Pre-Launch Stage of a new venture involves collection of information through primary and secondary sources of data. It is a critical stage. The skills that are required are entrepreneurial skills of business opportunity identification and analytical skills.
The functional areas of marketing and finance dominate this stage. Forecasting skills are also required in this stage.
2. Launch Stage
1. Selection of the Name of the enterprise.
2. Hiring or construction of building
3. Deciding on the ownership pattern — sole proprietor, partnership, private or public limited company and limited liability partnership.
4. Registration of the firm. If it is a partnership firm, then agreements has to be signed. The registration processes of SMEs have been streamlined.
Now provisional registration certificate can be obtained online with District Industries Centre.
12. Sources of raw materials to be finalized and purchases made.
13. Production started.
14. Products to be made available in the market.
In Launch stage of a new venture, operational actions and decisions are taken. It requires managerial skills of coordination with the various agencies. Project management skills are required.
There is lead time from planning to implementation stage. Close monitoring has to be made to see that the launch is as per the plan. Delay will increase the cost and have impact on the finances of the firm.
3. Post Launch
1. Teething problems to be solved.
2. Systems to be developed in all the areas of management
3. Feedback on the product
4. Changes if needed to be introduced.
5. Expansion decisions.
After launch of the business, the gestation period varies from one to three years. The provisional certificate is valid for a year. After commencement of business, permanent certificate is to be obtained from District Industries Centre.
An entrepreneur has to plan and prepare for this critical period. The profits will start flowing once the business settles down. All the businesses may not succeed, so mental preparation for failure and exit route should also be a part of the business plan.