Anunaya Basnet [2022-09-25]
About 250 years ago when King Prithivi Narayan Shah made Kathmandu the capital of unified Nepal, he realized that the city had great potential as a business center, complementing its role as a trading hub. He allowed businessmen from Rajasthan in India to set up shop and allow entrepreneurship to ferment, a move expanded later by Prime Minister Chandra Shamsher Rana. One reason entrepreneurship did not have deep roots in Nepal was the concept of जागिर, a 10-5 salaried position with job security. That is why the start-up culture took so long to enter Nepal.
The initial stage of starting a business is writing a business plan. Starting a business requires many steps, and it certainly does not happen overnight. An entrepreneur must be willing to dedicate most of his time to the process.
What is most important in a start-up business is one has to invest a considerable amount of time to research the market and the target group, or customers. Market research helps to determine the demand for products or services. On top of this, a start-up business requires a comprehensive business plan, outlining a mission statement, future visions, and goals as well as management and marketing strategies.
Nepal has a good potential for start-ups in information technology, hospitality, small business, and agriculture sectors among others. Urban farming and waste management are other areas where start-ups can do wonders. It is also crucial for entrepreneurs to classify their business type, as they need to decide whether their business will be operating online, from home or office, or both. This depends on the products or services being offered.
Most importantly, start-ups need to consider what legal structure best fits their entities. These are the most important things one should take into consideration before launching new products or services.
Any business, small, medium, or large, needs capital. Those interested in start-up businesses must meticulously calculate their finances. New businesses often tend to fail because oftentimes they run out of money. Keeping expenses as low as possible is one of the best ways to keep one’s business floating. Start-up business aspirants can even choose to forego an office as long as they can sell their products or services without one. The first year of a start-up business is said to be the most critical period, so aspiring entrepreneurs should work hard to make sure their businesses survive for at least one year. To help start-up entrepreneurs, the government can play a crucial role by facilitating them.