entrepreneural process

7/28/2019 entrepreneural process

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Entrepreneurial Process


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IndexConceptNatureFactorsQualitiesFunctionTypesSources of business ideaFeasibility studyProject reportBusiness planSetting up a Business Enterprise


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Concept of Entrepreneurship

The concept of entrepreneurshiprefers to a special skill or ability tomobilize the factors of production-

land, labour and capital and use themto produce new goods and services.

An entrepreneur is a great personality,

assuming the roles of a risk-taker aresource assembler an innovator andan organisor-all combined into one.


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Nature

Economic activityCreative activityDynamic activityPurposeful activityRisk elementOrganization buildingGap filling function


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Factors

Personal characteristicsLife path characteristicsEnvironmental factors


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Qualities

Capacity to Assume risk Ability to learn from experienceOrientation toward hardworkControlTechnical knowledge and willingnessFlexibility


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Function

InnovationRisk takingOrganization building


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Types

Innovative entrepreneur Imitative entrepreneur Fabian entrepreneur Drone entrepreneur


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Sources of business idea

Survey of marketSurvey of prospective customersSurvey of resourcesTrade fairs and exhibitionsGovernment organisationsProject profilesStudy of global trends


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Feasibility study

Before making investment in a projectthe entrepreneur must undertake adetailed study to ensure that the project

is viable . Such a study is known asfeasibility study.It involves analysis of the followingaspects:Technical aspectCommercial aspectFinancial aspectSocio economic as ect


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Project report

Once the feasibiliy study is completed anin depth analysis is made to decideselection or rejection of the project. Such

a critical analysis is known as projectappraisal. After the feasibility study and projectappraisal, the findings andrecommendation are presented in areport known as project report. Thisreport is helpful getting clearance from

the Government and also in applying for


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Business plan

Business plan is an important documentprepared by the entrepreneur. Itdescribes all relevant internal andexternal factors involved in starting anew business enterprise. It serves thefollowing purposes:It provides a blueprint of action to be

taken in future.It helps the entrepreneur in raising funds.It helps in judging the progress of theventure at successive stages.


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Setting up a BusinessEnterprise

Selection of line of business.Size of business enterpriseLocation of businessChoice of form of ownership

Finance planningProvision of physical facilitiesPlant layoutInternal organization

Arrangement of labour force.Tax planningLaunching the enterprise.


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entrepreneural process

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