Pursuance of economic activity for the purpose of earning profit and acquiring wealth is a common phenomena among all business enterprises, be it Industry-based or commerce-oriented.

With the kind of scope that the term ‘business’ has, the activities that come under the purview of business may be categorized into Industry and Commerce. The term ‘Industry’ covers the entire span of economic activities related to production of goods and services. The term ‘Commerce’, on the other hand, is related to economic activities related to the distribution of goods and service.

Generally businesses are started by ambitious individuals or by a group of friends in partnership. These new entrepreneurs start business with a vision to churn out a profitable business out of whatever little resources and efforts they put in and in return expect to be owners of a successful concern down the line. As starting a business is no child’s play, it is important to decide on the subject matter of the business very carefully, i.e. what would be

the nature of the products, the magnitude of the work force, materials, infrastructure, market research and so on.

Ideal is to consider all aspects to setting up of a business and follow proper steps towards starting the business.