3. Finance
• Provision for minimum 2
years survival money.
• Provision for minimum 1
year’s running cost.
• Provision for buffer.
• Personal Money is better
than LOAN.
• No EMIs and luxury for
first 5 years.
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4. Plan
• Time to start. It’s better if we
plan well in advance. No
hurry.
• Nature of business, market
analysis and scopes.
• Written, clean plan is
mandatory.
• Plan for consequences,
alternatives and supports.
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5. Product
• Clear selection of Products
and services we offer.
• In-depth study about
products, pricing,
competition.
• Need to plan for a UNIQUE
feature in our product or
service over the available
products/services.
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6. Place
• Targeted Market to be
clearly identified.
• Sentiments, behavior of
that market need to be
understood.
• Geographical and Potential
wise planning is to be done
separately and
consolidated.
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7. People
• Targeted Customer analysis.
• Total consumer size and
possible capitalization
percentage to be planned.
• People to work with. Plan
for optimum number and
identifying them earlier.
• Keep always a buffer in the
pipeline (people working).
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8. Vision & Mission
• Vision and Mission
statement is must for any
level of business.
• Write them firmly and
communicate with people.
• Educate them to
understand the statements.
• Your values, focus and plan
should reflect in it.
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