1. Determination Of Objective:
Any person intending to start a business must fist determine the objectives. After determining the objectives, the process of accomplishment is to be decided. The objectives may be short term or long term. A careful thought is to be given in determining the objective.
2. Planning:
The future is uncertain. Hence, planning is the need of the hour.
Sufficient reserves are to be created to meet the future uncertaninities. Hence before planning for any business the problems and their relative solutions should be studied be studied.
Leadership is the ability to obtain results out of the efforts of a group voluntarily and without the use of coercion, authorities or power. The success of a business largely depends on proper planning.
3. Adequate capital:
Finance is rightly called the life blood of every business activity . the organization may be planned through research but without sufficient capital the other factors production become passive.
4. Proper location, layout and size:
The entrepreneur has to be very careful in selecting an appropriate location.
The availability of raw material, labour supply, electricity, capital market transport facilities, government policies development of ancillary industry are the point to be considered in selecting an appropriate location.
The business may be large, medium or small. The decision regarding the same is taken by the entrepreneur.
5. Research facilities:
In this age of changing technology, increasing competition, new methods and techniques of purchase and sale, it is necessary to have the right information from the view point of business.
Marketing research undertakes the above related research activities. An innovative entrepreneur always goes for something new.
6. Efficient and dynamic leadership:
Management is the art of getting thing done through the efforts of others. Management involves leadership.
Leadership is the ability to obtain desired results out of the efforts of a group voluntarily and without the use of coercion, authority or power. The success or failure of a business largely depends on leadership.
Any person intending to start a business must fist determine the objectives. After determining the objectives, the process of accomplishment is to be decided. The objectives may be short term or long term. A careful thought is to be given in determining the objective.
2. Planning:
The future is uncertain. Hence, planning is the need of the hour.
Sufficient reserves are to be created to meet the future uncertaninities. Hence before planning for any business the problems and their relative solutions should be studied be studied.
Leadership is the ability to obtain results out of the efforts of a group voluntarily and without the use of coercion, authorities or power. The success of a business largely depends on proper planning.
3. Adequate capital:
Finance is rightly called the life blood of every business activity . the organization may be planned through research but without sufficient capital the other factors production become passive.
4. Proper location, layout and size:
The entrepreneur has to be very careful in selecting an appropriate location.
The availability of raw material, labour supply, electricity, capital market transport facilities, government policies development of ancillary industry are the point to be considered in selecting an appropriate location.
The business may be large, medium or small. The decision regarding the same is taken by the entrepreneur.
5. Research facilities:
In this age of changing technology, increasing competition, new methods and techniques of purchase and sale, it is necessary to have the right information from the view point of business.
Marketing research undertakes the above related research activities. An innovative entrepreneur always goes for something new.
6. Efficient and dynamic leadership:
Management is the art of getting thing done through the efforts of others. Management involves leadership.
Leadership is the ability to obtain desired results out of the efforts of a group voluntarily and without the use of coercion, authority or power. The success or failure of a business largely depends on leadership.