Team member:Select a team member with complimentary skills
Product: Select a product that people understand need and will buy without much persuasion and has good profit margin
Product/Service Development: Choose a product based on cheap sourcing, your skills and clear market need.
Investment generation: Remember cash generates cash
Pricing: Price a product that ensures good profit and is within buying capacity of target customer
Place: Sell the product at a place where you can get multiple consumers at one go
Strategy: Think hard on how you will you sell and follow it
Negotiation:Negotiate from a position of strength not from a weakness
Deal closing:Close a deal as soon as it serves your minimum threshold mark
Reinvestment:Reinvest your profits in the same or new product, do not let cash be idle
Marketing: Aid your product by catchy advertisement that catches people attention
Medium: Sell product by all mediums available direct to people, to sellers, via online or offline
Payment: Do not settle for payments later as soon as you sell, take the payment
Restrategize: If things do not work leave it, try something else
Taking help: Take help of family friends, relatives anyone you think can help you
Profit Sharing:Share profit between partner and you by the amount of effort put by both
Good will: Do not compromise on your good will
Ethics: Do not give false promises to customers, play the game fairly
Best of Luck!!
Work Hard to be the best team in college, this is the first taste of entrepreneurship !!
Ashutosh Pratap 