The strength of the house depends on its foundation similarly for the survival of business in market its foundation plays a crucial role. A start-up can be defined as a newly created company looking for markets and investors. It’s very difficult to with stand in present economic conditions. Success of the new start up business depends up on Planning, its financial capacity and human resource.Planning:
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A strategic plan serves as a road map to lead an organization. Every company should have strategic plan which determines its future projections. A plan should include:
- Vision and mission statements.
- Goal setting.
- Resources required for reaching goals.
Description of business- outline of business, how can they reach their goals, and location of business. Business opportunities- competitive advantages of taking such business. Risks that the business need to face.
Business environment- relating to competition and other threats. Determining benchmarks.
What are the various possibilities for achieving or failing to achieve goals. It is vital to understand whether there are obstacles for your business in its striving for success Financial:
- To carry on plans effectively it need finance.
- It should have adequate capital.
- There should be a complete understanding of expanding cash flows.
The entrepreneur has the major responsibility of advocating and leading the business from front and helping the staff to deal with difficult situations. The success of business depends up on correct implementation of skills, learning, knowledge, and information on a practical level.
The correct utilization and management of knowledge has been cited as a key way of supporting business with the ever changing environments they work within. The role of the human resource department is to assist in creation, storage and maintenance of knowledge within a firm in a synergetic manner to support the business.
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