The document discusses the importance of business plans for entrepreneurs. It states that a business plan: 1. Provides a roadmap for entrepreneurs to succeed and avoid common pitfalls. 2. Helps clarify the direction of the business and communicate it to stakeholders. 3. Allows entrepreneurs to determine main competitors and analyze their strengths. 4. Gains the confidence of stakeholders by outlining finances, resources, and management ability. 5. Helps entrepreneurs identify and plan to overcome potential barriers to the business.

1. WAWASAN OPEN UNIVERSITY
TMA1
COURSE NAME: ENTREPRENEURSHIP DEVELOPMENT
NAME: THAMILKODI A/P RAMAREDDY
CLASS CODE: 9353680
COURSE CODE: BBM 210/05
STUDENT ID: 071110005
TUTOR: VIGANESH KUMAR PILLAI SO PUNGAVANAM
QUESTION 1 ANSWER

2. An Entrepreneur’s success depends on a number of factors. The most factors or role for success
of a person in entrepreneurships are personality, attitude and social life. Not only that all
Entrepreneurs must have a goal to achieve in the business. Set a goal will lead to strategic
planning to reach the goals.
The personal characteristics that every businessman should have are:
1. Plan Well
Before start a business, a person should plan what he want to do. What the person is interested in
to do. How well he know about the business or product. What are skill needed. Where he going
to start, or the location of the business. Survey the environment, who is the buyer and what will
the customers respond. What are the things required, such as manpower, things, premises and etc.
Are you going start the business with someone on sharing basis.
2. Willing to take risks
To become a successful entrepreneur the person should possess willingness to take up any risk at
any level. In business the risks are not blind gambles, can be identify and calculated. The
Entrepreneur must able to identify what type of risk the person will encounter and how to
overcome and what is the next step to take in.
3. Manage cash flow
All the business enterprises need cash flow. Without capital we unable to start any business. Must
able to manage money wisely. Put up list of the budget, such as buying of material, sources, pay
for the services rendered, promoting of the business, purchase of the required tools and
equipment, repair and maintenance of tools and equipment, get paid and pay to the staffs to do the

3. continues business. And always ensure the cash flow flowing smoothly throughout continues
business.
4. Create positive business image
Create business image shows your customer that you and your product are trust worthy. And
always give a good and satisfactory services to the customer.
5. Remember your customers
Customers are the main role in your business. Always keep the customers information in finger
tips. This will lead to have a good business and good relationship between the customers. When
doing a business, always focus on the customers, their needs, interest, promotional campaigns,
and easy accessible website.
6. Invest yourself
As an Entrepreneur’s you always must be active and learn new things for continues improvement.
Always read business and marketing related books, magazine, reports, journal, newsletter and
websites. Involve yourself in business associations and clubs and their network to get to know
more entrepreneurs. By mixing with them will help to get know their secret success, skill, what
their goals and objective in the business.
7. Flexible

4. After long run of business, learn what are the new technologies changes. Start to adapt the new
technologies and invest in your business. Ensure the new technologies give more competitive
business and upgrade your product or business.
One the example of entrepreneur is Tan Sri Tony Fernandes, who is risk taker, and plan what he
want to do, be flexible extended his Air Asia wings to neighbor countries with budged price with
the tag line of everyone can fly.
QUESTION 2 (a) ANSWER
Creative personality to give the company with what it needs to grow. Identify your leading
personality theme and understand how you apply in your business. Creativity is something help
the entrepreneurs to come solution to the problem, look out for the opportunities and develop
new ideas. The concept of creativity is that suggest what you desire to make or process that can
bring value.
1. Continues improvement is the reformer mode that you should focus in your company.
Means that with that you will improve the world with new innovative and products
which will more convenient and easy usage. This will make the company to rewarded
working on noble cause with working on high integrity and ethics.
2. Advisor is the personality type which providing tremendously high level support and
advice to customers. Always think that the customers are right and do everything to
please them. The advisor always should focus on customer needs. Which means
contribute every minutes focus on the business and customer without care about your
own needs.

5. 3. Superstar is the CEO center of the business with charisma and high energy. This type
of personality will make you to build your business and giving your own personal
brand around. This kind of personality will make the person very competitive and
workaholics.
QUESTION 2 (b) ANSWER
Creative concepts that we can encourage the entrepreneurs are:
1. Creation
Creation is that involves designing from original to something new. Some of the product which
innovated giving many kind of problems and the society encourage the entrepreneurs to a new
product or new process in order to solve the problem facing. For example I-phone which had
come across so many changes. From I-phone to now you can see I-phone 6 plus which many
features and easy accessible and the demands are over welcomed.
2. Synthesis
Combination which involves action by someone to combine or unite two more things together
into new product. For example Hand phone and camera allow to take selfie or every day’s
happenings and can send to our family and friends by photos or videos using of internet, which
call WhatsApp in a second. This kind of product or features are more welcomed and encourage
by the societies.

6. QUESTION 3 (a) ANSWER
Communication is very important to express our needs and emotion towards others to
understand. It’s a form of exchange information, thoughts, ideas and emotion. As an entrepreneur,
he involve in so many type of people like his staff, community, customers and stakeholders thru
communication for various reason.
Confident while communicate is the key point effective communicator for every entrepreneur. As
an entrepreneur, he should show the confident level during communication with various parties.
As a self-reliant entrepreneur should have the confident as form of energy to show that you are
self-assured person. Self-confident while communicate, make others to give importance to you
and holding a high level of respect.
The message the entrepreneurs send should be clear. Entrepreneurs dealing with many people in
the society. The entrepreneurs should study or understand the people who he communicate with.
With understanding the entrepreneurs can choose their best style, channel, volume, express the
sentence, the details of the message and timing to communicate. By using this method of
communication will help the entrepreneur lead to his success.
Face-to-face communication always give more effective result in an organization. As an
entrepreneurs should always call for meeting to meet up with their stakeholders and discuss
common problems. This kind of communication will give effective result and able to solve the
problems and get immediate feedback from employees.
Encouragement given to by entrepreneurs to the employ tend to provide a honest and full
information of their work. Entrepreneurs to provide positive feedback to their employees by using
praise do recognition in the public on their contribution towards the organization.

7. Effective communication is the tools of every successful business. Like vise as entrepreneurs Tan
Sri Anthony Fernandez come out with strong self-confident communicator and give assurance to
the public that “Now everyone can fly”. And he made it thru. Not only that, he had given his
confident and assurance to his employees and made his business successful.
QUESTION 3 (b) ANSWER
It is very important that every organization have an effective meetings. A frequent meetings will
give a good result, new idea and able to solve the problem immediately. Effective meetings is very
good communication tools between entrepreneurs, employees and stakeholders. Before any
decision been taken, entrepreneurs should call up for meeting to announce and involve the team in
its implementation. Entrepreneurs should take the inventory and assess on the correct inputs and
apply the appropriate process after each and every effective meetings.
The inputs of effective communication are:
One of them is to clarifying of the objective of the meetings. And distributing the necessary data
of the objective meeting. Gather the background information and discuss of the objective of the
meeting.
Having an environmental and convenient meeting room, so that everyone comfortable and
contribute their best in the meeting. Promote a team work for everyone to take part.

8. Before the meeting let all the team members about the meeting and timing. And make sure all the
team members are attended to the meeting.
It also best to call the non-members who relevant to the objective for the meeting, so that they
can contribute their best ideas of the objective.
The process of effective meetings are:
Gather all relevant information about the objective in details before take any action. And analyze
of the meeting content.
Always come with initiating, supporting and sustaining of productive action. Get rid of any
unwanted behaviors in the meeting and be serious about the subject.
Make sure all the team members attend the meeting punctually. And no delay in the process of
meeting. Manage the time efficiently and wisely.
Apply appropriate related question of the objective. Gather all the question and answer during the
meeting. Summarize all the methods and answer during the meeting. Circulate all the relevant
information to the top management to make decision.
So all inputs and process of effective meetings are important for the organization to take
appropriate decision.
QUESTION 4 ANSWER
Business plan is the written documents which describe of current status, expected needs and
projected results of the new business. Business plan cover of the project, marketing, research and

9. development, financial projection, risks and milestones for the enterprise. All these necessary
demonstration is the clear picture of what is venture is, where is the projected to go and how the
entrepreneurs propose to achieve that. The business plan is like a road map for the entrepreneurs
to succeed. One of the major benefits of this plan is that helps the business avoid common pitfalls.
Avoid undo the previous efforts to do again and again.
A business plan is importance for every entrepreneurs for the following reason:
1. Clarify Direction
The purpose of a business plan is to identify what the business is. What are future plan for the
business. Clarifying the purpose or the direction of business, to make you understand what needs
to done in future or forward movement. It’s consist of details of the business and its products or
services. Also stated of the product lines and services offer in the business, and details of the
customers your dealing with. And the entrepreneurs able to communicate of the direction of
business to the stakeholders gain their confidence.
3. Determine the main competitors
Entrepreneurs enable to define their main competitors in the business plan. And stated the
competitors’ strength and weakness. This information enable to analyses to identify the
prospective competitors product line and their services and their market segment. This will help
the entrepreneurs to analyses competitors’ product and services and try to survey of the new
competitors, how long will take their product in the market. This will enable the entrepreneurs
determine the strategy needed of their competitors.

10. 4. Gain stakeholders confidence
Stakeholders always interested in or eager know of the company’s finance strength, resources,
how well the company is performing and who are the owners and their capability. This
information very important for the stakeholders to determine on their returns. And the financial
institute also look into all this information whether to finance the business or the entrepreneurs or
not for business expansion. And will look into the ability of the business to repay of the loan. The
government bodies interested in their nature of the business and background which stated in the
business plan before allow the company to operate.
5. Determine barriers to the business
Not to deny that every entrepreneurs have to face many barriers when implementing the business.
If the entrepreneur progress will be slow down if the barriers make him failure or properly not
overcome. Hence, the entrepreneur should identify the barriers before implementing a business.
And take vital action to overcome these barriers. Entrepreneur should always ensure their
products and services as per customer satisfactory. Changes of business environment should meet
the government policies. All these information should state in the business plan.
6. Manage Company
A business plan come with organizational structure of the business. Which consist of titles of
directors or officers and their duties and responsibilities. This also one of the tools measure
management ability and referred regularly. Ensure the business with all these criteria with meeting
the goals and sales targets.