This PPT is made in accordance to the references taken from the small business management course on the Sayloracademy.org The ppt provides a brief introduction to the small business world. Along with, it provides a overall angle to the various components included in a small business. The ppt is concise and in a well defined manner so as the reader finds it out interesting and understandable.
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Small business management
1. SMALL BUSINESS
MANAGEMENT
-A SAYLOR ACADEMY COURSE
NAME- VINAMRA B. PATIL
CLASS- TY B.COM
COLLEGE- R.A. PODAR COLLEGE OF COMMERCE
AND ECONOMICS, MATUNGA.
2. ABOUT THE COURSE
īĩ This course will introduce you to the fundamentals of
entrepreneurship and business plan. The course is geared
towards both the eclectic mix of individuals planning to
develop and launch their own businesses as well as those with
established small business ventures that they would like to
expand.
īĩ It begins with the reviewing the history of small business and
identifying a successful entrepreneur's characteristics.
īĩ The course will then coach in some basic business skills,
teaching you how to write a business plan, launch a new
venture, identify market opportunities, create a marketing
plan, and finance a business.
īĩ Finally, the course will also review aspects of building a
successful team.
2
3. COVERAGE OF THE COURSE
The course is divided among major five units
which define this course briefly in a precise
manner:
UNIT 1: ELEMENTS OF ENTREPRENEURSHIP
UNIT 2: BUILDING THE RIGHT TEAM
UNIT 3: THE BUSINESS PLAN
UNIT 4: MARKETING STRATEGY
UNIT 5: FINANCING THE NEW VENTURE
3
4. UNIT 1: ELEMENTS OF
ENTREPRENEURSHIP
Entrepreneurs assume the risk of
creating an enterprise that will provide
them with a return on the capital
employed. In this introductory unit, we
will look more closely at small business
creation and the history and evolution of
entrepreneurship. There is a study of
various economists and their theories,
assess entrepreneurial characteristics,
and learn about the phases of the
entrepreneurial process. Finally, we will
review ethics and social responsibility as
they relate to entrepreneurship before
evaluating methods for launching a
business geared towards your target
market.
4
5. 1.1: THE HISTORY OF SMALL BUSINESS AND
ENTREPRENEURSHIP
īĩ The concept of entrepreneurship was first established in the
1700s, and the meaning has evolved ever since. Many simply
equate it with starting one's own business. Most economists
believe it is more than that.
īĩ In the 20th century, economist Joseph Schumpeter (1883-1950)
focused on how the entrepreneur's drive for innovation and
improvement creates upheaval and change.
īĩ Business expert Peter Drucker (1909-2005) took this idea further,
describing the entrepreneur as someone who actually searches for
change, responds to it, and exploits change as an opportunity.
īĩ Most economists today agree that entrepreneurship is a necessary
ingredient for stimulating economic growth and employment
opportunities in all societies.
5
6. 1.2: INTRODUCTION TO ENTREPRENEURSHIP
īĩ Entrepreneurs are innovators, willing to take risks and generate new ideas to
create unique and potentially profitable solutions to modern-day problems.
Entrepreneurship is not so much a skill as a habitual state of mind.
īĩ When entrepreneurship describes activities within a firm or large organization,
it is referred to as intrapreneurship and may include corporate venturing, when
large entities spin off organizations.
īĩ Entrepreneurship employs what Schumpeter called the gale of creative
destruction to replace wholly or partly inferior innovations across markets and
industries. This destruction simultaneously creates new products and new
business models.
īĩ Entrepreneurship ranges in scale from solo projects (even involving the part-
time entrepreneur) to major undertakings that create many job opportunities.
īĩ Entrepreneurial activities can be incremental or disruptive. Incremental
innovations are a number of small changes that transform process flows while
disruptive innovations are entirely new approaches. 6
7. 1.3: TYPES OF ENTREPRENEURS
The entrepreneurial mindset is marked by imagination, initiative, and a readiness to undertake new projects. It is
perseverance and determination, risk-taking and daring, integrity, and honesty. The different types of entrepreneurs are as
follows:
1. Small Business Entrepreneurship - This type of entrepreneurship refers to any kind of small business that has been
created by one person, without the goal to expand or franchise.
2. Intrapreneurship - Unlike an entrepreneur, who is also the founder, designer and manager of a business, an
intrapreneur is a self-motivated, and action-oriented employee who thinks out of the box and works as an
entrepreneur within a company. Intrapreneurship is a way that companies can support and encourage employees that
have entrepreneurial spirit.
3. Large Company Entrepreneurship - Large company entrepreneurship refers to large companies(eg. Google, Apple
Ltd, etc.) they keep innovating and offering consumers new products that are variants around their core product-line.
A distinguishing feature of this type of entrepreneurship is that it is not starting a new business, rather creating new
products or subsidiaries within an existing company, or acquiring smaller businesses
4. Innovative Entrepreneurship - Innovative entrepreneurs, as the name suggests, are constantly trying to come up
with the next big thing. If you have groundbreaking ideas of how to start a business or specific services and products
that can become business ventures, you might be an innovative entrepreneur.
5. Social Entrepreneurship - Social entrepreneurs are innovators whose main goal is to create products and services
that both benefit the world, and make money. Social entrepreneurship relates to nonprofit, for-profit, or hybrid
companies that are committed to social or environmental change.
7
8. 1.4: CHARACTERISTICS & PRINCIPLES OF
ENTREPRENEURSHIP
CHARACTERISTICS
1. CREATIVITY
2. DEDICATION
3. LEADERSHIP
4. DETERMINATION
5. SELF CONFIDENCE
8
PRINCIPLES
īĩ Principles help guide the
entrepreneur through the
initial decision-making
challenges that, when
implemented tactically, can
lead to the rewarding success
of business growth whereas;
īĩ Characteristics are certain
personal attributes that an
entrepreneur possesses, they
are subjective i.e. different
for different people.
1. MOTIVATION
2. REALISTIC VISION
3. ACCOUNTABILITY
4. STRATEGY
5. LEARNING
9. 1.5: BUSINESS ETHICS
īĩ Business Ethics studies how to deal with corporate governance, whistleblowing,
corporate culture, and corporate social responsibility. It emphasizes standard
principles prescribed by governing bodies. Non-compliance with business ethics
leads to unnecessary legal actions.
īĩ Business ethics is the prescribed code of conduct for businesses. It is a set of
guidelines for dealing with various procedures ethically.
īĩ The discipline comprises corporate responsibility, personal responsibility, social
responsibility, loyalty, fairness, respect, trustworthiness, and technology ethics. It
emphasizes sustainability, customer loyalty, brand image, and employee
retention.
īĩ The motive is to prevent unethical business practices, both deliberate and
inadvertent. Some unethical practices circumvent law enforcement. Even then,
businesses risk paying a hidden costâthe loss of reputation.
īĩ A simple example of being ethical is avoiding plastic bags. Currently, corporate
ethics strongly emphasize sustainabilityâresources for future generations are at
risk. 9
10. UNIT 2: BUILDING THE
RIGHT TEAM
Building an effective management team
is one of the primary steps in launching a
venture. Entrepreneurs must explore
their personal strengths and weaknesses
and then determine the resources
needed to fill the gaps. Successful
businesses require not only stellar
executives and advisors but also
employees who are a good fit for the
company. Thus, a manager must be able
to delegate responsibility and make
decisions for the team, but a leader
must be able to influence team
behavior. For this reason, motivation is
one of the most powerful tools that a
leader can use. A motivated team will be
able to go above and beyond the call of
duty. 10
11. 2.1: LEADERSHIP, ENTREPRENEURSHIP &
STRATEGY
īĩ LEADERSHIP: If management is defined as getting things done through others,
then leadership should be defined as the social and informal sources of influence that you use to
inspire action taken by others. It means mobilizing others to want to struggle toward a common
goal. Great leaders help build an organizationâs human capital, then motivate individuals to take
concerted action. Leadership also includes an understanding of when, where, and how to use
more formal sources of authority and power, such as position or ownership.
īĩ ENTREPRENEURSHIP: Entrepreneurship is defined as the recognition of opportunities
(needs, wants, problems, and challenges) and the use or creation of resources to implement
innovative ideas for new, thoughtfully planned ventures. Perhaps this is obvious, but
an entrepreneur is a person who engages in the process of entrepreneurship. We describe
entrepreneurship as a process because it often involves more than simply coming up with a good
idea someone also has to convert that idea into
īĩ STRATEGY: When an organization has a long-term purpose, articulated in clear goals and
objectives, and these goals and objectives can be rolled up into a coherent plan of action, then we
would say that the organization has a strategy. It has a good or even great strategy when this
plan also takes advantage of unique resources and capabilities to exploit a big and growing
external opportunity. Strategic management is important to all organizations because, when
correctly formulated and communicated, strategy provides leaders and employees with a clear set
of guidelines for their daily actions.
11
12. 2.2: COMPONENTS OF A CORPORATE TEAM
īĩ BOARD OF DIRECTORS: A board of directors (B of D) is the governing body of a
company, elected by shareholders in the case of public companies to set strategy and oversee
management. The board typically meets at regular intervals. Every public company must have
a board of directors. Some private companies and nonprofit organizations also a board of
directors.
īĩ EXECUTIVES: A business executive is a person responsible for running an organization,
although the exact nature of the role varies depending on the organization. Executives
run companies or government agencies. They create plans to help their organizations grow.
Becoming an executive usually takes years of promotions and hard work since the
qualifications of this role needs hard working individuals with years of experience in multiple
facets of the business.
īĩ PARTNERS : A partner is an individual with a co-ownership interest within a company.
They often have equal equity with other partners, but their role varies depending on the
agreement. For example, a partner may not make decisions, but they are eligible for a
percentage of all profits made.
īĩ EMPLOYEES: An individual who works part-time or full-time under a contract of
employment, whether oral or written, express or implied, and has recognized rights and
duties. Also called worker. 12
13. 2.3: METHODS OF RECRUITMENT
īĩ Recruitment of talented employees is an essential part of any company's ability to maintain success
and ensure the achievement of standards within an organization. Recruiting workers consists of
actively compiling a diverse pool of potential candidates which can be considered for
employment.There are two principal ways to recruit workers: internally and externally. Most
companies will actively use both methods, ensuring opportunities for existing employees to move up
in the organization while at the same time fielding new talent:
1. Internal recruitment is often the most cost-effective method of recruiting potential employees, as it
uses existing company resources and talent pool to fill needs and therefore may not incur any extra
costs. This is done in two principal ways, Advertising job openings internally & using networking.
2. External recruitment focuses resources on looking outside the organization for potential candidates
and expanding the available talent pool. The primary goal of external recruitment is to create
diversity among potential candidates by attempting to reach a wider range of individuals unavailable
through internal recruitment. External recruitment can be done in a variety of ways, Traditional
advertising; Job fairs & campus visits & Headhunters and recruitment service.
3. Online recruitment The use of the Internet to recruit a talent pool is quickly becoming the preferred
way of doing so, due to its ability to reach such a wide array of applicants extremely quickly and
cheaply. First, the use of the company website can allow a business to compile a list of potential
applicants who are supremely interested in the company & another popular use of online recruiting is
through career websites 13
14. 2.4: TEAM BUILDING
īĩ Complex business problems that have emerged in the 21st century require unique expertise and
innovative solutions. Rapid changes in technology have amplified the need for collaboration and
coordination across multiple platforms. The expanding global economy has brought to light new,
multifaceted issues that require diverse teams to pool their collective knowledge and expertise.
These problems exemplify just how critical it is for us to understand the importance of teamwork
and develop new pathways to foster team-building. Team building refers to the various activities
undertaken to motivate the team members and increase the overall performance of the team.
īĩ Charateristics of Team Building:
Teams that work well together often exhibit similar characteristics to other high functioning
groups. Below is a list of distinct team characteristics that you can look for in the future: Good
communication, Clear goals, High motivation, High collaboration, High satisfaction, High
commitment, etc.
īĩ Team-Building Exercises:
There are several reasons for organizations to use team-building exercises. Most activities focus on
building trust and dependence, improving communications, fostering connections, strengthening
problem-solving skills, and enhancing decision-making. Below you'll find a list of several simple
and inexpensive team-building exercises: Make connections, improve communications, Build trust,
enhance problem solving, etc.
14
15. UNIT 3: THE BUSINESS
PLAN
A strong business plan is one of the
foundations of a successful business. It
is the tool by which a great idea
becomes an opportunity. It is the
creative process that allows the
entrepreneur to document the project's
merits and to articulate a narrative,
addressing the venture's risks and
rewards, to his or her potential
investors, partners, and other
stakeholders. This unit presents the
outline of a business plan, explain the
importance of each section, and
provide you with guidance as to how
you can craft this information for your
own ventures.
15
16. 3.1: DEVELOPING A BUSINESS PLAN
īĩ A business plan is a document that defines in detail a company's objectives and
how it plans to achieve its goals. A business plan lays out a written road map for
the firm from marketing, financial, and operational standpoints. Both startups and
established companies use business plans.
īĩ A business plan is an important document aimed at a company's external and
internal audiences. For instance, a business plan is used to attract investment
before a company has established a proven track record. It can also help to secure
lending from financial institutions.
īĩ Furthermore, a business plan can serve to keep a company's executive team on the
same page about strategic action items and on target for meeting established
goals.
īĩ Although they're especially useful for new businesses, every company should
have a business plan. Ideally, the plan is reviewed and updated periodically to
reflect goals that have been met or have changed. Sometimes, a new business plan
is created for an established business that has decided to move in a new direction.
16
17. 3.2: DOâS AND DONâTS OF WRITING A BUSINESS PLAN
17
īĩ A business plan is an essential tool
for companies operating in today's
fast-paced, detail-oriented world. A
well-written business plan provides
various audiences with details about
how the company will operate and be
profitable.
īĩ A business plan is not only valuable
to others; it is also beneficial to the
business owner. Also, business plans
define goals for the business and
plans on how to achieve such
goals. we will look at ten dos and
don'ts of writing a business plan. The
first section will outline the five dos,
and the second section will outline
the five don'ts of writing an effective
business
DOâS DONâTS
1. Write Your Own Plan and Seek Input 1. Do not expect to write your business
plan in one day.
2. Include all eight sections in your
business plan.
2. Do not overestimate or underestimate
numbers.
3. Conduct research and provide
accurate numbers
3. Do not leave out pertinent details.
4. Explain both strengths and
weaknesses of your business
4. Do not reuse wording from business
plan templates or software programs.
5. Review and update your plan
regularly
5. Do not assume your audience
members are experts in the industry.
18. 3.3: FINANCIAL PLANNING
īĩ 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 Plan immediately
after the vision and objectives have been set. The financial plan describes each of the
activities, resources, equipment and materials that are needed to achieve these
objectives, as well as the timeframes involved.
īĩ The financial planning activity involves the following tasks:
1. Assess the business environment.
2. Confirm the business vision and objectives.
3. Identify the types of resources needed to achieve these objectives.
4. Quantify the amount of resource (labor, equipment, materials)
5. Calculate the total cost of each type of resource.
6. Summarize the costs to create a budget.
7. Identify any risks and issues with the budget set.
īĩ The role of financial planning includes three categories:
1. Strategic role of financial management
2. Objectives of financial management
3. The planning cycle 18
19. UNIT 4: MARKETING
STRATEGY
A marketing strategy is a long-term plan
for achieving a company's goals by
understanding the needs of customers and
creating a distinct and sustainable
competitive advantage. It encompasses
everything from determining who your
customers are to deciding what channels
you use to reach those customers.
With a marketing strategy, you can define
how your company positions itself in the
marketplace, the types of products you
produce, the strategic partners you make,
and the type of advertising and promotion
you undertake.
Having a marketing plan is essential to the
success of any business. Read on to learn
how to create a successful marketing
strategy for your company. 19
20. 4.1: MEANING & COMPONENTS OF
MARKETING
īĩ Marketing is defined by the American Marketing Association as âthe activity, set of
institutions, and processes for creating, communicating, delivering, and exchanging
offerings that have value for customers, clients, partners, and society at large.
īĩ There are four activities or components, of marketing:
1. Creating. The process of collaborating with suppliers and customers to create
offerings that have value.
2. Communicating. Broadly, describing those offerings, as well as learning from
customers.
3. Delivering. Getting those offerings to the consumer in a way that optimizes
value.
4. Exchanging. Trading value for those offerings.
īĩ The traditional way of viewing the components of marketing is via the four Ps:
1. Product. Goods and services (creating offerings).
2. Promotion. Communication.
3. Place. Getting the product to a point at which the customer can purchase it
(delivering).
4. Price. The monetary amount charged for the product (exchanging). 20
21. 4.2:MARKETING RESEARCH AND TYPES:
īĩ Market research is defined as the process of evaluating the feasibility of a new product or
service, through research conducted directly with potential consumers. This method allows
organizations or businesses to discover their target market, collect and document opinions
and make informed decisions.Market research can be conducted directly by organizations
or companies or can be outsourced to agencies that have expertise in this process.
īĩ TYPES OF MARKETING RESEARCH ARE AS FOLLOWS:
1. Primary Market Research (A combination of both Qualitative and Quantitative
Research): Primary Market Research is a process where organizations or businesses get in
touch with the end consumers or employ a third party to carry out relevant studies to
collect data. The data collected can be qualitative data (non-numerical data) or quantitative
data (numerical or statistical data). Examples include surveys, interviews, observations,
and ethnographic research, etc.
2. Secondary Market Research: Secondary research uses information that is organized by
outside sources like government agencies, media, chambers of commerce etc. This
information is published in newspapers, magazines, books, company websites, free
government and nongovernment agencies and so on. The secondary source makes use of
the following: Data available on the internet, Government and nongovernment
agencies, Public libraries, Educational Institutions, Commercial information sources,
etc.
21
22. 4.3: IMPORTANCE OF MARKETING
STRATEGY
īĩ Marketing is essential to any good business. It helps you reach and connect with your target
audience and ultimately is how you will grow your business in the long run. Marketing is
important because, without it, your business simply will not go anywhere because it wonât be
seen. But itâs one thing to market your business without any direction, and itâs another thing
to market your business with a clear plan. The results are quite different.
īĩ IMPORTANCE OF MARKETING STRATEGY ARE AS FOLLOWS:
1. Marketing strategy provides an organization an edge over itâs competitors.
2. Strategy helps in developing goods and services with best profit making potential.
3. Marketing strategy helps in discovering the areas affected by organizational growth and
thereby helps in creating an organizational plan to cater to the customer needs.
4. It helps in fixing the right price for organizationâs goods and services based on information
collected by market research.
5. Strategy ensures effective departmental co-ordination.
6. It helps an organization to make optimum utilization of its resources so as to provide a
sales message to itâs target market.
7. A marketing strategy helps to fix the advertising budget in advance, and it also develops a
method which determines the scope of the plan, i.e., it determines the revenue generated by
the advertising plan. 22
23. UNIT 5: FINANCING
THE NEW VENTURE
Every entrepreneur needs money. It is
imperative that you understand the
costs of launching and maintaining a
business, from start-up expenses to
operating capital. The financial
information and projections contained
in a business plan are vital because
they demonstrate the potential for
profit and serve as the guideline for
managing the business' financial
aspects. This unit teaches how to
determine the costs for launching a new
venture and where to get those funds.
23
24. 5.1: THE FINANCIAL PLAN
īĩ A financial plan is a useful tool for determining whether your business idea is viable.
It will demonstrate the costs and what is needed to finance them. And it is useful for
convincing financiers to lend you money, and therefore forms the basis for your
financial pitch.
īĩ A financial plan helps determine if an idea is sustainable, and then keeps you on track
to financial health as your business matures. Itâs an integral part to an overall business
plan and is made up of three financial statementsâcash flow statement, income
statement and balance sheet. In your plan, each of these will include a brief
explanation or analysis.
īĩ Building a financial plan can be the most intimidating part of writing your business
plan. Itâs also one of the most vital. Businesses that have a full financial plan in place
more prepared to pitch to investors, receive funding, and achieve long-term success.
īĩ Creating a financial plan does not have to be complicated. Base it on your business
plan and keep it simple. Targeted market research and a sound marketing plan should
be part of your business plan. These will help you create a solid basis for your figures.
24
25. 5.2: COMPONENTS OF FINANCIAL PLAN
īĩ Income statement: This shows how your business experienced profit or loss over a specific
period usually over three months. Also known as a profit-and-loss statement (P&L) or pro
forma income statement, it lists the following:
1) Cost of sale or cost of goods (how much does it costs to produce your goods or services?)
2) Operating expenses like rent and utilities
3) Revenue streams, usually in the form of sales
4) Amount of total net profit or loss, also known as a gross margin
īĩ Balance sheet: Rather than looking backward or peering into the future, the balance sheet
helps you see where you stand right now. What do you own and what do you owe? To figure it
out, youâll need to consider the following:
1) Assets: How much cash, goods and resources do you have available.
2) Liabilities: What do you owe to suppliers, personnel, landlords, creditors, etc.
3) Shareholder equity (the amount of money generated by your business.
īĩ Personnel plan: You need the right people to meet goals and retain a healthy cash flow. A
personnel plan looks at existing positions and helps you see when itâs time to bring on more
team members, and whether they should be full-time, part-time, or work on a contractual
basis. It looks at compensations levels, including benefits, and forecasts those costs. By
looking at growth and costs you can see if the potential benefits that come with a new
employee justify the expense. 25
26. 5.2: COMPONENTS OF FINANCIAL PLAN
īĩ Sales forecast: How much will you sell in a specific period? A sales forecast needs to be an
ongoing part of any planning process since it helps predict cash flow and the organizationâs
overall health. A forecast needs to be consistent with the sales number within your P&L
statement. Organizing and segmenting your sales forecast will depend on how thoroughly you
want to track sales and the business you have.
īĩ Cash flow projection: Perhaps one of the most critical aspects of your financial plan is
your cash flow statement. Your business runs on cash. Understanding how much cash is
coming in and when to expect it shows the difference between your profit and cash position. It
should display how much cash you have now, where itâs going, where it will come from and a
schedule for each activity.
īĩ Break-even analysis: Your break-even point how much you need to sell to cover all your
expenses will guide your sales revenue and volume goals. Start by calculating your
contribution margin by subtracting the costs of a good or service from the amount you pay. In
the case of a bicycle store, the sale price of a new bike minus what you paid for it and the
salary of your bike salesperson, your rent, etc. By understanding your fixed costs, you can
then begin to understand how much youâll need to markup goods and services and what sales
and revenue goals to set in order to stay afloat or turn a profit.
26
27. 5.3:FUNDING & SOURCES OF FUNDING
īĩ Funding is the act of providing resources to finance a need, program, or project. While
this is usually in the form of money, it can also take the form of effort or time from an
organization or company. Generally, this word is used when a firm uses its internal
reserves to satisfy its necessity for cash, while the term financing is used when the firm
acquires capital from external sources.
īĩ When business owners do not have the capital to fund their endeavors they must seek
financial assistance from external resources. The type of business you operate has an
impact on your funding options.The different ources of business funding are as
follows:-
1) Lenders: A lender is an individual, a group (public or private), or a financial
institution that makes funds available to a person or business with the expectation that
the funds will be repaid. Repayment will include the payment of any interest or fees.
2) Banks: Banks are a very important part of our economy. They are the center of
finance. Commercial banks give loans to organizations in either cash credits, overdrafts,
term loans, purchase/discounting of bills, or issue of letter of credit. Banks help
enterprises by providing loans to produce goods and contribute towards industrial
growth and generate employment opportunities.
27
28. 5.3:FUNDING & SOURCES OF FUNDING
īĩ 3) Venture Capitalists: Venture capital (VC) is a form of private equity and a
type of financing that investors provide to startup companies and small
businesses that are believed to have long-term growth potential. Venture capital
generally comes from well-off investors, investment banks, and any other
financial institutions. However, it does not always take a monetary form; it can
also be provided in the form of technical or managerial expertise. Venture capital
is typically allocated to small companies with exceptional growth potential, or to
companies that have grown quickly and appear poised to continue to expand.
4) Government Funding: Government funding refers to financial assistance
received by non government entities in the form of federal, state, or local
government grants, loans, loan guarantees, property, cooperative agreements,
food commodities, direct appropriations, or other assistance. However,
government funding does not include tax credits, deductions, or exemptions.
5) Customer financing: Consumer financing is when a lender and a
consumer connect at or before the point of sale to allow the consumer to
break up a purchase into payments. This gives the consumer more cash at
their disposal at the moment, and comfort knowing that they have flexibility in
payments 28
29. CONCLUSION
29
ī This course in small business management provides you with the skills needed for business planning,
workforce building, marketing strategies and business financing. It begins with how to build the right
team for your organization, explaining leadership, entrepreneurship and strategy as the three principal
fields on which the principles of management stand.
ī Writing an effective business plan is one of the first things an entrepreneur will encounter.
ī A business plan is the framework on which your business is built. It guides an entrepreneur in their
decision making and helps sell the business idea to investors, partners and other stakeholders.
ī Building a cohesive team is one of the primary steps in launching a venture and successful businesses
require not only top-notch executives and advisors, but also employees who are a good fit for the
company.
ī The entire processes of marketing research design, planning and analysis form another very important
aspect in any organization
ī Acquiring the funds for your project is another important aspect of your start-up journey.
ī Lastly, you will be introduced to the concept of marketing and will understand how to develop an
effective marketing strategy, conduct research with surveys/questionnaires, and make accurate
forecasts.