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Entrepreneurs...are there any at GS-land?

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    Entrepreneurs...are there any at GS-land?

    Any started his/her own company after completing ur education?

    I am just thinking of starting one. It is just a vague idea...

    SO if someone can give a some advise on thing to avoid or thing definately to do...or tell something about ur own person experience.


    #2
    I am not sure what do you have in your mind, but I believe its not a good idea to start a business right after completing studies. There are a lot of business aspects that one is unaware of, especially fresh grads. Its always beneficial if one could gain some work experience (probably around 4-5 yrs) in the relevant field, then he is in a better position to decide what exactly is involved to have his own business. But again, it depends on the type and scale of business you want to start off.


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      #3
      The key to starting out business in solid PLANNING, 90%+ small businesses fail .. not due to their size but due to lack of planning. The whole Internet revolution bust is an obvious example.
      Here is my two cents ..
      Set objectives and goals .. clearly and realistically define it.. be as precise as you can be don’t be general ie ‘I am gonna make loads of money’
      Do SWOT analysis ..
      Strength – your unique advantage, offer… what sets you apart from other businesses in the same category ie your expertise and location
      Weakness – the area that that you don’t have any leverage .. ie experience your competition
      Opportunity – identify opportunities where and who and market it self … ie economy, business in need of your offering
      Threat – who is your competition.. resources, economy

      Write a Business Plan .. well this is the central part of your Business … heart and soul and mind .. the better business plan you have the better you can set goals , manage resources, generate finances and layout a solid foundation … breakout the plan by Objectives & Goals, Marketing Plan, Financial , building an MIS system (database) etc .. be precise as you can .. the better the plan the better you know what needs to be done to succeed in your business .. and once you done with plan break it into a conservative, liberal, and middle range goals .. a scenario analysis .. do lot of research there are so many sources available online

      Well good luck for your new Mithai ki Dukan .. what kind of business your thinking anyway ? good luck


      ------------------
      Hey one more thing
      These things are hard to explain
      For some it seems strange... to swallow
      The frontier of our minds
      Is the last place we find
      But maybe the first place we should go

      Comment


        #4
        Good advice from Rooster.

        One thing to add.....when you write your business plan, pay special attention to your Cash Flow section. Whatever your cash flow projection is....double it for the first nine months of operation.

        Another way to check on how well you have projected....have a venture capital professional or consultant review it. If he/she approves it, you'll know that you're on the right track.



        [This message has been edited by Muzna (edited May 17, 2002).]

        Comment


          #5
          Hi, i finish my education at the end of may.


          Im thinkin of startin up a business, some sort of small time application service provider/internet services company.

          i have an advantage in that my dad sells IT equipment to local businesses and retail, so hopefully i'll be able to gain his support.

          i cant offer any advice right now, but i would say that use "enlightened thought". i.e try to exhaust every avenue that is presented to u, so that u can make the most informed decision abt whatever action it is ur going to take.

          What i have personally decided to do, is to do a presentation in powerpoint for my potential business partners/colleagues, with an initial business strategy and a small feasability study.

          lets see how things go http://www3.pak.org/gupshup/smilies/smile.gif

          Comment


            #6
            Thanx for the information!! http://www3.pak.org/gupshup/smilies/smile.gif

            I haven't decided yet.

            It probably will be something related to IT. Developing programs for companies is what we are currently thinking of.

            Comment


              #7
              Originally posted by Chanel:

              It probably will be something related to IT. Developing programs for companies is what we are currently thinking of.

              I am doing that these days (or atleast trying to). I am just starting up my own company.

              More details later maybe.

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