Entrepreneurship 2 PDF

ENTERPRENEURSHIP II WHAT IS THE BENEFITS OF AN ENTERPRISE FOR THE ENTERPRENEUR 1. Independence 2. Financial gains 3. Community service 4. Job security 5. Family employment 6. Solving challenges COMMON PROBLEMS OF AN ENTERPRISE 1. Sales fluctuation 2. Competition 3. Increased responsibilit...

ENTERPRENEURSHIP II WHAT IS THE BENEFITS OF AN ENTERPRISE FOR THE ENTERPRENEUR 1. Independence 2. Financial gains 3. Community service 4. Job security 5. Family employment 6. Solving challenges COMMON PROBLEMS OF AN ENTERPRISE 1. Sales fluctuation 2. Competition 3. Increased responsibilities 4. Financial losses 5. Relation with employees 6. Laws & regulations 7. Risk of failure IMPORTANT METHODS TO START UP AN ENTREPRENEURSHIP 1.Joining business incubator 2.Acquiring a franchise 3.Purchase an existing enterprise 4.International business 5.E- business 1.JOINING BUSINESS INCUBATOR Business incubator provides appropriately equipped production & administration units for a rental value ( 3 years) “incubation period” Types of business incubators: 1. General non-technology 2. Technology based 3. International business 4. Internet incubators 2.ACQUIRING A FRANCHISE Benefits 1. Right to use famous trade mark 2. Benefit of the success of the trademark 3. Extensive training 4. Technical support 5. Marketing 3.PURCHASE AN EXISTING ENTERPRISE Advantages Disadvantages Saving time,money,effort. Inconvenience of location. Minimizing risks. Aging of equipments and products. Wining enterprise at reasonable price. Overpriced purchase. Advantage of good reputation. Bad reputation. 5.E- BUSINESS Benefits of electronic business: 1.Large market 2.Lower cost 3.Fewer requirement 4.Less time GENERATING THE ENTREPRENEURIAL IDEA CRITERIA TO MAKE A NEW IDEA 1.Market factors 2.Competitive advantage 3.Economic viability 4.Enthusiasm & persistance 5.Possibility of turning into business model SOURCES OF IDEAS 1.Idea close to hands 2.Listen to people 3.An item needs to be fulfilled MECHANISM FOR CRYSTALLIZING IDEAS TECNIQUES TO DEVELOP THE ABILITY TO GENERATE CREATIVE IDEAS 1.Mind mapping 2.Brainstorming 3.Six thinking hats ticnique 4.Canvas business model 1.MIND MAPPING https://www.academia.ed u/42863502/The_Mind_M ap_Book_Tony_Buzan 2. BRAIN STORMING 3.SIX THINKING HATS TECHNIQUE 4.CANVAS BUSINESS MODEL STRATEGIC PLAN STRATEGIC PLAN Official written document to clarify the details of the proposed enterprise and a roadmap to show his/her way BENEFITS OF A PLAN 1.Clear future vision 2.Generating consumer driven ideas 3.Specific 4.Focusing on achieving results 5.Responsibility for the management CONTENTS OF A PLAN 1.Summary 2.General description 3.Marketing 4.Research 5.Manufacturing 6.Management CONTENTS OF A PLAN 7.Risk degrees & types 8.Planning and forecasting 9.Mission A.Enterprise name B.Enterprise slogan C.Written mission 10.Appendices