Hi uday!! That is a very vague question you're asking there! There are a number of things to consider in a wide variety of areas! Could you be more specific about which area you are asking about? Perhaps, if you haven't already done so, fill out your profile with your education and expertise etc. so potential responders can see what you already know and where they may be able to fill in the blanks.
On a very generic level, I can say this. You need to be educated about the following things:
~ A multitude of computer software languages. Continually add to your base of knowledge and obtain more jobs that require different skills. The more you know the more of an asset you are to the customer!
~ Marketing. You need to know how and where to obtain clients for your business.
~ Business Management skills. You need to know the ins and outs of running a business as well as what type of business you want to start out as in the beginning. (S Corp, LLC, sole proprietor) Because you might want to contract with others at first rather than opening a full blown business, you should probably familiarize yourself with contracting also.
Lastly, another thing all people (in business or not) need to learn and utilize is time management. It can be very frustrating if you feel like you are wasting more time on something than you should be and it's also generally counter-productive. The SBOC Team recently published an article offering the Top 12 Time Management & Orgization Tips for Entrepreneurs that is definitely worth a read while you wait for others to respond!
As I am sure you know, you can't just wake up one morning with no experience or skills in a particular field and say, "Today I want to start this business!" because it isn't quite that easy. These are just a few areas I can think of off the top of my head and I am sure others who are better versed on the topic could give you even more specific advice!
Best of luck in your endeavours!
Thank you Moni. By the way I have done Master of Computer Applications, passout in 2009. Currently working for a company called Qualitree Solutions as Software Test Engineer. As of now I have 1.8 months of experience in software field. I have few friends, who can help me to get some projects, which are related to firms, banks and small scale industries, for which I have to develop according to their needs in those projects. So I am planning of starting a software development company, at the beginning my clients would be small firms, private banks etc... and going forward I can expect some more of same sort and might be little big projects if i could deliver to the expectations of client. As you said knowing ins and outs of business are important, I am concentrating on Business Management skills and also planning to take enterprenur course.
If it is possible for you to talk to me over skype please let me know your id.