Opening a business in India has never been a more attractive option. With domestic and foreign investors inundating Indian soil with investments, more and more people are taking the entrepreneurial plunge. But most of these start ups lose the plot midway due to inability to gauge the needs and requirements for their start up. Here is a list of 10 essentials for a start up which act as the foundation stone for future success.

1. Business Idea: This is the starting point of all successful ventures. Gauging the potential of the idea is very important and subsequently following it up with right actions is the first step towards building your own company.

2. Core Team: People are the most valuable asset for any startup. With no fully developed product and service, people are the only assets startups have. It is extremely important for startups to manage and retain their people in a right way.

3. Business Plan: Business Plan helps in transforming an idea into a executionable plan. Without a sound business plan, organization loses focus and direction.

4. Funding: An organisation requires funding at various stages of its life cycle. The initial launch funding for a start up is as important for it as the idea itself. Linking up with VCs and investors is one of the many ways of getting that initial launch funding.

5. Initial Infrastructure: Each organisation has its own set of infrastructural requirements. From office space to web space, all requirements must be fulfilled in order to ensure smooth functioning.

6. Regulatory Compliances: Registering your company and understanding the legalities and compliances is very important.

7. Policies and Procedures: Policies and procedures of an organisation provide a definite method to the various activities being carried out in it. Keeping the standard industry practices as a benchmark, the organisation can arrive at its own set of best practices.

8. Brand Strategy: Proper positioning and brand differentiation helps in making the right kind of impact on the customers. A properly crafted brand strategy goes a long way in creating a sustainable brand equity.

9. Use of Technology: Using the right kind of technology helps in increasing the efficiency and productivity within the organisation. It is thus important to understand the technology requirements of the business.

10. Performance Audit and Course Correction: After the kick start of the operations, you need to sit back and analyse the performance of your company and you need to make the necessary corrections to ensure that you don’t tread the wrong path.