INTRODUCTION
Entrepreneurship the process can be broadly understood by analyzing the following topics;
(1) Concept
(2) Entrepreneurial characteristics
(3) Effective Entrepreneurial Approach
(4) Effective Business Plan
(5) Entrepreneurship for economic developments
CONCEPT
Entrepreneurship leads to transforming a person to do business by utilizing his powers (known as 5 M’s)
These are (I) Manpower (ii) Material Power (iii) Money power (IV) Machine Power (v) Marketing Power.
These powers are utilized by promoting products or services at particular prices, places, or places by utilizing promotional strategies.
ENTREPRENEURIAL CHARACTERISTICS
Entrepreneurial characteristics are substantially different for different activities like,
Target market
New innovation
Venture capital involved
Solo enterprise or major undertakings
EFFECTIVE ENTREPRENEURIAL APPROACH
http://www.dailytenminutes.com/2015/12/8-steps-to-being-effective-business.html
Methods of Effective Entrepreneurial Approach can be categorized as follows:
(i) The decision of the objective is the first factor that determines the “Effective Entrepreneurship”
These can be of the following types:
- Establishing Manufacturing Unit
- Providing Services
However, either of the above-mentioned objectives requires venture capital. Hence, the objective has to be within that limit.
(ii) Preparing an Effective Business Plan either on the paper or conceiving the same in the mind (if the business is a home-based or cottage-based unit or of other types) for achieving a particular goal.
EFFECTIVE BUSINESS PLAN
The Approach for preparing a Business plan:
Business description
-1 Identification of Need of Society
What problem/need of the society, the venture’s products/services fulfil?
What niche will it fulfil?
Example-Education
https://www.theasianschool.net/blog/importance-of-education/
Business Rules&Regulation analysis
https://www.biia.com/e-commerce-regulations-in-india-amazon-has-its-wings-clipped/
Industrial background
Entrepreneurs should have a clear projection of the industrial sector under which entrepreneurs will cover and grow their business.
How technological innovations will support the business in this category? Etc
Market Analysis
Which are the target customers and how the business unit will attract them?
What are the exact needs of the customers in the present and future time cycle?
https://www.emmgroup.net/insights/principles-for-great-customer-experience
How will businesses fulfil these needs?
What is the size of the market for the product being offered to it?
https://www.b2binternational.com/2014/04/23/2-measures-of-market-size/
Marketing Plan
https://marketing-insider.eu/how-to-create-a-marketing-plan/
Decide a particular segment of the business,
Identify its exact requirements
Decide how to fulfil these requirements by-products or by services? By doing the whole selling or retailing?
Competitor analysis
Identify who is the business venture’s competitor? How much is their 5 M’s strength? How the entrepreneur will match these types of strengths. What is the business segment for what niche of the market?
Operation Plan
Who will lead the business? Whether Entrepreneur will be the leader by himself or recruited leaders for the same?
Operation the plan should include different rules, policies of the business venture as well as a future -plan categorizing different segments of the venture, etc.
Financial Plan
https://blog.investyadnya.in/why-should-you-have-a-financial-plan/
It is required to do financial planning for the arrangement of capital by starting the enterprise.
Deciding different segments of the business and allocating different resources as per the business plan.
For the execution of the project, it is required to arrange financial resources as per the prepared business plan.
SUMMARY
Analysis and Planning for the target is the backbone of the success of the Enterprise.
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