Starting a Small Industry

Phases involved in starting a new venture Steps for starting a new business Aspects to be studied

Phases involved in starting a new venture
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Project selection phase Information phase Creative phase Evaluation phase Recommendation phase Implementation phase Follow up phase

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Steps for starting a new business
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Analyse objectives Search for new ideas Consult agencies, DICs etc Decide on the line of business Decide form of ownership Decide on setting up new enterprise or purchase existing one Plan on location, site, building, machinery, man power, finance Prepare project report Study laws, regulations affecting the business

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Obtain clearance from state, central and local authorities, registration no. Obtain finance from banks, institutions Purchase/rent land and building, place order for machinery, material, recruit man power Install machinery, set up plant Trial run Decide on pricing, marketing measures, record keeping Start commercial production Sales Plough back profits Plan expansion/diversification Compete with other players

Aspects to be studied

Setting up, development and expansion of business Financial Management Human Resource Management Production Management Marketing Management

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