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  • 1. ENTREPRENEURSHIP DEVELOPMENT PRATHIK MOHAN 2 ED 6 Assignment 02 70726 23/01/2010 INFORMATION AND SUPPORT SYSTEMS TOWARDS A NEW PROJECT An Entrepreneur is one who undertakes an enterprise at personal financial risk or the one who organizes, manages, and assumes the risks of a business or enterprise. The one who is able to translate vision into a real business and achieve success. For an entrepreneur to start a new venture or idea, what are the information needed and what are their sources, what is the information needed related to the project, what are the procedures and formalities towards a new venture or a new business. Project - Business • Ideas and plans - source and execution • Market survey- overall • A business plan - a document that describes what you plan to do and how you plan to do it. • How to Find Product Sources and the proper place. • Decide on a business structure: Your choices include sole proprietorship, partnership, and PLL public limited company (registered under companies act). • Decide on a business name and Creating a Great Business Card (representation) • Capital and Investors • Business Licenses and Permits • Hire a good business attorney, MARKETING AND ACCOUNT PERSONAL and hire man power • Use Your Leadership Style and Building a Strategy Pyramid • Training • Sales budget and Marketing Plan
  • 2. Ideas & Opportunities: One interested in business must have the ability to generate a large number of ideas. You should have: 1. Good understanding of economics & the economy. 2. Changing needs of the people in a locality/society. 3. Emerging trends in the society 4. Extensive travelling and a wide range of reading. Do your market survey (over-all) Who needs what you are offering? Is there space for your product or service in the market or is the market saturated? Is the market national? Is it a DOWN? Can you define your ideal customers? Market shares of the product etc. Business Plans A business plan is a written description of your business's future. That's all there is to it--a document that describes what you plan to do and how you plan to do it. If you jot down a paragraph on the back of an envelope describing your business strategy, you've written a plan, or at least the germ of a plan. Business plans can help perform a number of tasks for those who write and read them. They're used by investment-seeking entrepreneurs to convey their vision to potential investors. How to Find Product Sources Even if you come up with a brilliant idea of a product you want to sell, there's still the tiny detail of finding the actual product. You want to sell XYZ, but you're wondering, "Where exactly can I get a supply of XYZ to sell-and get it for a fair price?" There are a lot of existing channels used to match up manufacturers and distributors of products. Trade shows and trade magazines are two of the best Trade organizations or industry associations related to the products you're interested in are yet another potential source of valuable contacts, including international companies. These organizations have trade missions, and they have access to manufacturers from other countries. By visiting a number of places we can find the right source and nowadays internet is the key-tool towards finding the right source.
  • 3. Decide on a business structure: Your choices include sole proprietorship, partnership, and PLL public limited company (registered under companies act) The sole proprietorship is thought of as the quickest and easiest way to set up a business operation. There are no blanket prerequisites, nor are there any specific costs in starting a sole proprietorship. There may be some minor formalities, however, that will need attention depending on your state or your jurisdiction. These formalities, which of course apply to all business entities, mean that you will probably have to: Obtain an occupancy permit for your place of business, Secure a business license, and Apply for a franchise or registration number for your operation. This registration number will be used by the state agency to monitor the collection of sales tax and other regulatory matters. All of these procedures are simple and can be done without the assistance of an attorney or accountant regardless of the state in which you are doing business. Once you start a sole proprietorship, you are the sole owner. Unless you are in a community property state in which your spouse is vested with a one-half interest, you alone have full control and responsibility for the operation. Like the sole proprietorship, starting up the general partnership could be a relatively easy process. No costs or formalities are required. Wise counsel, however, will give you about a dozen reasons why you should have a detailed partnership agreement drafted whenever you put yourself on the line with any other individual. The Limited Partnership A limited partnership is much like a general partnership except for one important fundamental difference. The limited partner is protected by law because the limited partner's legal liability in the business is generally limited to the amount of his or her investment. It enables this special type of investor to share in the partnership profits without being exposed to its debts in the event the company goes out of business. This protection exists as long as the limited partner does not play an active role in the partnership operation. The corporation is considered an artificially created legal entity that exists separate and apart from those individuals who created it and carry on its operations. With as little as one incorporator, a corporation can be formed by simply filing an application for a charter with the respective state. By filing this application, the incorporator will put on record facts, such as: • The purpose of the intended corporation, • The names and addresses of the incorporators, • The amount and types of capital stock the corporation will be authorized to issue, and • The rights and privileges of the holders of each class of stock. It is true that operating as a corporation has its share of drawbacks in certain situations. For example, as a business owner, you would be responsible for additional record keeping
  • 4. requirements and administrative details. More important, in some cases, operating as a corporation can create an additional tax burden. This is the last thing a business owner needs, especially in the early stages of operation. Remember, aside from tax reasons, the most common motivation for incurring the cost of setting up a corporation is the recognition that the shareholder is not legally liable for the actions of the corporation. This is because the corporation has its own separate existence wholly apart from those who run it. However, let's examine three other reasons why the corporation proves to be an attractive vehicle for carrying on a business. • Unlimited life. Unlike proprietorships and partnerships, the life of the corporation is not dependent on the life of a particular individual or individuals. It can continue indefinitely until it accomplishes its objective, merges with another business, or goes bankrupt. Unless stated otherwise, it could go on indefinitely. • Transferability of shares. It is always nice to know that the ownership interest you have in a business can be readily sold, transferred, or given away to another family member. The process of divesting yourself of ownership in proprietorships and partnerships can be cumbersome and costly. Property has to be retiled, new deeds drawn, and other administrative steps taken any time the slightest change of ownership occurs. With corporations, all of the individual owners' rights and privileges are represented by the shares of stock they hold. The key to a quick and efficient transfer of ownership of the business is found on the back of each stock certificate, where there is usually a place indicated for the shareholder to endorse and sign over any shares that are to be sold or otherwise disposed of. • Ability to raise investment capital. It is usually much easier to attract new investors into a corporate entity because of limited liability and the easy transferability of shares. Shares of stock can be transferred directly to new investors, or when larger offerings to the public are involved, the services of brokerage firms and stock exchanges are called upon. Decide on a business name: It may seem obvious and simple, but the name is how your business will be known to the world. The right name says a lot about your company.
  • 5. Creating a Great Business Card A business card is an integral part of any good marketing plan. For its size and cost, it's probably the most powerful part. Of course, you can't expect your business card to tell the whole story about your company. What you should expect it to do is present a professional image people will remember. A business card can make or break a client's first impression of your company. • Basic cards - A basic card is usually printed in black ink on plain white • Picture cards - Having your face on your card-whether it's a photograph, a drawing or a caricature-helps a contact remember you the next time he or she sees you. Images representing a product or service • Multipurpose cards - A card can do more than promote your name and business-it can also serve as a discount coupon, an appointment reminder or some other function Now It's Time to Order • Weight - Most business cards are printed on 80-pound cover stock. • Finish - Of the three available-smooth, linen and laid-the smooth finish is the most popular. • Color - Right now, two-color cards predominate. If you're selecting from a catalog, there are between five and 15 standard colors to choose from. If you have another ink color in mind, your printer can show you a Pantone Matching System book, which includes every shade under the sun. • Quantity - It generally pays to print more cards rather than fewer, because the printer's cost is primarily in the setup. “Show yourself the money: You can't start a business without capital.” How to Attract Investors? • Individual investors • Financial institutions – LIC, ICICI etc. • Mutual fund houses – KOTAK MAHINDRA, UTI etc.
  • 6. Here's what the investors are looking for in both: • Passion: The entrepreneur must demonstrate a contagious excitement about their vision for the company. • Tenacity: The entrepreneur must prove they have the stamina and willpower to stay with their vision through thick and thin. • Flexibility: The entrepreneur must be willing to reevaluate and refocus their plans when things don't work out as anticipated. • Commitment: The entrepreneur must be willing to invest enough of their own money into this project to convince investors they're serious. • Teamwork: The entrepreneur's team must prove they can work effectively together. • Opportunity: Investors want big ideas. Ideas that can change the world. Loans for Your Startup Banks are the major source for getting up the loans for the desired projects. We can consult an authority of the required bank for the desired investments. Business Licenses and Permits: (VARIOUS PERMITS FROM CIVIC AND GOVERNMENT AUTORITIES) Along with a business license, you may need to get additional licenses depending on the type of business and local laws. Business License Contact your city's business license department to find out about getting a business license, which essentially grants you the right (after you pay a fee, of course) to operate a business in that city. For example, you may need a, Fire Department Permit You may need to get a permit from your fire department if your business uses any flammable materials or if your premises will be open to the public. Air and Water Pollution Control Permit Many cities now have departments that work to control air and water pollution. If you burn any materials, discharge anything into the sewers or waterways, or use products that produce gas
  • 7. (such as paint sprayers), you may have to get a special permit from this department in your city or county. Sign Permit Some cities and suburbs have sign ordinances that restrict the size, location and sometimes the lighting and type of sign you can use outside your business. County Permits Sales Tax License - business selling taxable goods and services must pay sales taxes on what it sells. Health Department Permits - If you plan to sell food. Hire a good business attorney, MARKETING AND ACCOUNT PERSONAL and hire man power Hire a good business attorney (LEGAL ADVICER): You don't necessarily need to have an attorney on a retainer, but you'll want to hire an attorney experienced with new businesses to help you get started. Your attorney can advise you about such things as drafting contracts, reviewing your lease and determining the right business structure. Hire a good accountant: An accountant will work in conjunction with your attorney and be instrumental in determining the best form of ownership. He can also help you establish bookkeeping and other record keeping procedures that can keep you on track for years. Most important, a good accountant will help with tax planning. Use Your Leadership Style to Make Your Best Business Plan Yet and building a Strategy Pyramid It's important to realize there are many different ways, and the best choice for you depends on the way you like to work.
  • 8. Training and development: If a new person is appointed for the work, he/she should be able to get professionally trained for the proper success and conduct. Create day 2 day Marketing Plan • Discuss and share • Put your marketing plan in a three-ring binder. • The plan should cover one year. For small companies, this is often the best way to think about marketing. These are the overview for an entrepreneur to start a new venture or idea as to: A. What are the information needed and what are their sources, B. What are the information needed and related to the project, C. What are the procedures and formalities towards a new venture or a new business.