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Baqar Iftikhar

Baqar Iftikhar Naqvi  |112 Answers  |Ask -

Start-up Mentor - Answered on May 27, 2024

Baqar Iftikhar Naqvi is the founder and CEO of Upriver Ecommerce, an online sales accelerator firm and can guide entrepreneurs on how to make their firms grow.He holds a BTech in textile technology from the Central Textile Institute and has a master's degree in marketing and merchandising from the National Institute of Fashion Technology.He has 23 years of experience in the consumer products and retail industry.... more
Mangesh Question by Mangesh on May 13, 2024Hindi
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dear sir, I am working with LTD pharma company and very recently I have resigned from my job of production manager. In future I don't want to work with current profession and thinking to start suitable business. Could you please guide me what i shall plan to start the business. I am quite sure the time i spend with my current organization can be utilized for the business.

Ans: Look around yourself. Find a problem that is big enough, and that you can solve. Understand how much money people are willing to pay for the problem to get sorted and what will it cost you to solve the problem. If there is money to be made, you have a business idea
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Harsh

Harsh Bharwani  |56 Answers  |Ask -

Entrepreneurship Expert - Answered on Oct 19, 2023

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I worked almost for 24 years in sales & marketing deptt.of various leading multinationals like Glaxo,AkzoNobel,ICI Dulux,Lupin and national like Sintex Ind,Vinod Denim.I was star performer but never ever ventured into personal business.I have prepared number of projects for companies and MBA holder.Please advise which business I should start?
Ans: Starting a new business is a significant decision, and it should align with your skills, interests, and financial capabilities. Since you have extensive experience in sales and marketing and have prepared numerous projects for companies, you have a strong background that can be leveraged to your advantage. Here are some steps to help you decide which business to start:

Self-Assessment:

Reflect on your passions, interests, and hobbies. Starting a business in a field you are passionate about can be more fulfilling.
Consider your strengths and skills, including your sales and marketing expertise.
Evaluate your financial situation and determine your budget for starting a business.
Market Research:

Conduct market research to identify industries and niches that have growth potential and align with your expertise.
Look for gaps or unmet needs in the market that your skills and experience can address.
Identify Opportunities:

Consider opportunities in your local area or industries that are experiencing growth.
Explore the possibility of consulting or offering services based on your expertise in sales and marketing.
Business Plan:

Develop a detailed business plan that outlines your business idea, target market, competition, financial projections, and marketing strategy.
Assess the feasibility and potential profitability of your business idea.
Networking:

Leverage your professional network and industry contacts to explore potential partnerships or collaborations.
Seek advice from mentors or experienced entrepreneurs who can provide valuable insights.
Validate Your Idea:

Before fully committing, consider testing your business idea on a smaller scale or conducting a pilot project to validate demand.
Evaluate Risk Tolerance:

Assess your risk tolerance and consider how comfortable you are with the potential challenges and uncertainties of entrepreneurship.
Legal and Regulatory Considerations:

Research the legal and regulatory requirements for starting a business in your area, including licenses, permits, and taxes.
Start Small:

It's often advisable to start small and gradually scale your business as you gain experience and confidence.
Seek Professional Advice:

Consult with business advisors, accountants, and legal experts to ensure you have a solid foundation for your business.
Ultimately, the business you choose to start should align with your skills, interests, and goals. Given your background in sales and marketing, you may consider starting a consulting firm or offering marketing services to small businesses. Remember that entrepreneurship can be challenging, but with the right planning and dedication, it can also be a rewarding journey.

..Read more

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Mayank

Mayank Chandel  |1503 Answers  |Ask -

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Jul 13, 2024

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