It is very normal to hear many youngsters specially the students  telling that 
I am going to start business
I like doing business
Business is easy to make money
I need just 10 lacs to start business
Business people life style is good” and so on……..

These kind of dialogue not only stop with them, even executives already in good job  having married and growing kids,  still keep saying that anyday they are going to get into business.

Though there is a lifestyle difference and fulfilment of lifetime ambitions, I thought of sharing few questions which I came across my 9 years of Business life, Which I thought will help new start ups to redefine the strategies.

Questions are below .

1) What is the correct age to get into business?
2) What type of business do you want to start?
3) How many years of experience do you have on the products you are going to business?
4) Do you have contacts with mentors/business people from the same industry?
5) How much capital you must have?
6) What is your sustaining capacity?
7) What are the convincing factors that would convince your family to allow you to get into busines.
8) Have you backed up with sufficient money to support your family expenditure for next 2 years?
9) Is it your partnership business or proprietorship business model?
10) What is the minimum and maximum years of life  your business model will run?
11)  What is the percentage of capital i.e your own money and financed capital?
12) Who are the best employees you should hire to run your business?
14) Finally do you have guts to get into business and ready to show your ambition in action?

Instead i give the statistical answers to each question, or you asking for answers from anyone esle, ask yourself… Are your answers are satisfying you to start your own business.!

If you dont find answers to your questions by yourself, comment here your questions, i will try to answer them.

But I have few lines of suggestions for you to follow  when you decided to get into business.

A) keep your invesents low
B) your percentage of investment shall be more in stocks and high end production machines compared to overhead expenditures.
C) keep your pricing such a way  to include atleast 30~20-% margin in case of monthly rotation. 3~2% in case of daily rotation. Rotation means realisation of your sale money.
D) Dont promote your business by cutting down your product price to match competitor price.( keep a value selling policy)
E) invest on latest manufacturing machines to improve your product technology, quality and finish.
F) Hire a good chartered accountant from known circle from first year of operation.
G) increase your immovable assets every year
H) Keep an Eye on the techonologies and market demand.
I) Create a second channel of revenue generation, either by having diversified products and investments.
J) Never allow your outstanding payments to go beyond your 3 months & always keep a checklist on the outstandings and payments monthly.

Finally never compare yourself to become like ambanis and satyam rajus.

“A successful business is the one who is with better operational profits on your minimum investment than speculative returns and short term focus.”

Wish you all success.

Cheers 🙂