principles of design thinking and start a new business in bengaluru

2. #1 Selection of Products
By conducting a market research, one could decide the product that
they want to manufacture.
A product that has good market potential and profitability should be
the one. Consider these factors while conducting market research:
 Should have a little or no competition
 Should be innovative
 Easy availability of raw materials
 Government Policies regarding the product type should be
clear/all right
 Should be easily accessible to the market
 Should be within your budget

3. #2 Location of Enterprise
•While deciding on the location of the industry,
availability of raw material, transportation costs
and availability of land at cheaper rates are the most
crucial points to be remembered (along with some
more factors).
•In India, government also offers a relevant industrial
estate with pre-built factory sheds/developed plots
in order to make a room for integrated development of
small scale industries.

4. #3 Deciding the Organization Pattern
There are three main forms of ownership that small scale industry owners
operate on: Proprietary, Partnership, and Company.
 Proprietary describes all the rights that are the owner of property can
exercise and all items manufactured and marketed under exclusive rights.
 Partnership is an association of two or more business people. Both
partners invest their money in a partnership and carry on the business as
joint ventures where they share all their profits, losses, risks and
combine their capital and managerial skills for mutual benefit.
 Company is a legal entity created by the state whose assets and
liabilities are separate fromits owners.
You could decide on which ownership form your business is going to
operate.

5. #4 Project Appraisal
• Project appraisal means the analysis of a scheme or project that has to
be prepared keeping in mind the
• Economic feasibility,
• Financial feasibility,
• Technical feasibility,
• market feasibility and
• managerial feasibility and organizational feasibility aspects to
arrive at the most socially-feasible enterprise.
• It enables an entrepreneur to assess inputs required to assimilate in the
future activities of the firm.

6. #5. Registration with the Authorities
• After finalizing the above steps, it’s time to get the small
scale industry registered with authorities like State
Directorate of India, Directorate General of Supplies and
Disposals (DGS&D), RBI, Recoveries of Loans and
Advancements(RLA) etc to get your industry recognized by
the government.