Entrepreneurship development 2 mark questions part 3

1. Define budgeting?

Establishing a planned level of expenditures, usually at a fairly detailed level. A company may plan and maintain a budget on either an accrual or a cash basis.

                                           or 

An estimation of the revenue and expenses over a specified future period of time. A budget can be made for a person, family, group of people, business, government, country, multinational organization or just about anything else that makes and spends money. A budget is a microeconomic concept that shows the tradeoff made when one good is exchanged for another.

2. What are the criteria for channel selection?

• market focus
• business stability
• skills and experience
• technical expertise

3.  Define Venture Capital

Money provided by investors to startup firms and small businesses with perceived long-term growth potential. This is a very important source of funding for startups that do not have access to capital markets. It typically entails high risk for the investor, but it has the potential for above-average returns. 

4. Define Venture capitalist?

Private investors who provide venture capital to promising business ventures. They typically invest where at least 25 percent annual returns within one to five years are feasible, and often demand 50 percent or more ownership to exercise control over the investee firm to offset their high risk.
Often they also provide management and industry expertise and business connections with other firms and venture capitalists. Their objective usually is to bring the business to its initial public offering (IPO) stage so that they can sell their shareholdings to the public at high profit, and get out.

5. Define Incubators?

Business incubators provide a physical location in which a new business can start, in an environment supported by business advice and shared services.

6. How is an entrepreneur benefited by  being in a business incubator?

• On-site, business support, mentoring and training – many incubators are managed or located by the local Small Business Centre.
• Instant peer support and networking opportunities created with other small business owners and managers.
• Minimal start-up costs – many incubators offer competitive ‘rental' rates, which assist with minimising costs so that you can focus more on developing your business rather than worrying about paying the next big bill.
• Depending on the centre, there is usually only a minimal bond requirement or none at all.
• No long term lease required. Most incubators run on monthly terms, so that's easy in and out.
• Access – most incubators allow 7 day x 24 hour access to tenants.
• Shared administration facilities and meeting / training rooms. 

7. Define SWOT analysis.

A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, straightforward model that assesses what an organization can and cannot do as well as its potential opportunities and threats. The method of SWOT analysis is to take the information from an environmental analysis and separate it into internal (strengths and weaknesses) and external issues (opportunities and threats). Once this is completed, SWOT analysis determines what may assist the firm in accomplishing its objectives, and what obstacles must be overcome or minimized to achieve desired results. 

 8. What are the objectives of EDP

The basic objectives of EDP are to:
1. Develop and strengthen entrepreneurial quality, i.e., motivation or need for achievement.
2. To analyze environmental set up relating to small industry and promoting it.
3. Removing unemployment
4. enhancing industrial development
5. Developing industrially backward region.
7. Understand the process and procedure involved in setting up small units.
8. Know the sources of help and support available for starting a small-scale industry.
9. Acquire necessary managerial skill required to run the industrial unit.
10. Know the pros and cons of being an entrepreneur.
11. Helping the person to understand environmental changes and opportunities.
12. Acquaint and appreciate the needed social responsibility/ entrepreneurial discipline.

Entrepreneurship Development 2 mark questions part 2

1. Define Industrial sickness?

Sick industrial unit is defined as a unit or a company (having been in existence for not less than five years) which is found at the end of any financial year to have incurred accumulated losses equal to or exceeding its entire net worth. The net worth is calculated as sum total of paid up capital and free reserves of a company less the provisions and expenses, as may be prescribed.

2. List the good sources of business ideas?

•  Consumers
• Distribution Channel
• Government policies
• Research and Development
• Existing products and services

3. State the elements involved in job requirement analysis?

Worker characteristics: enduring individual attributes that influence the capacities workers can develop -Abilities, occupational values and interests, and work styles

Worker requirements: general attributes developed through education and experience, thus are more amenable to change than worker characteristics -Knowledge skills and education

Occupational requirements: descriptors of the work itself rather than the worker - Generalized work activities, work context, and organizational context

Experience requirements: types and quantities of experience required for specific occupations - Worker experience in other jobs, related training, on-the-job training, and certification requirements

Individual occupation characteristics: reflects labor demand, supply, and other labor market information.

Occupation-specific requirements: information unique to a particular job Occupation-specific skills and knowledge, tasks and duties, and equipment used

4. State some uses of business plans?

• Evaluating a New Venture
• Informing Suppliers and Customers
•  Monitoring Your Business's Performance
• Understanding pressure points.
• Attracting Good People   
• Back up a business loan application.
• Sell your business.
• Share and explain business objectives with your management team, employees and new hires.

uses of business plans 
need of business plan 

5.  Distinguish between Entrepreneurship and Intrapreneurship

Difference	Entrepreneur	Intrapreneur
1. Dependency	An entrepreneur is independent in his operations.	An intrapreneur is dependent on the owner
2. Raising of funds	An entrepreneur himself raises the funds required for the enterprise	Funds are not raised by the intrapreneur
3. risk	Entrepreneur bears the risks	An intrapreneur does not fully bear the risks
4. Operation	The entrepreneur runs own operations	The intrapreneur operates within the organisation.

6. Define intrapreneur ?

An inside entrepreneur, or an entrepreneur within a large firm, who uses entrepreneurial skills without incurring the risks associated with those activities. Intrapreneurs are usually employees within a company who are assigned a special idea or project, and are instructed to develop the project like an entrepreneur would. Intrapreneurs usually have the resources and capabilities of the firm at their disposal. The intrapreneur's main job is to turn that special idea or project into a profitable venture for the company.
 

Industrial Policies followed in Tamil Nadu

 There are various industrial policies  followed by govt of Tamil Nadu  the list is given below

Visit this page for Tamil Nadu's Industrial policy

• Tamil Nadu Industrial Policy - 2007

 

• Tamil Nadu MSME Policy - 2008 

 VISION
l Enhance the competitiveness and scalable capacity of the Micro, Small and Medium Enterprises sector in Tamil Nadu.
l Encourage agro based industries for increasing value addition and giving better income to the farmers.
Target a sustained annual growth rate of over 10% for Micro, Small and Medium Enterprises .
l Promote 10 lakh direct and indirect employment opportunities during the XI Plan period.

MISSION
Our mission is to accelerate development in Tamil Nadu by maximizing investment, output, growth, employment and manufacturing competitiveness through infrastructure and human resources development in Micro, Small and Medium Enterprises sector.

The following are the key objectives of this Policy.
l To revive the Micro, Small and Medium Enterprises in the State
and enable them to become competitive in a WTO compliant global market and become world leader in select segments.
l To reduce regional imbalances in the industrial development within the State and to facilitate setting up of Micro, Small and Medium Enterprises in backward areas of the State.
l To encourage modernisation and upgradation of technology in traditional sectors for having competitive edge in the wake of liberalisation and globalisation.

To create employment opportunities particularly to the vulnerable sections of the society and rural people, ensuring inclusive development.
l To provide skill development and training for educated youth to develop  entrepreneurial skills and make them self-employed.
l To create infrastructure facilities, provide incentives and marketing as well as technical support to the Micro, Small and Medium Enterprises.
l To cater to the quality testing requirements of Industries in general and to Micro, Small and Medium Enterprises in particular.
l To reduce procedural formalities to speed up industrialisation.

STRATEGIES
l Creating and upgrading industrial estates and infrastructure facilities by the Public Sector and also encouraging setting up of industrial estates under the Public Private Partnership / Private modes.
l Creation of common infrastructure facilities / services in industrial clusters by supplementing the cluster development schemes available from Government of India.
l Providing subsidy assistance to Micro, Small and Medium Enterprises setup in industrially backward areas and also to specific sub-sectors like Agro Industries, Sago, Tea, Coir, etc.
l Providing special capital subsidy assistance to Micro, Small and Medium Enterprises in thrust sectors, set up anywhere in the State.
l Providing back-ended interest subsidy assistance to Micro, Smalland Medium Enterprises for Technology Upgradation and Modernisation.
l Promote entrepreneur development and sector specific skill development training programmes to match the emerging skill needs in coordination with industry.
l Taking up evaluation of the working of the various schemes and also continuously reviewing procedures to ensure simplification and procedural re-engineering with third party assistance.
l Ensuring faster and timely flow of credit and extending the process of Credit Guarantee Fund Trust Scheme (CGFTS) to cover all loans to the Micro Enterprises sector.
l Providing and ensuring access to information for availing of benefit of various promotional schemes of Government.
l Provide incentives for adoption of low cost environment-friendly technologies.
l Mitigate incipient sickness and rehabilitation of sick Micro, Small and Medium Enterprises.
l Promote Industry-Academia-Government collaboration for Research and Development, innovations and diffusion of technology in Micro, Small and Medium Enterprises Sector.
l Simplifying regulations and procedures and ensure speedier clearances by Single Window Clearance mechanism.

• ICT Policy - 2008

“Tamil Nadu shall be the ICT Hub of South Asia by creating a knowledge driven ecosystem, leveraging entrepreneurship and promoting socially inclusive growth to achieve a 25% production share of the Indian ICT industry.”

 Nurturing Talent in Tamil Nadu
1. A task force will be set up for developing technical institutes in the State into centres of excellence. Each Centre of Excellence would adopt neighboring ITIs and Polytechnics.
2. ICT Academy of Tamil Nadu: an institution to ‘Train the Trainers’ in order to upgrade curriculum, enhance skills of all the faculty engaged in teaching ICT related disciplines in the State and development of content will be set up.
3. The State will facilitate setting up of ‘finishing’ schools with a focus on socially and economically weaker sections.
4. Each autonomous college/university will include industry representatives in the syllabus committee to align the curriculum with the needs of the industry.
5. The State would encourage the industry to develop a standardized ICT aptitude test. The tests will be conducted across the State and the scores obtained in these tests could
be used during recruitment by ICT firms.
6. IT infrastructure in the form of a computer lab with broadband internet connectivity will be made available in all High and Higher Secondary schools in the State by end of 2011.
7. School and College curriculum will focus on soft skills like communication skills and personality development. The government shall identify knowledge partners to develop the content for the new curriculum.
8. New teaching methodologies leveraging ICT would be actively explored for better learning by students across schools in Tamil Nadu.

Boosting Research & Development

1. The State will take steps to establish institutes of higher learning with focus on the ICT Sector in collaboration with the Government of India. The institutes would focus on both fundamental and applied research.

2. The State will facilitate partnership between educational institutes and industry to identify specific areas of research and provide incentives for students from Tamil Nadu to take up doctoral and post doctoral research in the ICT area.
3. Outstanding students and employees across the State will be offered scholarships to take up research. The government will collaborate with industry to provide such sponsorships.
4. Government will encourage industry to set up labs in existing institutes for specific research initiatives. Industry may also ‘adopt’ existing labs & upgrade facilities. The Government will facilitate interaction between educational institutions and industry.
5. The Government of Tamil Nadu will explore the feasibility of setting up Research Parks in the State.

Encourage Entrepreneurs
1. The Government will encourage institutions to establish incubation centres and commit resources specifically for this purpose. The incubation centres would provide guidance in
terms of technical knowledge, provide managerial assistance and help in obtaining resources.
2. The Government will introduce entrepreneurship as a subject in all engineering colleges. A part of this course shall provide for regular interaction with entrepreneurs to give students a first hand interaction with entrepreneurs facilitating knowledge and
experience transfer.

Fiscal Incentives (Structured Package)

1. New, IT-ITES facilities setup in Chennai, Tiruvallur and Kancheepuram districts with an investment in eligible fixed assets of over Rs. 250 crores in a period of 3 years would be eligible for a structured package of incentives to be decided on a case-to-case basis. This structured package of incentives would give due weight to investment, employment and potential for attracting further investment. The package would be available to IT-ITES companies who make the investment for own use and would not be available to developers. In case of any district other than Chennai, Tiruvallur and Kancheepuram
districts this minimum investment will be Rs. 150 crores, in a period of 3 years.

2. Expansion projects within the existing IT-ITES facility in case of Chennai, Tiruvallur and Kancheepuram Districts with an investment in eligible fixed assets of over Rs. 250 crores in a period of 3 years would be eligible for a structured package of incentives to be decided on a case-to-case basis. In case of any district other than Chennai, Tiruvallur and Kancheepuram districts this minimum investment will be Rs. 150 crores.

Special Incentives for setting up IT-ITES Industries in Tier II and Tier III locations

Definition: With the exception of the areas falling under the Chennai (Metropolitan Area) Tiruvallur and Kancheepuram Districts, all other locations within the State of Tamil Nadu will be treated as Tier II and Tier III locations for the purpose of availing these incentives.
Capital Subsidy and Electricity Tax Exemption
A back-ended State Capital Subsidy and Electricity tax exemption on power purchased from TNEB or generated from captive sources would be sanctioned for all IT-ITES units, based on investment in eligible fixed assets made within 3 years from start of commercial production and employment as below:

I. New IT-ITES as well as expansion units investing between Rs.5 crores and Rs 50 crores and employing more than 100 direct workers would be eligible for a capital subsidy of Rs.30 lakhs and electricity tax exemption for 2 years;

II. New IT-ITES as well as expansion units investing between Rs.50 crores and Rs.100 crores, and employing more than 200 direct workers would be eligible for a capital subsidy of Rs.60 lakhs and electricity tax exemption for 3 years;
III. New IT-ITES as well as expansion units investing between
Rs.100 crores and Rs.200 crores and employing more than 300
direct workers would be eligible for capital subsidy of Rs. 100
lakhs and electricity tax exemption for 4 years;
IV. New IT-ITES as well as Expansion Units investing Rs. 200 crores and above and employing more than 400 direct workers would be eligible for a capital subsidy of Rs. 1.5 crores and electricity tax exemption for 5 years from the date of commercial
production.
V. IT/ ITES units located within specified Special Economic Zones will be provided an additional 50% capital subsidy over and above the eligible limit.

• Tamil Nadu Biotechnology Policy
• Tamil Nadu Minor Port Policy - 2007
• Draft Granite Policy - 2009
• Fly Ash Utilisation Policy
• Floriculture Policy
• Contract Farming Policy
• Tamil Nadu SEZ Policy - 2003

Characteristics of small business

here are some interesting characteristics of small businesses ;

Entrepreneurial spirit – The owner/s of small businesses have an incredible amount of motivation, optimism, energy and a desire to succeed. They are not scared of risk and they take calculated, yet high risks. They see things differently. Successful small businesses are run by successful people and not by your average person.

Limited management skills – Management broadly includes planning, leading, organising and controlling across all the major activities of a business. Small business owners generally have one (or a few) strong skill set/s, usually the skill set that prompted the start-up of the business. Skills in important areas of finance, sales and marketing, technical, production, human relations etc are generally lacking.

Have limited funding – Most small businesses are under-funded and constantly need money. They don’t always have enough cash reserves to ride-out trade cycles, to finance growth and to maximise opportunities. The main reason for this is that small business owners don’t have collateral to offer lenders (banks etc) and obtaining ‘unsecured’ finance is near impossible.

Contribute little income taxes – Due to low profitability and ‘survivalist’ performances small businesses are not significant contributors to taxes on profits. Their economic contribution is mainly through contributing to payroll related taxes and consumption taxes on the goods and services they buy and sell.

Trade within competitive markets – Competitive markets are generally those that have a high number of participants, prices are under pressure, margins are low, barriers to entry are low and failure is high. Most small businesses don’t have a unique quality or strength that differentiates them from competition.

Low cost per job created – Small businesses collectively employ a lot of people and comparing the amount of money invested in small businesses, the cost per job/s created is way lower than big business. Small businesses work using people, whilst big businesses work using ‘systems’.

High failure rate – Due to the weaknesses and problems mentioned above, the majority of start-up businesses fail and those that do survive don’t always reach full potential. Reasons for failure are usually poor management and/or lack of funding.

Personal rewards – Owning and managing a small business is very rewarding psychologically as owners are responsible for their own successes and there is freedom to make decisions and implement them. The financial rewards are great too.

BA9264 Entrepreneurship development two mark questions

1. Who is an entrepreneur?

A person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.

                                                                 (OR)

An individual who, rather than working as an employee, runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes. 

                                                               (OR)

They are the people who have the skills and initiative necessary to take good new ideas to market and make the right decisions to make the idea profitable. The reward for the risks taken is the potential economic profits the entrepreneur could earn.  

2. What is meant by prefeasibility study?

 In large (and usually joint venture or multinational) projects, a preliminary study undertaken to determine if it would be worthwhile to proceed to the feasibility study stage. A prefeasibility study is at a lower confidence level than a feasibility study.  This is an opportunity for you to understand the issues of business development.

3. Write short notes on project plan?

A project plan, according to the Project Management Body of Knowledge, is: "...a formal, approved document used to guide both project execution and project control. The primary uses of the project plan are to document planning assumptions and decisions, facilitate communication among stakeholders, and document approved scope, cost, and schedule baselines. A project plan may be summarized or detailed."  

IT is a statement of how and when a project's objectives are to be achieved, by showing the major products, milestones, activities and resources required on the project. 

4. What is product launching?

 Product launch means introducing a new product into the
market. In other words it is adding a new product in the existing product line of
the company

5. What is channel selection for a small business ?

Small businesses need to find a way to serve their customers, wherever they are located. That's why selecting a distribution channel is an important aspect of building a competitive advantage for businesses of every size. Distribution channels include your own direct sales force, retailers, distributors and the Internet. The right distribution channel ensures that customers in different locations around the country, or around the world, can buy your products and get the right level of service from your company. To select the right distribution channel for your business, you need to consider what a channel can offer, including location and reach, skills and resources, management costs and degree of control.

A Product Launch is a marketing strategy consisting of a carefully planned and scheduled sequence of events with the goal to make a big happening out of the release and, of course, make as much sales as possible in a short time span. - See more at: http://thebusinesssuccessfactory.com/what-is-a-product-launch-why-do-you-need-one/#sthash.fkhN50RI.dpuf

A Product Launch is a marketing strategy consisting of a carefully planned and scheduled sequence of events with the goal to make a big happening out of the release and, of course, make as much sales as possible in a short time span. - See more at: http://thebusinesssuccessfactory.com/what-is-a-product-launch-why-do-you-need-one/#sthash.fkhN50RI.dpuf

A Product Launch is a marketing strategy consisting of a carefully planned and scheduled sequence of events with the goal to make a big happening out of the release and, of course, make as much sales as possible in a short time span. - See more at: http://thebusinesssuccessfactory.com/what-is-a-product-launch-why-do-you-need-one/#sthash.fkhN50RI.dpuf

6. How to prevent  sickness in business?

a) Enforce financial discipline

b) Monitor changes in market share and maintain it

c) Discontinue unprofitable product line

d) Identify areas of inefficiency and improve it

7. What are the characteristics of small business?

a) Entrepreneurial spirit 

b) Limited management skills

c) Have limited funding 

d) Trade within competitive markets 

e)Low cost per job created

f) High failure rate

8.  What are the characteristics of an Entrepreneur?

- Organiser

-Innovative

- Change agent

- Risk taker

- Opportunitist

- Problem solver

- High Achiever

9.  Define entrepreneurship ?

The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses.
                                                          (OR)

The state, quality, or condition of being an entrepreneur, an organizer or promoter of business ventures.

 10. Give examples of any two industrial policies operating currently in your state
by the state government.

"Industrial Cluster Export Promotion Committee" would be established for each major
export cluster in the State under Chairmanship of a State Level Officer to address various administrative, procedural or infrastructure issues faced by exporters, settle local problems and forward larger policy and macro issues to SLEPC for decisions.

 Public Private Partnerships (PPP)
Public-Private Partnership route to bring in greater flow of investments into industrial
infrastructure is being used by TIDCO to bring in private investment in road, industrial park and SEZ development. SIPCOT will also use this model for water supply projects and development of other infrastructure.

SOME INDUSTRIAL POLICIES IN TAMILNADU

• Tamil Nadu Industrial Policy - 2007
• Tamil Nadu MSME Policy - 2008
• ICT Policy - 2008
• Tamil Nadu Biotechnology Policy
• Tamil Nadu Minor Port Policy - 2007
• Draft Granite Policy - 2009
• Fly Ash Utilisation Policy
• Floriculture Policy
• Contract Farming Policy
• Tamil Nadu SEZ Policy - 2003

A Product Launch is a marketing strategy consisting of a carefully planned and scheduled sequence of events with the goal to make a big happening out of the release and, of course, make as much sales as possible in a short time span. - See more at: http://thebusinesssuccessfactory.com/what-is-a-product-launch-why-do-you-need-one/#sthash.fkhN50RI.dpuf

 

Anna University Question Paper May June 2013 BA 9254 Advertising and Sales Promotion

                                           Part A (10*2 = 20 marks)

1. Define Advertising Strategy.
2. What are the various advertising media available to advertisers?
3. List the characteristics of a good media strategy.
4. What are the objectives of a copy?
5. What is DAGMAR?
6. Define personal selling.
7. What are the objectives of sales promotion?
8. List the major types of sales promotion.
9. What do you mean by points of purchase promotion?
10. What is the difference between advertising and publicity?

                                       Part B- (5* 16 = 80 marks)
 11.  (a) What are the various implications of advertisements? explain.

                                                Or
       (b) How can we choose a good advertising campaign ? Describe the various aspects    to be considered.

12.  (a) What are the various methods to measure the reach of advertisements? Discuss each method in detail.
                                                    Or
       (b) What are the different costs associated with advertisements? Illustrate.

13.    (a) Describe a good advertising layout with examples.

                                              Or
         (b) What are the advantages and disadvantages of television advertising? Explain

14.  (a) Which sales promotions are most effective? Substantiate.

                                                 Or
       (b) Describe the differences between trade oriented and consumer oriented promotion.

15.  (a) Explain the concept of integrated promotions.

                                 Or
       (b) Elaborate the usefulness of online sales promotions with examples.

 

Anna University Question Paper BA9264 Entrepreneurship Development May /June 2013

                                           Part A - (10*2 = 20 marks)
1. Who is an entrepreneur?
2. What is entrepreneurial personality?
3. What is an international business for an entrepreneur?
4. List the role of family in entrepreneurship.
5. What is meant by prefeasibility study?
6. Write short notes on project plan.
7. What is product launching.
8. What is channel selection for a small business.
9. How to prevent sickness in business?
10. What are the characteristics of small business in brief?
                              
                   Part B (5*16 = 80)

11. (a) Explain the characteristics of a sucessful Entrepreneur?
                                        Or
     (b) Discuss the knowledge and skills required for an entrepreneur.


12. (a) Explain the State government regulation for entrepreneurship.

                                                Or
     (b) Explain the various training and development programmes given for entrepreneurs.


13. (a) Discuss about the feasibility report preparation and evaluation criteria for business plan.
                                                   Or
      (b)  Explain the sources of product for business and criteria for selection of product.






14. (a) Describe the selection and recruitment process to be adopted in Entrepreneurship.
                                 Or
     (b) Explain about the growth strategies to be followed for launching of small business.

15. (a) Discuss on the rehabilitation of business units with suitable examples
                                               Or
      (b) Explain briefly
              (i) Prevention of sickness in units
              (ii) Monitoring and evaluation of business
              (iii) Effective management of small business.

 

MSME : definition and classification criterias

Definitions of Micro, Small & Medium Enterprises

 In accordance with the provision of Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small and Medium Enterprises (MSME) are classified in two Classes:

(a) Manufacturing Enterprises- The enterprises engaged in the manufacture or production of goods pertaining to any industry specified in the first schedule to the industries (Development and regulation) Act, 1951) or employing plant and machinery in the process of value addition to the final product having a distinct name or character or use. The Manufacturing Enterprise are defined in terms of investment in Plant & Machinery.

(b) Service Enterprises:  The enterprises engaged in providing or rendering of services and are defined in terms of investment in equipment.


The limit for investment in plant and machinery / equipment for manufacturing / service enterprises are as below

Manufacturing Sector
Enterprises	Investment in plant & machinery
Micro Enterprises	Does not exceed twenty five lakh rupees
Small Enterprises	More than twenty five lakh rupees but does not exceed five crore rupees
Medium Enterprises	More than five crore rupees but does not exceed ten  crore rupees
Service Sector
Enterprises	Investment in equipments
Micro Enterprises	Does not exceed ten lakh rupees:
Small Enterprises	More than  ten lakh rupees but does not exceed two crore rupees
Medium Enterprises	More than two crore rupees but does not exceed five core rupees

Entrepreneurship what is it?

Entrepreneurship is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses.

Alternate Definition:
Entrepreneurship is the process of creating something new with value by devoting the necessary time and effort; assuming the accompanying financial, psychic, and social risks and uncertainties; and receiving the resulting rewards of monetary and personal satisfaction

We can say from the definitions that it is a process where a person creates a process or idea which he/ she believes will bring profit; and goes on to invest money, resources and  time in pursuing the opportunity.

Pros and Cons of Entrepreneurship

To everything in life there are advantages and disadvantages; entrepreneurship is no exception. As a matter of fact, entrepreneurship involves a lot of risk taking. Yet, it can pay off very nicely as well, with rewards such as profits and the opportunity to be your own boss and make your own decisions.

Here are some pros and cons to consider:

Pros
• Excitement: Due to its high capacity for risk, there is a lot of adventure.
• No Rules and regulations: Work in a current job is difficult to do because of all the consistent administration approval needed.
•  Satisfaction of providing original products
• Independence: Some people wish to be their own boss and make all the important decisions him/herself.
• Rational salary: They are not being paid what they're worth and would rather work on their own and earn the money they should be earning for their efforts.
• Freedom and Flexibility : Entrepreneurs can work whenever they want, wherever they want, and however they want.

Cons
• Salary: Starting your own business means that you must be willing to give up the security of a regular paycheck.
• Benefits: There will undoubtedly be fewer benefits, especially when considering that your business will be just starting off.
• Work schedule: The work schedule of an entrepreneur is never predictable; an emergency can come up in a matter of a second and late hours will have to be put in.
• Administration: All the decisions of the business must be made on your own; there is no one ranked higher than you on the chain of command in YOUR business.
• Incompetent staff: Often times, you will find yourself working with an employee who doesn't know what to do
• Procedures & policies have to be made by you.

Indian government for entrepreneurs
Development commissioner msme
Ministry of Micro, Small and Medium Enterprises

Some organisations helping entrepreneurs:
 http://www.ediindia.org/
indian institute of entrepreneurship
the indus entrepreneurs
 National entrepreneurship network

BA9264 ENTERPRENEURSHIP DEVELOPMENT

UNIT – I ENTREPRENEURAL COMPETENCE
 Entrepreneurship concept – Entrepreneurship as a Career – Entrepreneurial Personality -Characteristics of Successful, Entrepreneur – Knowledge and Skills of Entrepreneur.

UNIT – II ENTREPRENEURAL ENVIRONMENT
 Business Environment - Role of Family and Society - Entrepreneurship Development Training and Other Support Organisational Services - Central and State Government Industrial Policies and Regulations - International Business.

UNIT – III BUSINESS PLAN PREPARATION
Sources of Product for Business - Prefeasibility Study - Criteria for Selection of Product - Ownership - Capital - Budgeting Project Profile Preparation - Matching Entrepreneur with the Project - Feasibility Report Preparation and Evaluation Criteria.

UNIT – IV LAUNCHING OF SMALL BUSINESS
 Finance and Human Resource Mobilization Operations Planning - Market and Channel
Selection - Growth Strategies - Product Launching.

UNIT – V MANAGEMENT OF SMALL BUSINESS
Monitoring and Evaluation of Business - Preventing Sickness and Rehabilitation of Business Units- Effective Management of small Business.

welcome

Hi this is Sam im creating this blog as a supplement learning aid for my students ; it would cover the subjects i am handling for the semester.