Based on the next nugget of wisdom from Chanakya, a version of the SWOT (strengths, weaknesses, opportunities, threats) analysis existed way back in the third century B.C. Chanakya has the following to say about the importance of carefully considering the business landscape before jumping into a new venture:
“After ascertaining the relative strength or weakness of powers, place, time, revolts in rear, losses, expenses, gains and troubles, of himself and of the enemy, the leader should march.”
In today’s India, you—the Western businessperson looking to start up in India—are the leader, so before you “march” into your Indian business venture, be sure you’ve done your research! Pay special attention to the strength and quantity of competition and how your finances can cope with the curve-balls that the Indian business environment is sure to throw your way. Check out Chapter 9 on money, for more details on finances.