1. Identify lacuna
You must clearly identify an existing market lacuna or latent but unfulfilled demand for a product or service.
2. Realise this is a service
This is a specialised field where your technological capabilities are paramount. But you must also remember you are providing a service.
Your public relations must be good. But how much time you invest in this depends on how large you wish to grow.
4. Identify your source of funds
Setting up a lab is capital-intensive, so you either need a family fortune or need to borrow funds from a bank. If you think you have a very compelling business plan, you might want to court venture capitalists.
5. Find a good location
Remember, like a retail outlet, where you are located can also play a role in attracting customers. The more convenient your location, the more your customers. Of course, you will have to balance this advantage with the high cost of real estate in prime areas.
6. Choose your decision-making mechanism
You will be better off if you do not leave this to chance. Decide whether you want one person in charge of taking decisions or many.
7. Experts point out that there are benefits to both
Shah goes ahead with a decision only if three out of four people agree.
8. Get a good team
In many businesses you may be able to play a Jack-of-all-trades. But here, you might be better off working with a team that includes marketing and financial experts. But you must make sure that they share your vision.