New Business Plan
Plan is a major part of structure of a company. Day by day it is improving.
Develop entrepreneurship is the development of a business plan. After identifying and valuing business opportunities a potential entrepreneur has to develop a perfect business plan. When the field of operation is identified, entrepreneur has to go for planning.
Our main source of the collection of primary data is taken from the Planning of our group member to thinking of this Assignment.
Most of the secondary data we gathered from our book Entrepreneurship – ROBERT D HISRICH.We also used some information from other website like http://www.google.com.
When we go to prepare our assignment we faced some problems such as time shortage. If we got much time we could get rather information on our topic.
An entrepreneur is the one who is engaged in producing a new commodity or producing an old one in a new way.
Entrepreneur strategy is the process or way to start a new business.
Process of Developing Entrepreneurship:
Entrepreneurship is a key instrument for the economic development of a country. It is in fact the force of creating new ventures business that leads to the economic development of a country. The essence of the term lies in the perception and exploration of new opportunities in the realm of business. It plays an important role of increasing national income. As such, there is a paramount importance of developing entrepreneurship in a series of sequential steps. These steps are inter-related and inter-dependent in their nature. The steps are discussed below.
1 .Decide to be an Entrepreneur:
For developing entrepreneurship first of all decision should be taken to become an entrepreneur. This means persons who are interested to take risk and initiative should decide to establish new ventures or new businesses. Paternal entrepreneurs first decide and give mental judgment in favor of becoming entrepreneur. This is the yardstick of taking a series of decisions in future. A person who has decided to become an entrepreneur has to consider and analyze the following factors:
➢ Strengths and weaknesses of the decision.
➢ Continuation of the business or establishment of new venture. ➢ Products or services choice that best fit with strengths and weaknesses, as well as, desires.
2. Identify and Evaluate Business Opportunities:
After analyzing the various aspects of decisions, an entrepreneur has to proceed to identify and evaluate business opportunities. Opportunities are potential positive factors that are beyond the control of the entrepreneur in future. Opportunities may exist at present or may exist in future. These opportunities include growing demand of existing products, scarcity of product in local market, favorable govt. policy, etc. The entrepreneur has to see and identify the new opportunity. For the identification and evaluation of opportunities the following factors should be considered:
➢ Ask people to find out what their needs are
➢ Modify the products for better satisfaction of the needs ➢ Observe changing life
➢ style of people and have exclusive thought about what products or services they would desire Study new products or services ➢ Travel around to find out new products, services and ideas.
3. Development of Business Plan:
The third step to develop entrepreneurship is the development of a business plan. After identifying and valuing business opportunities a potential entrepreneur has to develop a perfect business plan. When the field of operation is identified, entrepreneur has to go for this step. To prepare a business plan the following factors should be considered:
➢ Market research for the planned...
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