The ABC of setting up a business venture

Any rookie entrepreneur would have his eyes firmly set on profit. Businesses are indeed run for a profit but an entrepreneur has to pay equal attention to a variety of factors including the impact the venture could create in the market and society in general.

You have to design your venture in such a way to suit the market if you were to opt for a long haul. Your business has to carry your unique imprint.

Every business starts as an idea. Collect as much information as possible on that idea. Factor in the reality. Seek help from anyone worth his salt. Yet do not rely on external support when you venture into a project.

Mistakes and early hurdles are natural in business. Take a step backward and see where you faltered. Make amends and work harder. Not repeating your mistakes is crucial.

You have to take in the truth that your business progress is your concern only. Analyse all aspects of the field in which you are setting up a business venture.

Tap technology to the core. Technology keeps changing. Use the ever-changing technology to keep costs under a tight leash and lure in customers.

Devise indigenous ways to promote your products and services. Learn from success stories around you. Yet you have to pave your own path to success.

Use the online medium to advertise your products and services and offer after sales support. Avoid the e commerce platform at your peril. You will be forced out of the race.

Always take stock of the situation. Be a harsh critic of your strategies.

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