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Explore the options
Don’t jump into the first business that comes to your mind. Explore the options and check out all business ideas you may have. Talk to people in the line or those capable of giving you sound advice, read up, explore… |
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Satisfaction
Whatever business you choose ensure that it gives you personal satisfaction, at the end of the day. Yes, revenues are important, but it is important to blend profitability with your sense of satisfaction. Successful entrepreneurs often feel passionate about what they are doing. And remember, if you are happy doing what you are doing, you invariably do it well. |
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Viability & Profitability
You may be passionate about your craft or hobby, or believe you’ve struck upon a great business idea. At this stage, it is important that you stop to think of two aspects: viability & profitability. Working out the financials may seem like hard work, but it will be worth it! |
You need to ask yourself questions like:
Is there a demand for it?
Will it bring in a regular income?
What will be my competition?
Are there cumbersome procedures involved in getting necessary permissions?
What will be your break-even point? |
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Business @ home?
Can you really work out of home? Analyze the space constraints, intrusion on privacy and other pertinent aspects. Jot down all the points and be critical in your evaluation. After all, you are looking to work out of home, only to cut down overhead costs. It won’t help to get into a mess and have to relocate soon after starting. |
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Family Business?
It is important to consider whether you can involve other family members in the business? This will save you costs, and make it easier for you to delegate work, if required. Remember, a one woman show may sound like great fun, but isn’t always! Consider whether your business can continue as usual, even on days you travel, are unwell or tied up with other chores. Draw upon all the family resources: ask kids to supervise packing or handle the e mails. Your husband may be able to assist in client negotiations. This gives you a cushioning that you will find beneficial in the long run. |
The role and responsibility of entrepreneurs is changing as India changes. This is an important issue to think about, because the nature of entrepreneurship is different in India- it is more complex, complicated and more granular than the West. 
List out business ideas and make your choice. Once you have identified your business idea, find out what you will require eg. Staff, inventory, storage space, communication network, stationary etc 