In India there is a large disparity that exists between the people who know and people who do not. To support the argument let us consider an upcoming business weekly that has just been launched. Since the weekly is meant to disperse the information to the people, a part and parcel of which is a special audience, the technical jargons, language and reports are presented in such a manner that most of the people fail to make even the ‘B’ of the business.
Ask any successful businessman or agency and you will hear the same answer: it is the basics that make business successful. You do not need to understand the microeconomics and how the economic crisis in America is going to affect the local markets in Asia. That is why we have been accentuating on the need to simplify things rather than complicate the whole matter.
Coming back to the topic – basic requirements to start business, we have listed some of them and described them in brief. Read below:
Knowledge: The knowledge about any particular business is as good as all other resources considered collectively. This knowledge can be acquired by first hand experience, by consulting an agency that has the first hand experience or by professional training. It also includes the knowledge about legalities involved with the business that one is looking upon.
Capital: Money is the fuel and to start a business you need it to ignite the engines. Though money or capital has taken many forms, but at the end of the day you need to have the ability to buy the resources, hire the people, set up an establishment, etc.
Manpower: You may have a hundred machines, imported ones too that deliver great quality and are cost effective, but you will always need the right manpower to operate them. In service industry also, manpower is very essential to the business. In the initial stage or for start-ups, some minimum number of people must be committed to get things done.
Infrastructure: The need for appropriate infrastructure various. Many small home business models will require a bare minimum of equipments and workspace, a coffee shop can do with a kiosk, a small restaurant with sitting place for just 10 people, a school for 50 students and so on.
These are the basic requirements to start the business. The working model and strategies are learnt in the course of time. If you have all these requirements or are in the process of obtaining them, you have already entered the business arena.