AVENUES, PROSPECTS AND ULTIMATE OF NEW VENTURE PLANNING IN INDIA - A CONCEPTUAL STUDY

It has remained a challenge for staring a new business venture for an entrepreneur. It is highly essential to prepare a blue print for successful set up of a new business enterprise. There are number of aspects need to be taken care of in this process. The first step taken in the procedure of setting up an enterprise is selecting the nature and type of business. it is essential for an entrepreneur to identify valuable business opportunities and select the correct one best suited his or her business objectives. This may be considered as the preliminary stage which needs to be further screened and analysed before taking the final decisions by the entrepreneur. Ideas are usually generated for the purpose of getting creative or best possible solutions to a specific business problem identified by the entrepreneur. There are different sources from where these innovative ideas coming from. These may come from friends, relatives, customers, suppliers, and even from competitors. In this chapter, an attempt has made to provide a conceptual briefing of planning or starting a new venture addressing challenges and identifying opportunities coming in the journey of building a successful venture.