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Selection of Project Idea

Before launching an enterprise, all the project ideas are screened on the basis of well defined criteria to eliminate ideas which are not promising and select the best idea. While selecting the idea, the following factors should be considered:

(i)    The project should be compatible with the objectives and resources of the entrepreneur. It should also match his capabilities and skills.

(ii)    The resources required for the project such as capital requirements, technical know-how, raw materials, power supply etc. must be reasonably assured.

(iii)    The cost structure of the proposed project must enable it to realize reasonable returns on investment.

(iv)    The effect of external environmental factors such as technological changes, state of economy, competition, etc. should be considered.

(v)    The project idea should be consistent with the government policies, licensing requirements, environmental regulations, foreign exchange regulations, etc.

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