Académique Documents
Professionnel Documents
Culture Documents
1. If we have lots of skills, entrepreneurship gives us opportunities to enhance and use it. 2. Independence 3. No profit sharing
Disadvantages
1. Risk 2. Loss is beared by them only. 3. More liability
Qualities
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Passionate Risk Focused Creative Self-dependent Leadership quality Influencer Goal oriented Gift of gap Negotiator Futuristic Opportunistic Patience Intelligence
technological
social/ cultural
economic environment
Impact of entrepreneurship
Constructive destruction
Business plan
A business plan is written document that describes all the aspects of a business venture in a concise manner. It is usually necessary to have a written business plan to raise money & attract high quality business partners.
5 forces model
1. 2. 3. 4. 5. Bargaining power of suppliers. Bargaining power of customers. Threat to new entrance. Competitors (existing). Firm
*profit margin is a function of number of competitors. Profit margin = f (no. of competitors) = f (time) For perfect competition if no. of competition is large then, profit margin is low and in monopoly profit margin is high in large competition.
Window of opportunity
The term window of opportunity is a metaphor describing the time period in which a firm can realistically enter a new market.
Approaches of opportunities
Observing trends
Trend is a movement in certain direction. It creates opportunity and is a source of threat. By observing trends, we get idea. There are four forces :-) 1. 2. 3. 4. Economic forces Political & regulatory forces Social forces Technological advances
These forces create opportunity for entrepreneurship & from this entrepreneur provide products and services. These forces lead to business. Economic forces: demand and supply, level of disposable income , state of the economy, consumer spending patterns. Technological advances: internet gadgets. Political ®ulatory charges: subsidies and aids, trade barriers. Social forces: increase social awareness and securities (NGO) play school coz of bussy schedule, old age home, travell & tourism, matrimonials, satsang, quicker.com,go green, baby boomers.
Solving a problem
Every problem is a briliant disguiesed opportunity.
One of the source of gaps in the market is there would be certain people who does not fit in the masses. By analysing gaps we can create apportunities, which can be source of business idea.
Feasibility analysis
There are 4 parts of feasibility analysis: 1. Product-service feasibility: desirability and demand are the parameters of product-service feasibility analysis. 2. Industry or target market feasibility: a industry will be attactive when it has sizable profit & it can be sustainable with time. When competitors are less, potential customers are many and the industry is new then its is attractive. Target market depends on low price elasticity. Attractiveness is important for growth potential and profit. 3. Organisational feasibility: 1)market ability 2) resource sufficiency 4. Financial feasibility: 1)enough capital for sufficient infrastructure. 2)financial performance of other business.
Rules of brainstorming
1. 2. 3. 4. No criticism Carefree expression of idea. Quick pace Generating or taking the lead.