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• something related to your skilled learning.
• something that the market requires.
Step 2: Plan and finalise your finances: Before you implement your business idea, you need to have a clear picture
of your financial status. You need to figure out how much money you'll need to start your business and let it
survive for at least a year without profits. The money you are planning to invest in business will be:
• taken from your savings and personal assets.
• borrowed from banks or any other financial company.
• utilised from the profit of some other business.
Step 3: Choose your legal business structure: Here, you decide whether you want to be a sole proprietor, or if you
wish to start a business in a partnership, or you plan to start a Limited Liability Company. After this, you
finalise aspects like business name, tax details, employee details, etc.
Step 4: Finalise the business location: Here, you finalise your business location based on the location of your target
market, business partners and your personal preferences. You plan to buy, rent, or build the prime location.
Factors like access to talents, network opportunities, business and investor friendliness, low taxes, etc. play
an important role in this.
Step 5: Build your team: Depending on the size of the business, the team needs to be built. Job roles to be assigned,
number of full time and part time employees required, different departments to be created, etc. are the
factors to be taken into account while building a team.
Step 6: Target the prospective customers: Through target advertising, surveying customers, customer support
services, etc., you can reach your customers. Through them you have a fair picture of your customers' likes
and dislikes and your improvement areas.
Step 7: Promote the business: This helps you to bring your business straight to potential customers. It can be done
through advertisements on TVs, radios, newspapers, social media, etc. If it is a small scale business, then
promotion may be done through pamphlets in newspapers.
Step 8: Feedback in the long run: It is important to take feedback from the customers in the long run. You can use the
feedback to improve your product and reach out to a larger group for future expansion of the business.
Fastest growing startups in India.
WHO IS AN ENTREPRENEUR?
The word "Entrepreneur" is derived from the French verb ‘entreprendre' which means "to undertake". An Entrepreneur
is a person who invests his time, energy and money to initiate an exclusive idea for a new venture. He starts his
own start-up with the desire to establish it. He may earn profits or bear losses and is wholly responsible for the
unpredictable failures and risks.
They are the innovators of the market who see opportunities where others see roadblocks. The success of these
business innovators is undoubtedly essential to change our economy for the advancement of our societies.
Entrepreneurship is the act of executing an innovative idea in a business. The output of this innovative process of
setting up a business is called an enterprise.
Entrepreneur Entrepreneurship Enterprise
Person Process Outcome
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