India is one of the happening places for people who want to try their luck in business. About three decades ago, a few cities had developed as trade and commerce hubs and boosted the business in their respective regions. The metropolitan cities were the centers of attraction for business ventures and start up projects. In the last three decades a lot has changed, especially after the economic reforms in the early 90s.
If you have a keen look at key commercial hubs you will find that small projects founded in the last 10 years have indeed grown into big companies. Business ventures related to IT services, retails, real estate, hospitality and management, etc., the business operations have diversified and thanks to growing consumerism, new comers can still find a place.
When to Start?
Starting problem is a big problem. Some people, especially young entrepreneurs make haste without considering the consequences and sometimes land in troubled waters. However, waiting endlessly is also not good and the person has to come to action, sooner when the time is right.
So how does one define the right time to start the business or what does the reader expect as he reads the line ‘start business without losing time’? To give you an idea about the perfect timing, there are certain tasks or homework one has to do.
First, market research is very much important as without the idea about the market, the chances of hitting the jackpot are narrower. If the person has enough market information, which happens with professionals who are employed and working in the same field, there is no need to waste extra time for pilot tests and studies.
The second most important thing to consider is the stability in the markets. Sometimes it happens that markets are quite unstable because of a number of reasons, leaving the entrepreneur guessing as whether to go ahead with the project or not. Wait for the right time, time when at least no major changes happened for six months or more. Serious economic downturn appears once in a while and is almost unpredictable, so there is no need to worry about it. At the same time the business plan should at least take care of everything for at least the coming three quarters of the financial year.
The launch time should also be timed perfectly. Prior to the launch, it is helpful to spread awareness about your plans and your project. Depending upon the business, there can be an extensive pre-launch marketing campaign or just a small display.
People may put it differently, but no one will deny the fact that there is right time to do the right thing. When you are sure as what you want to do, it is wise to know when to do it.