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ENTREPRENEURSHIP DEVELOPMENT. Starting a New Business. 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
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ENTREPRENEURSHIP DEVELOPMENT Starting a New Business www.AssignmentPoint.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.AssignmentPoint.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 • Opportunity verses Personal Skills and Goals • Competitive Situation www.AssignmentPoint.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.AssignmentPoint.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 cost control. www.AssignmentPoint.com
Management of the Resulting Enterprise • Management Style • Key variable for Success • Identification of Problems and Potential Problems • Implementation of Control System. www.AssignmentPoint.com
To Get A Successful Starting Financial Records Experience Capital Condition of the business (if Purchased) Location Business Success Competition Lease Inventory Management Customer Demography www.AssignmentPoint.com
Stages of Action for Starting a Small Business Selection of Industry Arrangement for know how Selection of Location and Acquisition of Premises Entire Economic Variability including Marketing and Pricing Strategy, Financing, Staffing etc should be worked out at this stage implementation comes at later stages Prepare a Project Report Apply for NOC and Permission Apply to financial institutions for assistance for fixed assets and working capital inclusive of export finance if warranted Recruit Staffs Apply for quota of raw materials Apply for power connection Place order for Machinery Procurement of raw materials Connect Machinery TRAIL RUNS www.AssignmentPoint.com
TRAIL RUNS Corrective Measures Purchase of Raw Materials Maintenance of record standardization of products quality control productivity Production Sales Pay Credit Dividends Sales Realization Profit Recycle Realization Plough Back www.AssignmentPoint.com
END OF THE CHAPTER www.AssignmentPoint.com
