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Want to start your own business? (View Comments)
Monarose Sheila Pereira
Posted On Wednesday, July 07, 2010 at 11:49:21 AM
Today many individuals prefer to work on their own starting up their own organisatins. So what exactly are the requirements to set up your own business? There are many technical and non technical skills required
Government regulations come first and are of paramount importance. CA, Karan Gokhale, offers some noteworthy advice. According to him there are various types of businesses and various fields in which they can be conducted.
Mandatory requirements have to be fulfilled, which have been drawn up by different government agencies. Besides the legal documents, many other factors are required like informatin and personal traits.
Knowledge is high up on the list and plays a very important role in running your venture. One needs to have a thorough knowledge of the field one is interested in starting a business in. The more information you have about your field, the better you can perform and earn respectibility in the busiiness. Cosmetologist, Dr Jamuna Pai conceptualiSed a practice that combined her medical skills with the ever-growing beauty industry, which happened to be her passion. Once the intent was clear, she trained in beauty in England. On returning back she combined that with her medical experience in skin. People's faith in her was strong as she was a doctor practicing beauty. “Integrity, hard work and honest was never compromised and today after 17 years of practice I stand tall in the field of cosmetology which people say I pioneered," says Pai.
A sense of dedication and commitment too are vital ingredients for any business venture. Graphic consultant Framroz Ghaswala, draws up some vital qualities, when he advices, “It is important to stay focused and concentrated on the job at hand since the consultant is expected to not only visualise the problem before him, but also anticipate a probable problem that might creep up during the course. Starting on your own involves a lot of hard work and one must be ready for it. Remember you are not working for some one else but for yourself and your family. Your motivation levels must be high and so also your sense of devotion to the job. It is equally important to get an assignment as it is to complete it on time and to the clients satisfaction. Reputation and further business depends on this.”
Raising finance for your venture is critical and one of the main problems. Today, there are several sourves like bank loans to help you out. Morgan D'Souza who has just started his cyber cafe shares some valuable bytes. "A lot of research and ground work is needed to start your own business. When I thought of starting my cyber café the first thing that came in mind was - how much investment would be required for this project? I did a survey on cyber cafés, checked the net for professional help, along with the costing of the computers in which there were a lot of ups and downs to get the money so I settled down with a loan by putting my life earning in it, and so on I managed to get the show to a start in which it took me about one month to start," says D'Souza.
Getting the right venue can prove to be difficult especially during the initial stages. Hair stylist and beautician Shonelle and her husband Rajiv started their salon in 2006. They worked in a call centre for eight months and collected the finance. They took no loans from any banks or private money lenders but initially were financially supported by Shon's father to set up the place. Shon says, “We got a fully equipped salon in Khar through an advertisement in the newspaper but of course it was a very horribly maintained salon with two huge trees going through the tin roof. We had a tough time getting the place together and run it but we were determined because the rent was not very high and we were confident that we could run the place and set up our clientele from there. We were there for a good three years till we took a major step by moving to Bandra, into a much better place thinking it would give us the much required boost in business we required. And surely so this place put us on the next level, and will for many other bigger and better levels to come.” Rajiv says, “Hats off to Shon; her vision, determination and hard work helped to managed to smoothly run our salon."
So, starting yoru own business calls for various factors involving, legal necessities, finance, knowledge and personal grit. Are yor ready? Then get started!
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