golden rule. It is only you who prevent you from succeeding, It is only you who put the borders around yourself. Break free from these borders and scale new heights. Each one of us have it in our DNA to succeed. But only few are able to scale newer heights because they are able to break free from the borders around them. Borders of negativity of peer pressure of wrong attitude and approach. Unflinching determination and strong willpower is required.
You have to dream to success. The project which you think of should become your dream. As Dr.Abdul Kalam says Dreams are not what you see in your sleep, Dreams is not what you see in sleep, Dream is the thing that does'not let you sleep..." Dream you must, dream to succeed.
So the very first step in your entrepreneurial ladder will be "Willingness to start Business".
Project Selection
Once you have decided to start your own venture, the next question that should prick your mind will be what kind of Business you should select. Most often people make two mistakes in Project Selection, first is that they follow the path the other people have followed and succeeded, for example if a certain product has succeeded in market, another person starts that particular business and ends up dumping the market eventually and effecting losses. You should select a creative concept to success. Keep your end user in mind and design and develop a product or service keeping them in perspective.
The second common mistake that people do is that they consult others as to what kind of business they should start. Remember friends, your business will be your baby so it has to be your idea, your concept. Do not pick borrowed concepts from others, for the idea that emanates from your inner self, the idea that convinces you will only succeed.
Also remember the following thing. Your project should be in tune with current technology, market trends, consumer needs. For example you cannot plan to start a Woollen clothing factory in hot regions like Rajasthan. You will require to do an indepth market study about the product that you intend to launch.
We will study about Market Study or Market Survey in our later portion.
Training
This is a crucial factor that may determine whether your Venture slides upwards or downwards. Remember the phrase you learn't in your childhood days. Jack of all Trades, Master of None. Never be one while entering into the field of entrepreneurship. Be a master of your trade.
Training in the field in which you enter is essential. You must learn from an authentic trainer and not by fly by night operators. You should always learn the intricacies of trade. Spend some time learning, do hand-on practice. Do not rush into things. Take your time.
Training in the field in which you enter is essential. You must learn from an authentic trainer and not by fly by night operators. You should always learn the intricacies of trade. Spend some time learning, do hand-on practice. Do not rush into things. Take your time.
Registering a Company
Before registering your company, do decided upon the nature of enterprise you wish to set up. Whether the company will be a Proprietory Firm, A Partnership Firm, A Private Limited or a Public Limited Firm depends upon the quantum of spread of your Business. The registration procedure varies from the mode of company you chose to set up. For example, if yours is a Proprietory Firm a mere Gumasta Licence from local municipality will do, alongwith EM Registration (which is optional). A Partnership Firm will be registered under Indian Partnership Act 1932, while a Private Limited or a Public Limited company will be registered under Indian Companies Act 1956.
The registration also becomes essential if your company falls under the micro, small & medium enterprise category. You can register your company filling up Entrepreneurs Memorandum (Part I & II) with your nearest District Industries Centre or the Office of Joint Directorate of Industries in your respective state in India.
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The registration also becomes essential if your company falls under the micro, small & medium enterprise category. You can register your company filling up Entrepreneurs Memorandum (Part I & II) with your nearest District Industries Centre or the Office of Joint Directorate of Industries in your respective state in India.
Continue Reading
