What do we need to set up an industry?
To come and set up your own firm in India that too in a competitive industry is not an easy thing. You have to see all the criteria to enter the industry, all the paper work should be up to date so that whenever the auditor comes he finds the industry safe and reliable. The key ingredient you need to set up an industry is the planning. First you have to plan the whole industry’s blue print that how much capital is needed and how much output it will give monthly or annually. Then comes the land and resources, here we have to look a land which is near the resources we need for the set- up of industry and we need to choose an area which is not so far from the resources ( example if we need water for the production and the only source of this resource is from a river which is 30-40km away from the factor’s location then that area is completely useless because to provide water till our factor’s location we will be requiring transportation facility or a person who have studied piping and instrumentation diagram course because then only that person will provide a way to utilize water from that river to the main location)
Then comes the transportation facility which is the second main criteria we need because to use raw materials in production activity and to transport products from the factor to markets we need huge vehicles to supply them to different distributor and including all this we have to see that how much profit we are making because if the whole money is going into the cost of transportation and raw materials required for production then there is no sense in starting up the industry.
Next is the machinery we will be requiring but that also depends that which type of products the firm will manufacture and according to that the machinery needs to be set up. In case if we did not found any similar machinery then we will be requiring a person who is into piping and instrumentation diagram courses because then he will be going to make a blue print of the machinery and according to that the machines will be going to set up in the factory.
So to start your own business it is beneficial for a person to think each and every possibility with the challenges that may come up in that situation. To set up an industry, a team is required with each person having knowledge in different sectors so that whatever challenges comes up in their way they all can face them together.