Once the business plan is made, the next step forward is finalizing the products and services that would be manufactured or provided. As it is a crucial step, it must be preceded by a thorough research and analysis of the industry, the market, the competitors and so on.

It is absolutely indispensable to understand the industry and its functioning that you wish to be a part of. It is also important to gather the infrastructure and resource required for manufacturing or providing the product/ service. Thereafter, it is good to assess the size and structure of the product market and the major manufacturing regions. A fair idea of the extent of competition and the major pla-

yers in the market in your area of business interest is also a must. The knowledge of industry trends and regulations cannot be overlooked, as an assessment of the same helps you estimate the future of the product market that you wish to relate to. That also covers understanding the government policies relevant to the industry.

For the benefit and interest of the young new entrepreneurs vying to land themselves into new business venture(s), the Government of India provides agencies like “The Directorate of Industries” in all states that provide valuable guidance and advice to these entrepreneurs. Besides each industry have its own agencies and organizations that monitor, research and analyze the product demand and development of market thereof. These agencies can also be contacted to collect industry specific vital information like Project profiles, Feasibility study, Industry study and area development study.