Entrepreneurial aspirations among youngsters are on the rise amongst the middle class in India. Technology has opened up opportunities for businesses and made managing business easier. The government of India has also come up with various schemes to encourage business owners. Hence, it is a highly rewarding time to start a business in India.
The first step in starting a new business is the ideation stage. At this stage, the entrepreneur would look for ideas to start a new business and firm up his plans. Thereafter, the related market, details of the product/ service offered, existing competition, manpower availability, funds, infrastructure etc. must be thoroughly researched on. The business idea would be built on the research undertaken and eventually the plan of action drawn out.