Grow Rich By Starting your Own Business
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Author: Vinay M. Sharma |
Hundreds of thousands of people start their own businesses every year, and untold more dream about the possibility of becoming their own bosses. While entrepreneurship has its many potential rewards, it also carries unique challenges. To start a business of your own you need to understand the environment to set up an enterprise of you own. Setting up a business requires many things. Understanding yourself, understanding market, availing funds are certain basic things that one must mandatorily know before making a business decision. In fact before starting a business also one has to be thorough with the requirements of current line of industry.
Startup India Stand up
Our Prime Minister unveiled a 19-point action plan for start-up enterprises in India. Highlighting the importance of the Standup India Scheme, Hon’ble Prime minister said that the job seeker has to become a job creator. Prime Minister announced that the initiative envisages loans to at least two aspiring entrepreneurs from the Scheduled Castes, Scheduled Tribes, and Women categories. It was also announced that the loan shall be in the ten lakh to one crore rupee range.
A startup India hub will be created as a single point of contact for the entire startup ecosystem to enable knowledge exchange and access to funding. Startup India campaign is based on an action plan aimed at promoting bank financing for start-up ventures to boost entrepreneurship and encourage startups with jobs creation.
Startup India is a flagship initiative of the Government of India, intended to build a strong ecosystem for nurturing innovation and Startups in the country. This will drive sustainable economic growth and generate large scale employment opportunities. The Government, through this initiative aims to empower Startups to grow through innovation and design.
What is Startup India offering to the Entrepreneurs?
Stand up India backed up by Department of Financial Services (DFS) intents to bring up Women and SC/ST entrepreneurs. They have planned to support 2.5 lakh borrowers with Bank loans (with at least 2 borrowers in both the category per branch) which can be returned up to seven years.
PM announced that “There will be no income tax on startups’ profits for three years”
PM plans to reduce the involvement of state government in the startups so that entrepreneurs can enjoy freedom.
No tax would be charged on any startup up to three years from the day of its establishment once it has been approved by Incubator.
The book contains the aspects to plan any business strategy step by step. The book explains about business plan, effective marketing matters, facing the competition, adding employees, choosing right location and more aspects that will help start and maintain a new business. The book also contains the list of organizations that help small business in India, important organizations for entrepreneurs and technical consultancy organizations for small scale sector.
This book will guide you step by step to get your business up and running. You will see how to choose a business that is right for you and find the fund you need to begin and support it. This book will help you how to handle all aspects of running your own business setting up your office, marketing your product or service, getting the help your cash flow and collection, adding employees to expand more, fighting the defaulting customers and more. And you will also find out the challenges and opportunities that running a new business of your own presents. You will see how your dream to be your own boss becomes a reality.
Startup India Stand up
Our Prime Minister unveiled a 19-point action plan for start-up enterprises in India. Highlighting the importance of the Standup India Scheme, Hon’ble Prime minister said that the job seeker has to become a job creator. Prime Minister announced that the initiative envisages loans to at least two aspiring entrepreneurs from the Scheduled Castes, Scheduled Tribes, and Women categories. It was also announced that the loan shall be in the ten lakh to one crore rupee range.
A startup India hub will be created as a single point of contact for the entire startup ecosystem to enable knowledge exchange and access to funding. Startup India campaign is based on an action plan aimed at promoting bank financing for start-up ventures to boost entrepreneurship and encourage startups with jobs creation.
Startup India is a flagship initiative of the Government of India, intended to build a strong ecosystem for nurturing innovation and Startups in the country. This will drive sustainable economic growth and generate large scale employment opportunities. The Government, through this initiative aims to empower Startups to grow through innovation and design.
What is Startup India offering to the Entrepreneurs?
Stand up India backed up by Department of Financial Services (DFS) intents to bring up Women and SC/ST entrepreneurs. They have planned to support 2.5 lakh borrowers with Bank loans (with at least 2 borrowers in both the category per branch) which can be returned up to seven years.
PM announced that “There will be no income tax on startups’ profits for three years”
PM plans to reduce the involvement of state government in the startups so that entrepreneurs can enjoy freedom.
No tax would be charged on any startup up to three years from the day of its establishment once it has been approved by Incubator.
The book contains the aspects to plan any business strategy step by step. The book explains about business plan, effective marketing matters, facing the competition, adding employees, choosing right location and more aspects that will help start and maintain a new business. The book also contains the list of organizations that help small business in India, important organizations for entrepreneurs and technical consultancy organizations for small scale sector.
This book will guide you step by step to get your business up and running. You will see how to choose a business that is right for you and find the fund you need to begin and support it. This book will help you how to handle all aspects of running your own business setting up your office, marketing your product or service, getting the help your cash flow and collection, adding employees to expand more, fighting the defaulting customers and more. And you will also find out the challenges and opportunities that running a new business of your own presents. You will see how your dream to be your own boss becomes a reality.
Contents
1. You And Your Business Plan
Why A Business Only?
Your Motivations And Goals
Financial Motivations
Family Motivations
2. Choosing A Business
Your Hobbies And Interests
Market's Present And Future Needs
Will Your Business Succeed?
Important Points To Remember
3. Plan To Make Your Business Successful
Your Strategic Plan
Location Of Your Business
Resistance To Change
Synchronizing Your Goals And Those
Of The Company
Adding Employees Or Partners
Important Points To Remember
4. Your Business Plan
You And Your Potential Investors
Contents Of Your Business Plan
Index
Summary
Your Products/Service
Market And Industry Analysis
The Competition
Marketing Strategy
Management Team
Operations Plan
Financial Analysis
Appendix
Important Points To Remember
5. Choosing Your Business Form
Sole Proprietorship
Partnership
Corporation
Publicly Held Corporation
Privately Held Corporation
( Close Corporation)
Franchises
6. Effective Marketing Matters The Most
Target Marketing
Pricing Strategies
Product/Service Life Cycle
Marketing Message And Positioning
Getting The Public Attention
Publicity
Other Ways
Advertising
7. Selling Your Product
Manipulative Selling
Professional Selling
Criteria For Closing The Deal
Selling Through Distribution And Your Own Sales Force 38
8. Facing The Competition
Strategic Or Tactic Threats
Competitive Information
Price War
Market Makers And Followers
Using Market Niches
9. Importance Of Accounting
Earned Income
Types Of Accounting
Cash Basis Of Accounting
Advantages
Disadvantages
Accrual Basis Of Accounting
Advantages
Disadvantages
Financial Statements
10. Dealing With Banks
Your Relations With Banks
Relationship With Loan Officer
Your Business Plan
11. Significance Of Cash On Hand
Success May Turn Lethal
Improve Your Cash Position
12. Facing Collection Problems
Avoid Deadbeat Clients
Your Bad-Debt Ratio
Legal Action Against The Defaulting Customers
Role Of Collection Agencies
13. Adding Employees
How To Get A Good Employee
Your Relation With Your Employees
Effective Interviewing
14. Choosing The Right Location
Home Office
When Do You Need A Regular Office?
15. Helping Your Success
Your Success
Your Business Ego
Small Expenses
16. Government And Non-Government Organizations Supporting Entrepreneurship Development In Our Country
Small Scale Sector
The National Small Industries Corporation Ltd. (Nsic), New Delhi
Prime Minister's Rozgar Yojana For Educated Unemployed Youth (Pmry)
Delhi Financial Corporation
Commissioner Of Industries Office
Dsidc (Delhi State Industrial
Development Corporation)
Opportunities In Haryana
Industrial Assistance Group
Haryana State Industrial Development Corporation (Hsidc)
Haryana Financial Corporation (Hfc)
Haryana State Electronics Development Corporation (Hartron)
Haryana Agro Industries Corporation (Haic)
Haryana State Small Industries And Export Corporation (Hssi & Ec)
The Himachal Pradesh State Industrial Development Corporation Ltd.
Himachal Pradesh Financial Corporation
Karnataka State Financial Corporation (Ksfc)
Entrepreneurship Development In Lakshadweep
Major Facilities Available Under Centrally Sponsored Scheme
Maharashtra Industrial Development Corporation (Midc)
Udyog Sahayak, Directorate Of Industries, Punjab
Punjab Financial Corporation
Rajasthan Financial Corporation
Interest Rate Structure
Semfex Loan
Industrial Development Bank Of
India (Idbi)
Small Industries Development Bank Of India (Sidbi) 108
I. Schemes Of Refinance Assistance
Ii. Schemes Of Direct Assistance
Iii. Bills Schemes
17. Important Organizations For Entrepreneurs 123
I. National Financial Institutions
Ii. State Financial Institutions
Andhra Pradesh
Assam
Bihar
Chandigarh
Delhi
Gujarat
Haryana
Himachal Pradesh
Jammu & Kashmir
Karnataka
Kerala
Madhya Pradesh
Maharashtra
Orissa
Pondicherry
Punjab
Rajasthan
Tamil Nadu
Tripura
Uttar Pradesh
West Bengal
18. Technical Consultancy Organizations For Small Scale Sector
Andhra Pradesh
Assam
Bihar
Gujarat
Haryana
Himachal Pradesh
Tamil Nadu
Jammu & Kashmir
Karnataka
Kerala
Madhya Pradesh
Maharashtra
Manipur
Punjab
Orissa
Rajasthan
19. Organisations That Help Small Businesses In India
Andhra Pradesh Industrial &
Technical Consutancy Organisation
Appropriate Technology Development Association
A.P. Women's Co-Operative Finance Corporation Ltd. Association Of Women
Entrepreneurs Industrialists
Of Maharashtra (Wima) Awake, Association Of Women Entrepreneurs Of Karnataka
Bhagavatulla Charitable Trust
Bihar Industrial & Technical Consultancy Organisation Ltd.
Canadian International Development Agency (Cida)
Canara Bank Platinum Jubilee Rural Development Trust (Cbpjrd)
Central Building Research Institute
Central Drug Research Institute
Central Electro-Chemical Research Institute
Central Food Technological
Research Institute
Central Fuel Research Institute
Central Institute Of Fisheries
Technology
Centre For Entrepreneurship
Development
Centre For Management Development
Council For Advancement Of People's Action And Rural Technology
(Capart)
Council Of Scientific And Industrial Research (Csir) Deparment Of Science And Technology
Department Of Women And Child Development, Govt. Of India.
Development Alternatives
Development Corporation Of
Vidharbha
Eastern India Womens' Association
Economic Development Corporation
Of Goa, Daman & Diu Ltd.
Electronics Trade And Technology Development Corporation Ltd (Et&T)
Entrepreneurship Development
Institute Of India
Ford Foundation
Friedrich Ebert Foundation
Gram Vikas
Handicrafts And Handloom Exports Corporation Of India
Haryana Industrial Consultants Ltd
Himachal Consultancy
Organisation Ltd.
India Development Services
Indian Gramin Service
Indo-German Dhauladhar Project
Industrial & Technical Consultancy Organisation Of Tamil Nadu
Institute Of Entrepreneurship Development
International Centre For Entrepreneurship And Career Development (Icecd)
Jammu & Kashmir Industrial &
Technical Consultancy Organisation Limited
Jan Vikas
Jnana Prabodhini
Karnataka Leather Industries Develoopment Corporation Ltd.
Karnataka Silk Industries
Corporation Ltd. (Ksic)
Karnataka State Central Coir Cooperation Development Production And Marketing Board
Karnataka State Electonics Development Corporation Limited (Keonics)
Karnataka State Handicraft Development Corporation Ltd.
Karnataka State Women's Development Corporation Limited
Kerala Industrial & Technical Consultancy Organisation Ltd.
Kerala State Women Industries Association
Khadi And Village Industries
Commission
Kutch Mahila Vikas Sanghathan
Maharashtra Industrial And
Technical Consultancy
Organisational Ltd.
Marketing Organisation Of Women Entrepreneurs (Moowes)
Meghalaya Industrial Development Corporation Ltd. 169
Ministry Of Food Processing
Industries
Myrada
National Bank For Agriculture
And Rural Development
(Nabard)
National Institute For
Entrepreneurship And Small
Business Development (Niesbud)
National Institute Of Small Industry Extension Training (Nisiet)
National Productivity Council
National Research And Development Corporation Ltd. (Nrdc)
National Small Industries
Corporations Ltd. (Nsic)
Norad (Norwegian Agency For Development)
North Eastern Industrial & Technical Consultancy Organization Ltd.
North India Technical Consultancy Organisation Ltd.
Organisation In Human Welfare & Research Foundation
Overseas Development Administration, British High Commission
Professional Assistance For Development Action (Pradan)
Rajasthan Consultancy
Organisation Ltd.
Rayalaseema Seva Samithi (Rass)
Regional Engineering College
Royal Netherland's Embassy, Development Cooperation/Women Development
Rural Development And Self-Employment Training Institute (Rudset Institute)
Sri Jaya Chamarendra College Of Engineering Science And Technology
Park (Sjce-Step)
Shree Kshetra Dharmasthala Rural Development Project (Skdrdp)
Small Industries Development
Bank Of India
Small Industries Service Institute
Social Alliance Of Women
Entrepreneurs
State Bank Of India Consultancy
Bureau
State Financial Corporation
Sumangali Seva Ashrama
Udyogini
Usaid (United States Agency For International Development)
Ushagram Trust
Village Planning Forum
West Bengal Consultancy
Organisation Ltd.
Womens Entrepreneurs Association
Of Rajasthan
Youth Charitable Organisation
20. Annexure 1 : Addresses Of National Bank For Agriculture And Rural Development (Nabard) Offices In India
21. Annexure 2 : Addresses Of Rural Development And Self-Employment Training (Rudset) Institutes In
India
22. Annexure 3 : Small Industries Service Institutes, Branch Institutes, Extension Centres
Andhra Pradesh
Assam
Bihar
Goa
Dadra & Nagar Haveli
Gujarat
Haryana
Himachal Pradesh
Jammu And Kashmir
Karnataka
Kerala
Madhya Pradesh
Ujjain
Maharashtra
Manipur
Meghalaya
Nagaland
Orissa
Punjab
Rajasthan
Sikkim
Tamil Nadu
Tripura
Uttar Pradesh
West Bengal
Arunachal Pradesh
Andaman & Nicobar Island
Delhi
Mizoram
Pondicherry
Why A Business Only?
Your Motivations And Goals
Financial Motivations
Family Motivations
2. Choosing A Business
Your Hobbies And Interests
Market's Present And Future Needs
Will Your Business Succeed?
Important Points To Remember
3. Plan To Make Your Business Successful
Your Strategic Plan
Location Of Your Business
Resistance To Change
Synchronizing Your Goals And Those
Of The Company
Adding Employees Or Partners
Important Points To Remember
4. Your Business Plan
You And Your Potential Investors
Contents Of Your Business Plan
Index
Summary
Your Products/Service
Market And Industry Analysis
The Competition
Marketing Strategy
Management Team
Operations Plan
Financial Analysis
Appendix
Important Points To Remember
5. Choosing Your Business Form
Sole Proprietorship
Partnership
Corporation
Publicly Held Corporation
Privately Held Corporation
( Close Corporation)
Franchises
6. Effective Marketing Matters The Most
Target Marketing
Pricing Strategies
Product/Service Life Cycle
Marketing Message And Positioning
Getting The Public Attention
Publicity
Other Ways
Advertising
7. Selling Your Product
Manipulative Selling
Professional Selling
Criteria For Closing The Deal
Selling Through Distribution And Your Own Sales Force 38
8. Facing The Competition
Strategic Or Tactic Threats
Competitive Information
Price War
Market Makers And Followers
Using Market Niches
9. Importance Of Accounting
Earned Income
Types Of Accounting
Cash Basis Of Accounting
Advantages
Disadvantages
Accrual Basis Of Accounting
Advantages
Disadvantages
Financial Statements
10. Dealing With Banks
Your Relations With Banks
Relationship With Loan Officer
Your Business Plan
11. Significance Of Cash On Hand
Success May Turn Lethal
Improve Your Cash Position
12. Facing Collection Problems
Avoid Deadbeat Clients
Your Bad-Debt Ratio
Legal Action Against The Defaulting Customers
Role Of Collection Agencies
13. Adding Employees
How To Get A Good Employee
Your Relation With Your Employees
Effective Interviewing
14. Choosing The Right Location
Home Office
When Do You Need A Regular Office?
15. Helping Your Success
Your Success
Your Business Ego
Small Expenses
16. Government And Non-Government Organizations Supporting Entrepreneurship Development In Our Country
Small Scale Sector
The National Small Industries Corporation Ltd. (Nsic), New Delhi
Prime Minister's Rozgar Yojana For Educated Unemployed Youth (Pmry)
Delhi Financial Corporation
Commissioner Of Industries Office
Dsidc (Delhi State Industrial
Development Corporation)
Opportunities In Haryana
Industrial Assistance Group
Haryana State Industrial Development Corporation (Hsidc)
Haryana Financial Corporation (Hfc)
Haryana State Electronics Development Corporation (Hartron)
Haryana Agro Industries Corporation (Haic)
Haryana State Small Industries And Export Corporation (Hssi & Ec)
The Himachal Pradesh State Industrial Development Corporation Ltd.
Himachal Pradesh Financial Corporation
Karnataka State Financial Corporation (Ksfc)
Entrepreneurship Development In Lakshadweep
Major Facilities Available Under Centrally Sponsored Scheme
Maharashtra Industrial Development Corporation (Midc)
Udyog Sahayak, Directorate Of Industries, Punjab
Punjab Financial Corporation
Rajasthan Financial Corporation
Interest Rate Structure
Semfex Loan
Industrial Development Bank Of
India (Idbi)
Small Industries Development Bank Of India (Sidbi) 108
I. Schemes Of Refinance Assistance
Ii. Schemes Of Direct Assistance
Iii. Bills Schemes
17. Important Organizations For Entrepreneurs 123
I. National Financial Institutions
Ii. State Financial Institutions
Andhra Pradesh
Assam
Bihar
Chandigarh
Delhi
Gujarat
Haryana
Himachal Pradesh
Jammu & Kashmir
Karnataka
Kerala
Madhya Pradesh
Maharashtra
Orissa
Pondicherry
Punjab
Rajasthan
Tamil Nadu
Tripura
Uttar Pradesh
West Bengal
18. Technical Consultancy Organizations For Small Scale Sector
Andhra Pradesh
Assam
Bihar
Gujarat
Haryana
Himachal Pradesh
Tamil Nadu
Jammu & Kashmir
Karnataka
Kerala
Madhya Pradesh
Maharashtra
Manipur
Punjab
Orissa
Rajasthan
19. Organisations That Help Small Businesses In India
Andhra Pradesh Industrial &
Technical Consutancy Organisation
Appropriate Technology Development Association
A.P. Women's Co-Operative Finance Corporation Ltd. Association Of Women
Entrepreneurs Industrialists
Of Maharashtra (Wima) Awake, Association Of Women Entrepreneurs Of Karnataka
Bhagavatulla Charitable Trust
Bihar Industrial & Technical Consultancy Organisation Ltd.
Canadian International Development Agency (Cida)
Canara Bank Platinum Jubilee Rural Development Trust (Cbpjrd)
Central Building Research Institute
Central Drug Research Institute
Central Electro-Chemical Research Institute
Central Food Technological
Research Institute
Central Fuel Research Institute
Central Institute Of Fisheries
Technology
Centre For Entrepreneurship
Development
Centre For Management Development
Council For Advancement Of People's Action And Rural Technology
(Capart)
Council Of Scientific And Industrial Research (Csir) Deparment Of Science And Technology
Department Of Women And Child Development, Govt. Of India.
Development Alternatives
Development Corporation Of
Vidharbha
Eastern India Womens' Association
Economic Development Corporation
Of Goa, Daman & Diu Ltd.
Electronics Trade And Technology Development Corporation Ltd (Et&T)
Entrepreneurship Development
Institute Of India
Ford Foundation
Friedrich Ebert Foundation
Gram Vikas
Handicrafts And Handloom Exports Corporation Of India
Haryana Industrial Consultants Ltd
Himachal Consultancy
Organisation Ltd.
India Development Services
Indian Gramin Service
Indo-German Dhauladhar Project
Industrial & Technical Consultancy Organisation Of Tamil Nadu
Institute Of Entrepreneurship Development
International Centre For Entrepreneurship And Career Development (Icecd)
Jammu & Kashmir Industrial &
Technical Consultancy Organisation Limited
Jan Vikas
Jnana Prabodhini
Karnataka Leather Industries Develoopment Corporation Ltd.
Karnataka Silk Industries
Corporation Ltd. (Ksic)
Karnataka State Central Coir Cooperation Development Production And Marketing Board
Karnataka State Electonics Development Corporation Limited (Keonics)
Karnataka State Handicraft Development Corporation Ltd.
Karnataka State Women's Development Corporation Limited
Kerala Industrial & Technical Consultancy Organisation Ltd.
Kerala State Women Industries Association
Khadi And Village Industries
Commission
Kutch Mahila Vikas Sanghathan
Maharashtra Industrial And
Technical Consultancy
Organisational Ltd.
Marketing Organisation Of Women Entrepreneurs (Moowes)
Meghalaya Industrial Development Corporation Ltd. 169
Ministry Of Food Processing
Industries
Myrada
National Bank For Agriculture
And Rural Development
(Nabard)
National Institute For
Entrepreneurship And Small
Business Development (Niesbud)
National Institute Of Small Industry Extension Training (Nisiet)
National Productivity Council
National Research And Development Corporation Ltd. (Nrdc)
National Small Industries
Corporations Ltd. (Nsic)
Norad (Norwegian Agency For Development)
North Eastern Industrial & Technical Consultancy Organization Ltd.
North India Technical Consultancy Organisation Ltd.
Organisation In Human Welfare & Research Foundation
Overseas Development Administration, British High Commission
Professional Assistance For Development Action (Pradan)
Rajasthan Consultancy
Organisation Ltd.
Rayalaseema Seva Samithi (Rass)
Regional Engineering College
Royal Netherland's Embassy, Development Cooperation/Women Development
Rural Development And Self-Employment Training Institute (Rudset Institute)
Sri Jaya Chamarendra College Of Engineering Science And Technology
Park (Sjce-Step)
Shree Kshetra Dharmasthala Rural Development Project (Skdrdp)
Small Industries Development
Bank Of India
Small Industries Service Institute
Social Alliance Of Women
Entrepreneurs
State Bank Of India Consultancy
Bureau
State Financial Corporation
Sumangali Seva Ashrama
Udyogini
Usaid (United States Agency For International Development)
Ushagram Trust
Village Planning Forum
West Bengal Consultancy
Organisation Ltd.
Womens Entrepreneurs Association
Of Rajasthan
Youth Charitable Organisation
20. Annexure 1 : Addresses Of National Bank For Agriculture And Rural Development (Nabard) Offices In India
21. Annexure 2 : Addresses Of Rural Development And Self-Employment Training (Rudset) Institutes In
India
22. Annexure 3 : Small Industries Service Institutes, Branch Institutes, Extension Centres
Andhra Pradesh
Assam
Bihar
Goa
Dadra & Nagar Haveli
Gujarat
Haryana
Himachal Pradesh
Jammu And Kashmir
Karnataka
Kerala
Madhya Pradesh
Ujjain
Maharashtra
Manipur
Meghalaya
Nagaland
Orissa
Punjab
Rajasthan
Sikkim
Tamil Nadu
Tripura
Uttar Pradesh
West Bengal
Arunachal Pradesh
Andaman & Nicobar Island
Delhi
Mizoram
Pondicherry
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