Starting any new business venture is not easy. It is particularly so with a manufacturing unit. It involves both manufacturing and selling the product.
Henry Ford said “find a need and fill it.” That is what he did when he started the Ford motor company. First you have to identify a product that can sell in the market. If you are making a totally new product, it has to be determined whether the market will accept the product. You may have a great new idea or a product. Selling the product could be the major stumbling block.
If you are a new entrepreneur you should ask yourself whether you have the expertise to manufacture the product. Of course you can get people who have the expertise. In certain ways it can be said that people who have the ability to organize will succeed in any field.
Theoretically, to start any venture, it can be said that every ingredient is available. Finance can be obtained from venture capitalists and banks. Machinery required can be bought. You can hire people who have the technology and expertise to manufacture and also the people or companies to sell the product. To bring this all together you have to be an excellent organizer.
It is the capacity to organize that makes the difference. A person with good organizing capability can go far.
Planning is extremely important to start a new venture. It has to be meticulously planned. The steps are
• To identify the product
• To get the technical expertise
• How you are funding the project
• Land and machinery
• Manufacture of the product
• Marketing
• After sales service
Each of these points have to investigated in detail.
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