The first step to initiate planning is to identify a suitable project. To start your own venture you have to decide on many things. Making a choice of the right project is a difficult decision for an entrepreneur and is an imperative decision.There are no set rules to identify a suitable project, though this is one decision on which the success of your entire venture hinges. So, don’t take hasty decisions. Most prospective entrepreneurs tend to display the herd tendency and go for a project, which people have already ventured into. This is not a healthy attitude as success of one in a particular field does not guarantee success of the other. While identifying a suitable project, you should make a SWOT analysis of your own strengths and weaknesses.