Steps for promoting entrepreneurial venture:
1. Selection of the product: An entrepreneur may select a product according to his capacity and motivation after a thorough scrutiny of micro and macro environment of business.
2. Selection of form of ownership: Entrepreneur has to choose the form of organisation suitable and appropriate for his venture namely family ownership, partnership and private company.
3. Selection of site: Entrepreneur has to choose suitable plot for starting his venture. The plot may be industrial site, land by the private people or housing board plot allotted.
4. Designing capital structure: The entrepreneurs has to determine the source of finance for funding the venture. It may be own savings, loan from friends, relatives or loan from banks.
5. Acquisition of Manufacturing know-how: Entrepreneur can acquire manufacturing knowhow from government research laboratories and industrial consultants.
6. Preparation of project report: Project reports needs to be prepared according to the format prescribed in the loan application forms.
