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Final Bonsai Plan

Final Bonsai Plan

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January 7, 2009 [VKALP – BONSAI NURSERY

]

BUSINESS PLAN

1

January 7, 2009 [VKALP – BONSAI NURSERY]

ACKNOWLEDGEMENT

Through this acknowledgement I would like to express my sincere gratitude towards all those people who have been inspirational and instrumental in drafting this project. I would like to express my heartfelt thanks to Mr. Parag Mehta (Member of Ahmedabad Bonsai Club) for his unstinted support, which he offered right from the conception to the completion of this project report. I would also like to thank Prof. Sameer Pingle for his valuable suggestions and their time. I would finally like to thank Prof. Satish Nair for helping me out in the project and also for giving me suggestions wherever I was going wrong.

BUSINESS PLAN

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January 7, 2009 [VKALP – BONSAI NURSERY]

Table of contents

SR. NO.
1 2 2.1 2.2 2.3 3 3.1 3.2 3.3 3.4 4 5 5.1 5.2 5.2.1 5.2.2 5.2.3 5.2.4 5.3 5.4 6 6.1 6.2 6.3 7 7.1 7.2 8 8.1

PARTITULARS EXECUTIVE SUMMARY MISSION AND VISSION STATEMENTS
Mission & Vision Idea & Core activities Product Offering

PAGE NO. 5 6 7 8 9 10 11 13 14 15 16 17 18 19 20 22 24 24 25 26 27 29 30 32 34 35 36 37 38

INDUSTRY OVERVIEW
Description of Primary Industry Design Industry in India Retail Industry in India Life style and service industry in India

TARGET CUSTOMERS MARKETING PLAN
Marketing Communication Mix Advertising Advertising in Magazines Leaflets in Newspapers Advertising in Radio Stations Creating Vkalp's Website Word of Mouth publicity Publicity

COMPETITIVE ANALYSIS
SWOT Product life cycle Poter's 5 forces

MANAGEMENT TEAM
Management & Ownership Partner Network

ORGANISATIONAL STRUCTURE
Organisational Structure

BUSINESS PLAN

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2009 [VKALP – BONSAI NURSERY] 9 9.2 9.9 10.8 10.1 10.4 10.January 7.4 10 10.1 9.5 10.1 12 OPERATIONAL PLAN Cultivation of Bonsai Trees Techniques to grow Bonsai Trees Taking Care of Bonsai Trees Requirements of Bonsai Trees FINANCIAL PLAN Assumptions Cost of Project Revenue Chart Expanses Cash Flow Profit & Loss Account Balance Sheet IRR Calculations Interest Calculations Depreciation Calculations EXIT STRATEGY Exit Strategy Bibliography 40 41 42 46 48 50 51 53 54 56 57 58 59 60 61 62 64 65 66 BUSINESS PLAN 4 .2 10.6 10.3 10.10 11 11.7 10.3 9.

Originally developed in the Orient almost 2000 years ago. Bonsai (pronounced bone-sigh) is an ancient oriental horticultural art form. bonsai is not the art of stunting a tree's growth. today the sublime art of bonsai is practiced throughout the world. and trained into the desired shape. 2009 [VKALP – BONSAI NURSERY] Executive Summary My idea is to open a bonsai nursery called “Vkalp”. to "pot" and "to plant. so as to recreate some of nature’s most stunning and beautiful effects on trees. tree-in. This would bring awareness in the mind of people regarding Bonsai trees. A bonsai tree is an ornamental plant.a-pot. you may find a new sense of appreciation for nature. A tree planted in a small pot is not a bonsai until it has been pruned. Contrary to popular belief. shaped.January 7. The word Bonsai literally means. bushes and shrubs differently. Vkalp would go a step ahead in not just selling the plant but also educating them as to how to grow bonsai? How to maintain these bonsai trees {this is a very critical issue as most of the people cannot maintain these trees and these trees terminates their beauty}? Vkalp also intends in giving short term certified courses in Bonsai culture. you may start looking at trees. Growing Bonsai trees is basically an art so Vkalp also intends in organizing competitions to promote the Bonsai culture. The characters for "bonsai" translate. When undertaking bonsai. Bonsai will surely change the way that you look at things. in both Chinese and in the Japanese language." As such. bonsai is the art of growing trees in a confined space (usually a pot or a tray). which are reduced in scale. BUSINESS PLAN 5 . Most of the nurseries present in and near Ahmedabad focus mainly on selling their plants. roughly.

2009 [VKALP – BONSAI NURSERY] BUSINESS PLAN 6 .January 7.

rebuild. environmentally sound decisions about their landscape project. 2009 [VKALP – BONSAI NURSERY] Mission statement To provide information to our customers so they can make informed. maintain and support our ecology and economy. BUSINESS PLAN 7 . ethical nursery. We are clearly structured and organized to promote success of our team members in an atmosphere that highly regards and encourages the sale and use of plant material to strengthen. Vision Statement The Vkalp is a highly respected. We have a synergistic relationship with suppliers and customers. Our most successful tool is knowledge of our product and how to help our customers use it successfully.January 7.

Offering / product BUSINESS PLAN 8 . It would also be renting out Bonsai trees to corporate and event organizers.January 7. I intend not only in selling the Bonsai trees but also educating them how to maintain them. for this I would be providing them certified courses in Bonsai culture. 2009 [VKALP – BONSAI NURSERY] Idea “My idea is to open a nursery cum retail outlet catering to ornamental plants especially concentrating on Bonsai.” Core activities of proposed business The core activities of Vkalp would be opening a retail outlet of nursery which would basically focus only on Bonsai trees. Its activities would include selling out Bonsai trees and other saplings. The scope of the idea is not just limited to selling the plant but also to provide services related to it.

2009 [VKALP – BONSAI NURSERY] The offering would broadly include the following 4 categories. just as in nurseries.January 7. • Samplings (assorted) – These samplings would be sold in the initial stage only. • Courses in Bonsai culture – These courses would be given to those customers and people who are interested in understanding and managing Bonsai trees. • Bonsai (for sale) – These Bonsai trees would be available to the customers for sale. • Bonsai (rent) – These Bonsai trees would be strictly available only for rent to the corporate. BUSINESS PLAN 9 .

January 7. 2009 [VKALP – BONSAI NURSERY] BUSINESS PLAN 10 .

January 7. 2009 [VKALP – BONSAI NURSERY] BUSINESS PLAN 11 .

6 3 8. 2009 [VKALP – BONSAI NURSERY] Industry description and outlook • Description of Primary Industry The primary industry for my business would be Horticulture industry.5 20 1.5 2.8 0. replacement of senile orchards and it also gives export competitiveness.52 5 18 1.5 6 205.3 BUSINESS PLAN 12 .38 2011-12 81 185 5.36 115.7 6.January 7. The projected demand of various horticultural produce by 2011-12 is as follows: Commodity Production (Million tons) 2001-02 2006-07 59.8 300 Fruit Vegetables Spices Coconut Cashew nut Others Total 43 88. Quality planting is crucial for area expansion. National Horticulture Mission was launched during 2005-06 for doubling the horticulture production through holistic development of Horticulture.2 146.

BUSINESS PLAN 13 . 2009 [VKALP – BONSAI NURSERY] A few states such as Maharashtra. My aim is to open a nursery concentrating only on Bonsai and thus capitalizing on this opportunity. Uttar Pradesh. Punjab and Orissa. And the horticulture industry is also growing at a continuous rate.January 7. are self sufficient in production and distribution of planting material in some of the crops. In this industry the demand is much higher than the supply so there are many gaps which can be fulfilled. Andhra Pradesh. Other states like Gujarat have to outsource their plantings to private and public nurseries. Total nurseries Public Sector Private sector : 6339 : 1594 : 4607 Top 5 states in Private Domain Maharashtra Andhra Pradesh Himachal Pradesh Jammu Kashmir Gujarat : 1300 : 970 : 684 : 384 : 335 So we can see that there is a huge demand for nurseries in Gujarat.

The design scene in Asia is undergoing rapid change from one of being the follower to assuming more leadership in different product and service categories signaling a brighter tomorrow for Indian design as well as for the countries in Asia around. value and above all service and BUSINESS PLAN 14 . Bonsai is an ornamental plant so they are considered as decorative plants in the house. comfort. performance. Even while maintaining these plants it needs huge amount of creativity in the owner so if the Design industry is booming it will directly affect my business.January 7. service economy will form 65% of India’s GDP. Consumer has become more discerning and selective these days this adds significance to multitude of parameters in products such as aesthetics. (design plus june 2007 by dr. 2009 [VKALP – BONSAI NURSERY] • Design Industry in India My product is directly related to the Design Industry. Darlie o koshy) In the new age consumers are aspiring for holistic lifestyles and experiences. Similarly the focus on “service design” and “design for quality of life” including “sustainable Design” are becoming important strands as economies like India are becoming service driven and it is estimated that by 2010. The AMCON meeting held in Delhi on the sidelines of CSID Board Meeting brought in considerable participation from Asia and Asia Pacific Region and underlined the importance of such regional meetings to foster regional cooperation by sharing local concerns in a globalizing world. The reassurance of Asian design and the increasing globalization of markets like india and China have opened up considerable opportunities for designers and design-led companies.

January 7. the growth also depends on the policies adopted by the government to facilitate investments mainly in the economic and industrial sector. but also retaining social. with the universal nature of products and services and in the “shopping area”. My plants and most importantly the Bonsai would be sold to new houses and offices as a symbol of good charm. However. consumers are getting confused day by day. Kolkata and Chennai. The new stand adopted by Indian government regarding foreign direct investment (FDI) policies has encouraged an increasing number of countries to invest in Indian Properties.96 billion during the first half of 2005-06 fiscal. With the merchandising formats becoming more horizontal and retailers offering variety and choices. “Necessity is no more the mother of invention” it has move far from its conventional meaning to its new form. 2009 [VKALP – BONSAI NURSERY] experience.residential. • Retail industry in India The Retail Industry is also directly related to my business. making India amongst the "dominant host countries" for FDI in Asia and the Pacific (APAC). retail and commercial in metros of India such as Mumbai. With property boom spreading in all directions.38 billion during the corresponding period of 2004-05. India which has attracted more than three times foreign investment at US$ 7. Easier access to bank BUSINESS PLAN 15 . India has displaced US as the second-most favored destination for FDI in the world. its well being in terms of heritage and culture and contributes to cleaner and healthier environment. exclusivity would find more value than sheep mentality. Shopping is not only service provider to the consumer.the second largest employer after agriculture in India. The positive outlook of Indian government is the key factor behind the sudden rise of the Indian Real Estate sector . Delhi & NCR. This budding sector is today witnessing development in all area such as . As the investment scenario in India changes. cultural and ethical values that restore a nation. real estate in India is touching new heights. as against US$ 2. So if this industry is growing then my business would also capitalize on it.

chemicals.January 7. 70 percent of foreign investors in India are making profits and another 12 percent are breaking even. The boom in economy increases purchasing power of its people and creates demand for real estate sector. Apart from IT. property in India has become a dream for every potential investor looking forward to dig profits. Real estate investments in India yield huge dividends. India is going to produce an estimated 2 million new graduates from various Indian universities during this year. These positive attributes of India is definitely going to attract more foreign investors in the near future. ITES and Business Process Outsourcing (BPO) India has shown its expertise in sectors like auto-components. apparels. creating demand for 100 million square feet of office and industrial space. 2009 [VKALP – BONSAI NURSERY] loans and higher earnings are some of the pivotal reasons behind the sudden jump in Indian real estate. Presence of a large number of Fortune 500 and other reputed companies will attract more companies to initiate their operational bases in India thus creating more demand for corporate space. All are eyeing Indian property market for a wide variety of reasons. It’s ever growing economy which is on a continuous rise with 8. Flying high on the wings of booming real estate.1 percent increase witnessed in the last financial year. • Life style and Service industry in India BUSINESS PLAN 16 . pharmaceuticals and jewellery where it can match the best in the world.

These nurseries and flower shops would also be my customers. • Bonsai (for rent) – These Bonsai trees would be given on rent only to corporate and also to parties and events. They would use them in landscaping of their diverse projects. • Bonsai (for sale) – The targeted customers for this segment would be majorly high end customers because it would be a costly product and would also be considered as a status symbol. Moreover decorators and other retail outlets keeping decorative items would also be my customers. To reach these customers I would take help of other nurseries and retail outlet of plants which have a direct access to the customers. On the other hand service industry is considered as the most potential industry to grow at the highest pace till 2012. Here my customers would be nurseries and retail formats to sell plants. I would rent by product to them so more the events more my product would be rented. The company would offer various services like garden designing and maintained which is the service which would be catered to high level customers. Here to sell these plants I would also have an agreement with builders to take plants and other decorative plants to be sold to them. Target customers The target customers for the different products would be different. • Saplings (assorted) – This would cater to the masses as it would be a cheap product. • Courses in Bonsai culture – This would cater to mainly those people who are really interested in understanding Bonsai and want to take up it as a hobby. 2009 [VKALP – BONSAI NURSERY] As the overall disposable income of population in India is increasing the growth of lifestyle industry is also increasing as people tend to spend more on life style products. BUSINESS PLAN 17 . Here my targeted customers would be only high end customers so they would be belonging to the upper class and upper middle class.January 7. So here my customers would be big corporate and also event management committees.

2009 [VKALP – BONSAI NURSERY] Overall I intend to target the upper class and upper middle class.January 7. My product would be a status symbol so I don’t want it to get diluted by selling it to the lower sections of the society. BUSINESS PLAN 18 .

2009 [VKALP – BONSAI NURSERY] BUSINESS PLAN 19 .January 7.

2009 [VKALP – BONSAI NURSERY] MARKETING COMMUNICAITON MIX FOR Vkalp Bonsai Nursery The strategic development of the Marketing Communication (MC) plan generally goes through two phases: • • The first phase is determining which MC functions and which media to use The second. A Marketing Communication Mix is the selection of MC functions used at a given time as part of Marketing Program. Various MC functions and their mix called the Marketing Communication Mix would be used to achieve the above stated MC objectives.January 7. The Marketing Communication Mix for Vkalp Bonsai Nursery would include: • • • Advertising Word of Mouth Publicity BUSINESS PLAN 20 . is the phase where ideas would be created for how each MC function and medium will be used. which is more creatively challenging.

Here the main emphasis is to educate the targeted customer base about the Bonsai trees. The various media that Vkalp Bonsai Nursery would resort on for marketing and advertising Vkalp would be: • • • Advertisements in local newspapers Leaflets placed in newspapers Advertisements in Radio Stations Creating Vkalp’s website • BUSINESS PLAN 21 . 2009 [VKALP – BONSAI NURSERY] ADVERTISING Vkalp Bonsai Nursery Vkalp initially to make the target audience aware and to attract them would focus on Advertising and Publicity but its main emphasis would be on Advertising.January 7.

Sputnik. Rajkot. This advertisement would be floated on Friday. These magazines would also attract corporate to place orders. Saturday and Sunday editorials of magazines like Today.January 7. Baroda as also either of Times of India or Business Standard would be required to make people aware of the establishment of Vkalp Bonsai Nursery. One would be to invite the target audience to apply for the membership and the other would be for attracting people to have educate the people about the Bonsai Culture. BUSINESS PLAN 22 . Bhavnagar. Stardust and many more relevant magazines which would reach to the targeted audience. 2009 [VKALP – BONSAI NURSERY] • Advertisements in Magazines: Two different advertisements each 3column X 5 Cm long in Magazines of Ahmedabad.

so as to recreate some of natures most stunning and beautiful effects on trees. WE WOULD PROVIDE YOU WITH THE BEST OF THE BONSAI.January 7. bonsai is the art of growing trees in a confined space (usually a pot or a tray). shaped. A tree planted in a small pot is not a bonsai until it has been pruned. Bonsai will surely change the way that you look at things. so as to recreate some of natures most stunning and beautiful effects on trees. As such. IT IS UPTO YOU HOW YOU GROW THEM AND MAKE THEM OUR PRODUCT. shaped. WE OFFER YOU WITH FREE MEMBERSHIP WITH EVERY PURCHASE OF BONSAI AND A LIFETIME MEMBERSHIP ON PURCHASE OF 3 BONSAI TREES BUSINESS PLAN 23 . As such. and trained into the desired shape. Advertisement featuring to invite the target audience to apply for the membership of Vkalp Bonsai Nursery: OPENING SHORTLY Vkalp – Bonsai Nursery A Nursery Specializing in your needs “FOR WE ARE HERE TO MAKE YOUR EACH MOMENT A MEMORY” (Address) Bonsai (pronounced bone-sigh) is an ancient oriental horticultural art form. which are reduced in scale. and trained into the desired shape. A tree planted in a small pot is not a bonsai until it has been pruned. bonsai is the art of growing trees in a confined space (usually a pot or a tray). 2009 [VKALP – BONSAI NURSERY] Advertisement featuring attractive Bonsai Trees available at Vkalp Bonsai Nursery: Vkalp – Bonsai Nursery A Nursery Specializing in your needs “FOR WE ARE HERE TO MAKE YOUR EACH MOMENT A MEMORY” (Address) Bonsai (pronounced bone-sigh) is an ancient oriental horticultural art form. Bonsai will surely change the way that you look at things. which are reduced in scale.

2009 [VKALP – BONSAI NURSERY] • Leaflets placed in Newspapers The most easy and less costly medium to aware people of the establishment of the Vkalp Bonsai Nursery would be placing colourful brochure kind leaflets in the most popular newspapers. Gurukul. Divya Bhaskar and other local newspapers as also either of Times of India or Business Standard. Rajkot. These leaflets would be placed occasionally in the peak season like Diwali.January 7. Paldi and the like in Ahmedabad and similarly in other cities like Bhavnagar. BUSINESS PLAN 24 . This is different from advertising in the magazines in the sense that only the target audience would be made to come in contact whereas in case of advertising in the magazines all come in contact with the advertisement (also those who are not the target audience). and S. upper middle. These leaflets would be circulated to the newspaper providers of the middle. The newspapers in which such leaflets would be placed would be local newspapers like Gujarat Samachar. Road. G. upper and elite class areas like selected areas in Navrangpura. Thaltej. Naranpura. Christmas and weekends. Vastrapura. summer vacations. Baroda.

• • Bonsai (for sale) Bonsai (rent) Samplings (assorted) • • Courses in Bonsai culture “WE ARE NOT INTO SELLING OF BONSAI TREES.” WE HAVE MORE THAN 100 BONSAI TREES TO CHOOSE FROM. JUST ROLL OVER TO EXPLORE EACH OF THEM Address: BUSINESS PLAN 25 . 2009 [VKALP – BONSAI NURSERY] Front side of the leaflet: Back side of the leaflet: WELCOME TO Vkalp – Bonsai Nursery A Nursery Specializing in your needs “FOR WE ARE HERE TO MAKE YOUR EACH MOMENT A MEMORY” Offering / product The offering would broadly include the following 4 categories.January 7.

This medium has now become an efficient source of advertising with its far reach. for “Vkalp Bonsai Nursery” would inform the audience of the nursery and the Bonsai trees and would invite them to come to the nursery and buy the Bonsai trees.January 7. This website would contain the content that is sufficient for the clickers to educate them and also place orders through the website. The other advertisements in radio stations of other states would also invite orders from outside and expand the operations of Vkalp. These entertain women while they are cooking or while they are doing household chores. BUSINESS PLAN 26 . These are source of entertainment for all from kids to elders in the family. drivers while driving cars and so on. 2009 [VKALP – BONSAI NURSERY] • Advertisement in the Radio Station The modern radio stations are quickly penetrating the entertainment industry. SFM and My FM in Gujarat. Radio One. especially like Radio Mirchi. The advertisements running in radio station. • Creating Vkalp’s Website To attract a large number of target audiences Vkalp is planning to float a website.

The word of mouth can be accomplished by providing quality services to the customers and members of Vkalp Bonsai Nursery. BUSINESS PLAN 27 . A satisfied or an overwhelmed (delighted) does not simply become a loyal customer who would frequently buy products from the nursery but would bring and inform others of the nursery. 2009 [VKALP – BONSAI NURSERY] ENSURING WORD OF MOUTH FOR Vkalp Bonsai Nursery The most effective way of attracting potential customers at Vkalp Bonsai Nursery would be with the help of WORD OF MOUTH. This technique helps not only attracting the new customers but also helps in retaining the most lucrative current customers for the Nursery.January 7. The market research would be conducted time to time to understand and analyse the preferences of the customers and Vkalp Bonsai Nursery would try and fulfil and even overdoing those expectations of the customers and consumers making them satisfied and delighted with its services. It is seen that 1 satisfied customer brings atleast 13 other customers. This method is a cheap source of attracting new customers though retaining and satisfying the current customers sounds a bit costly.

Publicity is a free tool to attract and influence the customers and prospects. For creating publicity Vkalp Bonsai Nursery would on a regular basis conduct various events in the premises like “Most Creative Bonsai” and “Bonsai Fair”.January 7. BUSINESS PLAN 28 . Vkalp Bonsai Nursery during its inauguration that is initial stage as also later stage nursery on publicity to attract and influence prospects and customers as this source is the most renowned and people give their full consent to such publicity. 2009 [VKALP – BONSAI NURSERY] PUBLICITY FOR Vkalp Bonsai Nursery The publicity is the use of non-paid media messages to deliver brand information designed to positively influence customers and prospects.

2009 [VKALP – BONSAI NURSERY] BUSINESS PLAN 29 .January 7.

 Saplings ( assorted ) – Here there is huge competitions as there are many Courses in Bonsai culture .There is as such no competition as no player nurseries operating in Gujarat. SWOT ANALYSIS BUSINESS PLAN 30 . 2009 [VKALP – BONSAI NURSERY] Competitive analysis Competition  Bonsai – For this segment there are no players concentrating basically on Bonsai trees only.  I would also target my bonsai trees as a status symbol.  My main competitive advantage would be creating a retail format.  is interested in educating the buyer about the product.  I would also keep a customer database which would help me increase my sale by increasing the number of purchases per customer. I would have a completely different view towards the nursery. There is an “Ahmedabad Bonsai Club” running in Ahmedabad but its objectives are very different. they are running it only as a hobby. My main aim would be customer satisfaction and create a culture for Bonsai trees not just by selling them but also educating the customers on how to maintain them. No other player has thought of going into a retail format. Competitive advantage  I would like to create a competitive edge over my competitors by creating a Brand name for my Bonsai trees and also by making aware of the product I would like to create a culture for such ornamental plants. The existing players operate in a very conventional and traditional way.January 7. My objective is to create a culture of Bonsai trees.

2009 [VKALP – BONSAI NURSERY] Strengths: • • • • Varied Agro-climatic conditions Available surplus in Spices. Fennel and Isubgul  Sradar Sarovar project will provide irrigation facilities for additional 17. Cumin .January 7. Weakness: • • • Poor irrigation facilities Erratic monsoon Shallow and undulating land and with low fertility Opportunities: Scope for Area expansion in fruit crop  Potential to increase production and export of Banana . Mango. Pea and Cucurbits. floriculture projects . Kharif Onion. Strong cooperative credit and marketing structure High productivity for plants. fruits & vegetable processing units  Threats: • • • • Drought prone Prone to cyclone and locust Depletion of water table Deterioration of soil and water BUSINESS PLAN 31 .90 lakh ha. Potato.  Good potential for cultivation of medicinal and aromatic plants  Investment in green house . tissue culture units .

January 7. So to make aware the customers I would have to work too much for the market penetration. This would be in the development stage where I would be developing and growing the bonsai. Growth: BUSINESS PLAN 32 . 2009 [VKALP – BONSAI NURSERY] PRODUCT LIFE CYCLE Development: For the 1st 2 years I would be growing Bonsai trees and so I would not be selling the plants. In this stage I would be incurring a lot of marketing expense as this product is very new to the market. Introduction: In the introduction stage I would be introducing the Bonsai trees in the market.

I intend to diversify into other field of miniature during this stage. Decline: In this stage I would close down this business and the other business which I have diversified I would concentrate on it. BUSINESS PLAN 33 .January 7. This stage is the time when I would gain my maximum revenue. Once I would start making profit I would attract competition. I would try to stretch this stage as much as possible. I would concentrate on other business and keep this business as a secondary source of income. Maturity: This would be the stage where many players would enter the market and competition would increase. 2009 [VKALP – BONSAI NURSERY] This would be the stage when I would capitalize on all the fixed cost I would be incurring.

2009 [VKALP – BONSAI NURSERY] Porter’s 5 forces model 1. Bargaining power of customers:  Here the customers do not have any bargaining power in the Bonsai section as me being the only supplier of Branded Bonsai trees I would have the bargaining power in deciding the price. it’s the customers who would have the right to decide the price as there are many players already supplying the same product.January 7. Even when supplying Bonsai trees to the corporates on rent. 2. I would not hold the bargaining power. Bargaining power of suppliers: BUSINESS PLAN 34 . I would be the 1st of my kind doing it so I would have an edge in deciding the price.  When selling the saplings.

3. As this field does not need any huge investment or does not have any huge entry barriers. 2009 [VKALP – BONSAI NURSERY]  Here the suppliers do not have any bargaining power with them because the basic raw material needed that is the saplings and the seeds are available very easily and their price can be bargained down as there are many suppliers in the market. they in fact are the substitutes for “Bamboo Shoots” whose market has already been saturated. Threat of Substitute products:  There is not much threat of substitute for Bonsai trees. This discourages investors to invest in the field as there would be no returns or very nominal returns in the 1st 2 years. Competition within the industry:  In the saplings section there is a huge competition within the industry as there are many players and most of them are trust based. 4.  While in the saplings and nursery section there is a high threat of substitute as people might be intended towards artificial plants and decorations.  One of the positive points that can be stated is that there is a death valley of 10 lacs for a period over 2 years. Bonsai trees are basically ornamental plants.  But in terms of Bonsai trees section there is very less competition in the market as there are very less players supplying Bonsai and among those who are supplying most do not have authentic Bonsais. Threat to new entrants:  There is a very high risk on new entrants in the field. 5. BUSINESS PLAN 35 .January 7.  These artificial plants may also pose a threat to the Bonsai section. this field is a very volatile market. Most of them have also acquired land from AMC on lease for a very long period which would decrease their cost and give them a competitive market.

January 7. 2009 [VKALP – BONSAI NURSERY] BUSINESS PLAN 36 .

January 7. I would hold the complete equity.a. BUSINESS PLAN 37 . I would also get a subsidy of approximately 6 lacs for the drip system and also the green house.5%p. Capital Structure Equity Debt Subsidy Total Contribution 22 lacs 20 lacs 6 lacs 48 Lacs Here I would be putting a total of 22 lacs as my own equity. 2009 [VKALP – BONSAI NURSERY] Management and ownership The ownership of my business would completely be in my hands. (under the National Horticultural board). I would also take a loan of 20 lacs to fund my project. I would be taking a soft loan of 20 lacs from Central Bank of India at a nominal rate of 7.

BUSINESS PLAN 38 . This would give me enough flexibility to run my business.  Central bank of India (Bank) which would provide us with the necessary finance needed to fund our project. 2009 [VKALP – BONSAI NURSERY] Partner Network My partner network would include the following partners:  A Bonsai Specialist that would help me to gain important know-how on how to grow Bonsai and also on how to maintain them. This decision is taken keeping in mind the future growth of the business. Moreover in future if I am not satisfied with their contribution towards the business I can easily change them and keep new advisors. Moreover I can even hire the best advisors in the town for my business. They would be hired on pay basis. These partners would not be contributing any capital towards the capital structure.January 7. They would be paid salary for their proprietary knowledge.  An agricultural specialist who would assist the local semi-skilled workers in growing the Bonsai trees. The reason why they would not be contributing any capital is that I want the complete hold of the business in my hand. if in future the business expands I can hire advisors from China or Japan.

January 7. 2009 [VKALP – BONSAI NURSERY] BUSINESS PLAN 39 .

2009 [VKALP – BONSAI NURSERY] Organizational structure The industry to which my business is related to is currently a new concept and has very limited players involved in it so the critical factor for the organizations will be to have the structure which complements the business in long run and have a sustainable competitive advantage. same is the case in my business. As the company is in the seed stage of its business life cycle it would be having sole ownership under the owner there would two specialists one would be bonsai specialist and another would be agriculture BUSINESS PLAN 40 .January 7. For the start of any new business or industry the organizations are having sole proprietor ownership.

Searching for the new markets. Developing a network through which the company would rent the bonsai Moving forward the finance department would have a chartered accountant and a cash manger that would do the payment collection and accountancy work. 2009 [VKALP – BONSAI NURSERY] specialist. The marketing department would have several different activites which are as follows. • • • • plants. BUSINESS PLAN 41 . Developing the corporate relationship chain through the communicators. Developing the retail market. This two specialist would be guide the production department for getting the right quality of product the production department would be having 7 another subordinates who would do the production work.January 7.

January 7. 2009 [VKALP – BONSAI NURSERY] BUSINESS PLAN 42 .

or for creating yard-sized or park-sized landscapes. for medicine (although some woody herbs can be made into bonsai). By contrast with other plant-related practices. bonsai is not intended for production of food (although some fruit trees can be used as bonsai bearing limited amounts of seasonal fruit). Some species are more sought after for use as bonsai material. because they have characteristics.January 7. The purposes of bonsai are primarily contemplation (for the viewer) and the pleasant exercise of effort and ingenuity (for the grower). the scope of bonsai practice is narrow and focused on the successful long-term cultivation and shaping of one or more small trees in a single pot. BUSINESS PLAN 43 . such as small leaves or needles that make them appropriate for the smaller design scope of bonsai. As a result. 2009 [VKALP – BONSAI NURSERY] Cultivation of Bonsai Trees Bonsai are not necessarily genetically dwarfed plants. They can be created from nearly any perennial woody-stemmed tree or shrub species which produces true branches and remains small through pot confinement with crown and root pruning.

this means that leaves or needles projecting below their branches must be trimmed off. In many species. such as spruce. The practice of bonsai incorporates a number of techniques either unique to bonsai or. leaf trimming is the most common BUSINESS PLAN 44 . applied in unusual ways that are particularly suitable to the bonsai domain. which may not occur naturally in many conifers. particularly coniferous ones. • Leaf trimming This technique involves the selective removal of leaves (for most varieties of deciduous tree) or needles (for coniferous trees and some others) from a bonsai's trunk and branches. A common esthetic technique in bonsai design is to expose the tree's branches below groups of leaves or needles (sometimes called "pads"). Along with pruning. For some coniferous varieties. branches carry needles from the trunk to the tip and many of these needles may be trimmed to expose the branch shape and bark. if used in other forms of cultivation. Needle and bud trimming can also be used in coniferous trees to force back-budding or budding on old wood.January 7. 2009 [VKALP – BONSAI NURSERY] Techniques to grow Bonsai Trees This juniper makes extensive use of both Jin (deadwood branches) and Shari (trunk deadwood).

To BUSINESS PLAN 45 . and the one that occurs most frequently during the year. or species with stiffer wood.g.January 7. When wire is used on new branches or shoots. usually 6-9 months or one growing season. the pot itself) so that tightening the wire applies force to the branch. and shaping them is accomplished primarily through pruning. • Pruning The small size of the tree and some dwarfing of foliage result from pruning the trunk. • Clamping For larger specimens. however. another branch. and some specimens' branches are too stiff or brittle to be bent easily. Some species do not lignify strongly. branches. Careful pruning throughout the tree's life is necessary. it holds the branches in place until they lignify (convert into wood). to maintain a bonsai's basic design. Improper pruning can weaken or kill trees. 2009 [VKALP – BONSAI NURSERY] activity used for bonsai development and maintenance. • Wiring Wrapping copper or aluminum wire around branches and trunks allows the bonsai designer to create the desired general form and make detailed branch and leaf placements. Wires are also used to connect a branch to another object (e. The most common are screw-based clamps. and roots. which can straighten or bend a part of the bonsai using much greater force than wiring can supply. bonsai artists also use mechanical devices for shaping trunks and branches.. These cases are not conducive to wiring. which can otherwise disappear behind the uncontrolled natural growth of branches and leaves.

thread grafting. • Grafting In this technique. sometimes as small as half the length and width. Second. The tree responds by producing a fresh crop of leaves. Not all species can survive this technique. bud grafting. including branch grafting. • Defoliation Short-term dwarfing of foliage can be accomplished in certain deciduous bonsai by partial or total defoliation of the plant partway through the growing season. 2009 [VKALP – BONSAI NURSERY] prevent damage to the tree. and others. In defoliating a healthy tree of a suitable species. the clamps are tightened a little at a time and make their changes over a period of months or years. It should be noted that this change in leaf size is usually not permanent. none unique to bonsai. a number of favorite species do not thrive as bonsai on their natural root stock and their trunks are often grafted onto hardier root stock. new growing material (typically a bud. Defoliation weakens the tree and should not be performed in two consecutive years. most or all of the leaves are removed by clipping partway along each leaf's petiole (the thin stem that connects a leaf to its branch). BUSINESS PLAN 46 . First. If the bonsai is shown at this time. There are two major purposes for grafting in bonsai. Examples include Japanese red maple and Japanese Black pine. and the leaves of the following spring will often be the normal size. or root) is introduced to a prepared area on the trunk or under the bark of the tree. The new leaves are generally much smaller than those from the first crop.January 7. grafting allows the bonsai artist to add branches (and sometimes roots) where they are needed to improve or complete a bonsai design. Petioles later dry up and drop off. branch. the smaller leaves contribute greatly to the bonsai esthetic of dwarfing. There are many applicable Grafting techniques. or are manually removed once dry.

and the application of chemicals (usually lime sulfur) to bleach and preserve the exposed deadwood. Shari denotes stripping bark from areas of the trunk to simulate natural scarring from a broken limb or lightning strike. Jin is the term used when the bark from an entire branch is removed to create the impression of a snag of deadwood.January 7. In addition to stripping bark. BUSINESS PLAN 47 . 2009 [VKALP – BONSAI NURSERY] • Deadwood Bonsai growers use deadwood bonsai techniques called Jin and Shari to simulate age and maturity in a bonsai. this technique may also involve the use of tools to scar the deadwood or to raise its grain.

Deciduous trees are more at risk of dehydration and will wilt as the soil dries out. heat and wind exposure can dry bonsai trees to the point of drought in a short period of time. Watering too frequently. In the case of deciduous trees.January 7. promotes fungal infections and root rot. Evergreen trees. generally around springtime. others require near-constant moisture. Bonsai are often repotted while in development. Free draining soil is used to prevent water logging. and less often as they become more BUSINESS PLAN 48 . do not display signs of the problem until after damage has occurred. 2009 [VKALP – BONSAI NURSERY] Taking Care of Bonsai Trees • Watering With limited space in a bonsai pot. or allowing the soil to remain soggy. While some species can handle periods of relative dryness. this is done as the tree is leaving its dormant period. • Repotting Bonsai are repotted and root-pruned at intervals dictated by the vigor and age of each tree. regular attention is needed to ensure the tree is correctly watered. which tend to cope with dry conditions better. Sun.

after using a grow box. are often placed in "growing boxes" which are made from scraps of fence board or wood slats. Pre-bonsai material known as potensai. allowing the tree to absorb moisture more efficiently. This prevents them from becoming pot-bound and encourages the growth of new feeder roots. These large boxes allow the roots to grow more freely and increase the vigor of the tree. The second stage. has been to replant the tree in a "training box.January 7. BUSINESS PLAN 49 . 2009 [VKALP – BONSAI NURSERY] mature." this is often smaller and helps to create a smaller dense root mass which can be more easily moved into a final presentation pot.

knob cutter. concave cutter. while others will use BUSINESS PLAN 50 . Other tools include branch bending jacks. root hook. Some promote the use of organic fertilizers to augment an essentially inorganic soil mix. medium and large shears. a tool designed to prune flush. The most common tool is the concave cutter (5th from left in picture). rake with spatula.January 7. wire pliers and shears of different proportions for performing detail and rough shaping. coir brush. without leaving a stub. • Soil and Fertilization Opinions about soil mixes and fertilization vary widely among practitioners. small. wire cutter. Special tools are available for the maintenance of bonsai. 2009 [VKALP – BONSAI NURSERY] Requirements of Bonsai Trees • Tools Set of bonsai tools (left to right): leaf trimmer.

Containers with straight sides and sharp corners are generally better suited to formally presented plants. and its height can all be considered when determining the size of a suitable pot. while oval or round containers might be used for plants with informal shapes. Pots are also distinguished by their size. and may be glazed or unglazed. the thickness of its trunk. taking care to use the correct fertilizer at any given time in each season. 2009 [VKALP – BONSAI NURSERY] chemical fertilizers freely. • Containers Containers come in a variety of shapes and colors. while deciduous trees are planted in glazed pots. and many formal and informal rules guide the selection of pot finish and color for a particular tree. often a base mixture of coarse sand or gravel. fired clay pellets or expanded shale combined with an organic component such as peat or bark. Bonsai soil is primarily a loose. depending on the tree's requirements.January 7. fast-draining mix of components. BUSINESS PLAN 51 . The color of the pot should complement the tree. The design of the bonsai tree. Most use the general rule of little and often due to the flushing effect when watering. Most evergreen bonsai are placed in unglazed pots.

2009 [VKALP – BONSAI NURSERY] BUSINESS PLAN 52 .January 7.

assorted Depreciation land Building Drip sysytem Shade Equipment Vehicles Cost of Capital Risk free rate Market premium Beta Cost of Equity Cost of Debt Proportion of Equity Proportion of Debt WACC 9% 13% 1 22% 7.20% 2000 200 45 SLM RATES 0% 10% 20% 20% 50% 15% 7.00% BUSINESS PLAN 53 .50% 18.for rentals Saplings .for sale Bonsai . 2009 [VKALP – BONSAI NURSERY] Assumptions Interest rates long term short term Average price per plant (INR) Bonsai .January 7.50% 30 20 16.

January 7, 2009 [VKALP – BONSAI NURSERY]

Working Capital Stock in progress Finished goods Projected sales (1st yr) Bonsai - for sale Bonsai - for rentals Saplings - assorted Cost (per yr.)(per yard) Seeds Fertilizers Chemicals Labour Cost (per year)(in lacs) Bonsai Specialist Agriculture Specialst Helpers (3) Accountant Chartered Accountant Total Tax Rate 1.2 0.5 0.5 0.1 0.1 2.4 35% 2500 15000 25000 0% 0% 35% 180 days 60 days

BUSINESS PLAN

54

January 7, 2009 [VKALP – BONSAI NURSERY]

Cost of the Project

PARTICULARS

COST (INR) (lacs)

Land (2 acres) Building (utility building) Drip system Shade (Green house) Working Capital Equipments and transport facility Cash loss (expected for 2 years) Water reservoir Contigency Total Expenses

10 (5 lacs per acre) 3 5 7 10 5 5 2 3 50 Lacs

Capital Structure Equity Debt (7.5%) Subsidy Total 24 20 6

Contribution (lacs)

50 Lacs

BUSINESS PLAN

55

January 7, 2009 [VKALP – BONSAI NURSERY]

Revenue Chart
Particulars Land (acres) Sq yds per acre Land (sq yds) Less: Common space allocation Land available for saplings No. of saplings per sq yd Total no. of saplings Production mix (%) Bonsai - for sale Bonsai - for rentals Saplings - assorted Plants Bonsai - for sale Bonsai - for rentals Saplings - assorted 200809 2 4048 8096 30% 5667.2 3 17001 200910 2 4048 8096 30% 5667.2 3 17001 201011 3 4048 12144 30% 8500.8 3 25502 201112 4 4048 16192 30% 11334.4 3 34003 201213 5 4048 20240 30% 14168 3 42504 2013-14 5 4048 20240 30% 14168 3 42504

20% 5% 75%

20% 5% 75%

20% 5% 75%

20% 5% 75%

20% 5% 75%

20% 5% 75%

3400 850 12750

3400 850 12750

5100 1275 19126

6800 1700 25502

8500 2125 31878

8500 2125 31878

Plants for sale Bonsai - for sale Bonsai - for rentals Saplings - assorted

0% 0% 35%

0% 0% 45%

20% 20% 50%

25% 30% 60%

35% 50% 65%

40% 70% 70%

Plants for sale Bonsai - for sale Bonsai - for rentals Saplings - assorted

0 0 4462

0 0 5737

1020 255 9563

1700 510 15301

2975 1062 20720

3400 1487 22314

BUSINESS PLAN

56

assorted 2000 150 45 2000 150 45 2000 200 45 2500 200 45 2500 250 45 2500 250 45 Revenue of sale Bonsai .01 25816 5 2.21 50405 45 50.35 987588 0 98.for rentals Saplings .76 BUSINESS PLAN 57 .5816 5 25213 35 25.for rentals Saplings .assorted 0 0 200790 0 0 258165 2040000 51000 430335 4250000 102000 688545 7437500 265500 932400 8500000 371750 1004130 Total Revenue Revenue in lacs 20079 0 2.January 7.41 86354 00 86.for sale Bonsai . 2009 [VKALP – BONSAI NURSERY] Average price per plant (INR) Bonsai .for sale Bonsai .

05 0.02 1.15 13.25 0.83 10.4 5 4.34 1.25 0.05 0.2 1.3 1.1 0.05 0.5 0.15 11.50 1.58 0.55 2.90 1.50 0 14.83 0.13 0.3 0.63 Administration &selling expense (B) Labour Cost Marketing cost Depreciation Total Financing Expense (C ) Interest Total Dividend Total expense 2.3 0.5 2.79 2.75 1.08 0.75 1.50 0 14.05 8.63 0.15 13.45 0.75 0.5 2.28 0 14.28 1.50 1.5 0.5 27.75 25.January 7.87 6 4.15 12.60 0.51 6 4.10 1.2 1.34 3.49 BUSINESS PLAN 58 .61 0.05 0.90 5 4.15 14.60 12.15 11.24 0.25 29.6 1 0.13 0.05 1.19 6 4.1 0.4 2.64 5 4. 2009 [VKALP – BONSAI NURSERY] Expenses Particulars Cost of production (A) Seeds Fertilizers Chemicals Electricity cost Total 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 0.66 3.05 3.

46 34.91 11.21 50.45 2.21 0 0 0 50.825 3 0.05 3 0.22 15.2 2.3 2.5 3.58 0 0 0 25.01 5 0 0 2.34 Op.2 2.91 3.06 0.09 27.3 0.46 11.01 7. Cash Balance 0 0. Cash Balance Net Cash Flow Cl.76 10 3 2 5 7 5 1.6 3 0.13 0.5 3.5 0.75 5 0 0 0 0 2 0.06 0.6 1 0.75 47.1 0.31 15.08 0.39 2.5 0 0.89 74.41 86.95 5.13 0.25 0.75 0.51 0 10.75 1.35 0 0 0 98.06 2.42 138.22 58.05 0.75 1. 2009 [VKALP – BONSAI NURSERY] Cash Flow PARTICULARS Sources Equity Debt Subsidy Total revenue 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 24 20 6 2.05 0.5 0 0 0 5 7 0 0.87 0 12.41 0 0 0 86.25 Total 51.3 0.5 0.45 0.64 0 0 5 0 0 0 0 2 1.53 Profit & Loss Account BUSINESS PLAN 59 .90 0 0 5 0 0 0 0 0 1.5 0 0.40 15 0 0 0 0 0 0 0 1.19 24 8.45 9.25 0.4 3.76 Total Application Land Building Water reservoir Drip system Shade Equipments and transport facility Interest Installment Seeds Fertilizers Chemicals Electricity cost Labour Cost Marketing cost Dividend 52.58 25.11 64.11 74.19 15.275 3 0.35 98.January 7.

31 0 -13.09 0 -12.78 8.54 2011-12 50.87 2013-14 98.24 89.52 171.49 2012-13 86.83 69.00 10.13 26.91 20.62 12.64 82.21 13.76 16.29 70.37 7.96 1.09 0 -12.09 -12.88 10.25 41.54 0.85 2010-2011 25.12 0.31 -13.58 1.75 4.41 15.38 9.58 12.50 -11.26 1.36 37.76 -23.24 -12.44 34.76 0 -23.61 31.85 0 -11.January 7.60 -10.01 12.63 11.07 0.5 31.50 -12.60 81. 2009 [VKALP – BONSAI NURSERY] Particulars Total Revenue Total Expense (A+B) PBIT less: Interest (C ) PBT less accumulated loss Less: Tax (35%) PAT Less: Dividend B/S Retained earing IRR Retained earnings (in lacs) 2008-09 2.03 27.31 18.28 10.09 -11.84 -10.09 2009-10 2.35 16.37 BUSINESS PLAN 60 .05 33.90 21.13 59.76 10.59 1.

45 5 2010-11 9.91 0 2011-12 5.85 2 10 0.63 BUSINESS PLAN 61 .75 2012-13 35 11 31.4 2 20 15.46 58.36 176.49 8.24 88.5 2013-14 35 8 41.January 7.7 2 10 2.87 10.53 0 Total 37.54 0 2011-12 35 14 4.24 12.25 Total 37.55 2 15 11.91 31.06 10 2009-10 11.62 112.09 0 2009-10 35 20 -23.85 0 2010-11 35 17 -13.11 8 2013-14 11.49 Assets Total Assets Water reservoir Land Cash Marketing Cost 2008-09 15. 2009 [VKALP – BONSAI NURSERY] Balance Sheet Liabilities Equity + Subsidy Debt Retained profit proposed dividend 2008-09 30 20 -12.37 96.15 38.91 31.1 2 25 138.15 38.25 2 25 74.22 16 2012-13 3.46 62.

75 18.88 12.5 27.37 21.03 26.62 BUSINESS PLAN 62 .25 9.00 -30 34% 0 0.31 10.00 -5 0 10. 2009 [VKALP – BONSAI NURSERY] Irr Calculations 2008-09 Outflow Inflows Dividend Retained Earnings Net Flow IRR 30 2009-10 5 2010-11 0 2011-12 0 2012-13 0 2013-14 0 0 0.78 10.31 8.January 7.38 37.

5%) 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 Int.8250 0. 2009 [VKALP – BONSAI NURSERY] Interest Calculations Loan in beginning 20 20 20 17 14 11 8 Loan at End of yr.5000 1.6000 0.2750 1. 0 0 3 3 3 3 3 20 20 17 14 11 8 5 Debt (7.0500 0. Due 1.3750 Installment BUSINESS PLAN 63 .5000 1.January 7.

4 Value At End 5.7 2.2 2.January 7.8 1.8 1.4 1.4 1.4 1. 2009 [VKALP – BONSAI NURSERY] Depreciation Calculations Building (lacs) 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 Value At Beginning 3 2.7 2.3 0.2 2.4 0 5.5 Depreciation 0.6 4.1 1.8 1.3 0.4 1.3 0.2 Drip System 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 Value At Beginning 5 4 3 2 1 5 Depreciation 1 1 1 1 1 1 Value At End 4 3 2 1 0 4 Shade 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 Value At Beginning 7 5.6 Equipment 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 Value At Beginning 2 1 2 1 2 1 Depreciation 1 1 1 1 1 1 Value At End 1 0 1 0 1 0 BUSINESS PLAN 64 .3 0.4 2.4 7 Depreciation 1.5 1.6 4.4 1.8 1.3 Value At End 2.1 1.4 2.3 0.

15 4.45 0.45 Value At End 2.4 15.85 13.55 2.55 2.7 9.1 1.3 Total Assets 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 Value At Beginning 20 15.7 9.15 4.25 11.75 0.45 0.15 4. 2009 [VKALP – BONSAI NURSERY] Vehicles 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 Value At Beginning 3 2.January 7.45 0.2 0.75 Depreciation 0.1 1.65 1.15 4.15 Value At End 15.55 5.1 BUSINESS PLAN 65 .25 Depreciation 4.45 0.55 7.65 1.85 11.2 0.15 4.4 3.45 0.

January 7. 2009 [VKALP – BONSAI NURSERY] BUSINESS PLAN 66 .

January 7. Once successful I would have a created a brand name for Vkalp. BUSINESS PLAN 67 . This is one more market which has not been tapped efficiently. These are my future plans to exit the current business and expansion into other venture. The price which would be available after 3 years would not only recover my investment in the land but would save me of the complete investment. There is huge scope of business in this area. If the project succeeds If this project turns out to be a success I would then expand my business into other miniature items and would specialize into miniature items. After 3 years into the business I would come to know whether the project has failed or not. The rate at which the price of land is rising in that area would any how fetch me a higher price than that of the current price. I would like to capitalize on this market. I would then carry this image of Vkalp into offering miniature items like miniature paintings. miniature sculptures and miniature mementos. Thus these are my plans if the project fails. 2009 [VKALP – BONSAI NURSERY] Exit strategy If the project fails If the project fails then whatever investment I have done in the fixed assets of the project would be recovered by selling the land and the utility vehicles and would thus recover my investment in the project. This brand name would be attached to all bonsai trees which are miniature trees. I would then venture into some other field keeping into mind whatever mistake I would have made in this project.

January 7. 2009 [VKALP – BONSAI NURSERY] Bibliography  ISI emerging markets  EBSCO Business source complete  EMRALD management extract  CMIE  Indiastats.co.in  Research publications BUSINESS PLAN 68 .com  Google.

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