Why start your own Business?
Starting your own company can be among the most rewarding things in life. You have to venture out of your comfort zone and try something new. Take the plunge if you are enthusiastic about the concept. Be prepared to be your own boss. It involves some challenges and a lot of work, but there is also the prospect of great rewards. Read on to find out why you should start your own business!
A few people have lost their jobs, and others are building something for their children. Others have dreams to live a better life. You will be your own boss. When you are the boss, you have a great sense of accomplishment and empowerment. The same is true of entrepreneurs in small businesses. Owners of small businesses enjoy the freedom to choose their own work environment.
A person can have a limitless amount of money. You can be liberated from the strict paycheck you will earn from a stable job by becoming an entrepreneur. By starting your own business and providing no upper cap on profitability, you can explore and assert your value instead of being bound by a corporation's profit ceiling.
You will be pursuing your passions. Entrepreneurs often start their businesses to pursue their dreams and fulfil their passions. Working for someone else may not fulfil you in the same way as following your dreams. It is your responsibility to develop your business from the ground up so that you can build something you'll be proud of and maybe even pass on to your children.
Why start a Business in Andhra Pradesh?
Andhra Pradesh launched a new flagship start-up promotion program, Accelerate Start-ups in AP (ASAP), for early-stage start-ups to provide office space as well as access to investors and mentors.
Also, as part of the initiative, a Rs 100 crore "fund of funds" will be set up in partnership with Venture Capitals and Private Equity firms and universities to fund start-ups in the state. In the new AP Information Technology Policy 2021-24, it was announced that this would happen.
By identifying, nurturing, and promoting prospective start-ups, the AP Innovation Society oversees the start-up ecosystem in the state. Under the supervision of the Ministry of ITE&C of Andhra Pradesh, it encourages innovation and entrepreneurship.
Benefits offered by AP Innovation Society include monetary benefits and non-monetary benefits.
Monetary benefits include seed funding and rental subsidies. Non-monetary benefits include physical office space, mentorship, IP management, and marketing support.
Entrepreneurs will be able to connect with Angel Investors, venture capitalists, and government departments where their products or services can be useful. The AP Innovation Society will also promote start-ups at various national and international events.
Andhra Pradesh's Ease of Doing Business:
India's economic growth has always been fueled by Andhra Pradesh. The state of Andhra Pradesh topped the DIPP Ease of Doing Business Index among all Indian states in 2017. Through its visionary leadership, Andhra Pradesh strives to become India's top investment destination.
Andhra Pradesh topped the state rankings for 2020, followed by Uttar Pradesh, Telangana, Madhya Pradesh, Jharkhand, and Chhattisgarh.
The process for starting a New Business in Andhra Pradesh:
The Preparation of a Project Report:
Technical feasibility, economically viable Industrial Project Report is needed for the business chosen by the Entrepreneur. Entrepreneurs can get assistance from state government agencies like DIC and APSFC; or from central government agencies like the MSME Development Institute (Formerly the Small Industries Service Institute - SISI), NSIC, etc.
Finance and Budgeting:
APSFC or any Commercial Bank is a financing agency for entrepreneurs to obtain a loan amount.
The Entrepreneur must complete the Entrepreneur's Memorandum Part-I (online at www.apindustries.gov.in ) and acquire acknowledgement from the District Industries Centre in order to create a Micro/Small/Medium Enterprise.
The Entrepreneur has to file the Industrial Entrepreneur's Memorandum Part-A with the Secretariat of Industrial Assistance, Ministry of Commerce & Industry, Udyog Bhawan, New Delhi, & obtain an acknowledgement from this office to set up a large enterprise.
Entrepreneurs can set up their businesses on APIIC's land, private land, or government land through the District Collector. Following the instructions, one can obtain APIIC's land.
Entrepreneurs need to apply online for APIIC land at www.apiic.in. The ZM, APIIC will allocate land up to 5 Acres or 1 Crore of value. Land over 5 Acres and more than 1 Crore of value will be allocated by the MD, APIIC.
Issuance of Approvals:
The Entrepreneur must obtain all necessary approvals & clearances from the regulatory authorities upon signing the Sale Agreement with APIIC or purchasing the Private or Government Land. The entrepreneur can do using the Single Desk Portal (available at www.apindustries.gov.in).
Commencement of Operations:
As soon as the Entrepreneur has obtained all the approvals from the relevant authorities, he or she has to start civil construction & begin ordering machinery.
The Entrepreneur completes construction of the civil work and the erection of the machinery before he begins commercial production. Following commercial production, Micro/Small / Medium Enterprise entrepreneurs need to file an Entrepreneur's Memorandum Part-II (on www.apindustries.gov.in) with the concerned District Industries Centre & obtain an acknowledgement.
The Entrepreneur must submit the Industrial Entrepreneur's Memorandum Part -B to the Secretariat for Industrial Assistance, New Delhi & obtain an acknowledgement for a large enterprise.
A Sale Deed must be executed with APIIC Ltd. after receiving an EM-Part-II/IEM Part-B Acknowledgement. The Entrepreneur must file A.P.Government's Incentive Claim Applications within six months of the Commencement of Commercial Production with the District Industries Centre of the District.