I have a new business idea. What should I do?
The books say , make a viability study, undertake market research, scan the domestic and external markets, attend entrepreneurship development programmes (EDPs).
To my mind, practically, there are 3 three key issues :
First, key market institution issues :
Government and regulatory framework and supports
Macroeconomic conditions
Attractive investment
framework
Legal framework
Incentive Schemes
Taxation Issues
Do markets allocate efficiently?
Information and Technology Spread
Code of Corporate Governance.
Technology,
Logistics,
Support services
Marketing,
Human resource,
Finance fields.
Availability
of adequate infrastructure facilities
power, road connectivity, transport
facilities, energy, water, ports , airports .
Second, Competency issues :
Skills of the labour force,
Of access of enterprises to business services.
Intervention in human resources development , training
Quality of human resources and skill
Third Capital and Credit markets Issues
Long-term debt,
Unsecured loans
Working capital
Quasi-equity for smes, including
Convertible debt,
Royalty and other income-linked matters.
Without any risk or responsibility
Copyright vests with the author, Jayaram Nayar . He can be contacted at jaynayar@gmail.com
