Q.

1) You are an entrepreneur creating a new venture (select one of the below), what
would be the Economical (Capital, Labor, Raw-Material, Market) impacts on your business
Cloud Computing, Social Influence/Digital Creator, Catering Services
Catering Services-
We all love our food that’s why Food Catering Business is one of the most thriving
businesses in India.
Economical factors

 Capital-
The catering business does not require too much of an initial investment. The food
catering industry in India is said to yield an average annual growth of 25-30%. So can
always have a humble beginning and then build on it as it get more client along the
way. Capital is important factor which impacts on the business, it is important how
to use the sources of capital efficiently for on-site equipment, rental costing,
licenses, and other expenses. The sources of capital could be coming from other
investors, from own funds or a bank loan.
An average budget could be ideally around Rs. 20-22 lakh, which includes an initial
few months of expenses, kitchen rent, transport, licenses, and other permits.
Time is also important factor, which needs the most for the growth of business.

 Raw Material-
After capital the important factor is raw material (Kitchen equipment, storage
cabinets, and burners). After having enough capital need to invest in these
equipments. After this Resources like Gas, Food material, land, water is also
important for cooking.

 Labor-
The next important factor is Labor, without labor catering services can’t run.
For cooking an expert is required to cook delicious food. In an events like marriage
peoples expectation is the taste of food should be amazing, so expert cook is
needed. For serving the food the some skills are needed, and the labor should
available anytime whenever needed, this also impacts on the catering services, if
the service is good, cooking is good, it may increases the clients. Right skills at right
time will help the business to grow.

 Market-
The next important factor is the market, as business grows the demand will
increases and so supply. If product (Food)/service is of a premium quality then it will
help grab the market easily. There will be competition in the catering sector, so it is
important to maintain the position in the market, and quality should not decrease.
Peoples wants to see something new, so there should be some innovation in
service/food, keeping one thing in mind that the quality should not go down.
Q.2) What would be the impact of socio-cultural aspects on new business entering into
solar power business in India?
Socio cultural aspects

 Social Mobility-
Social mobility is movement of groups and individuals across the social structure.
When a new business entering into solar power business, they change their position in
social structure. The business previously may not be growing, so to grow they change their
position into the solar power business as the society in totality absorbed the concept of
solar in general.

 Security-
Second important aspect which impacts is security. Security comes is due to the seasonality
of it, say in rainy season it becomes difficult to get any sunlight, but in summer, the storage
becomes a challenge.

 Population size and rate of growth-

As population size is increasing, the business have an opportunity to have number of
employees, so that the growth rate of the business will increase.

 Legitimacy-
It is another important aspect which impacts on business.
The relevance of a system of norms and values within a socio-cultural setting for the
emergence of entrepreneurship.
Legitimacy means how people will find the idea legit with huge investment and working
period of 20-25 years.

 Marginality-
The decreased cost of solar electricity generation has given a boost to rural energy markets,
but most off-grid businesses remain small. A larger customer base is a precondition for
business expansion and access to finance. To expand their customer base they must
demonstrate the quality of their products and services to villagers.