To cater to the specific needs of first generation entrepreneurs of North East, NEDFi started the Business Facilitation Centre (BFC) where experienced mentors are engaged to guide the entrepreneurs through out their journey.The Mentors at BFC are trained on the facilities offered by NEDFi including its financial schemes of MSE which will also help them in facilitating credit support to the deserving entrepreneurs.
North East India, the conglomerate of 8 states has remained at the center of policy initiatives of Govt of India. Huge untapped natural resource and shared international boundaries have give North East unlimited scope for economic and industrial development. The region has been rightly termed as Natural Economic Zone (NEZ) and growth engine of the country. To explore these potentials Govt of India has taken ranges of initiatives through centrally sponsored schemes (CSS) collaboration with state govt. and policy based incentives. These incentives provide support for infrastructure creation, improvement of connectivity, industrial development, promotion of trade and commerce, human resource development etc.
In order to attract and promote conducive investment environment in the North Eastern Region of India, the respective State Govts. have framed their own industrial policy, which are listed as below -
The business plan can personally benefit the entrepreneurial team. Usually a great deal of money is at stake, and the consequences of poor decisions can affect many people for a long time. In developing and writing a business plan, the entrepreneurial team reduces these anxieties and tensions by confronting them in advance. By projecting the risks of the new venture into the future, the team comes to grips with potential negative outcomes and the possibility of failure.
Profile of the company's management - Listing the names of top executives and their qualifications and industry experience.
Kind of Business - A brief description of the industry your firm is focusing on or the new venture’s strategy. Objectives - The short term and long term objectives of the new business venture. Financial requirements - Briefly state how much finance is required indicating the degree of flexibility you are willing to show in case the investor suggests any changes in your plan.
Budget allocations - How you will be using the finance. Market Analysis - The business plan should dwell upon the prevailing competitive environment with a view to convincing the investor that his/her product/service is a niche product or service with substantial prospects for growth and capable of attaining a competitive position in the market.
Environmental Influences - The impact of the environmental influences such as political, economic, technological, socio-demographic and ecological factors that affect your area of business.
Quality - The quality control measures to be put into place for ensuring quality of the product/service. Marketing - Identify the target market which should be substantiated by a thorough market research. Once the target market has been identified, focus on the communication strategy including advertising, branding, packaging etc.Sales Forecast - Sales forecast is primarily dependent on three factors - size of the market, fraction of the market you will be able to capture as a result of your marketing strategy and the pricing strategy. Financial Plans - A new venture must show projected profit and loss statements and cash flow statements. Human Resources - Make an organization chart with details of key executives and profiles of individuals likely to be hired. Form of Business - Describe the legal form of your business - whether it is a sole proprietorship or a partnership, public limited co., private limited co. or society, etc. Critical Risks - As a legal and moral obligation, the entrepreneur must, in the business plan, envision risks the investor would be undertaking in case he makes a choice to invest in your business. This will protect you from civil and criminal liability.
The right choice of the form of business is very crucial because it determines the power, control, risk and responsibility of the entrepreneur as well as the division of profits and losses.