NAME : - ANCHAL

GUPAT

ROLLNO :- 63

CLASS :- SYBMS (C)

BUSINESS PLANNING
AND
ENTERPRENEURSHIP
MANAGEMENT
 ASSIGEMENT
1) Define entrepreneur and explain the different types of entrepreneur?

Entrepreneurs are individuals who set up a task round innovation to change the arena.
Entrepreneurs are innovators capable of taking dangers and own particular ability units like
communique, management, business control and technical abilties. Entrepreneurship is
organising, developing, setting up and managing a enterprise venture even as bearing any of
its dangers to generate income. As there are exceptional groups, there also are many kinds of
entrepreneurship.

Types of Entrepreneurs

Builder
Builders seek to create scalable companies within a short time frame. Builders usually skip $5
million in sales inside the first to four years and preserve to accumulate till $a hundred
million or beyond. These individuals searching for to build out a strong infrastructure by
using hiring the excellent skills and searching for the best buyers. They have temperamental
personalities that are proper to the fast increase they desire but can make personal and
enterprise relationships difficult..

Opportunist
Opportunistic marketers are constructive individuals with the ability to pick out out monetary
possibilities, moving into at the proper time, staying on board throughout the

Innovator
Innovators are those uncommon people that come up with a terrific idea or product that no
person has idea of earlier than. Think of Thomas Edison, Steve Jobs, and Mark Zuckerberg.
These people worked on what they loved and found commercial enterprise possibilities via
that.time of increase, and exiting while a commercial enterprise hits its peak.

Specialist
These people are analytical and danger-averse. They have a robust skill set in a selected place
received through training or apprenticeship. A specialist entrepreneur will build out their
enterprise thru networking and referrals, ensuing in slower boom than a builder entrepreneur
2. Explain the internal and external factors for entrepreneur motivation?
Internal Factors:
These include the following factors:

1. Desire to do something new.

2. Become independent.

3. Achieve what one wants to have in life.

4. Be recognized for one’s contribution.

5. One’s educational background.

6. One’s occupational background and experience in the relevant field.

External Factors:
These include:

1. Government assistance and support.

2. Availability of labour and raw material.

3. Encouragement from big business houses.

4. Promising demand for the product.

3. What are the problems of starting a new venture,how it can be solved?

Lack Of Finances
Cash waft is important for startups to continue to exist. One of the key challenges that small organizations face
nowadays pertains to finances. As earnings increases, the prices also boom and to top all of it, startups rely
closely on investors who provide them sturdy economic help. When such situations arrive, startups are the first
ones who lose on properly handling their finances, and in the end succumb to the strain.

Solution

As a rule of thumb, startups must usually find methods of minimizing their fees. Invoice factoring is another
manner of speeding up the account receivable strategies in startups. In this digital age whilst invoice bills are
made through cellular phones, there is no harm to request immediate payments from clients.
Poor Business Planning
Proper making plans is the important thing for startups to get their groups off the ground. In this
technological panorama, writing a formal business plan primarily based on a indistinct requirement of
a few group is suicidal. Due to bad making plans, many organizations fail inside the very first 12
months due to the fact they do not effectively element in challenges and pitfalls .
Solution
Before launching the commercial enterprise, it's far crucial for startups to carry out an intensive
research by means of investigating from providers to taxes to competitor costs. This method is the
bedrock for a successful commercial enterprise, which wishes to be regarded in holistic manner in
order that vision for the product is aligned with the diagnosed target audience.

Lack Of Proper Marketing Strategy

It is constantly a task for startups to discern out high-quality methods to market their products or
services. The fact that small agencies want to maximize their return on funding with green and result
orientated centered marketing additionally makes them prone in terms of believe they have got
expand vis-à-vis clients.
Solution
Today’s virtual era has opened a large spectrum of avenues for marketing in the shape of digital, print,
online, cell, and video advertising. Startups more than ever want to be adept at developing progressive
marketing plans, placing advertisements, and letting people understand the worth of their services or
products. To placed it virtually, an amazing advertising approach has imaginative and prescient,
assignment, and commercial enterprise dreams.

Lack Of A Dedicated Team

Due to the lack of a proper team, any business will suffer immensely. Lack of commitment aggravates
frustration in the organization which quickly escalates into an open conflict. If the team members start
making under commitments due to the fear of being responsible or blamed for failure, businesses will
never achieve their goals.
Solution
A dedicated team with a diverse skill set is very important for the startups to grow and succeed. There
should be a proper synergy, coordination, and communication among the members of a team.

Fierce Competition
Competition is the maximum inevitable undertaking that startups face. In fact, startups should
undergo the brunt of facing -manner assignment: one coming from monopolistic businesses which
have dominated the marketplace and making tough for novices to emerge.
Solution
The appropriate factor of competition is that it forces the companies to come out with the fine. There
is, in fact, a whole gamut of opportunities exist for marketers because switching prices for most
customers are low and lots of are inclined to attempt new, quite untested services or products.
4. What do you mean by business plan,explain the benefits of developing a
business plan?
Business making plans enables you keep track of the proper things, and the maximum vital matters.
Allocate some time, effort, and sources strategically. Manage alternate. With appropriate planning
method you regularly evaluate assumptions, song progress, and capture new developments so you can
regulate

2) See the complete enterprise. Business making plans completed right connects the dots in
your commercial enterprise so you get a better image of the complete. Strategy is supposed to
relate to tactics with strategic alignment. Does that show up on your plan? Do your income
connect with your sales and advertising and marketing prices? Are your merchandise right on
your goal marketplace? Are you masking charges such as long-time period constant expenses,
product improvement, and running capital desires as nicely? Take a step returned and take a
look at the larger image.
3) Strategic Focus. Startups and small business need to focus on their special identities, their
target markets, and their products or services tailored to match.
4) Set priorities. You can’t do everything. Business planning helps you keep track of the right
things, and the most important things. Allocate your time, effort, and resources strategically.
5) Manage change. With good planning process you regularly review assumptions, track
progress, and catch new developments so you can adjust. Plan vs. actual analysis is a
dashboard, and adjusting the plan is steering.
6) Develop accountability. Good planning process sets expectations and tracks results. It’s a
tool for regular review of what’s expected and what happened. Good work shows up.
Disappointments show up too.
7) Manage cash. Good business planning connects the dots in cash flow. Sometimes just
watching profits is enough. But when sales on account, physical products, purchasing assets,
or repaying debts are involved, cash flow takes planning and management.
8) Strategic alignment. Does your day-to-day work fit with your main business tactics? Do
those tactics match your strategy? If so, you have strategic alignment. If not, the business
planning will bring up the hidden mismatches.
9) Milestones. Good business planning sets milestones you can work towards. These are key
goals you want to achieve, like reaching a defined sales level, hiring that sales manager, or
opening the new location. We’re human. We work better when we have visible goals we can
work towards.
10) Metrics. Put your performance indicators and numbers to track into a business plan where
you can see them monthly in the plan review meeting. Figure out the numbers that matter.
11) Realistic regular reminders to keep on track. We all want to do everything for our
customers, but sometimes we need to push back to maintain quality and strategic focus. It’s
hard, during the heat of the everyday routine, to remember the priorities and focus. The
business planning process becomes a regular reminder.
5. What do you mean by environment scanning,explain the benefit of
environment scanning?
Environmental scanning that means is the collection of records from an organizations inner and
outside environments, and cautious monitoring of these environments to discover future threats and
possibilities. It is the analyses of all factors that can affect the destiny of the agency.

Importance of Environmental Scanning

1] SWOT Analysis

As we noticed formerly within the environmental scanning that means, it's far a complicated method.
The near study of the internal and external surroundings of an company will screen a few very
valuable statistics, i.E. The strengths, weaknesses, possibilities, and threats of a organization. Let us
take a short appearance.

Strength: After evaluation of the internal surroundings of a organisation, we will be capable of

become aware of the strengths that give the employer a competitive benefit. The entrepreneur can use
this records to maximize those strengths and earn greater profits.
Weakness: Study of the inner environment also factor out the weaknesses of the employer. For the
boom and stability of the company, those diagnosed weaknesses have to be corrected at once.
Opportunity: Analysis of the outside surroundings facilitates with the identity of feasible
possibilities. The entrepreneur can put together to capitalize on those.
Threats: Analysis of the external surroundings can even help inside the identification of any business
threats from competition or another factors. The enterprise can provide you with a method to diffuse
such threats or limit its impact

2] Best Use of Resources

Environmental scanning allows us behavior a radical evaluation and subsequently leads to the
superior utilization of resources for the business.

Whether it is capital resources, human sources or other elements of manufacturing, their quality use
and usage could be very important for any enterprise.

Environmental scanning will help us avoid any wastages and permit for the best and competitively
priced use of these sources.

3] Survival and Growth of the Business

It is a very aggressive global and for any enterprise to survive and thrive it is a tough venture. But if
the enterprise employs all the strategies of environmental scanning it may gain a good sized
advantage.

It will allow the firm to prepare for future threats and possibilities while on the equal time casting off
their weaknesses and enhancing on their strengths.
4] Planning for Long Term
A business need to have a plan for both brief term and long time. The planning of lengthy-time period
goals can handiest arise after right evaluation and environmental scanning that means. This will assist
the entrepreneur plan the vital commercial enterprise strategy.

5] Helps in Decision Making

Decision making is the selection of the pleasant alternative carried out by using management.
Environmental scanning lets in the firm to make the quality selection retaining in thoughts the
fulfillment and boom of the commercial enterprise. They factor out all of the threats and weaknesses.
And additionally they perceive the strengths of the company.

6. Explain the different stages in a new product development?

The new product development procedure in 6 steps. New product improvement is the procedure of
bringing an original product concept to marketplace. Although it differs by using enterprise, it can
essentially be broken down into five tiers: ideation, studies, making plans, prototyping, sourcing, and
costing.

1. Idea Generation

To start a new product it is needed to make a system, search for new product ideas. To develop a new
product the company has to generate so many ideas. For example, Pharmaceutical companies may
require about 8000 starting ideas for a successful new product.

2. Idea Screening

When the company collect ideas from different resources the stage come to screen the entire ideas. In
screening company must avoid two types of errors:

Drop Error It means that when a company drop a good idea, if a company dismiss many drop errors it
standards are too conservative.
Go Error It occurs when company allow a poor idea to move in development and commercialization.

3. Business Analysis
After management develops the product concept and marketing strategy, it can evaluate the proposal’s
business attractiveness. Management needs to prepare sales, costs, and profit projections to determine
business objectives. To estimate sales, the company might look at sales history and conduct surveys
of market opinion. It can then estimate minimum and maximum sales to assess the range of sale. After
preparing the expected cost and profit for the product, including marketing R&D manufacturing
accounting, and finance cost.

4. Product Development

If the production concept passes the business test, it moves to R&D or engineering to be developed
into a physical production. This stage is also called large jump investment.
The R&D department will develop one or more physical versions of the product concept. It will be
hopeful to design a prototype that will satisfy consumers, and can be produced quickly over at
budgeted cost. It may take a week, a month, or a year. The prototype must have required functional
features, and also convey the intended psychological characteristics.

5. Testing Market

After the satisfaction of the management with functional and physical performance the product is
ready to dress up with a brand name and packing and put into market test. The cost of marketing test
may be enormous, and take time that may allow competitors to gain advantages. If management is
confident about new product, then company may do little or not test marketing.

6. Commercialization

It is the next stage when the company introduce new product into market. Company will face its
largest costs. In this stage the company must arrange full scale manufacturing facility. The company
may spend in millions on advertising, sales promotion of new product in the first year.

7. Explain the concept of marketing mix and four P's of marketing mix?
The advertising mix and the 4Ps of advertising are often used as synonyms for each other. In reality,
they're no longer always the equal thing.

"Marketing blend" is a trendy phrase used to describe the distinctive kinds of alternatives businesses
need to make within the complete procedure of bringing a services or products to marketplace. The
4Ps is one manner – probably the first-rate-acknowledged way – of defining the advertising blend,
and turned into first expressed in 1960 through E. J. McCarthy in his e-book, "Basic Marketing - A
Managerial Approach.”

The 4Ps are:

Product/Service
What does the customer want from the product /service? What needs does it satisfy?
What features does it have to meet these needs?
Are there any features you've missed out?
Are you including costly features that the customer won't actually use?
How and where will the customer use it?
What does it look like? How will customers experience it?
What size(s), color(s), and so on, should it be?
What is it to be called?
How is it branded?
How is it differentiated versus your competitors?
What is the most it can cost to provide and still be sold sufficiently profitably? (See also Price,
below.)
Place
Where do buyers look for your product or service?
If they look in a store, what kind? A specialist boutique or in a supermarket, or both? Or online? Or
direct, via a catalog?
How can you access the right distribution channels?
Do you need to use a sales force? Or attend trade fairs? Or make online submissions? Or send samples
to catalog companies?
What do your competitors do, and how can you learn from that and/or differentiate?

Price
What is the value of the product or service to the buyer?
Are there established price points for products or services in this area?
Is the customer price sensitive? Will a small decrease in price gain you extra market share? Or will a
small increase be indiscernible, and so gain you extra profit margin?
What discounts should be offered to trade customers, or to other specific segments of your market?
How will your price compare with your competitors?

Promotion
Where and when can you get your marketing messages across to your target market?
Will you reach your audience by advertising online, in the press, on TV, on radio, or on billboards?
By using direct marketing mailshots? Through PR? On the internet?
When is the best time to promote? Is there seasonality in the market? Are there any wider
environmental issues that suggest or dictate the timing of your market launch or subsequent
promotions?
How do your competitors do their promotions? And how does that influence your choice of
promotional activity?

8. Define social entrepreneurship and their characters?

Social entrepreneurship is the procedure of developing progressive, new organizations to address
social, cultural, and environmental problems. ... Social entrepreneurs should prioritize social, cultural,
and/or environmental issues in their paintings.

7 Essential Characteristics of Social Entrepreneurs

1. Curiosity
Social entrepreneurs have to nurture a feel of interest approximately human beings and the problems
they face. The excellent social marketers are looking for to sincerely recognize the desires and desires
of the people they serve. Great social ventures often start thru immersive market studies, an empathy-
centric technique thru which social marketers benefit know-how inside the subject.

2. Inspiration
In order to layout powerful answers, social entrepreneurs need to be inspired through the humans and
problems they stumble upon. Inspiration motivates action and helps social entrepreneurs address
challenges that others pull away from addressing.

3 . Resourcefulness
In the arena of social entrepreneurship, key assets, which includes human and economic capital, can
regularly be scarce. Successful social entrepreneurs recognize the way to leverage the assets at their
disposal and broaden progressive strategies to conquer barriers.

4. Pragmatism

Changing the world takes time, attempt, and experimentation. While visions for massive social
alternate can also offer their concept, skilled social entrepreneurs recognise that they need to take
small steps in pursuit of their goals. Great social ventures are not born in a single day!

5. Adaptability

Social entrepreneurs ought to continue to be open to solutions. This includes understanding whilst to
pivot and trade their strategies if their preliminary methods do now not prevail. Adaptability and
versatility are quintessential inside the development of early-degree social corporations.

6. Openness to Collaboration

While embarking on a quest to alternate the arena may also feel lonely, it's far critical to remember
the fact that social entrepreneurship is a crew sport, and other people are inclined to assist. Social
marketers want to stay open and attentive to potential partnership and collaboration opportunities. In
many cases, collaborative tasks and joint-ventures can achieve social/enterprise desires a good deal
more successfully than solo endeavors.

7. Persistance
Social marketers tackle a number of the maximum daunting demanding situations our society has to
provide. This regularly creates a recipe for early-degree disasters. However, the a success social
marketers are the ones who persist beyond preliminary setbacks and persevere to deliver powerful
solutions. Experienced social entrepreneurs know a way to study from screw ups, alter their strategies,
and make chronic strategic improvements. Don’t surrender if in the beginning you don’t succeed!

9. Explain the role and function of national institute for entrepreneurship

and small business development?
The National Institute for Entrepreneurship and Small Business Development is a superior
organisation of the Ministry of Skill Development and Entrepreneurship, engaged in schooling,
consultancy, research, and so on. That allows you to sell entrepreneurship and Skill Development.

Major Activities
Training: The schooling programmes being organized by means of the Institute inter-alia encompass
Trainers’ Training Programmes (TTPs); Management Development Programmes (MDPs); Orientation
Programmes for Head of Departments (HoDs) and Senior Executives; Entrepreneurship Development
Programmes (EDPs); Entrepreneurship-cum-Skill Development Programmes (ESDPs) and in
particular designed sponsored activities for exclusive target agencies.

Research/Evaluation Studies: Besides the primary/primary research, the Institute has been task
evaluation/assessment of different government schemes/programmes, schooling need evaluation- Skill
Gap research, industrial potential survey and many others. The broad goal of these sports is the
merchandising of the Entrepreneurship throughout the usa.

Development of Course Curriculum/Syllabi: The Institute has developed Model Syllabi for
organizing Entrepreneurship Development Programmes. It additionally assists in Standardization of
Common Training programmes.

Publications and Training Aids: The Institute has been bringing out different Publications on
entrepreneurship and allied topics. The Institute brings out a quarterly Newslettershowcasing the
activities, achievements and interventions underneath the Entrepreneurial landscape of the united
states.

Cluster Interventions: The Institute has been actively concerned in task developmental
programmes (Soft and Hard Interventions) in Clusters in special capacities. The Institute has to date
treated a total of 24 Industrial Clusters.

Online and Electronic Learning Modules:The Institute has advanced an E-gaining knowledge of
Module (Hindi and English) for Entrepreneurship Development Programmes. The Module became
released in different States.
The Regional Office, Dehradun: Undertakes Research and presents Training & Consultancy
Services to the beneficiaries specifically the ones belonging to the states of Uttarakhand and Uttar
Pradesh.
Hand-retaining for Enterprise Creation and Employment Assistance to the Trainees: The Institute
presents hand-preserving offerings to candidates interested in self-employment and assists to locate
appropriate wage employment in the event that they do no longer opt for self-employment. For the
identical, an interaction platform known as Rozgar Mela(s) is organized for potential employees and
trained men and women.
International Activities: The Institute conducts eight-weeks’ education programmes beneath the
Fellowships of the Ministry of External Affairs: ITEC/SCAAP/COLOMBO Plan for the contributors
from one-of-a-kind international locations. Besides, the Institute also designs and conducts unique
/request training programmes for remote places businesses and has additionally been assisting other
nations thru consultancy assignments mainly in assessing the economic capacity of various
Regions.The programme is being infused with generation for it to have viability in a publish-
pandemic state of affairs.
Consultancy Services (National and International): Offering consultancy offerings inside the vicinity
of entrepreneurship specially for MSMEs. It Offers recommendation and consultancy to other
Institutions engaged in entrepreneurial schooling both in the Government or within the Private Sector.
Advising Governments (both Central & State) and foreign Governments as well in the place of
entrepreneurship and MSMEs.

10. Define business ethics explain the approach to managing ethics?

What Is Business Ethics?
Business ethics is the examine of appropriate business regulations and practices regarding doubtlessly
controversial topics inclusive of corporate governance, insider buying and selling, bribery,
discrimination, company social responsibility, and fiduciary duties. The law regularly publications
enterprise ethics, but at different times enterprise ethics offer a basic guideline that corporations can
pick out to follow to advantage public approval.
Basically, there are 3 approaches to ethics in management. Each of them is discussed in the points
below:

1. Consequence Based Approach

Managers check their decisions through this approach. Here, the emphasis is on the action and not the
reason behind the action. It measures positive and negative outcomes. If positive effects outweigh the
negatives, company decisions are justified.
In this approach, managers analyse the potential options before taking a specific action.
For example, a manager might receive more revenue from fees or company donations from bringing
on a certain event in a city. It can be an adventure programme such as boxing, but it will have a
harmful effect on a number of residents.

2. Moral Rights Approach

In this strategy, managers adopt a moral code that takes care of natural and moral rights. It includes
the right to speech, life, and protection, and to express emotions, etc.
Managers reveal all the necessary details in the annual reports. When disclosing information, its time
and validity are taken into account.
For example, a manager may see that it is difficult for some of the workers to engage in official
training. It might be because they lack the necessary skills. Or, they might have a different challenge
in participation. Some might even have a financial crisis.

3. Social Justice Approach

Managers who take the social justice approach look for equality and fairness. No one is discriminated
against based on caste, religion, race, or gender. But differences are justified based on skills or
performance.
For example, workers belonging to any gender, with the same abilities are equal. But treating
employees who produce better than those who make less is justified.