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If you want to make it…

india Updated: Jul 16, 2008 02:31 IST

Innovation is the key
A million people come to Mumbai to try their luck. So it is extremely important that the idea be very different. You should also be able to see it working as a business.

Be open to changes
Ensure that you are open to changes and take every suggestion and criticism seriously. Everything should be a learning experience.

Educate yourself
Since you will be investing your hard-earned money, it is important to do your groundwork. Do a survey of the market you are getting into. Educate yourself with financial deals and tax-related issues. If possible, consult a financier before you invest.

Hire people you can trust
If you do not have a strong business background, hire a small staff and only people who you trust. This will help you save money and time - you do not have to waste time on keeping an eye on them. It is very important to concentrate on your business in the initial days.

Think twice before applying for a loan
Start with limited capital and do not think of making a huge investment. Expand gradually. Since you will be starting a new venture, it is important that you save and have some money to fall back upon.

Avoid advertising gimmicks
Your product should be your best advertisement. Attract customers by taking care of their needs and requirements. A business flourishes if its virtues spread by word of mouth rather than advertising gimmicks. It may be slower, but it is a surer path to success.

Learn to think big
Do not be happy with a flourishing business. With a growing economy and multinationals coming into the market, think big and act accordingly.

In this field, you need specialised know-how. So you either need to have a background in medicine or need to work closely with someone who does.