ENTREPRENEURSHIP DEVELOPMENT Starting a New Business www Assignment

ENTREPRENEURSHIP DEVELOPMENT Starting a New Business www. Assignment. Point. com

The Entrepreneurial Process An entrepreneur must find, evaluate and develop an opportunity by overcoming the forces that resist the creation of something new. The process has four distinct phases Identify and evaluate the opportunity Development of the business plan Determination of the required resource Management of the resulting enterprise www. Assignment. Point. com

Identify and Evaluate the Opportunity Identify the Opportunity Consumers and business associates Members of distribution channels Technical people Evaluate the Opportunity Creation and length of opportunity Have to understand the cause of opportunity ( technological change, market shift, Govt. regulation, competition) Time period available for creating the new venture Real and Perceived Value of Opportunity Risk and Return of Opportunity verses Personal Skills and Goals Competitive Situation www. Assignment. Point. com

Development of the Business Plan A good business plan is not only important in developing the opportunity but also essential in determining the resources required, obtaining those resources and successfully managing the resulting venture. www. Assignment. Point. com

Determination of the Required Resource Existing Resources of Entrepreneur Critical resources must be distinguished from the helpful one. Care must be taken not to underestimate the amount and variety of resources needed. The risks associated with insufficient or inappropriate resource should also be considered. Resource Gap and Available Supplies Acquiring the needed resources in a timely manner while giving up as little control as possible. Alternative suppliers of those resources along with their needs and desires must be identified Access to Needed Resources Structure a deal that enables the resources to be acquired at the lowest possible cost and the least control. www. Assignment. Point. com

Management of the Resulting Enterprise Management Style Key variable for Success Identification of Problems and Potential Problems Implementation of Control System. www. Assignment. Point. com

To Get A Successful Starting Financial Records Experience Condition of the business (if Purchased) Capital Location Business Success Competition Lease Inventory Management www. Assignment. Point. com Customer Demography

Stages of Action for Starting a Small Business Selection of Industry Arrangement for know how Entire Economic Variability including Marketing and Pricing Strategy, Financing, Staffing etc should be worked out at this stage implementation comes at later stages Recruit Staffs Selection of Location and Acquisition of Premises Prepare a Project Report Apply to financial institutions for assistance for fixed assets and working capital inclusive of export finance if warranted Apply for quota of raw materials Apply for power connection Procurement of raw materials Connect Machinery www. Assignment. Point. com Apply for NOC and Permission Place order for Machinery TRAIL RUNS

TRAIL RUNS Corrective Measures Purchase of Raw Materials Production Pay Credit Maintenance of record standardization of products quality control productivity Sales Dividends Sales Realization Recycle Realization Profit Plough Back www. Assignment. Point. com

END OF THE CHAPTER www. Assignment. Point. com