Here are a few tips for those of you who have an entrepreneurial streak in you.

• Decide on your area of business. Choose one in which you are not only comfortable but also efficient and well versed. A thorough feasibility study has to be done before deciding on your business.

• Keep in mind that a service firm requires less investments in the form of money and a business involving technical expertise may require a higher investment by way of machinery.

• Prepare a detailed business plan for the proposed investments in qualitative and quantitative terms. Once you prepare the plan, stick to the schedule of implementation.

• Work out how much you will be able to mobilise from your personal savings. Work out the source of funds for your proposed investment, which would be a combination of your personal savings and loans from banks or other institutions.

• Explore the possibilities of funds from government agencies and non-profit organisations such as capital subsidy, power subsidy and interest free sales tax loans etc.

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