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

Incubation Centers in Schools

जब विद्यार्थियों का जीवन लक्ष्य निर्धारित होगा, तभी वह निश्चय ले पाएंगे की, लक्ष्य प्राप्ति हेतु कौन कौन से प्रयत्न कैसे कैसे करना चाहिए। “सउद्देश्य प्रयास निश्चित परिणाम देता है” इस संदेश का ज्ञान होने से विद्यार्थी प्रयास करने हेतु उत्साहित रहेंगे तथा स्वयं के आधार पर जीवन जीने के लक्ष्य को सफलतापूर्वक प्राप्त किया जा सकेगा।

Read More »

Community Entrepreneurship Hub

उद्यमिता को बढ़ावा देने हेतु सामुदायिक उद्यमिता केंद्र (Community Entrepreneurship Hub) परिचय उद्यमिता एक महत्वपूर्ण कारक है जो न केवल व्यक्तिगत आर्थिक स्वतंत्रता प्रदान करती है बल्कि समाज में रोजगार

Read More »

Top Fitness Trends to Watch in 2025

Introduction: Top Fitness Trends to Watch in 2025 The fitness industry is evolving rapidly, with new fitness trends emerging to meet the changing needs of health-conscious individuals. This blog presents

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.