ENTREPRENEURSHIP

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

https://www.vistage.com/research-center/business-leadership/20161027-5-characteristics-of-an-entrepreneur/

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

https://www.rasoulpourtorregoza.com/blog/2020/4/30/small-business-hub-what-are-the-essential-elements-of-an-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?

https://www.business2community.com/strategy/finding-the-target-market-for-your-business-who-are-your-customers-part-4-01256325

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.

 

 

Popular Post

business-opportunities-in-india

business-opportunities readwrite.in June 27, 2025 Business Opportunities in Rural India | Home 0 Read more Community Entrepreneurship Hub उद्यमिता को बढ़ावा देने हेतु सामुदायिक उद्यमिता केंद्र (Community Entrepreneurship Hub) परिचय

Read More »

Education Galaxy

education-galaxy readwrite.in June 27, 2025 Education Galaxy | Home 0 Read more ट्यूटर समर्थन के विस्तृत पहलू: Detailed aspects of tutor support भूमिका : ट्यूटर समर्थन के विस्तृत पहलू डिजिटल

Read More »

PROJECT SYNOPSIS

PROJECT readwrite.in June 27, 2025 Home | Projects Synopsis 0 Read more Protein shakes for weight loss Protein shakes for weight loss-Introduction “Protein shakes for weight loss” are a good

Read More »

Multilevel Marketing in India

Understanding the Basics of Multilevel Marketing (MLM): A Comprehensive Guide Introduction: Understanding the Basics of Multilevel Marketing (MLM): A Comprehensive Guide Multilevel marketing (MLM), often referred to as network marketing,

Read More »

ideas about small scale industries in education sector

AI and Machine Learning वर्तमान इनफॉर्मेशन टेक्नोलॉजी के युग में एआई तेजी से प्रगतिशील है| अगर हमें समय के साथ आगे बढ़ना है तो एआई और मशीन लर्निंग का ज्ञान

Read More »

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

https://www.vistage.com/research-center/business-leadership/20161027-5-characteristics-of-an-entrepreneur/

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

https://www.rasoulpourtorregoza.com/blog/2020/4/30/small-business-hub-what-are-the-essential-elements-of-an-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?

https://www.business2community.com/strategy/finding-the-target-market-for-your-business-who-are-your-customers-part-4-01256325

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.