s

1. BusinessEnvironmentAssignment
Q1 Explain role of environment in business ?
Ans Introduction All living creatures including human beings live within
an environment. Apart fromthe naturalenvironment, environment of humans
include family, friends, peers and neighbours. Italso includes man-made
structures such as buildings, furniture, roads and other physicalinfrastructure.
The individuals do not live in a vacuum. They continuously interact with their
environmentto live their lives. Just like human beings, business also does not
function in an isolated vacuum. Businesses function within the environment
and haveto negotiate their way through it. The extent to which the business
thrives depends on the manner in which it interacts with its environment. A
business, which continuously remains passiveto the relevant changes in the
environment, gradually fade away from the market. To be successfulbusiness
one not only have to recognizedifferent elements of the environment but also
respect, adapt to or have to manage and influence them. The business must
continuously monitor and adapt to the environment if it is to surviveand
prosper. Disturbances in the environmentmay spell extreme threats or open
up new opportunities for the firm. A successfulbusiness has to identify,
appraise, and respond to the various opportunities and threats in its
environment. As stated above, the success of every business depends on
adapting itself to the environment within which it functions. For example,
when there is a change in the governmentpolices, the business has to make
the necessary changes to adapt it to the new policies. Similarly, a change in the
technology may make the existing productuseless or of no importance, as we
have seen that the introduction of computer has replaced the typewriters; the
colour television has made the black and white television out of fashion. Again
a change in the fashion or customers’ taste may shift the demand in the
market for a particular product, e.g., the demand for jeans reduced the sale of
other traditional wear. All these aspects are external factors that are beyond
the controlof the business. So the business units musthave to adapt
themselves to these changes in order to surviveand succeed in business.
Hence, it is very necessary to havea clear understanding of the concept of

2. business environmentand the nature of its various components. Definitions of
Business EnvironmentThe term ‘business environment’ connotes external
forces, factors and institutions that are beyond the control of the business and
they affect the functioning of a business enterprise. These include customers,
competitors, suppliers, government, and the social, political, legal and
technological factors etc. While some of these factors or forces may have
direct influence over the business firm, others may operate indirectly. Thus,
business environmentmay be defined as the total surroundings, which havea
direct or indirect bearing on the functioning of business. Itmay also be defined
as the set of external factors, such as economic factors, social factors, political
and legal factors, demographic factors, nd technical factors etc., which are
uncontrollable in nature and affects the business decisions of a firm.
 Business Environmenthas been defined by Bayard O. Wheeler as “the total
of all things
 external to firms and industries which affect their organization and
operation”. According to Arthur M. Weimer, business environment
encompasses the ‘climate’ or set of
 conditions, economic, social, political or institutional in which business
operations are conducted. According to Glueck and Jauch, “The environment
includes factors outsidethe firm which
 can lead to opportunities for or threats to the firm. Although there are many
factors, the mostimportant of the sectors aresocio-economic, technological,
supplier, competitors, and government.” According to Barry M. Richman and
Melvgn Copen “Environmentconsists of factors that are
 largely if not totally, external and beyond the control of individual industrial
enterprise and their managements. These are essentially the ‘givers’ within
which firms and their management mustoperate in a specific country and they
vary, often greatly, fromcountry to country”. From the above definitions we
can extract that business environmentconsists of factors that are internal and
external which poses threats to a firm or these provide opportunities for
exploitation. Concept of Business EnvironmentA business firm is an open
system. Itgets resources fromtheenvironment and supplies its goods and

3. services to the environment. There are different levels of environmental
forces. Someare close and internal forces whereas others are external forces.
External forces may be related to national level, regional level or international
level. These environmentalforces provideopportunities or threats to the
business community. Every business organization tries to grasp the available
opportunities and face the threats that emerge from the business
environment. Business organizations cannotchange the external environment
but they justreact. They change their internal business components (internal
environment) to grasp the external opportunities and face the external
environmental threats. Itis, therefore, very important to analyze business
environmentto surviveand to get success for a business in its industry. Itis,
therefore, a vital role of managers to analyzebusiness environmentso that
they could pursueeffective business strategy. A business firm gets human
resources, capital, technology, information, energy, and raw materials from
society. Itfollows governmentrules and regulations, social norms and cultural
values, regional treaty and global alignment, economic rules and tax policies of
the government. Thus, a business organization is a dynamic entity becauseit
operates in a dynamic business environment. Features of Business
Environment
Features of Business Environment
On the basis of the above discussion thefeatures of business environmentcan
be summarized as follows. Business environmentis the sum totals of all
factors external to the business firm and that
 greatly influence their functioning. Itcovers factors and forces like
customers, competitors, suppliers, government, and the
 social, cultural, political, technological and legal conditions. The business
environmentis dynamic in nature that means, it keeps on changing
. The changes in business environmentareunpredictable. Itis very difficult to
predict the

4.  exact natureof future happenings and the changes in economic and social
environment. . Business Environmentdiffers from place to place, region to
region and country to country
Q2whatare the main objective of new industrialpolicy 1991? How far the
governmenthas been able to achieve this objective?
ANS
1.Liberalization or Liberalisation (British English) is a broad term that refers to
the practice of making laws, systems, or opinions less severe,[1]
usually in the
senseof eliminating certain government regulations or restrictions. Theterm is
used most often in relation to economics,
The Great Depression of 1929 made nations throughoutthe world realize that
the wide gap between the economic theory and practice in determination of
internal trade policy was the major causeof worldwideeconomic disaster.
Therefore, a need for reviving the classicaltheory of trade by adhering to free
trade policy was felt.
The Bretton Woods Conference of 1944, which recommended the
establishment of InternationalMonetary Fund (IMF) and the World Bank, had
also recommended the establishment of an InternationalTrade
Organization (ITO). Although, theIMF and the World Bank wereestablished in
1946, theproposalfor ITO did not materialize. Instead, the General Agreement
on Tariff and Trade (GATT), a less ambitious institution, was formed in 1948.

5. The primary objective of GATT is to expand international trade by liberalizing
trade so as to bring about all round economic prosperity. GATTwas signed in
1947, cameinto effect in 1948 and lasted until 1994. Itwas replaced by
the World Trade Organization in 1995. Theoriginal GATT text (GATT 1947) is
still in effect under the WTO framework.
2. Privatization is the transfer of publicly owned or publicly operated means of
production to private ownership or operation. The argument for this transfer is
usually that privately run enterprises are subjectto the discipline of the market
and therefore they will be more efficient. A related argument for privatization
is that enterprises that are privately owned are more valued and better
maintained. Both arguments supporta view that privatization maximizes
public benefit and welfare.
The nature and extent to which states should be involved in the affairs of the
market are as old as the idea of the state itself. Urgings for privatization are
equally historical. The discussion here, though, focuses on the contemporary
period and its antecedents in the years following World War II.
Privatization is the transfer of publicly owned or publicly operated means of
production to private ownership or operation. The argument for this transfer is
usually that privately run enterprises are subjectto the discipline of the market
and therefore they will be more efficient. A related argument for privatization
is that enterprises that are privately owned are more valued and better
maintained. Both arguments supporta view that privatization maximizes
public benefit and welfare.
The nature and extent to which states should be involved in the affairs of the
market are as old as the idea of the state itself. Urgings for privatization are
equally historical. The discussion here, though, focuses on the contemporary
period and its antecedents in the years following World War II.
Privatization occurs when a government-owned business, operation, or
property becomes owned by a private, non-government party. Note that
privatization also describes the transition of a company from being publicly
traded to becoming privately held. This is referred to as corporate
privatization.
KEY TAKEAWAYS
 Privatization describes the process by which a piece of property or
business goes frombeing owned by the government to being privately
owned.

6.  Itgenerally helps governments save money and increase efficiency,
where private companies can move goods quicker and more efficiently.
 Critics of privatization suggest that basic services, such as education,
shouldn’tbe subject to market forces.
Privatization of specific government operations happens in a number of ways,
though generally, the government transfers ownership of specific facilities or
business processes to a private, for-profitcompany. Privatization generally
helps governments save money and increase efficiency.
In general, two main sectors compose an economy: the public sector and
the private sector. Government agencies generally run operations and
industries within the public sector. In the U.S., the public sector includes the
U.S. Postal Service, public schools and universities, the police and firefighter
departments, the national park service, and the national security and defense
services.
3. Globalization is the spread of products, technology, information, and jobs
across national borders and cultures. In economic terms, it describes an
interdependence of nations around the globe fostered through free trade.
KEY TAKEAWAYS
 Globalization is the spread of products, technology, information, and
jobs across nations.
 Corporations in developed nations can gain a competitive edge through
globalization.
 Developing countries also benefit through globalization as they tend to
be more cost-effective and therefore attract jobs.
 The benefits of globalization have been questioned as the positive
effects are not necessarily distributed equally.
 One clear result of globalization is that an economic downturn in one
country can create a domino effect through its trade partners.
Corporations gain a competitive advantage on multiple fronts through
globalization. They can reduce operating costs by manufacturing abroad, buy
raw materials more cheaply because of the reduction or removal of tariffs,
and most of all, they gain access to millions of new consumers.

7. Globalization is a social, cultural, political, and legal phenomenon.
 Socially, it leads to greater interaction among various populations.
 Culturally, globalization represents the exchange of ideas, values, and
artistic expression among cultures.
 Globalization also represents a trend toward the development of a
single world culture.
 Politically, globalization has shifted attention to intergovernmental
organizations like the United Nations (UN) and the World Trade
Organization (WTO).
 Legally, globalization has altered how international law is created and
enforced.
On one hand, globalization has created new jobs and economic growth
through the cross-border flow of goods, capital, and labor. On the other hand,
this growth and job creation are not distributed evenly across industries or
countries.
Specific industries in certain countries, such as textile manufacturing in the
U.S. or corn farming in Mexico, have suffered severe disruption or outright
collapse as a result of increased international competition.
Globalization's motives are idealistic, as well as opportunistic, but the
development of a global free market has benefited large corporations based in
the Western world. Its impact remains mixed for workers, cultures, and small
businesses around the globe, in both development
The 1991 economic crisis, essentially a balance of payments problem, is
generally seen as the overriding factor that led to the dismantling of the
licence/quota raj, but that is only partly true. The lacunae of the industrial and
trade policies were well documented both within and outside the government.
Contrary to the perception of reforms being foisted on the governmentby the
InternationalMonetary Fund (IMF), thesereforms wereentirely “made in
India".

8. The New IndustrialPolicy saw the light of day in 1991 for a variety of reasons.
Industries werestruggling, butthe government’s budgetary constraints in 1991
meant it could not providefunds for investment in industrialactivity, either
directly or through banks. Access to private capital and the de-licensing of
industrial activity became necessary. As oneof the senior bureaucrats involved
in the process putit to me, “What would we have told the country? Hawa
khao? (Eat air?)."
However, such was the nature of the crisis that it did not make industrial
reforms inevitable. The funding squeezewas temporary, after all. The
governmentcould have kicked the reform question into the long grass and still
have rodeout the crisis. The IMF had been pretty generous with its lending
terms the previous time India had gone banging on its doors in 1981. Status
quo could still have ruled.
But as the saying goes, there is nothing like a crisis to concentrate the mind—it
provided an urgency to revamp the Indian economic architecture, and cover
for politically difficult decisions. As in mostthings, luck played a crucial part.
The providential promotion of a bureaucratand a strategic ministerial portfolio
allocation made surethat bureaucratic and political inertia could be overcome.
Here’s how it all came together.
***
The intellectual impetus for deregulation came from the weight of reports
commissioned by the governmentover several decades. From the 1960s on,
there was a large body of work within the government in responseto the
dissatisfaction with the licensing regime. The strange thing was that while each
committee had recorded the problems with the set-up extremely well, it would
nevertheless recommend only a further tightening of the regime.
So, for example, the Bureau of IndustrialCosts and Prices—a long forgotten
advisory body thatexisted till the 1990s—did somevery good studies on the
price structures of commodities such as coal, steel, cement, aluminium and
drugs, highlighting the problems therein. But whatdid it recommend? Price
controls.
Political resistanceto reformwas strong and that was reflected in the official
recommendations, if not the analysis. Interestingly, therewas also little

9. academic pressurefor deregulation, apart from the seminal work of Jagdish
Bhagwati and Padma Desai.
That changed in the 1980s, when various committees wereappointed, all of
which were in the direction of liberalization, one way or another. So, the same
Bureau of IndustrialCosts and Prices now did a succession of reports on steel,
cement, etc, each of which recommended deregulation. The success of East
Asian economies had made the governmentmore receptive to these
recommendations.
When the V.P. Singh governmentcame to power in December 1989, he
wanted to differentiate himself from the Congress. During his time as finance
minister to Rajiv Gandhi, Singh had acquired a reputation for being a liberal
reformer. The reformprocess under the Congress government, however, had
stalled in the aftermath of the political maelstrom caused by the Bofors
scandal, which also resulted in Singh’s dismissalas minister in 1987.
And so, when Singh became the prime minister, there was a renewed focus on
industrial reforms. Itwas againstthis backdrop that Amar Nath Verma and
Rakesh Mohan submitted a set of policy recommendations that were the basis
for the New IndustrialPolicy.
***
Let’s go back a bit, to 1988, when Mohan, a World Bank veteran with a PhD
fromPrinceton, joined the industry ministry as its economic adviser. At the
same time, the governmenthad a new cabinet secretary—T.N. Seshan.
As one contemporary told me, Seshan was a control freak and “wanted to see
himself as a very powerfulfellow who knew whatwas happening". He wanted
all the ministries to submit presentations to him on everything they were up
to—a thankless task that was generally pushed on to the advisers in each
ministry, as opposed to the secretaries.
The question Mohan had to answer was fairly simple—whatis India’s industrial
policy? However, the very process of compiling and collating all the existing
industrial licensing policies, which included MRTP (the Monopolies and
Restrictive Trade Practices Act), technology controls and licensing regimes was
perhaps the first step towards their dismantling.

10. Meanwhile, the Rajiv Gandhi government’s tenurecame to an end and V.P.
Singh came to power.
Ajit Singh was the new industry minister. The son of former prime minister
Charan Singh—the most prominentfarmer leader of India—hewas a breath of
fresh air. While today his reputation has been sullied for repeatedly and
opportunistically changing parties and coalitions, he was then seen as a smart
“techie". His experience in the corporateculture of the Westhad made him
instinctively wary of the slow-moving and bewildering decision-making process
in India.
With the new government came a reshuffleof secretaries. Verma, the
commerce secretary at the time, succeeded Otima Bordia as industry
secretary. Whenever a new minister comes, the civil servants makea
presentation. So, Verma and Mohan gavea brief to Ajit Singh, which was
essentially a reworked version of whathad been prepared for Seshan.
Living up to his image of a modern man, the minister’s reaction was something
to the effect of “What is this? These are stupid controls", and Mohan and
Verma were given a free rein to draftan agenda for industrial reforms.
***
The annual World Economic Forum summit at Davos served as a platform for
developing countries eager to attract global attention and capital even then. In
January 1990, V.P. Singh was keen to promote a reformistimage of India and
nominated Ajit Singh to lead the Indian contingent.
For Davos, a presentation of whathad to be done was prepared, including a
pitch for liberalization of FDI. ItgaveMohan “the opportunity to see the whole
picture on control mechanisms that were in place including industrial licensing,
phased manufacturing, monopolies regulation, controlling capital issues and
export-importcontrols".
Unfortunately, at the last moment, Ajit Singh was ditched and Arif Mohammad
Khan, the minister for civil aviation and energy, was sent in his stead. The
whole trip turned out to be a damp squib.
However, the preparations had been made and the team in the ministry kept
on working on a blueprint for industrialreforms. For his part, Ajit Singh held
meetings with economists and businessmen to solicit suggestions. Allthis hard

11. work actually resulted in something concrete—the New IndustrialPolicy of
1990, a comprehensivepolicy statement that looked at issues ranging from the
promotion of small and medium enterprises, removing “unnecessary
bureaucratic shackles" and easing raw material import restrictions to de-
licensing, deregulation and welcoming foreign investment.
While the draft policy made it past the cabinet, it could not survivethe political
backlash in Parliament and was quickly put on the back burner.
One point in particular that was seized upon by the opposition was the lack of
clarity over the reservation of industries from deregulation. The policy
announcement had justmentioned, in principle, that there would be a list of
industries that would not be opened up. No such list had yet been prepared,
though; it was supposed to be a follow-up. But it became a political flashpoint
and the government quickly buried the policy.
A number of political forces—from DeviLal’s farmer agitation, to BJP’s Rath
Yatra as a counter to the Mandal Commission, and Chandra Shekhar’s rebellion
(ostensibly) over the industrial policy—combined to bring down the V.P. Singh
government. Shekhar finally realized his dream to become the prime minister,
with outside supportfromthe Congress.
As one of the faces of the opposition to industrial reforms, Shekhar choseto
retain the industry portfolio with the prime minister’s office(PMO), a firstin
Indian history. But, surprisingly, when heassembled all the senior bureaucrats
in that ministry, he told them, “I justhave come to see you. I havebecome
industry minister because I had disagreed with whatyou had done. However, I
want you know I wantyou to keep giving me your best advice. What you think
is correct. Don’tworry aboutwhat I said in the past few months."
Those words, unfortunately, wereas inconsequentialas his premiership. The
economic crisis was already afoot by then. Savefor firefighting on economic
and political fronts, the governmentwas paralysed. Within a few months,
Shekhar’s administration bit the dust.
The new Congress governmentunder P.V. Narasimha Rao retained many of the
faces of the outgoing regime. Perhaps of mostconsequence was the decision
to promote Amar Nath Verma from the industry ministry to the PMO as
principal secretary. This made Verma the prime minister’s personalenforcer

12. and the most powerfulbureaucrat, along with cabinet secretary Naresh
Chandra.
Rao, like Shekhar, choseto retain the industry portfolio. Whether it was out of
personalinclination or because he simply followed the portfolio allocation of
his predecessor is a contested fact. According to somecontemporaries, Rao’s
heart was not in matters of industry, butin social, political and internal security
issues.
Perhaps the new principal secretary, Verma, influenced Rao. In any case, that
one of the authors of the New IndustrialPolicy landed in the PMO and that the
prime minister choseto retain the industry portfolio turned out to be a
fortunate coincidence.
***
Within a few days of his appointment as finance minister, Manmohan Singh
called a meeting of all the major secretaries and the chief economic adviser,
and gavean outline of what was to be done over the next five years—and
more importantly, over the next six weeks.
Manmohan Singh knew that a framework on industrialreforms had already
been prepared—he had served as a senior adviser to Shekhar, during which
time Mohan had shown him a draft of the policy—and they were included in
his six-week plan.
Under Verma, a steering committee for economic reforms was created in the
PMO, which met almost every day during thosesix weeks. The draft policy
served as the basis for discussion and was refined. A cabinet committee was
formed, which also met quite frequently in order to meet the six-week
deadline.
The mandarins and advisers atthe industry ministry wererewriting the policy
every day, burning the midnight oil. In those days, few people in the
governmentknew how to use a word processor. Mohan’spersonalassistant
was one of them, and he used to churn out printed draftcopies every night.
Itwas decided that the industrialpolicy would be presented along with the
budget on 24 July 1991. A cabinet note was prepared by the industry ministry
that was to be approved by the new cabinet on 19 July. Meanwhile, a note
prepared by JairamRamesh for the prime minister on the radical new policy

13. measures was leaked and published in the Hindustan Times on 12 July. The cat
was out of the bag and the reaction in the cabinet meeting was predictable.
However innocuous thosereforms might seem today, they were revolutionary
in 1991. Years of ideological baggage was being shed. Years of rhetoric
disowned. JawaharlalNehru and Indira Gandhiwere being repudiated.
The note did not pass the cabinet. Instead, a group of ministers was set up to
look into the policy proposalagain and it met on the evening of 20 July to
discuss an amended, toned down cabinet note. But it did little to assuagethe
other side. Fromthe liberalization of industrial location policies and the
relaxation of MRTP controls to “anti-PSU" measures and openness to FDI,
every proposalunder the policy came under attack. The meeting broke up
without a final decision.
Itwas felt that the “political packaging" of the reforms was notright. Instead of
tinkering with the policy proposals again, a long preamble to the cabinet note
was prepared. Authored by Ramesh, with inputs from Manmohan Singh and P.
Chidambaram, it stressed continuity of reforms, reassured thatall interests
would be taken care of, and was sufficiently obsequious to Nehru and the
Gandhis.
The new preamble did the trick and the cabinet gave its seal of approvalto the
industrial reforms on 23 July. The Congress Working Committee followed suit
later that afternoon. The next day, at 12.50pm, quiteunceremoniously, a
reluctant P.J. Kurien, a mere minister of state for industry, not even a member
of the Union cabinet, stood up in the Lok Sabha and tabled the New Industrial
Policy, ushering in a new India.
The events, as presented here, are based on: the author’s personalinterviews
with Rakesh Mohan (then chief economic adviser, industry ministry), Naresh
Chandra (then cabinet secretary), Subramanian Swamy (commerceminister in
the Chandra Shekhar government), and two senior economist/bureaucrats
who requested anonymity; Jairam Ramesh’s To Brink And Back; Shankkar
Aiyar’s Accidental India; Arvind Panagariya’s Emerging Giant; and John Elliot’s
Implosion.

14. Q3 .Business-is based on society and every business man cater to the society
by Enterpreneuship looking to the india ethos pathos and ethics of business
explain the responsibility of entrepreneur ?
ANS. An entrepreneur is an individual who creates a new business, bearing
most of the risks and enjoying mostof the rewards. Theprocess of setting up a
business is known as entrepreneurship. The entrepreneur is commonly seen as
an innovator, a sourceof new ideas, goods, services, and business/or
procedures.
Entrepreneurs play a key role in any economy, using the skills and initiative
necessary to anticipate needs and bringing good new ideas to market.
Entrepreneurship that proves to be successfulin taking on the risks of creating
a startup is rewarded with profits, fame, and continued growth opportunities.
Entrepreneurship that fails results in losses and less prevalence in the markets
for those involved.
KEY TAKEAWAYS
 A person who undertakes the risk of starting a new business ventureis
called an entrepreneur.
 An entrepreneur creates a firm to realize their idea, known as
entrepreneurship, which aggregates capital and labor in order to
producegoods or services for profit.
 Entrepreneurship is highly risky butalso can be highly rewarding, as it
serves to generate economic wealth, growth, and innovation.
 Ensuring funding is key for entrepreneurs: Financing resources include
SBA loans and crowdfunding.
 The way entrepreneurs file and pay taxes will depend on how the
business is set up in terms of structure.
Entrepreneur
How Entrepreneurship Works
Entrepreneurship is one of the resources economists categorizeas integral to
production, the other three being land/natural resources, labor, and capital.
An entrepreneur combines the first three of these to manufacturegoods or
provideservices. They typically create a business plan, hire labor, acquire
resources and financing, and provide leadership and management for the
business.

15. Entrepreneurs commonly face many obstacles when building their companies.
The three that many of them cite as the mostchallenging are as follows:
1. Overcoming bureaucracy
2. Hiring talent
3. Obtaining financing
Economists have never had a consistentdefinition of "entrepreneur" or
"entrepreneurship" (theword "entrepreneur" comes from the French
verb entreprendre, meaning "to undertake"). Though the concept of an
entrepreneur existed and was known for centuries, the classical
and neoclassicaleconomists left entrepreneurs out of their formalmodels:
They assumed that perfect information would be known to fully rational
actors, leaving no roomfor risk-taking or discovery. Itwasn'tuntil the middle
of the 20th century that economists seriously attempted to incorporate
entrepreneurship into their models.
Three thinkers were central to the inclusion of entrepreneurs: Joseph
Schumpeter, Frank Knight, and IsraelKirzner. Schumpeter suggested that
entrepreneurs—notjustcompanies—wereresponsiblefor the creation of new
things in the search for profit. Knight focused on entrepreneurs as the bearers
of uncertainty and believed they were responsiblefor risk premiums
in financial markets. Kirzner thoughtof entrepreneurship as a process thatled
to the discovery.
How to Become an Entrepreneur
After retiring her professionaldancing shoes, JudiSheppard Missett became an
entrepreneur by teaching a dance class to civilians in order to earn some extra
cash. But she soon learned that women who came to her studio were less
interested in learning precisesteps than they werein losing weight and toning
up. Sheppard Missettthen trained instructors to teach her routines to the
masses, and Jazzercisewas born. A franchisedeal followed. Today, the
company has more than 8,300 locations worldwide.1
Following an ice cream making correspondencecourse, two entrepreneurs,
Jerry Greenfield and Ben Cohen paired $8,000 in savings with a $4,000 loan,
leased a Burlington, Vt., gas station, and purchased equipment to create
uniquely flavored ice creamfor the local market.2
Today, Ben & Jerry’s hauls in
millions in annualrevenue.

16. Although the "self-mademan" (or woman) has always been a popular figure in
American society, entrepreneurship has gotten greatly romanticized in the last
few decades. In the 21stcentury, the example of Internetcompanies like
Alphabet, formerly Google (GOOG), and Meta (FB), formerly Facebook, both of
which have made their founders wildly wealthy, have made people enamored
with the idea of becoming entrepreneurs.
Unlike traditional professions, wherethereis often a defined path to follow,
the road to entrepreneurship is mystifying to most. What works for one
entrepreneur might not work for the next and vice versa. Thatsaid, there are
seven general steps that most, if not all, successfulentrepreneurs have
followed:
Ensure Financial Stability
This firststep is not a strict requirement but is definitely recommended. While
entrepreneurs havebuilt successfulbusinesses whilebeing less than financially
flush (think of Facebook, now Meta, founder Mark Zuckerberg as a college
student), starting out with an adequate cash supply and ensuring ongoing
funding can only help an aspiring entrepreneur, increasing their personal
runway and giving them more time to work on building a successfulbusiness,
rather than worrying aboutmaking quick money.
Build a Diverse Skill Set
Once a person has strong finances, it is important to build a diverseset of skills
and then apply thoseskills in the real world. The beauty of step two is it can be
done concurrently with step one.
Building a skill set can be achieved through learning and trying new tasks in
real-world settings. For example, if an aspiring entrepreneur has a background
in finance, they can move into a sales role at their existing company to learn
the softskills necessary to be successful. Oncea diverseskill set is built, it gives
an entrepreneur a toolkit that they can rely on when they are faced with the
inevitability of tough situations.
Much has been discussed aboutif going to college is necessary to become a
successfulentrepreneur. Many famous entrepreneurs arefamous for having
dropped out of college: Steve Jobs, Mark Zuckerberg, and Larry Ellison, to
name a few.
Though going to college isn't necessary to build a successfulbusiness, itcan
teach young individuals a lot about the world in many other ways. And these

17. famous college dropouts arethe exception rather than the norm. College may
not be for everyoneand the choice is personal, but it is something to think
about, especially with the high price tag of a college education in the U.S.
Itis not true that majoring in entrepreneurship is necessary to starta business.
People that have built successfulbusinesses havemajored in many different
subjects and doing so can open your eyes to a different way of thinking that
can help you in establishing your business.
ConsumeContent Across Multiple Channels
As important as building a diverseskill set is, the need to consumea diverse
array of content is equally so. This content can be in the form of podcasts,
books, articles, or lectures. The important thing is that the content, no matter
the channel, should be varied in whatit covers. An aspiring entrepreneur
should always familiarize themself with the world around them so they can
look at industries with a fresh perspective, giving them the ability to build a
business around a specific sector.
Identify a Problem to Solve
Through the consumption of content across multiple channels, an aspiring
entrepreneur is able to identify various problems to solve. One business adage
dictates that a company's productor serviceneeds to solve a specific pain
point; either for another business or for a consumer group. Through the
identification of a problem, an aspiring entrepreneur is able to build a business
around solving that problem.
Itis important to combine steps three and four so it is possibleto identify a
problem to solveby looking at various industries as an outsider. This often
provides an aspiring entrepreneur with the ability to see a problem others
might not.
Solve That Problem
Successfulstartups solvea specific pain point for other companies or for the
public. This is known as "adding value within the problem." Only through
adding value to a specific problem or pain point does an entrepreneur become
successful.
Say, for example, you identify the process for making a dentist appointment is
complicated for patients, and dentists are losing customers as a result. The
value could be to build an online appointment system that makes it easier to
book appointments.

18. Network Like Crazy
Most entrepreneurs can't do it alone. The business world is a cutthroat one
and getting any help you can will always help and reduce the time it takes to
achieve a successfulbusiness. Networking is criticalfor any new entrepreneur.
Meeting the rightpeople that can introduce you to contacts in your industry,
such as the right suppliers, financiers, and even mentors can be the difference
between success and failure.
Attending conferences, emailing and calling people in the industry, speaking to
your cousin's friend's brother who is in a similar business, willhelp you get out
into the world and discover people that can guide you. Onceyou haveyour
foot in the door with the rightpeople, conducting a business becomes a lot
easier.
Lead by Example
Every entrepreneur needs to be a leader within their company. Simply doing
the day-to-day requirements will not lead to success. A leader needs to work
hard, motivate, and inspiretheir employees to reach their best potential,
which will lead to the success of the company.
Look at someof the greatestand most successfulcompanies; all of them have
had great leaders. Apple and Steve Jobs, Bill Gates and Microsoft, Bob Iger and
Disney, and so on. Study these people and read their books to see how to be a
great leader and become the leader that your employees can follow by the
example you set.
Entrepreneurship Financing
Given the riskiness of a new venture, the acquisition of capital funding is
particularly challenging, and many entrepreneurs deal with it via
bootstrapping: financing a business using methods such as using their own
money, providing sweatequity to reduce labor costs, minimizing inventory,
and factoring receivables.
While someentrepreneurs are lone players struggling to get small businesses
off the ground on a shoestring, others takeon partners armed with greater
access to capital and other resources. In thesesituations, new firms may
acquire financing from venturecapitalists, angel investors, hedgefunds,
crowdfunding, or through moretraditional sources such as bank loans.

19. Resources for Entrepreneurs
There are a variety of financing resources for entrepreneurs starting their own
businesses. Obtaining a small business loan through the Small Business
Administration (SBA) can help entrepreneurs get the business off the ground
with affordableloans. SBA helps connect businesses to loan providers.
If entrepreneurs arewilling to give up a piece of equity in their business, then
they may find financing in the form of angel investors and venture capitalists.
These types of investors also provideguidance, mentorship, and connections in
addition to justcapital.
Crowdfunding has also become a popular way for entrepreneurs to raise
capital, particularly through Kickstarter. An entrepreneur creates a page for
their product and a monetary goal to reach while promising certain givebacks
to those who donate, such as products or experiences.
Bootstrapping for Entrepreneurs
Bootstrapping refers to building a company solely from your savings as an
entrepreneur as well as from the initial sales made from your business. This is a
difficult process as all the financial risk is placed on the entrepreneur and there
is little roomfor error. If the business fails, the entrepreneur also may lose all
of their life savings.
The advantage of bootstrapping is that an entrepreneur can run the business
with their own vision and no outside interference or investors demanding
quick profits. That being said, sometimes having an outsider's assistancecan
help a business rather than hurt it. Many companies have succeeded with the
bootstrapping strategy, butit is a difficult path.
Small Business vs. Entrepreneurship
A small business and entrepreneurship havea lot in common but they are
different. A small business is a company, usually, a sole-proprietorship or
partnership, that is not a medium-sized or large-sized business, operates
locally, and does not have access to a vast amountof resources or capital.
Entrepreneurship refers to an individual that has an idea and intends to
execute on that idea, usually to disruptthe currentmarket with a new product
or service. Entrepreneurship usually starts as a small business butthe long-
term vision is much greater, to seek high profits and capture marketsharewith
an innovative new idea.

20. How Entrepreneurs Make Money
Entrepreneurs makemoney like any business: they seek to generate revenues
that are greater than costs. Increasing revenues is the goal and that can be
achieved through marketing, word-of-mouth, and networking. Keeping costs
low is also critical as it results in higher profit margins. This can be achieved
through efficient operations and eventually economies of scale.
Taxes for Entrepreneurs
The taxes you will pay as an entrepreneur will depend on how you set up your
business in terms of structure.
Sole Proprietorship: A business setup this way is an extension of the individual.
Business income and expenses are filed on Schedule C on your personaltax
return and you are taxed at your individualtax rate.3
Partnership: For tax purposes, a partnership functions the same way as a sole
proprietorship, with the only difference being that income and expenses are
split amongstthe partners.
There are many benefits entrepreneurs can achieve through taxes, such as
deducting their home office and utilities, mileage for business travel,
advertising, and travel expenses.4
C-Corporation: A C-corporation is a separate legal entity and has separate
taxes filed with the IRS fromthe entrepreneur. The business income will be
taxed at the corporatetax rate rather than the personalincome tax rate.5
Limited Liability Company (LLC) or S-Corporation: These two options are taxed
in the same manner as a C-corporation butusually at lower amounts.6
7. Characteristics of Entrepreneurs
What else do entrepreneurial success stories havein common? They invariably
involve industrious peoplediving into things they’renaturally passionate
about.
Giving credence to the adage, “find a way to get paid for the job you’d do for
free,” passion is arguably the most important componentstartup business
owners musthave, and every edge helps.

21. While the prospectof becoming your own boss and raking in a fortuneis
alluring to entrepreneurial dreamers, the possibledownsideto hanging one’s
own shingle is vast. Incomeisn’tguaranteed, employer-sponsored benefits go
by the wayside, and when your business loses money, your personalassets can
take a hit; not justa corporation’s bottom line. But adhering to a few tried and
true principles can go a long way in diffusing risk. Thefollowing are a
few characteristics required to be a successfulentrepreneur.
1. Versatile
When starting out, it’s essential to personally handle sales and other customer
interactions whenever possible. Direct client contact is the clearest path to
obtaining honest feedback about what the target market likes and whatyou
could be doing better. If it’s not always practicalto be the sole customer
interface, entrepreneurs should train employees to invite customer comments
as a matter of course. Not only does this make customers feel empowered, but
happier clients are more likely to recommend businesses to others.
Personally answering phones is one of the most significant competitive edges
home-based entrepreneurs hold over their larger competitors. In a time of
high-tech backlash, wherecustomers arefrustrated with automated responses
and touch-tone menus, hearing a human voice is one surefireway to entice
new customers and make existing ones feel appreciated; an important fact,
given that some 80% of all business is generated from repeat customers.
Paradoxically, while customers valuehigh-touch telephone access, they also
expect a highly polished website. Even if your business isn’tin a high-tech
industry, entrepreneurs still mustexploit internet technology to get their
messageacross. A startup garage-based business can havea superior website
than an established $100 million company. Justmake surea live human being
is on the other end of the phone number listed.
2. Flexible
Few successfulbusiness owners find perfectformulas straightout of the gate.
On the contrary: ideas must morph over time. Whether tweaking product
design or altering food items on a menu, finding the perfect sweet spottakes
trial and error.
Former Starbucks Chair and CEO Howard Schultz initially thoughtplaying
Italian opera music over storespeakers would accentuate the Italian
coffeehouseexperience he was attempting to replicate. But customers saw

22. things differently and didn’t seem to like arias with their espressos. As a result,
Schultz jettisoned the opera and introduced comfortablechairs instead.
3. Money Savvy
Through the heart of any successfulnew business, a venturebeats the
lifeblood of steady cash flow, which is essential for purchasing inventory,
paying rent, maintaining equipment, and promoting the business. The key to
staying in the black is rigorous bookkeeping of income versus expenses. And
since mostnew businesses don’tmakea profit within the firstyear, by setting
money asidefor this contingency, entrepreneurs can help mitigate the risk of
falling shortof funds. Related to this, it’s essential to keep personaland
business costs separate, and never dip into business funds to cover the costs of
daily living.
Of course, it’s importantto pay yourself a realistic salary that allows you to
cover essentials, but not much more; especially whereinvestors are involved.
Of course, such sacrifices can strain relationships with loved ones who may
need to adjustto lower standards of living and endure worry over risking
family assets. For this reason, entrepreneurs should communicate these issues
well ahead of time, and make suresignificantloved ones are spiritually on
board.
4. Resilient
Running your own business is extremely difficult, especially getting one started
fromscratch. Itrequires a lot of time, dedication, and failure. A successful
entrepreneur must show resilience to all the difficulties on the road ahead.
Whenever they meet with failure or rejection they mustkeep pushing forward.
Starting your business is a learning process and any learning process comes
with a learning curve, which can be frustrating, especially when money is on
the line. It's important never to give up through the difficult times if you want
to succeed.
5. Focused
Similar to resilience, a successfulentrepreneur muststay focused and
eliminate the noise and doubts that come with running a business. Becoming
sidetracked, not believing in your instincts and ideas, and losing sightof the
end goal is a recipe for failure. A successfulentrepreneur mustalways
remember why they started the business and remain on courseto see it
through.

23. 6. Business Smart
Knowing how to manage money and understanding financialstatements are
critical for anyonerunning their own business. Knowing your revenues, your
costs, and how to increaseor decrease them, respectively, is important.
Making sureyou don't burn through cash will allow you to keep the business
alive.
Implementing a sound business strategy, knowing your targetmarket, your
competitors, your strengths and weaknesses, willallow you to maneuver the
difficult landscape of running your business.
7. Communicators
Successfulcommunication is important in almost every facet of life, regardless
of whatyou do. Itis also of the utmost importance in running a business. From
conveying your ideas and strategies to potential investors to sharing your
business plan with your employees to negotiating contracts with suppliers all
require successfulcommunication.
Types of Entrepreneurs
Not every entrepreneur is the same and not all havethe same goals. Here are a
few types of entrepreneurs:
Builder
Builders seek to create scalable businesses within a shorttime frame. Builders
typically pass $5 million in revenue in the first two to four years and continue
to build up until $100 million or beyond. These individuals seek to build out a
strong infrastructureby hiring the best talent and seeking the best investors.
They have temperamental personalities that are suited to the fast growth they
desire but can make personaland business relationships difficult.7
Opportunist
Opportunistic entrepreneurs areoptimistic individuals with the ability to pick
out financial opportunities, getting in at the right time, staying on board during
the time of growth, and exiting when a business hits its peak.
These types of entrepreneurs are concerned with profits and the wealth they
will build, so they are attracted to ideas where they can create residual or
renewal income. Because they are looking to find well-timed opportunities,
opportunistic entrepreneurs can be impulsive.7

24. Innovator
Innovators arethoserareindividuals that come up with a great idea or product
that no one has thought of before. Think of Thomas Edison, Steve Jobs, and
Mark Zuckerberg. Theseindividuals worked on what they loved and found
business opportunities through that.
Rather than focusing on money, innovators caremore about the impact that
their products and services haveon society. These individuals are not the best
at running a business as they are idea-generating individuals, so often they
leave the day-to-day operations to thosemore capable in that respect.7
Specialist
These individuals are analytical and risk-averse. They havea strong skill set in a
specific area obtained through education or apprenticeship. A specialist
entrepreneur will build out their business through networking and referrals,
resulting in slower growth than a builder entrepreneur.7
4 Types of Entrepreneurship
As there are different types of entrepreneurs, thereare also different types of
businesses they create. Below are the main different types of
entrepreneurship.
Small Business Entrepreneurship
Small business entrepreneurship is the idea of opening a business without
turning it into a large conglomerate or opening many chains. A single-location
restaurant, one grocery shop, or a retail shop to sell your handmade goods
would all be an example of small business entrepreneurship.
These individuals usually invest their own money and succeed if their business
turns a profit, which they live off of. They don't have outside investors and will
only take a loan if it helps continue the business.
Scalable Startup
These are companies that startwith a unique idea; think Silicon Valley. The
hopes are to innovatewith a unique productor service and continue growing
the company, continuously scaling up as time moves on. These types of
companies often require investors and large amounts of capital to grow their
idea and reach multiple markets.

25. Large Company
Large company entrepreneurship is a new business division created within an
existing company. The existing company may be well placed to branch out into
other sectors or it may be well placed to become involved in new technology.
CEOs of these companies either foresee a new marketfor the company or
individuals within the company generate ideas that they bring to senior
management to startthe process.
Social Entrepreneurship
The goal of social entrepreneurship is to create a benefit to society and
humankind. They focus on helping communities or the environmentthrough
their products and services. They are not driven by profits but rather by
helping the world around them.
Entrepreneurs and the Economy
In economist-speak, an entrepreneur acts as a coordinating agent in a capitalist
economy. This coordination takes the form of resources being diverted toward
new potential profitopportunities. The entrepreneur moves various resources,
both tangible and intangible, promoting capital formation.
As of 2021, there are 32.5 million small businesses in the United States.8
In a market full of uncertainty, it is the entrepreneur who can actually help
clear up uncertainty, as they make judgments or assumethe risk. To the extent
that capitalism is a dynamic profit-and-loss system, entrepreneurs drive
efficient discovery and consistently reveal knowledge.
Established firms face increased competition and challenges from
entrepreneurs, which often spurs them toward research and development
efforts as well. In technical economic terms, the entrepreneur disrupts the
coursetoward steady-stateequilibrium.
How Entrepreneurship Helps Economies
Nurturing entrepreneurship can havea positive impact on an economy and a
society in severalways. For starters, entrepreneurs createnew businesses.
They invent goods and services, resulting in employment, and often create a
ripple effect, resulting in more and more development. For example, after a
few information technology companies began in India in the 1990s, businesses
in associated industries, like call center operations and hardwareproviders,
began to develop too, offering supportservices and products.

26. Entrepreneurs add to the gross national income. Existing businesses may
remain confined to their markets and eventually hit an income ceiling. But new
products or technologies create new markets and new wealth. And increased
employment and higher earnings contribute to a nation’s tax base, enabling
greater governmentspending on public projects.
Entrepreneurs create social change. They break tradition with unique
inventions that reduce dependence on existing methods and systems,
sometimes rendering them obsolete. Smartphones and their apps, for
example, haverevolutionized work and play across theglobe.
Entrepreneurs investin community projects and help charities and other non-
profit organizations, supporting causes beyond their own. Bill Gates, for
example, has used his considerablewealth for education and public health
initiatives.
Entrepreneurial Ecosystems
There is research that shows high levels of self-employmentcan stall economic
development: Entrepreneurship, if not properly regulated, can lead to unfair
market practices and corruption, and too many entrepreneurs can create
income inequalities in society. Overall, though, entrepreneurship is a critical
driver of innovation and economic growth. Therefore, fostering
entrepreneurship is an important part of the economic growth strategies of
many local and national governments around the world.
To this end, governments commonly assistin the development of
entrepreneurial ecosystems, which may include entrepreneurs themselves,
government-sponsored assistanceprograms, and venturecapitalists. They may
also include non-governmentorganizations, such as entrepreneurs'
associations, business incubators,and education programs.
For example, California's Silicon Valley is often cited as an example of a well-
functioning entrepreneurialecosystem. The region has a well-developed
venture capital base, a large pool of well-educated talent, especially in
technical fields, and a wide range of governmentand non-government
programs fostering new ventures and providing information and supportto
entrepreneurs.

27. Q4 .Explain social responsibility of business ?
Ans. Social responsibility means that businesses, in addition to
maximizing shareholder value, must act in a manner that benefits society.
Social responsibility has become increasingly important to investors and
consumers who seek investments that are not just profitable but also
contribute to the welfare of society and the environment. However, critics
argue that the basic nature of business does not consider society as
a stakeholder.
KEY TAKEAWAYS
 Social responsibility means that businesses, in addition to maximizing
shareholder value, should act in a manner that benefits society.
 Socially responsible companies should adopt policies that promote the
well-being of society and the environment while lessening negative
impacts on them.
 Companies can act responsibly in many ways, such as by promoting
volunteering, making changes that benefit the environment, and
engaging in charitable giving.
 Consumers are more actively looking to buy goods and services from
socially responsible companies, hence impacting their profitability.
 Critics assert that practicing social responsibility is the opposite of why
businesses exist.
Social responsibility means that individuals and companies must act in the
best interests of their environment and society as a whole. As it applies to
business, social responsibility is known as corporate social responsibility
(CSR) and is becoming a more prominent area of focus within businesses due
to shifting social norms.
The crux of this theory is to enact policies that promote an ethical balance
between the dual mandates of striving for profitability and benefiting society
as a whole. These policies can be either one of commission (philanthropy:
donations of money, time, or resources) or omission (e.g., "go green"
initiatives like reducing greenhouse gases or abiding by EPA regulations to
limit pollution).
Many companies, such as those with "green" policies, have made social
responsibility an integral part of their business models, and they have done so

28. without compromising profitability. In 2019, Forbesnamed the top 100
socially responsible companies in the world. Topping the list was the Lego
Group, followed closely by Natura (NTCO), then technology giants Microsoft
(MSFT) and Google (GOOGL). Atthe bottom of the list in spot 100 was
Starbucks (SBUX).1
Additionally, more investors and consumers are factoring in a company's
commitment to socially responsible practices before making an investment or
purchase. As such, embracing social responsibility can benefit the prime
directive: maximization of shareholder value.
There is a moral imperative, as well. Actions, or lack thereof, will affect future
generations. Put simply, social responsibility is justgood business practice,
and a failure to do so can have a deleterious effect on the balance sheet.
In general, social responsibility is more effective when a company takes it on
voluntarily instead of waiting for the government to require them to do so
through regulation. Social responsibility can boostcompany morale, especially
when a company can engage employees with its social causes.
Social Responsibility in Practice
The International Organization for Standardization (ISO) emphasizes that a
business's ability to maintain a balance between pursuing economic
performance and adhering to societal and environmental issues is a critical
factor in operating efficiently and effectively.
Social responsibility takes on different meanings within industries and
companies. For example, Starbucks Corp. and Ben & Jerry's Homemade
Holdings Inc. haveintegrated social responsibility into the core of their
operations.
Both companies purchaseFair Trade Certified ingredients to manufacture
their products and actively supportsustainable farming in the regions where
they source ingredients. Big-box retailer Target Corp. (TGT), also well known
for its social responsibility programs, has donated money to communities in
which the stores operate, including education grants.
The key ways a company embraces social responsibility include philanthropy,
promoting volunteering, and environmental changes. Companies managing
their environmental impact might look to reduce their carbon footprint and
limit waste. There's also the social responsibility of ethical practices for

29. employees, which can mean offering a fair wage, which arises when there are
limited employee protection laws.
Criticism of CorporateSocial Responsibility
Not everyonebelieves that businesses should have a social conscience.
Economist Milton Friedman stated that "socialresponsibilities of business are
notable for their analytical looseness and lack of rigor." Friedman believed
that only individuals can have a sense of social responsibility. Businesses, by
their very nature, cannot. Some experts believe that social responsibility
defies the very point of being in business: profit above all else.
Q5.Explain strategies for going global ?
ANS. ‘Global Strategy’ is a shortened term that covers three areas: global,
multinational and international strategies. Essentially, these three strategies
enable an organisation to achieve its objective of international expansion.
In developing ‘globalstrategy’, it is useful to distinguish between three forms
of international expansion that arise from a company’s resources, capabilities
and currentinternational position.
If the company is still mainly focused on its home markets, then its strategies
outside its home markets can be seen as international. For example, a dairy
company might sell someof its excess milk and cheese supplies outsideits
home country. But its main strategic focus is still directed to the home market.
Read more about how Cadbury attempted to enter the global market for
chewing gum, partly using the brand name Trident, in Chapter 19 of Lynch
Strategic Management.
Examples
In South Korea, international and global softdrinks strategy will involve mixing
both the global brands like Coke and Sprite with the local brands
like Pocara Sweat(and, no, I don’t know what the brand tastes like!)
However, the Apple iPod was essentially following the same strategy
everywherein the world: in this case, the advertising billboard was in North
America but it could havebeen anywhere. Oneof the basic decisions in global
strategy begins by considering justhow much local variation if any, there might
be for a brand.

30. Branding
Another morebasic decision might be whether to undertake any branding at
all. Branding is expensive. Itmight be better to manufactureproducts for other
companies that then undertake the expensive branding. Apple iPods are made
in China with the Chinese company manufacturing to the Apple specification.
The Chinese company then avoids the expense of building a brand. But faces
the strategic problem that Apple could fail to renew its contract with the
Chinese company, which might then be in serious financial difficulty.
Markets
As international activities have expanded at a company, it may haveentered a
number of different markets, each of which needs a strategy adapted to each
market. Together, these strategies form a multinational strategy. For example,
a car company might have one strategy for the USA – specialist cars, higher
prices – with another for European markets – smaller cars, fuel efficient – and
yet another for developing countries – simple, low priced cars.
For some companies, their international activities have developed to such an
extent that they essentially treat the world as one market with very limited
variations for each country or world region. This is called a global strategy. For
example, the luxury goods company Gucci sells essentially the same products
in every country.
Importantly, globalstrategy on this websiteis a shorthand for all three
strategies above.:
 Internationalstrategy: the organisation’s objectives relateprimarily to
the home market. However, wehave someobjectives with regard to
overseas activity and therefore need an international strategy.
Importantly, thecompetitive advantage – important in strategy
development – is developed mainly for the home market.
 Multinational strategy: the organisation is involved in a number of
markets beyond its home country. But it needs distinctive strategies for
each of these markets because customer demand and, perhaps
competition, are different in each country. Importantly, competitive
advantageis determined separately for each country.

31.  Global strategy: the organisation treats the world as largely one market
and one sourceof supply with little local variation. Importantly,
competitive advantageis developed largely on a global basis.
In various books and research papers, you may see reference to other forms of
‘global strategy.’ For example, you will see ‘multi-domestic strategies’. These
are usefuland can be explored in their context. However, thethree strategies
outlined abovecover the main possibilities.
__________________________________________________________________________________
ThankYou