Steps of Setting up a New Business Venture:

The steps of setting up a new venture of business are as follows:

1. Determination of The Objectives: A well thought determination objectives are the most primary factor to make a successful organization or coordinating various programmes.

2. Primary Planning: The business is exhibited through the business thinking of the entrepreneur.

3. Preliminary Investigation: It is most important, and the entrepreneur must have to investigate regarding the new ventures, such as – existence of any similar business, if so the investment of the capital of such business; the income and the expenditure of the organization, or the consumer acceptance or the need of the product in the market. If the preliminary investigation is positive he will then proceed to the next step.

4. Detailed Investigation: The task of detailed investigation about investment and production out put with consumer acceptance is necessary.

5. Selection of the best alternatives: Before taking the final decision a few alternative proposals should be analyzed in pros and cons on scientific basis. The relative advantages and disadvantages, profit or loss with alternative proposals are to be reviewed and best of them to be selected. From practical point of view it is to be seen as if the best proposals should be worthy.

6. Farming of Plan: The entrepreneur through a detailed investigation make a realistic plan for his/her farm on the basis of the data collected.

7. Choice of Ownership: Next he is required to decide what legal type of organization would be adopted for his/her business. Before launching a new business, the entrepreneur has to decide the acceptable and suitable form of business.