In the scene above, we can see the lead actor (played by Shahid Kapoor) wanting to start a business, he wants his company to be listed on the stock exchange and become a rich man. Let’s evaluate how would he be able to reach this stage?
Before starting a business, a strong evaluation of oneself is required, this involves conducting a SWOT (Strengths, weaknesses, opportunity and threats) analysis on oneself. It involves knowing oneself deeply. Next step is analyzing the industry you are planning to set up your business in. For example, if you are planning to start a restaurant, it would be a good idea to understand the food and beverage industry. This would give you a sense of what kind of industry it is, whether the pricing is based on perfect competition or in a monopolistic competition.
Steps for starting a business:
Starting or launching a business:
It starts with a business idea. This stage involves conducting market research and understanding the market for that particular idea. Analyzing and evaluating the competitors is a feasible step to undertake in this stage.
Building or Managing the business:
This involves defining the emission and vision of the company. It also includes development of long term plans for effective management for various opportunities and threats. Mission is essentially why the company exists. It defines the purpose of the organization and tells why it exists in the society and how is it different from other companies in the industry. Vision conveys what the company would like to become in the future.
Growing or Scaling:
This involves knowing your customers needs and wants. This helps the company to take risks to fulfill those demands and allows one to offer impressive customer product and service. Looking for new opportunities and tapping into them accordingly.
In this particular scene, Shahid Kapoor mentions that he wants to be listed on stock exchange, for a company to be listed on NSE or BSE, market capitalization of the applicant should not be less than 25 crores.
Written by: Ms. Gitika Chandra