ASSIGNMENT -2 ON BB: 602 Entrepreneurship SUBMITTED TO: MR.

ROSHAN KUMAR SUBMITTED BY: RAJVIR KAUR ROLL NO 10-28 BBA6 SEM

Q1) what are the suitable techniques to observe markets and identify prospective consumers in a developing country? ANS. Market: it is place where number of seller sell the products to numbers of customers. India is developing country which used the number of tools and techniques to observe market and prospective consumers. 1.Conduct the market research: india is used the research to identify the different needs of customers 2.primary techniques: it is first hand tool which collection the information about numbers of customers in india this is used different tools

a. Surveys. It is straightforward questionnaires, you can analyze a sample group that represents your target market. The larger the sample, the more reliable your results will be. In-person surveys are one-on-one interviews typically conducted in high-traffic locations such as shopping malls. They allow you to present people with samples of products, packaging, or advertising and gather immediate feedback. It is best techniques to identify the prospective consumers in developing country like india.

b.Focus groups. In focus groups, a moderator uses a scripted series of questions or topics to lead a discussion among a group of people. So that best used of different techniques in india.

These sessions take place at neutral locations, usually at facilities with videotaping equipment and an observation room with one-way mirrors. A focus group usually lasts one to two hours, and it takes at least three groups to get balanced results.

c. Personal interviews. Like focus groups, personal interviews include unstructured, open-ended questions. They usually last for about an hour and are typically recorded. Focus groups and personal interviews provide more subjective data than surveys. India is used the interviews for observe the market and identify the prospective customer. The results are not statistically reliable, which means that they usually don't represent a large enough segment of the population. Nevertheless, focus groups and interviews yield valuable insights into customer attitudes and are excellent ways to uncover issues related to new products or service development.

d. Observation. Individual responses to surveys and focus groups are sometimes at odds with people's actual behavior. When you observe consumers in action by videotaping them in stores, at work, or at home, you can observe how they buy or use a product. This gives you a more accurate picture of customers' usage habits and shopping patterns. e. Field trials. Placing a new product in selected stores to test customer response under real-life selling conditions can help you make product modifications, adjust prices, or improve packaging. Small business owners should try to establish rapport with local store owners and Web sites that can help them test their products. 3.Secondary techniques: these are those techniques for observe market and identify the prospective customers a.internal techniques b.external techniques

Data and product identification may be obtained from the following sources: Industrial potential survey Lead bank survey reports

New process/product development in research laboratories Imports/export statistics Profitability studies of selected industries Studies on prices and shortage of certain commodities

For developing countries, International Standards are an important source of technological know-how. Developing countries can use International Standards to access knowledge in areas where they may lack expertise and/or resources. In addition, International Standards can improve access to global markets. As they define the characteristics that products and services have to meet on export markets, International Standards help developing countries take part fairly in international trade.

Q2) What Criteria would you adopt for entrepreneurial identification and product selection strategy in industrial sectors? ANS . entreprenurial identification is concerned with the collection, compilation and analysis of economic data for the eventual purpose of locating possible opportunity for investment and the characteristics of such opportunities.

There are two criteria i.e Internal constraints and external contraints Internal constraints 1. Entrepreneurs, while implementing the projects, rely more on outside consultants for preparation of feasibility reports in the formation of their projects.

2. For early implementation of projects within the budgeted cost and time schedule, all the entrepreneurs cannot develop independent project management system, organization structure, network analysis and other elements.

3. Project goals and objectives lay down the main purpose for which an organization exists. Practically, project management team is not much involved with the determination of project objectives.

4. The availability of the necessary internal project elements and resources are physical and non-physical resources. The physical resources include finance, personnel, inventories and facilities. The non-physical resoures are patents, secret processes, unique experience and skills.

External constraints 1. The external environment factors like nature, size, location and the extent of project are the important limiting factor for the entrepreneurs when the project does not conform to the socio-economic objectives of country.

2. Government policies and regulations are another major hurdle for the entrepreneurs while implementing the projects. They are mainly in the form of delay in giving approval to the entrepreneurs in the medium of industrial licensign, foreign collaboration approval, environmental clearance, foreign exchange permit.

3. Financial institution, banks are the important external financial source for financing the entrepreneurs while financing the projects. The financial institution and commercial banks cumbersome procedures and documentation system are important external constraints.

Q3) what do you understand by the following concepts in the context of feasibility studies. a) Economic b) Commercialent c) Managerial
ANS. Feasibility

study

A feasibility studys main goal is to assess the economic viability of the proposed business. The feasibility study needs to answer the question: Does the idea make economic sense? The study should provide a thorough analysis of the business opportunity, including a look at all the possible roadblocks that may stand in the way of the cooperatives success. The outcome of the feasibility study will indicate whether or not to proceed with the proposed venture. If the results of the feasibility study are positive, then the cooperative can proceed to develop a business plan. If the results show that the project is not a sound business idea, then the project should not be pursued. Although it is difficult to accept a feasibility study that shows these results, it is much better to find this out sooner rather than later, when more time and money would have been invested and los A feasibility study should examine three main areas:

market issues technical and organizational requirements financial overview

A.Economic Feasibility means ,the project benefit of the proposed system outweigh .The estimated cost usually considered the whole cost of ownership(TOC) WHICH MUST INCLUDES : 1 - Ongoing support 2 - Maintenance cost 3-Acquisition cost to determine TCO , the analyst must estimated cost in each following areas: People, include IT staff and user Hardware and equipment Sofware, house development, purchase from vendors Formal and informal training

Licenses and feeds Consulting expenses Facility costs Tangible benefits and intangible benefits

A Economical feasibility study can help your organization to: Define the business requirements that must be met by the selected project and include the critical success factors for the project Detail alternative approaches that will meet business requirements, including comparative cost/benefit and risk analyses Recommend the best approach for preparing a business case or moving through the implementation process.

(a) (b) i) (a) (b) (c)

Pricing of Project Inputs and Outputs Identifying Project Costs and Benefits Direct Transfer Payments Taxes (Direct and Indirect) Subsidies Credit Transactions (d) Interest

B. Commercial feasibility The commercial aspects of a project include the arrangements for marketing the output produced by the project and the arrangement for the supply of inputs needed to build and operate the project. On the output side, careful analysis of the proposed market for the project's production is essential to ensure that there will be an effective demand at a remunerative price. It needs to be ensured that adequate input supplies are available for the efficient operation of the project.

C.I nstitutional/Organizational/Managerial feasibility A whole range of issues in project preparation revolves around the overlapping institutional, organizational and managerial aspects of the project, which clearly have an important effect on project implementation. The proposal should be examined to see that the project is manageable and a relationship has been developed amongst the project, region and the country. The proposal may contain the replies of the probable questions: (a) are the authority and responsibility properly linked? (b) does the organizational set-up encourage delegation of authority? (c) does the proposed organization take proper account of the customs and organizational procedures common in the country or, alternatively, does it introduce enough change in organizational structure to break the traditional organization forms? (d) What about training arrangements? etc.