What advice would you give a group of people starting a business?

Formulate your business plan early and research financials! Too many entrepreneurs dont project financials then they end up flying by the seat of their pants for the next 2 years. This is likely a big investment. You would hire a professional to do your taxes, so hire a professional to prepare your business plan!What advice would you give a group of people starting a business?
Have a concrete business plan ready, which should include:





- What exactly do you intend to do?


- Why, only this business, benefits to you, benefits to your users, benefits to society and country


- Why you should do this business, your strengths, level of your capabilities, experience in this field


- What are the threats, how easily can it be copied by the big companies


- How many other companies in or outside your country have already tried this business and what were the consequences, did they succeed if yes why and if they fail why. do you have same capabilities or do you know how to avoid mistakes done by them


- What the revenue projections and profitability pattern expected, what are the expenditure heads


- Would the economy of scale work in your business


- How scalable the business is and upto what extent this business can generate profitable returns to you and what is the maximum limit.


- Would the economical and political system support your business in long run, how will effect the government priorities in your country


- What the capex plans, how will you fund the business


- Diversification options after a certain level or Exit opportunities,.





Once you draft all of this, you will have clarity where you are entering and how to take it forward and in what manner and phases. You would know which all areas are there to be improved.





Good luck.