The document outlines six key steps for successfully launching a new product: 1) Test the product before launch to assess audience reception. 2) Improve your team and prepare them for changes. 3) Prepare for a potential increase in sales volume. 4) Maintain focus on your existing core business. 5) Establish metrics to regularly measure product performance. 6) Gather customer feedback after launch to determine improvements. Following these steps can help make a product launch more memorable and the product itself more successful in the marketplace.
This document discusses various aspects of entrepreneurship including what entrepreneurs are, their common characteristics, how to plan to become an entrepreneur, dealing with business growth pressures, managing a family business, and corporate intrapreneurship. Specifically, it notes that entrepreneurs notice opportunities and mobilize resources to create new products/services, they often have traits like risk-taking and self-confidence, planning involves considering your motivations, market research, and costs, and growing businesses often require more formal structures while intrapreneurs can drive innovation within large companies.
Lesson 1 Personal Entrepreneurial Characteristicsstephie_04
Here are the steps to develop your personal entrepreneurial competencies (PECs):
1. Assess your own personality traits, skills, strengths and weaknesses. Compare these to the PECs of a successful entrepreneur.
2. Identify the PECs you already possess like creativity, commitment, hard work. Write these on the left side arrows.
3. Note the areas that need improvement like risk-taking, flexibility, coping with uncertainty. Write these on the right side arrows.
4. Interview a local successful entrepreneur to learn more about their journey and PECs.
5. Reflect on how to strengthen your strengths and address weaknesses. Develop an action plan with goals, timelines and support
The document discusses the sources and development of entrepreneurial intention, including factors like self-efficacy, perceived desirability, education, age, and work history. It also examines the role of role models and support systems for entrepreneurs. Finally, it outlines steps for establishing corporate entrepreneurship within existing organizations, including securing management commitment, identifying ideas, establishing program expectations, and tying rewards to performance.
The document summarizes the story of two friends, Ramesh and Mahesh, who choose different career paths after completing their studies. Ramesh aspires to be an entrepreneur, while Mahesh wants a steady job with a multinational company. Over three years, Ramesh faces challenges in starting his business but is able to grow his owner benefits, while Mahesh receives salary increases. By the third year, Ramesh's owner benefits have increased significantly and come close to matching Mahesh's salary, showing that being an entrepreneur can be financially rewarding despite the initial difficulties.
Entrepreneurship Management Chapter 1: ENTREPRENEURSHIP AND THE ENTREPRENEURI...Lena Argosino
This document provides an overview of key concepts in entrepreneurship and the entrepreneurial mindset. It defines an entrepreneur as someone who takes initiative and bears risk to bundle resources innovatively. Entrepreneurship is creating something new with value through time and effort. The entrepreneurial process involves creating value while assuming financial, psychic and social risks. Other concepts covered include opportunity identification, the entrepreneurial mindset of rapid sensing and acting under uncertainty, and business ethics.
The document discusses skills needed for new venture creation. It outlines the author's experience as an entrepreneur founding two companies in India. Through a new venture creation course, the author learned the importance of thoroughly planning before execution to mitigate risks. The summary also discusses lessons around critically evaluating business proposals, having a Plan B, pitching techniques, and skills like motivation, ability, resources, and networking that are important for startup success.
Entrepreneurial competencies refer to the key characteristics that successful entrepreneurs possess to perform entrepreneurial functions effectively. The document lists 9 competencies required for successful entrepreneurs: initiative, assertiveness, achievement orientation, efficiency orientation, concern for high quality work, systematic planning, monitoring, commitment to work contracts, and recognizing the importance of business relationships. It also lists some other important entrepreneurial competencies like persistence, problem solving, self-confidence, persuasion, concern for others' welfare, and monitoring. Finally, the document suggests that students have guided group discussions to discuss the benefits and potential drawbacks of entrepreneurship.
This document discusses various aspects of entrepreneurship including what entrepreneurs are, their common characteristics, how to plan to become an entrepreneur, dealing with business growth pressures, managing a family business, and corporate intrapreneurship. Specifically, it notes that entrepreneurs notice opportunities and mobilize resources to create new products/services, they often have traits like risk-taking and self-confidence, planning involves considering your motivations, market research, and costs, and growing businesses often require more formal structures while intrapreneurs can drive innovation within large companies.
Lesson 1 Personal Entrepreneurial Characteristicsstephie_04
Here are the steps to develop your personal entrepreneurial competencies (PECs):
1. Assess your own personality traits, skills, strengths and weaknesses. Compare these to the PECs of a successful entrepreneur.
2. Identify the PECs you already possess like creativity, commitment, hard work. Write these on the left side arrows.
3. Note the areas that need improvement like risk-taking, flexibility, coping with uncertainty. Write these on the right side arrows.
4. Interview a local successful entrepreneur to learn more about their journey and PECs.
5. Reflect on how to strengthen your strengths and address weaknesses. Develop an action plan with goals, timelines and support
The document discusses the sources and development of entrepreneurial intention, including factors like self-efficacy, perceived desirability, education, age, and work history. It also examines the role of role models and support systems for entrepreneurs. Finally, it outlines steps for establishing corporate entrepreneurship within existing organizations, including securing management commitment, identifying ideas, establishing program expectations, and tying rewards to performance.
The document summarizes the story of two friends, Ramesh and Mahesh, who choose different career paths after completing their studies. Ramesh aspires to be an entrepreneur, while Mahesh wants a steady job with a multinational company. Over three years, Ramesh faces challenges in starting his business but is able to grow his owner benefits, while Mahesh receives salary increases. By the third year, Ramesh's owner benefits have increased significantly and come close to matching Mahesh's salary, showing that being an entrepreneur can be financially rewarding despite the initial difficulties.
Entrepreneurship Management Chapter 1: ENTREPRENEURSHIP AND THE ENTREPRENEURI...Lena Argosino
This document provides an overview of key concepts in entrepreneurship and the entrepreneurial mindset. It defines an entrepreneur as someone who takes initiative and bears risk to bundle resources innovatively. Entrepreneurship is creating something new with value through time and effort. The entrepreneurial process involves creating value while assuming financial, psychic and social risks. Other concepts covered include opportunity identification, the entrepreneurial mindset of rapid sensing and acting under uncertainty, and business ethics.
The document discusses skills needed for new venture creation. It outlines the author's experience as an entrepreneur founding two companies in India. Through a new venture creation course, the author learned the importance of thoroughly planning before execution to mitigate risks. The summary also discusses lessons around critically evaluating business proposals, having a Plan B, pitching techniques, and skills like motivation, ability, resources, and networking that are important for startup success.
Entrepreneurial competencies refer to the key characteristics that successful entrepreneurs possess to perform entrepreneurial functions effectively. The document lists 9 competencies required for successful entrepreneurs: initiative, assertiveness, achievement orientation, efficiency orientation, concern for high quality work, systematic planning, monitoring, commitment to work contracts, and recognizing the importance of business relationships. It also lists some other important entrepreneurial competencies like persistence, problem solving, self-confidence, persuasion, concern for others' welfare, and monitoring. Finally, the document suggests that students have guided group discussions to discuss the benefits and potential drawbacks of entrepreneurship.
The document discusses the key aspects of entrepreneurship including the characteristics of successful entrepreneurs, the entrepreneurial process, and requirements for starting a business. It describes the five steps of the entrepreneurial process as discovery, concept development, resourcing, actualization, and harvesting. It also outlines the components of an effective business plan and legal requirements for acquiring finances and meeting permits, licenses, contracts, and taxes needed to start a business.
The document discusses the roles of managers and entrepreneurs. It defines a manager as someone who achieves goals through the efforts of others and is responsible for a group's work performance. Managers plan, organize, staff, direct, and control an organization's resources. Entrepreneurs take on greater risk as business owners and earn uncertain profits, while managers earn a certain salary as employees and bear less risk. Entrepreneurs oversee all business functions and innovate, compared to managers focusing on selective functions and executing others' decisions.
This document outlines an entrepreneurial skills curriculum aimed at at-risk secondary students in Antigua and Barbuda. The 90-hour, two-year program teaches business and life skills to motivate students to stay in school and gain skills to start sustainable businesses. It covers topics like what is an entrepreneur, types of businesses, business planning, management, and basic computer skills. The goal is to provide opportunities for at-risk youth to generate income and contribute to the economy.
The ETF good practice series shares 12 case studies of innovative human capital development approaches in ETF partner countries. This document summarizes a "Successful Start" startup business support program in Armenia that provides training, business plan development support, access to financing, and follow-up coaching to startup entrepreneurs, with a focus on women and youth. The training is based on an internationally accredited methodology and includes modules on self-awareness, goal-setting, strategy, and experience. Since 2005, the program has trained over 100 participants and helped launch over 50 startups, with a survival rate of 67.7%, exceeding the national average.
Introduction to entreprenershipunit i to vanandmohandass
Introduction, Meaning Characteristics, Factors, Functions, Types, Challenges, Women Entrepreneurship, MSMEs, Business Plan & Model, Feasibility analysis, etc..
The document discusses entrepreneurs and entrepreneurship. It defines an entrepreneur as someone who takes risks to start a new business in order to make a profit by identifying opportunities and assembling resources. The key functions of an entrepreneur are risk assumption, decision making, management, and innovation. Entrepreneurs can be classified by type of business, gender, area of operation, and risk tolerance, such as innovative entrepreneurs who create new ideas versus imitative entrepreneurs who adopt existing successful innovations. [END SUMMARY]
This document discusses factors that contribute to the success and failure of Filipino entrepreneurs. It identifies seven factors for success: 1) enjoying what they do, 2) clear knowledge in their field, 3) common sense, 4) self-confidence, 5) hard work and persistence, 6) creativity, and 7) leadership skills. It also lists eight factors for failure: 1) lacking a written plan, 2) starting a business for the wrong reasons, 3) not having dedicated people, 4) giving up too easily, 5) ignoring customer feedback, 6) underestimating the importance of marketing, 7) having the wrong product positioning, and 8) insufficient startup capital. The document provides explanations for each factor.
The document discusses the history and modern practice of entrepreneurship in agricultural education. It defines an entrepreneur and explains how entrepreneurial programs, originally called farming or production enterprises, have been a requirement for agricultural students since 1917. Today, agricultural entrepreneurship involves many diverse business ventures beyond just raising livestock and crops. The document also outlines characteristics of successful entrepreneurs and advantages and disadvantages of entrepreneurship. Finally, it describes the FFA agri-entrepreneurship recognition program for outstanding student entrepreneurs.
This document provides an overview of entrepreneurship presented by Simran Kaur. It defines key terms like enterprise, entrepreneurship, and entrepreneur. It discusses theories of entrepreneurship and characteristics of successful entrepreneurs like being self-employed, risk-taking, and innovative. Intrapreneurs who create new ideas within companies are also covered. The roles of entrepreneurship in economic development and common problems entrepreneurs face are summarized. The presentation outlines the development stages of starting a new enterprise and differences between entrepreneurs and managers.
Covers answers of two majorly asked questions in the field of entrepreneurship and the questions are-
What makes your business unique in 21st century and how can you get success?
Elaborate challenges or threats on entrepreneurship in 21st centuries and how they are converted to opportunities?
This document provides information and resources for entrepreneurs seeking financing for new businesses. It discusses private sources of financing like personal savings, family, and credit cards as well as public sources from programs like SBA loans, USDA grants, and state-level economic development agencies. The document provides details on specific loan and grant programs, guidelines for developing financial projections, and tips for starting the planning process through writing a business plan. Resources for additional small business assistance are also listed.
Attributes, qualities & characteristics of an entrepreneurkharl0612
An entrepreneur is an individual who owns and manages their own business. They take risks by innovating with factors of production and exploiting opportunities for change. Successful entrepreneurs are self-aware and self-motivated individuals with courage, confidence, and a positive mindset. They are patient, decisive, and driven to succeed through experience, knowledge, perseverance, and by seeking opportunities and efficiency. Entrepreneurs also take calculated risks, are innovative, and systematically plan while networking and persuading others.
Competencies required of an effective entrepreneurcaloyzkii0905
The document discusses three clusters of personal entrepreneurial characteristics: achievement, planning, and power. It provides details on characteristics within each cluster such as opportunity seeking, persistence, commitment, goal setting, information seeking, self-confidence, and persuasion. It also discusses challenges entrepreneurs may face like financial, managerial, and marketing problems. Additionally, it covers management theories such as classical scientific management, behavioral management, contingency management, and chaos theory.
The document discusses entrepreneurship and business planning. It defines entrepreneurship as creating something new with value by investing time, effort and resources while accepting risks to earn monetary and personal rewards. Some key characteristics of entrepreneurs are discussed as well as the differences between entrepreneurial and managerial domains. The process of starting a new business and creating a business plan are also outlined. The business plan should include basic elements like executive summary, company description, products/services, market analysis, organization and management, and financial projections.
This document discusses entrepreneurship and small business. It defines entrepreneurship as planning, organizing, operating, and assuming risk of a business. Small businesses are privately owned by individuals and have sales and assets that are not large enough to influence their environment. Small businesses play an important role by creating the majority of new jobs and being responsible for innovations. The document outlines strategies for entrepreneurial organizations such as choosing an industry and developing competitive advantages. It also discusses financing options, franchising, reasons for startup successes and failures, and performance factors.
This document discusses entrepreneurship and its development in Malaysia. It defines entrepreneurship as starting new organizations or businesses in response to identified opportunities. The key points are:
- Entrepreneurship involves introducing innovative products/services and depends on the type of organization. Innovative entrepreneurs bridge entrepreneurship and economic growth.
- Successful entrepreneurs exhibit traits like persistence, initiative, problem solving, and commitment.
- The Malaysian government recognizes the importance of entrepreneurship and has implemented policies since independence to promote its development.
- Government agencies like SME Corp focus on strengthening infrastructure, building SME capabilities, and improving SME access to financing to encourage entrepreneurship in Malaysia.
This document provides an overview of a business and entrepreneurship module for a national service program. It includes topics such as business ideas, legal processes, research and planning, and finances. The module will be delivered through lectures, sharing, discussions, and group presentations. It introduces concepts like entrepreneurship, reasons for starting a business, identifying business opportunities, business structures, costs, funding sources, market research, and financial management. Examples are provided around starting a nasi katok business to illustrate concepts like organization, roles and responsibilities, operations, and break-even analysis.
This document provides information on developing a business plan and conducting a feasibility study. It discusses that a business plan is a formal statement of business goals and a plan to reach those goals. It also describes the different types of business plans and what they typically focus on. The document then outlines the key components that should be included in a business plan, such as an executive summary, project background, management details, production information, financial projections, and an implementation timeline. Finally, it explains that a feasibility study is important to reduce risks and should address factors like market demand, competitors, production needs, and projected costs and profits before committing to a business plan.
Entrepreneurial competencies & Factors affecting its growthAmandaBvera
The document discusses entrepreneurial competencies and the factors that affect entrepreneurial growth. It defines entrepreneurial competency as the qualities and characteristics that allow an individual to successfully start and run a business. It identifies several major competencies including initiative, persistence, planning, problem-solving, and commitment. The document also outlines methods for developing competencies through competency identification, assessment, mapping gaps, and developing interventions. Additionally, it discusses factors that influence entrepreneurial growth such as economic access to capital and markets, as well as sociological factors like culture and social perceptions of entrepreneurship. Government policies and support are also highlighted as important determinants that can stimulate or hinder entrepreneurial growth.
The teaching of entrepreneurial skills is to offer opportunities to students. This would create avenues for them to generate feasible and sustainable income for themselves while make a meaningful contribution to the country. This course aims to motivate these young people to stay in school; to recognize business opportunities and to plan for a successful future.
Entrepreneurship second assignment, M.Com, CommerceDanish Saqi
1. Explain the Procedures of launching new Product.
2. Explain financial planning Balance sheet, Income statement and Cash Flow Statement?
3. Explain the Barriers to creativity.
4. Explain the Techniques to improve creativity.
5. Explain the Components of Business Plans.
6. Explain the difference between Managerial VS Entrepreneurial Decision makings.
7. Explain the Michael Porter’s Five Forces Model.
8. Explain the Women entrepreneurship.
9. Describe Business Model? Identify Four Major Component of Business Model?
10. Role of Entrepreneur in Economic Development and also explain Social Responsibility and Ethics.
The document discusses the key concepts of financial management. It defines financial management as planning, organizing, and controlling financial activities such as procuring and using funds. The four main functions of financial management are discussed as:
1) Investment decisions, which involve capital budgeting and determining asset allocation.
2) Financing decisions, which involve determining optimal capital structure and sources of long-term financing.
3) Dividend decisions, which involve determining how much profits to distribute vs retain.
4) Working capital management, which involves managing day-to-day finances like collections and payments. The goal of financial management is to maximize the value of the firm.
The document discusses the key aspects of entrepreneurship including the characteristics of successful entrepreneurs, the entrepreneurial process, and requirements for starting a business. It describes the five steps of the entrepreneurial process as discovery, concept development, resourcing, actualization, and harvesting. It also outlines the components of an effective business plan and legal requirements for acquiring finances and meeting permits, licenses, contracts, and taxes needed to start a business.
The document discusses the roles of managers and entrepreneurs. It defines a manager as someone who achieves goals through the efforts of others and is responsible for a group's work performance. Managers plan, organize, staff, direct, and control an organization's resources. Entrepreneurs take on greater risk as business owners and earn uncertain profits, while managers earn a certain salary as employees and bear less risk. Entrepreneurs oversee all business functions and innovate, compared to managers focusing on selective functions and executing others' decisions.
This document outlines an entrepreneurial skills curriculum aimed at at-risk secondary students in Antigua and Barbuda. The 90-hour, two-year program teaches business and life skills to motivate students to stay in school and gain skills to start sustainable businesses. It covers topics like what is an entrepreneur, types of businesses, business planning, management, and basic computer skills. The goal is to provide opportunities for at-risk youth to generate income and contribute to the economy.
The ETF good practice series shares 12 case studies of innovative human capital development approaches in ETF partner countries. This document summarizes a "Successful Start" startup business support program in Armenia that provides training, business plan development support, access to financing, and follow-up coaching to startup entrepreneurs, with a focus on women and youth. The training is based on an internationally accredited methodology and includes modules on self-awareness, goal-setting, strategy, and experience. Since 2005, the program has trained over 100 participants and helped launch over 50 startups, with a survival rate of 67.7%, exceeding the national average.
Introduction to entreprenershipunit i to vanandmohandass
Introduction, Meaning Characteristics, Factors, Functions, Types, Challenges, Women Entrepreneurship, MSMEs, Business Plan & Model, Feasibility analysis, etc..
The document discusses entrepreneurs and entrepreneurship. It defines an entrepreneur as someone who takes risks to start a new business in order to make a profit by identifying opportunities and assembling resources. The key functions of an entrepreneur are risk assumption, decision making, management, and innovation. Entrepreneurs can be classified by type of business, gender, area of operation, and risk tolerance, such as innovative entrepreneurs who create new ideas versus imitative entrepreneurs who adopt existing successful innovations. [END SUMMARY]
This document discusses factors that contribute to the success and failure of Filipino entrepreneurs. It identifies seven factors for success: 1) enjoying what they do, 2) clear knowledge in their field, 3) common sense, 4) self-confidence, 5) hard work and persistence, 6) creativity, and 7) leadership skills. It also lists eight factors for failure: 1) lacking a written plan, 2) starting a business for the wrong reasons, 3) not having dedicated people, 4) giving up too easily, 5) ignoring customer feedback, 6) underestimating the importance of marketing, 7) having the wrong product positioning, and 8) insufficient startup capital. The document provides explanations for each factor.
The document discusses the history and modern practice of entrepreneurship in agricultural education. It defines an entrepreneur and explains how entrepreneurial programs, originally called farming or production enterprises, have been a requirement for agricultural students since 1917. Today, agricultural entrepreneurship involves many diverse business ventures beyond just raising livestock and crops. The document also outlines characteristics of successful entrepreneurs and advantages and disadvantages of entrepreneurship. Finally, it describes the FFA agri-entrepreneurship recognition program for outstanding student entrepreneurs.
This document provides an overview of entrepreneurship presented by Simran Kaur. It defines key terms like enterprise, entrepreneurship, and entrepreneur. It discusses theories of entrepreneurship and characteristics of successful entrepreneurs like being self-employed, risk-taking, and innovative. Intrapreneurs who create new ideas within companies are also covered. The roles of entrepreneurship in economic development and common problems entrepreneurs face are summarized. The presentation outlines the development stages of starting a new enterprise and differences between entrepreneurs and managers.
Covers answers of two majorly asked questions in the field of entrepreneurship and the questions are-
What makes your business unique in 21st century and how can you get success?
Elaborate challenges or threats on entrepreneurship in 21st centuries and how they are converted to opportunities?
This document provides information and resources for entrepreneurs seeking financing for new businesses. It discusses private sources of financing like personal savings, family, and credit cards as well as public sources from programs like SBA loans, USDA grants, and state-level economic development agencies. The document provides details on specific loan and grant programs, guidelines for developing financial projections, and tips for starting the planning process through writing a business plan. Resources for additional small business assistance are also listed.
Attributes, qualities & characteristics of an entrepreneurkharl0612
An entrepreneur is an individual who owns and manages their own business. They take risks by innovating with factors of production and exploiting opportunities for change. Successful entrepreneurs are self-aware and self-motivated individuals with courage, confidence, and a positive mindset. They are patient, decisive, and driven to succeed through experience, knowledge, perseverance, and by seeking opportunities and efficiency. Entrepreneurs also take calculated risks, are innovative, and systematically plan while networking and persuading others.
Competencies required of an effective entrepreneurcaloyzkii0905
The document discusses three clusters of personal entrepreneurial characteristics: achievement, planning, and power. It provides details on characteristics within each cluster such as opportunity seeking, persistence, commitment, goal setting, information seeking, self-confidence, and persuasion. It also discusses challenges entrepreneurs may face like financial, managerial, and marketing problems. Additionally, it covers management theories such as classical scientific management, behavioral management, contingency management, and chaos theory.
The document discusses entrepreneurship and business planning. It defines entrepreneurship as creating something new with value by investing time, effort and resources while accepting risks to earn monetary and personal rewards. Some key characteristics of entrepreneurs are discussed as well as the differences between entrepreneurial and managerial domains. The process of starting a new business and creating a business plan are also outlined. The business plan should include basic elements like executive summary, company description, products/services, market analysis, organization and management, and financial projections.
This document discusses entrepreneurship and small business. It defines entrepreneurship as planning, organizing, operating, and assuming risk of a business. Small businesses are privately owned by individuals and have sales and assets that are not large enough to influence their environment. Small businesses play an important role by creating the majority of new jobs and being responsible for innovations. The document outlines strategies for entrepreneurial organizations such as choosing an industry and developing competitive advantages. It also discusses financing options, franchising, reasons for startup successes and failures, and performance factors.
This document discusses entrepreneurship and its development in Malaysia. It defines entrepreneurship as starting new organizations or businesses in response to identified opportunities. The key points are:
- Entrepreneurship involves introducing innovative products/services and depends on the type of organization. Innovative entrepreneurs bridge entrepreneurship and economic growth.
- Successful entrepreneurs exhibit traits like persistence, initiative, problem solving, and commitment.
- The Malaysian government recognizes the importance of entrepreneurship and has implemented policies since independence to promote its development.
- Government agencies like SME Corp focus on strengthening infrastructure, building SME capabilities, and improving SME access to financing to encourage entrepreneurship in Malaysia.
This document provides an overview of a business and entrepreneurship module for a national service program. It includes topics such as business ideas, legal processes, research and planning, and finances. The module will be delivered through lectures, sharing, discussions, and group presentations. It introduces concepts like entrepreneurship, reasons for starting a business, identifying business opportunities, business structures, costs, funding sources, market research, and financial management. Examples are provided around starting a nasi katok business to illustrate concepts like organization, roles and responsibilities, operations, and break-even analysis.
This document provides information on developing a business plan and conducting a feasibility study. It discusses that a business plan is a formal statement of business goals and a plan to reach those goals. It also describes the different types of business plans and what they typically focus on. The document then outlines the key components that should be included in a business plan, such as an executive summary, project background, management details, production information, financial projections, and an implementation timeline. Finally, it explains that a feasibility study is important to reduce risks and should address factors like market demand, competitors, production needs, and projected costs and profits before committing to a business plan.
Entrepreneurial competencies & Factors affecting its growthAmandaBvera
The document discusses entrepreneurial competencies and the factors that affect entrepreneurial growth. It defines entrepreneurial competency as the qualities and characteristics that allow an individual to successfully start and run a business. It identifies several major competencies including initiative, persistence, planning, problem-solving, and commitment. The document also outlines methods for developing competencies through competency identification, assessment, mapping gaps, and developing interventions. Additionally, it discusses factors that influence entrepreneurial growth such as economic access to capital and markets, as well as sociological factors like culture and social perceptions of entrepreneurship. Government policies and support are also highlighted as important determinants that can stimulate or hinder entrepreneurial growth.
The teaching of entrepreneurial skills is to offer opportunities to students. This would create avenues for them to generate feasible and sustainable income for themselves while make a meaningful contribution to the country. This course aims to motivate these young people to stay in school; to recognize business opportunities and to plan for a successful future.
Entrepreneurship second assignment, M.Com, CommerceDanish Saqi
1. Explain the Procedures of launching new Product.
2. Explain financial planning Balance sheet, Income statement and Cash Flow Statement?
3. Explain the Barriers to creativity.
4. Explain the Techniques to improve creativity.
5. Explain the Components of Business Plans.
6. Explain the difference between Managerial VS Entrepreneurial Decision makings.
7. Explain the Michael Porter’s Five Forces Model.
8. Explain the Women entrepreneurship.
9. Describe Business Model? Identify Four Major Component of Business Model?
10. Role of Entrepreneur in Economic Development and also explain Social Responsibility and Ethics.
The document discusses the key concepts of financial management. It defines financial management as planning, organizing, and controlling financial activities such as procuring and using funds. The four main functions of financial management are discussed as:
1) Investment decisions, which involve capital budgeting and determining asset allocation.
2) Financing decisions, which involve determining optimal capital structure and sources of long-term financing.
3) Dividend decisions, which involve determining how much profits to distribute vs retain.
4) Working capital management, which involves managing day-to-day finances like collections and payments. The goal of financial management is to maximize the value of the firm.
3.3 using financial data to measure and assess performance (part 3) - moodleMissHowardHA
1. A balance sheet shows a company's assets, liabilities, and equity at a point in time. Assets must equal the sum of liabilities and equity.
2. Key assets include fixed assets like property and equipment, and current assets like inventory and cash. Key liabilities include current liabilities like loans due within one year, and non-current liabilities like long-term loans. Equity represents the owners' investment in the company.
3. Balance sheets are used to assess a company's financial position and performance by analyzing ratios of assets, liabilities, and equity. This provides insight into the company's liquidity, profitability, and ability to cover debts.
1. The document discusses various phases in a company's lifecycle and the appropriate financing methods for each phase. Equity financing is most suitable for early phases due to high risk, while debt becomes more accessible as the company matures and risk decreases.
2. It also discusses strategies for organizational restructuring such as realigning structure to strategy, reducing complexity, focusing on core activities, and creating feasible roles to implement restructuring successfully. Clarity in implementation and maintaining flexibility are also important.
3. Restructuring may involve actions like regrouping business units, downsizing workforce, decentralizing decision making, outsourcing functions, and adopting quality management programs. The overall goal is to adapt the organization
This document provides an overview of financial management. It begins by defining financial management and its objectives, which include ensuring adequate and regular funds, adequate returns for shareholders, optimum fund utilization, safety of investments, and a sound capital structure.
The document then outlines the key elements and functions of financial management. The elements include investment decisions, financial decisions, and dividend decisions. The functions include estimating capital requirements, determining capital composition, choosing sources of funds, investing funds, disposing of surplus funds, managing cash, and exercising financial controls.
The document also discusses topics such as investment decision making, financial decisions, dividend decisions, liquidity decisions, project appraisal, and working capital management. It provides details on various tools and
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This document provides information about capital budgeting. It begins with an introduction to capital budgeting, defining it as a firm's process for acquiring and investing capital in long-term projects. It then discusses the capital budgeting process, which includes project generation, evaluation, selection, and follow-up. Key factors that influence capital budgeting decisions are also outlined, such as business risk, tax exposure, financial flexibility, and growth rate. Finally, traditional capital budgeting methods like payback period, accounting rate of return, and discounted cash flow methods are explained.
3.3 using financial data to measure and assess performance (part 3) - moodleMissHowardHA
1. A balance sheet shows a company's assets, liabilities, and equity at a point in time.
2. Assets are things owned that have value, and are broken into current assets (changing daily) and non-current/fixed assets (lasting over a year). Liabilities are amounts owed, broken into current (under 1 year) and non-current (over 1 year).
3. Equity represents the total investment in the business from shareholders and retained profits. A balanced balance sheet follows the principle that total assets always equal total liabilities plus equity.
Session 5 using financial data to measure and assess performance (part 3) -...MissHowardHA
1. A balance sheet shows a company's assets, liabilities, and equity at a point in time.
2. Assets are things owned that have value, and are broken into current assets (changing daily) and non-current/fixed assets (lasting over a year). Liabilities are amounts owed, classified as current (under 1 year) or non-current (over 1 year).
3. Equity represents the owners' claim and is made up of share capital from investors and retained earnings from prior profits. For a balance sheet to be accurate, total assets must equal total liabilities plus equity.
The director of an organization has been invited to attend a seminar on financial management. Topics to be covered include the scope and objectives of financial management and the capital asset pricing model. The director has asked the author to write a paper on these two topics. The document provides background information on financial management, including its scope, objectives and functions. It also discusses concepts related to financial planning, investment decisions, financial decisions, and dividend decisions.
Capital budgeting is a process of evaluating investments and huge expenses in order to obtain the best returns on investment.
An organization is often faced with the challenges of selecting between two projects/investments or the buy vs replace decision. Ideally, an organization would like to invest in all profitable projects but due to the limitation on the availability of capital an organization has to choose between different projects/investments.
What are the objectives of Capital budgeting?
Capital expenditures are huge and have a long-term effect. Therefore, while performing a capital budgeting analysis an organization must keep the following objectives in mind:
1. Selecting profitable projects
An organization comes across various profitable projects frequently. But due to capital restrictions, an organization needs to select the right mix of profitable projects that will increase its shareholders’ wealth.
2. Capital expenditure control
Selecting the most profitable investment is the main objective of capital budgeting. However, controlling capital costs is also an important objective. Forecasting capital expenditure requirements and budgeting for it, and ensuring no investment opportunities are lost is the crux of budgeting.
3. Finding the right sources for funds
Determining the quantum of funds and the sources for procuring them is another important objective of capital budgeting. Finding the balance between the cost of borrowing and returns on investment is an important goal of Capital Budgeting.
The following are the two methods:
A) Traditional Method
1. Pay back period method
2. Improvement of traditional approach
3. Rate of Return Method or Accounting Method
B) Time adjusted method or discount methods
4. Net Present Value method
5. Internal Rate of Return Method
6. Profitability Index Method
MBA 7404, Winter 2013 Case Assignments Discussions on .docxandreecapon
MBA 7404, Winter 2013
Case Assignments
Discussions on both cases must remain confined within a group. You must
not engage in discussion with members of another group when working on
these cases. Your submission must be typed with reasonable margin on the
left.
The deadline for the submission of both cases will be will be 4PM on
Tuesday, March 12, 2013.
Case A: Preparing a Memo on the Meanings, Importance and Management
of Working Capital
Background
About a year ago soon after graduating with a college degree in finance, you
joined a manufacturing company as an aide to the Vice President (Strategy).
Your boss does not have any formal training in finance, but she has always
been very receptive to new ideas that could improve the overall performance
of the company. She is convinced that good financial strategy is a key
component of the company’s overall growth strategy.
During the past year, you have had the opportunity to accompany your boss
to several high level policy meetings. You noticed that when it came to
finance-related items in the agenda, most attention was focused on long-term
fixed investment and the company debt policy. Even though working capital
in the company was running at around 34% of sales and was trending up
over the past few years, you noticed an absence of awareness, not to speak
of urgency, about this matter. There were only occasional brief discussions
in passing about how to improve the performance of the receivable
department or the need to negotiate better terms with the suppliers.
Since you were somewhat familiar with several well-known companies that
had successfully introduced innovations in managing their working capital
with remarkable results for the enterprise value, you felt that a new approach
was needed for your company to achieve better control over working capital
level, which you considered was way too high. You have since done some
readings of the related literature and have done some brainstorming. Now
you want to prepare a brief memo for your boss on this subject, highlighting
the need for a new attitude toward working capital management.
Working capital position is often interpreted as an indicator of how easily
company can meet its short-term obligations. Creditors generally subscribe
to this view of working capital. That is to say, working capital has traditionally
been seen as a metric for evaluating a company’s operating liquidity, even
though it is generally agreed that a company’s current assets may not often
be easily liquidated in the short term. The idea of working capital as an
indicator of liquidity is more meaningful in the context of a company facing
liquidation than for a company as a going concern.
In your memo, you should, among other things:
I. Clarify the meaning(s) of the term working capital and explain what it
means for the operation, profitability and growth of the company. ...
1. A dividend is a distribution of a company's earnings to shareholders that is decided by the board of directors and indicates a company's positive future and strong performance.
2. There are several types of dividends including cash dividends, which are the most common and paid in cash; bonus shares which are additional shares given to shareholders; and share repurchases where a company buys back its own shares.
3. Several theories provide frameworks for determining optimal dividend policies including Walter's model which shows the relationship between a firm's internal rate of return and cost of capital, Gordon's model which relates market value to dividends, and Modigliani and Miller's hypothesis that dividend policy does not impact share
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The document discusses various aspects of financial management and control for corporations, including:
1. Corporate planning defines strategies and staff responsibilities to meet business goals through strategic planning.
2. Inventory management oversees ordering, storage, and use of components and finished products to control costs and prevent shortages or excess inventory.
3. Capitalization of profits converts retained earnings to capital by issuing stock dividends to existing shareholders.
4. Ownership securities like shares acknowledge ownership and entitle shareholders to dividends and voting rights.
1) Financial management involves planning, organizing, and controlling a company's monetary resources and their efficient use.
2) Common long-term sources of financing include equity shares, preference shares, debentures, and bonds which provide capital for fixed assets and long-term working capital needs.
3) Short-term financing needs are met through short-term loans and trade credit that support daily operations and expenses.
1) Intangible assets are non-physical assets that provide long-term benefits to a company such as patents, copyrights, and goodwill.
2) The costs of intangible assets are capitalized and amortized over the shorter of their legal or economic useful life. Amortization expense is recorded systematically over time.
3) Examples of intangible assets include patents, copyrights, trademarks, goodwill, franchises, and research and development costs. The accounting treatment depends on whether the asset was internally generated or purchased.
This document provides an overview of capital and capital budgeting. It defines capital and discusses the significance and types of capital, including fixed and working capital. It also outlines methods and sources of raising finance, including equity, debt, and retained earnings. The document defines capital budgeting as evaluating long-term investment proposals. It discusses the nature, scope, and process of capital budgeting, including organizing proposals, screening, evaluating using techniques like payback period, accounting rate of return, and net present value, and establishing priorities among accepted projects.
Marta Ortiz1. Discuss differences between cash flow and accounti.docxhealdkathaleen
Marta Ortiz
1. Discuss differences between cash flow and accounting income and why it is important to use cash flow in making capital budgeting decisions.
Cash flows is a revenue or expense stream that changes a cash account over a given period.
Accounting income equals total revenues minus total expenses, but a variety of indicators, including gross income and operating income, make it into a company’s profitability line.
Cash flow management covers a liquidity report, whereas accounting income is part of an income statement report on income and statement for profit and loss.
Some companies might be making a large amount of money in terms of their income, but are doing poorly when it comes to cash flow.
The cash flow is used to reconcile the difference between the company’s reported income and the actual amount of money that was received in cash.
When computing cash flow, the company adds back non-cash losses such as depreciation, capital losses, increases in debt and decreases in accounts receivable.
They must subtract out any gains that did not provide cash, including gains on cpaita assets, increases in receivables and decreases in debt.
Cash flow is crucial to an entity’s survival.
Having cash on hand will ensure that creditors, employees and others can be paid on time.
A capital project is a major nonrecurring expenditure.
A capital budget is a formal plan to expend the resources necessary to acquire or create the fixed assets that the subject of the capital project.
2. How do companies generate ideas for capital projects? Give some examples of capital projects that companies in certain industries might undertake.
Companies often ask various department managers to submit their proposals, or ideas for capital projects.
Department managers often see potential improvements within their area.
Senior management determines what parameters each accepted capital project needs to meet.
Senior management performs an initial screening of all the projects.
I believe that Google is a company that is growing each day that goes by.
It is a company that along with committees most likely composed of finance, marketing, technology, and other executives are charged up with coming up with ideas to improve the company and the products and services offered by the company.
They have to make sure that Google is working it at its best so that competitors do not outbeat their services.
They have to stay on top of what is it that the computers literates are looking for on an everyday basis and ways to improve the search engine.
Another project that intrigues me is bridges.
The reason for this is because I always wonder how they are built but most importantly how are they maintained if they are in the water.
They too, most likely have various committees such as dot, engineers on different of various levels to come up with the ideas to manage the bridges that are driven through everyday on a daily basis.
In my opinion, t
his is a.
Similar to 2nd Assignment of Entrepreneurship (20)
This document contains 10 questions related to financial calculations. Question 3 calculates the present value of an annuity of $2,982 received annually for 12 years at an interest rate of 6% per year. Question 4 calculates the annual payment amount into an annuity over 10 years at 8% interest to reach a future value of $50,000 in two different scenarios. Question 5 calculates the implicit interest rate based on reaching a future value of $1,000,000 from an initial $1,000 investment over 100 years.
This document contains a student's assignment submission for a course in financial management. It includes the student's details, the assignment questions, and the student's answers to two of the questions. The first question defines financial management and discusses the goals of a firm in detail. The second question defines 20 key financial terms. The student provided thorough definitions for each term. The assignment was submitted on time and received positive feedback from the tutor based on the quality of the responses.
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This document provides information about a student's assignment submission for a course on Financial Markets and Institutions. It includes the student's details, assignment details such as course code, submission date, and signature. It also includes sections for the tutor to fill out including date of receiving assignment, marks obtained, comments, and date of returning the assignment with the tutor's signature. The assignment questions ask about the importance of financial markets, components of the financial system, roles of the central bank, and functions of money.
The document discusses laws and regulations governing the insurance sector in Pakistan. It explains that the Insurance Ordinance 2000 replaced the Insurance Act 1938 and divided insurance business into life and non-life classes. It outlines the minimum paid-up capital requirements for life (150 million rupees) and non-life (80 million rupees) insurers. Insurers must obtain registration certificates from SECP, meet solvency and other requirements, and maintain 10% of paid-up capital as deposit with the State Bank of Pakistan. The ordinance aims to establish a legal framework for regulating Pakistan's insurance industry.
This document defines and discusses key concepts related to investments including direct investing, investment analysis, portfolio management, and money markets. It defines direct investment as investing in controlling interests of foreign businesses. Investment analysis evaluates investments for profitability and risk, while portfolio management determines optimal investment mixes. The document also defines money markets as markets for short-term financial instruments like treasury bills, certificates of deposit, commercial paper, repurchase agreements, and corporate bonds. It explains that money markets are used for short-term borrowing and lending.
1st solve assignment Management information systemDanish Saqi
Information systems are essential for running and managing modern businesses. They help reduce costs, improve efficiency and productivity, minimize litigation risks, safeguard vital information, support better decision making, and preserve corporate memory. Porter's competitive forces model examines how five competitive forces - traditional competitors, new market entrants, substitute products/services, suppliers, and customers - shape a firm's competitive strategies. Firms can use information systems to develop strategies to deal with these competitive forces, such as by creating new products/services, improving customer intimacy and gaining competitive advantages.
This document contains the answer to a question about the most important tools and technologies for safeguarding information resources. It defines safeguarding information as protecting children from abuse, harm, and enabling the best outcomes. It then lists two key tools: campus border firewalls, which prevent unauthorized access to private networks, and encryption, which securely encrypts data to meet legal obligations.
The document discusses several topics related to international business and finance. It begins by explaining the goal of management is to maximize shareholder wealth by increasing stock price. It then discusses the organizational structure of multinational corporations (MNCs), describing centralization where decisions are made at the top level, and decentralization where decision making is delegated to lower levels. Next, it outlines key theories justifying international business such as comparative advantage and product life cycle theory. It concludes by explaining the components that make up a country's balance of payments, including the current account which covers trade in goods, services, and factor incomes.
The document defines and explains the inputs, tools, and outputs of three project procurement management processes: plan procurement management, conducting procurements, and contract administration.
Plan procurement management determines whether to acquire outside support and what to acquire. Its inputs include the project management plan, requirements documentation, risk register, activity resource requirements, project schedule, activity cost estimates, stakeholder register, and organizational process assets.
Conducting procurements manages the actual procurement process. Its inputs are the procurement management plan and seller proposals. Tools include procurement negotiations and contract types. Outputs are the project documents updates and organizational process assets updates.
Contract administration manages the executed contracts. Its inputs are the project documents, work performance reports
1. Characteristics or Features or Importance of Successful Entrepreneurs. Or explain the personal Features of Entrepreneurial leadership.
2. What is entrepreneurial decision process?
3. Entrepreneurship and the Entrepreneurial Process. Explain.
4. Explain Break even analysis and its calculator.
5. Write down the steps in preparing Marketing Plan.
6. What is the Importance of International Entrepreneurship?
7. Entrepreneurial Entry into International Business.
8. Features of Joint Venture and Franchising.
9. Features and types of Synergy in Mergers & Acquisition.
10. What are the Methods of Generating Ideasalso explain Innovation, Creativity and Entrepreneurship.
2nd Assignment of organization Behavior, M.com Danish Saqi
1. Differentiate between affect, emotion and moods and the importance in organizational behaviour.
2. Explain the source of emotions and moods.
3. Highlight different external constrains on emotion.
4. How do our emotion and moods influence our job performance and satisfaction? This can be explained through affective event theory (AET). Describe AET and its importance.
5. How we can implement emotion and moods in selection, decision making, creativity, motivation and leadership
6. Explain followings:
i. Problem solving teams
ii. Self managed work teams
iii. Cross functional teams
iv. Virtual teams
7. How we can create effective teams?
8. Describe the role of effective communication in organization change.
9. Explain the role of leadership in organization behaviour.
10. Explain organization behaviour in global perspective.
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Physiology and chemistry of skin and pigmentation, hairs, scalp, lips and nail, Cleansing cream, Lotions, Face powders, Face packs, Lipsticks, Bath products, soaps and baby product,
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1. MuhammadDanish| www.knowledgedep.blogspot.com
Q1:- Explain the Procedures of launching new Product.
Answer:
Follow these six steps are necessary to successfully launch your new product:
1. Test Product before your launch.
Testing can help you verify that your product, company and audience are ready for your
launch. Company can assess the like rate of audience about the product. If audience replies
positive thinking then the company can take next steps to launch the new product.
2. Improve your team.
As you move toward the release of your product, your staff will have to adjust to new
processes, which can be difficult. Maintain momentum throughout product development, and
give your team members the time and resources they need to familiarize themselves with the new
product and its customer support protocols. Set attainable goals so your staff can experience
small wins that build motivation.
3. Prepare for an increase in sales.
A new service can bring a sudden spike in sales. To avoid failure, you must ensure that
your team is prepared for the increase in volume and complexity of work. Make sure you fill all
necessary positions and educate team members on the vocabulary, processes and features of the
new product.
4. Remember your core business.
Focus on an exciting new product is only natural, but remembers not to neglect your
existing business. Strike a balance between giving the new product life and sustaining your
established enterprise.
5. Establish metrics as you go.
Set relevant goals, and regularly measure how well your service meets those goals. In
extreme cases, don’t be afraid to scrap your product if it isn’t performing. Remember
the principle of sunk costs: Just because you’ve already invested time and resources into
developing a product doesn’t mean you should keep trying to sell it. If profitability becomes
uncertain, it’s hindering your company’s growth.
6. Gather feedback after your launch.
Analyze customer feedback, and then determine what changes you need to make to enhance your
product. The University of Oregon, for example, conducted studies to improve the in-stadium
2. MuhammadDanish| www.knowledgedep.blogspot.com
experience. One improvement was the addition of 150 flat-screen HD monitors along the
stadium concourse. Fans can now watch the game when they’re away from their seats.
While there is never a guarantee that a new product will be successful in the marketplace,
properly preparing for and timing your launch can make your debut -- and your product -- more
memorable.
3. MuhammadDanish| www.knowledgedep.blogspot.com
Q2:- Explain financial planning Balance sheet, Income statement
and Cash Flow Statement.
Answer:
Balance Sheet:
“A statement, which shows the financial position of a business”.
“A statement of the assets, liabilities, and capital of a business or other organization at a
particular point in time, detailing the balance of income and expenditure over the
preceding period”.
Elements of Balance Sheet:
1) Assest:
“Assets are things that a company owns that have value”.
a) Tangible assets
A tangible asset is an asset that has physical form.Tangible assets include
both fixed assets, such as machinery, buildings and land, and current assets, such
as inventory. The opposite of a tangible asset is an intangibleasset
b) Intangible assets
An intangible asset is an asset that is not physical in nature. Corporate
intellectual property (items such as patents, trademarks, copyrights, business
methodologies), goodwill and brand recognition are all common intangible
assets in today's marketplace.
c) Long-term investment
A long-term investment is an account on the asset side of a company's
balance sheet that represents the company's investments, including stocks, bonds,
real estate and cash, that it intends to hold for more than a year.
d) Deferred assets
A deferred asset is an expenditure that is made in advance, and is not yet
consumed. It arises from one of two situations: Short consumption period. The
expenditure is made in advance, and the item purchased is expected to be
consumed within a few months.
e) Current assets.
Cash and other assets that are expected to be converted to cash within a
year.
4. MuhammadDanish| www.knowledgedep.blogspot.com
2) Liabilities:
A liability is legally binding obligations payable to another entity. Liabilities
incurred in order to fund the ongoing activities of a business. Examples of liabilities are
accounts payable, accrued expenses, wages payable, and taxes.
a) Authorized capital
The authorised capital of a company (sometimes referred to as the
authorised sharecapital, registered capital or nominal capital, particularly in the
United States) is the maximum amount of share capital that the company
is authorised by its constitutional documents to issue (allocate) to shareholders.
b) Issued capital
The share capital that has been issued to shareholders. This is part of a
company's authorised capital (the maximum amount of capital a company
can issue under its articles of association). The part that has not been issuedis
called unissued capital.
c) Paid up capital
Paid-up capital is the amount of money a company has received from
shareholders in exchange for shares of stock. Paid-up capital is only created when
a company sells its shares on the primary market directly to investors.
d) Reserve
A reserve is profits that have been appropriated for a particular purpose.
Reserves are sometimes set up to purchase fixed assets, pay an expected legal
settlement, pay bonuses, pay off debt, pay for repairs and maintenance, and so
forth.
e) Current liabilities.
Current liabilities are a company's debts or obligations that are due within
one year, appearing on the company's balance sheet and include short-term debt,
accounts payable, accrued liabilities and other debts. Essentially, these bills are
due to creditors and suppliers within a short period of time.
f) Shareholders’ equity
Shareholders equity is the difference between total assets and total
liabilities. It is also the Share capital retained in the company in addition to the
retained earnings minus the treasury shares.
Income Statement
A statement, which show the operation of business. It is also known as the profit and
loss statement (P&L), statement of operations, or statement of earnings.
Elements of the Income Statement
1) Revenue:
Gross receipts earned by the company selling its goods or services
5. MuhammadDanish| www.knowledgedep.blogspot.com
2) Expenses:
The costs of the company to earn the gross receipts
3) Gains:
Total revenue is greater than total expenses.
4) Losses:
Wise versa
Methods for Constructing the Income Statement
a) Single Step Income Statement
Single Step income statement totals revenues, and then subtracts all expenses to
find the bottom line.
b) Multiple Step Income Statement
The more complex Multi-Step income statement (as the name implies) takes
several steps to find the bottom line.
Cashflow statement
A financial statement shows how changes in balance sheet accounts and income
affect cash and cash equivalents, and breaks the analysis down to operating, investing
and financing activities.
a) Operating activities.
Operating activities are the functions of a business related to the provision of its
offerings. These are the company's core business activities, such as manufacturing,
distributing, marketing and selling a product or service
b) Investing activities.
Investing activities are the second main category of net
cash activities listed on the statement of cash flows and consist of buying and selling
long-term assets and otherinvestments. In other words, this is the net amount of cash
received and paid during an accounting period for long-term assets and investments.
c) Financing activities.
Financing activities are transactions with creditors or investors used to
fund either company operations or expansions. These transactions are the third set of
cash activities displayed on the statement of cash flows.
6. MuhammadDanish| www.knowledgedep.blogspot.com
Q3:- Explain the Barriers to creativity.
Answer:
Creativity.
Creativity is the act of turning new and imaginative ideas into reality. Creativity is
characterised by the ability to perceive the world in new ways, to find hidden patterns, to make
connections between seemingly unrelated phenomena, and to generate solutions.
Barriers to Creativity:
1) We Are Not In A Creative Sector
You may not be an organisation that is in the creative sector but that does
not mean that you should not be looking at different ways of doing things.
2) I Don’t Have Time
As a leader, there are two very distinct but interrelated roles to consider
taking care of the present and building long term sustained success in the future. It
is easy to fill your schedule with the here and now and fool yourself into believing
you have no time.
3) Over Control
Much is said and written about employee engagement. The fact is
employees will only engage if they feel that if they come up with an idea it will be
given appropriate consideration. If you want to control everything you will never
get creativity.
4) No Incentive
Look at the reward structures in your organisation. Do they reward people
who come up with good solutions or do they just treat people as if they are all the
same?
5) Fear of Failure:
Every organisation needs to take some degree of risk. Those risks might
result in successes sometimes and failure at other times. If you fear failure, your
organisation, team or function will always be sub-optimal in terms of results. We
often learn more when we fail than when we succeed.
6) Complacency
The minute you think you have it cracked you are in dangerous waters.
Just look at organisations that were around in the past who are not any longer.
Don’t ever think that you have it all cracked.
7. MuhammadDanish| www.knowledgedep.blogspot.com
Q4:- Explain the Techniques to improve creativity.
Answer:
1. Be diverse.
There is a reason they say that two heads are better than one. Diverse teams can be far
more creative than individuals can because several brains naturally can generate more ideas than
a single brain. However, too much or the wrong kind of diversity can actually hurt. To be most
creative, teams should have people of differing skills, talents and backgrounds, but with similar
values and motivations. Everyone should be united behind a common goal.
2. Take a break.
Ceaselessly grinding away at a problem is less likely to produce a creative breakthrough
than consistent effort combined with occasional breaks to rest, relax, and recharge. Incorporating
exercise into breaks helps even more. Research shows people come up with more and better
ideas while walking than while standing still. Moreover, do not discount meditation. The regular
practice of mindfulness has been consistently connected with greater creativity.
3. Reduce time pressures.
Although necessity may be the mother of invention, that does not mean people will only
be creative or be more creative when their backs are up against the wall. In fact, deadlines have
been shown to make people less creative. So, while you may at times be forced to be creative
when an 11th-hour problem strikes, you'll probably be at your creative best in a more relaxed
environment when you are not under the gun to deliver results quickly.
4. Change the scene.
Changing the physical environment has been shown to significantly help creativity.
Moving outside the business's familiar walls also helps brainstormers get outside their familiar
thought patterns.
5. Embrace failure.
One of the best-established connections between creativity and corporate culture has to
do with the way failure is treated. Simply put, creative people have to feel safe to come up
with new approaches and to try them out. That means not punishing failure and, in fact,
rewarding it.
6. Developing a Procedure For Capturing Ideas
It is the best techniques to improve the creativity of a business. the organization also can
develope a procedure to cature new ideas to improve creativity and improve the
organization’s production process and other systems.
8. MuhammadDanish| www.knowledgedep.blogspot.com
7. Providing Creativity Training
The organization can train their employees to make them creative by providing them
creativity training. Most of the international organizations use this method to improve their
product and to do some thinks new.
8. Diversity of thought
Try different ways of thinking. Recognizing where you (and your team) are strong, and
where you aren’t, is critical. If you know you are not adept at one part of the creative process,
seek others who are. Bounce thoughts off them and listen to the new directions their different
thinking can provide. Challenge yourself to be open to other’s perspectives.
9. MuhammadDanish| www.knowledgedep.blogspot.com
Q5:- Explain the Components of Business Plans.
Answer:
Business Plan:
A carefully constructed guide for a person for starting a business.
Components of Business Plans:
1. Introduction:
Basic information of business such as ; name, address and phone number of the
business; the date of the plan was issued and a statement of confidentiality to keep
important information away from potential competitors.
2. ExecutiveSummary
The executive summary is a crucial part of the business plan. It is a synopsis of
the main points of your business plan, highlighting the key features. This is usually the
first part of your plan that prospective investors will read and it must be interesting and
concise.
3. Benefits to the Community
It includes all information that how the business will have an impact on economic
development, community development, and human development.
4. Companyand Industry
It also important to show the background of the company and choice of legal
form, information on the product and service to be offered, examination of potential
customers, current competitors and the business’s future.
5. ManagementTeam
In this portion of the plan, a description of each member of the company
management team is provided. It should include their qualifications, accomplishments,
and commitments to business success.
6. Manufacturingand OperationsPlan
This step of business plan include; Discussion of skills, talents and job description
of management team, managerial compensation, management training needs, and
professional assistance requirements.
7. LabourForce
In this step the management discuss the quality of Skilled workers available and
the training, compensation, and motiation of workers.
8. Marketing Plan
A marketing plan is a business document written for describing the current market
position of a business and its marketing strategy. Marketing plans usually cover a period
of one to five years.
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9. FinancialPlan
Financial planning is the task of determining how a business will afford to
achieve its strategic goals and objectives. Usually, a company creates a Financial
Planimmediately after the vision and objectives have been set.
10. ExitStrategy
An entrepreneur's strategic plan to sell his or her investment in a company he or
she founded. An exit strategy gives a businessowner a way to reduce or eliminate his or
her stake in the business and, if thebusiness is successful, make a substantial profit.
11. Critical Risk andAssumptions
In this step the management evaluate the weakness of the business and how the
company plans to ideal with these and other business problem.
12. Appendix
The appendix consists of an array of documentation that ranges from receipts and
bank statements to contracts and inventories. It should be used on an as-needed basis
and include only essential information.
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Q6:- Diferrence between Managerial and Entrepreneurial
Decision Making.
Answer:
The difference between the entrepreneurial and the managerial styles (Managerial
styles are called the administrative domain) can be viewed from five key business dimensions;
which are following.
1. Strategic Orientation
The entrepreneur’s strategic orientation depends on his or her perception of the
opportunity. This orientation is most important when other opportunities have
diminishing returns accompanied by rapid changes in technology, consumer economies,
social values, or politicalrules. When the use of planning systems as well as measuring
performance to control current resources is the strategic orientation, the administrative
(managerial) domain is operant, as is the case with many large multi-national org.
2. Commitment to Opportunity
In terms of the commitment to opportunity, the second key business dimension,
the two domains vary greatly with respect to the length of this commitment. The
entrepreneurial domain is pressured by the need for action, short decision windows, a
willingness to assume risk, and few decision constituencies and has a short time span in
terms of opportunity commitment. This administrative (managerial) domain is not only
slow to act on an opportunity, but once action is taken, the commitment is usually for
a long time span, too long in some instances. There are often no mechanisms set up in
companies to stop and re-evaluate an initial resource commitment once it is made - a
major problem in the administrative (managerial) domain.
3. Commitment of Resources
An entrepreneur is used to having resources committed at periodic intervals that
are often based on certain tasks or objectives being reached. These resources, often
acquired from others, are usually difficult to obtain, forcing the entrepreneur to
maximize any resources used. This multistage commitment allows the resource
providers (such as venture capitalists or private investors) to have as small an exposure
as possible at each stage of business development and to constantly monitor the track
record being established. Even though the funding may also be implemented in stages in
the administrative domain, the commitment of the recourses is for the total amount
needed. Administratively oriented individuals respond to the source of the rewards
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offered and receive personal rewards by effectively administering the resources under
their control.
4. Control of Resources
Control of the resources follows a similar pattern. Since the administrator
(manager) is rewarded by effective resource administration, there is often a drive to own
or accumulate as many resources as possible. The pressures of power, status,
and financial rewards cause the administrator (manager) to avoid rental or other periodic
use of the resource. The opposite is true for the entrepreneur who—under the pressure of
limited resources, the risk of obsolescence, a need for flexibility, and the risks
involved—strives to rent, or otherwise achieve periodic use of, the recourses on an as-
needed basis.
5. Management Structure
The final business dimension, management structure, also differs significantly
between the two domains. In the administrative domain, the organizational structure is
formalized and hierarchical in nature, reflecting the need for clearly defined lines of
authority and responsibility the entrepreneur, true to his or her desire for independence
employs a flat organizational structure with informal networks throughout.
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Q7:- Explain the Michael Porter’s Five Forces Model
Answer:
Porter's five Forces
Porter's Five Forces is a model of analysis that helps to explain why different industries
are able to sustain different levels of profitability. This model was originally published in
Porter's book, "Competitive Strategy: Techniques for Analyzing Industries and
Competitors" in 1980. The model is widely used, worldwide, to analyze the industry
structure of a company as well as its corporate strategy.
1. Competition in the Industry
The importance of this force is the number of competitors and their ability to threaten a
company. The larger the number of competitors, along with the number of equivalent
products and services they offer, dictates the power of a company. Suppliers and buyers
seek out a company's competition if they are unable to receive a suitable deal.
2. Potential of New Entrants Into an Industry
A company's power is also affected by the force of new entrants into its market. The less
money and time it costs for a competitor to enter a company's market and be an effective
competitor, the more a company's position may be significantly weakened.
3. Power of Suppliers
This force addresses how easily suppliers can drive up the price of goods and services. It
is affected by the number of suppliers of key aspects of a good or service, how unique these
aspects are and how much it would cost a company to switch from one supplier to another.
The fewer number of suppliers, and the more a company depends upon a supplier, the more
power a supplier holds.
4. Power of Customers
This specifically deals with the ability customers have to drive prices down. It is affected
by how many buyers, or customers, a company has, how significant each customer is and
how much it would cost a customer to switch from one company to another. The smaller
and more powerful a client base, the more power it holds.
5. Threat of Substitutes
Competitor substitutions that can be used in place of a company's products or services
pose a threat. For example, if customers rely on a company to provide a tool or service that
can be substituted with another tool or service or by performing the task manually and this
substitution is fairly easy and of low cost, a company's power can be weakened.
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Q8:- Explain the Women entrepreneurship.
Answer:
Women Entrepreneurs:
It may be defined as a woman or group of women who initiate, organise and run a
business enterprise.
Defination:
“Women who innovate initiate or adopt business actively are called women entrepreneurs.”
J. Schumpeter
“Women entrepreneurship is based on women participation in equity and employment of a
business enterprise.” Ruhani j. alice
Qualitiesof Women Entrepreneur
1) Accept challenges
2) Ambitious
3) Hard work
4) Patience
5) Motivator
6) Adventurous
7) Conscious
8) Educated
9) Intelligent
Functionsof women entrepreneur
Their are basic four functions of women entrepreneur
Planning:
Planning is the most important function of entrepreneurship. Women entrepreneur
planning the all procedure or management to complete tasks of the business. the women
entrepreneur can not be run without planning.
Organizing:
Organizing is also an important function of women entrepreneurs that what, when
and how to do. If the business cannot be run without organizing of all procedure of
business.
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Decision making:
Decision-making is a very difficult function of women entrepreneur. In case of
any problem, the good decision plays very important role. The wrong decision can make
the obstacles to achieve the business goals.
Risk Bearing:
Every business includes some portion of risk. However, women entrepreneurs
have risk taking capacity. They calculate different types of risks such as financial risk,
social risk, psychological risk etc. They handle risks by gathering information.
Psychosocial barriers:
1) Poor self-image of women
2) Inadequate motivation
3) Lack of courage and self-confidence
4) Inadequate encouragement
5) Lack of social acceptance
6) Unjust socio-economic and cultural system
7) Lack of freedom of expression
8) Afraid of failures and criticism
9) Susceptible to negative attitudes
10) Lacking in leadership qualities
Problemsof women entrepreneurs:
1) Defying social expectations
Women may feel as though they need to adopt a stereotypically "male" attitude
toward business: competitive, aggressive and sometimes overly harsh.
2) Limited access to funding
Women mostly have limited funds to start business or to continue the business.
Mostly business men are investing in high level of companys other then women
entrepreneurs.
3) Owning your accomplishments
The communal, consensus-building qualities encouraged in young girls can leave
women unintentionally downplaying their own worth. a startup that provides personal
storage for events, said she has always found it difficult to convey her own worth as a
leader.
4) Building a support network
Forty-eight percent of female founders report that a lack of available advisers and
mentors limits their professional growth. Most of business today still rings true with the
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philosophy that 'It's not what you know; it's who you know,' this can be a huge factor in
your ultimate success.
5) Balancing business and family life
It is also very difficult for women to adjust timing of business and family life.
mostly mothers, who start the business and try to adjust their life between business and
their family is very difficult.
6) Coping with a fear of failures
The fear of failure is the top concern of women who launch startups. Failure is a
very real possibility in any business venture.
Remediesto solve the problems:
1. The Financial problems can be removed by making Finance cells to provide the financial
sports to women entrepreneurs.
2. Markiting co-opratives are very help full for women entrepreneurs to solve marketing
problems and increase the sales.
3. Availability of raw material is also a problem of women entrepreneurs, it can be solve by
Suppling raw material with proper chain system.
4. By developing the enducation institutions and colleges the lack of Education and
awareness can be removed.
5. Training problem can be removed by developing the training centers for giving Training
facility to women entrepreneurs.
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Q9:- Describe Business Model? Identify Four Major Component of
Business Model?
Answer:
Business Model:
It represents the common group of characteristic and methods of doing business to
generate sales revenues and reduce expenses.
Majorcomponents of Business Model:
1. The Offering
Value Proposition:
The value proposition is a description of the products and services the
business offers and why customers will be compelled to buy them. The value
proposition describes the problem the customers are experiencing and how the
products and services being offered will help solve that problem. It describes how
the features and characteristics of the products and services will contribute to the
solution of the customers’ problem.
2. Infrastructure
This is the part of the business that creates expenses. This part describes the basic
facilities, skills, manpower, partnerships, and production process needed to exploit the
business opportunity.
Core capabilities:
The capabilities and core competencies necessary to operate the business.
This includes land, facilities, equipment, personnel and their required skills
needed to produce the products or services described in the value proposition.
Partner network:
The business alliances needed to operate the business. Most businesses
need alliances, agreements, licenses, or other third party assistance (legal,
accounting, insurance, security, etc.) which are usually purchased from specialized
service providers.
Value configuration:
The process by which the products or services are produced and presented
to the customer. The value configuration describes how the materials, supplies, and
other required resources will be obtained and transformed into usable products or
services and how they will be made available to buyers.
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3. Customers
This is the part of the business that generates revenue.
Target customer:
The demographics, purchasing patterns, and location of the potential
buyers of the products described in the value proposition.
Distribution channel:
The means by which the business delivers products and services to
customers. This includes the business's marketing and distribution strategy.
Customer relationships:
The process of interacting with the business’s customers. It includes
communicating; selling, supporting, and assisting customers purchase and use the
business’s products or services.
4. Finances
This is the part of the business that determines its financial performance and profit
Investment:
The investment needed to obtain the facilities, equipment, and working
capital to begin or sustain operations. This should include an itemization of these
expenses and sources of financing to obtain these funds and when they will be
required.
Cost structure:
The expenses required to produce the products or services described in the
value proposition. It should include an itemization of the expenses required by
expense category and the assumptions made to estimate these expenses.
Revenue:
The income a business receives from the sales of its products or services.
This includes sales volume and revenue projections and the assumptions and logic
used to make these projections.
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Q10:- Role of Entrepreneur in Economic Development and also
explain Social Responsibility and Ethics.
Answer:
The major roles played by an entrepreneur in the economic development of an economy
is discussed in a systematic and orderly manner as follows.
(1) Promotes Capital Formation:
Entrepreneurs promote capital formation by mobilising the idle savings of public.
They employ their own as well as borrowed resources for setting up their enterprises. Such
types of entrepreneurial activities lead to value addition and creation of wealth, which is
very essential for the industrial and economic development of the country.
(2) Creates Large-Scale Employment Opportunities:
Entrepreneurs provide immediate large-scale employment to the unemployed,
which is a chronic problem of under developed nations. With the setting up.of more and
more units by entrepreneurs, both on small and large-scale numerous job opportunities are
created for others.
(3) Promotes Balanced Regional Development:
Entrepreneurs help to remove regional disparities through setting up of industries
in less developed and backward areas. The growth of industries and business in these areas
lead to a large number of public benefits like road transport, health, education.
(4) Reduces Concentration of Economic Power:
Economic power is the natural outcome of industrial and business activity.
Industrial development normally leads to concentration of economic power in the hands of
a few individuals which results in the growth of monopolies.
(5) Wealth Creation and Distribution:
It stimulates equitable redistribution of wealth and income in the interest of the
country to more people and geographic areas, thus giving benefit to larger sections of the
society. Entrepreneurial activities also generate more activities and give a multiplier effect
in the economy.
(6) Increasing Gross National Product and Per Capita Income:
Entrepreneurs are always on the look out for opportunities. They explore and
exploit opportunities, encourage effective resource mobilisation of capital and skill, bring
in new products and services and develops markets for growth of the economy. In this way,
they help increasing gross national product as well as per capita income of the people in a
country.
(7) Improvement in the Standard of Living:
Increase in the standard of living of the people is a characteristic feature of
economic development of the country. Entrepreneurs play a key role in increasing the
standard of living of the people by adopting latest innovations in the production of wide
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variety of goods and services in large scale that too at a lower cost. This enables the people
to avail better quality goods at lower prices, which results in the improvement of their
standard of living.
(8) Promotes Country's Export Trade:
Entrepreneurs help in promoting a country's export-trade. They produce goods
and services in large scale for the purpose earning huge amount of foreign exchange from
export in order to combat the import dues requirement. Hence, import substitution and
export promotion ensure economic independence and development.
(9) Induces Backward and Forward Linkages:
Entrepreneurs like to work in an environment of change and try to maximise
profits by innovation. When an enterprise is established in accordance with the changing
technology, it induces backward and forward linkages, which stimulate the process of
economic development in the country.
(10) Facilitates Overall Development:
This leads to overall development of an area due to increase in demand and
setting up of more and more units. In this way, the entrepreneurs multiply their
entrepreneurial activities, thus creating an environment of enthusiasm and conveying an
impetus for overall development of the area.
SocialResponsibility
Entrepreneurship is not only limited to starting business for profit but also should
combine notions of innovation, changes, opportunities and resources along with social
responsibility. It combines the entrepreneurship with a mission to serve the society.
ESR ensures the better living and improving communities through their social
activities; and providing amenities to the poor and the entrepreneurs can develop better
impact social interventions to lift the communities out of poverty.