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Shree Samarth Academy’s Shree Samarth Polytechnic

Mhasane Phata, Ahmednagar (414301)

Maharashtra State Board of Technical Education

A project report on-

Step in setting of a business

Partial Fulfillment of the Requirement for the Diploma in
Mechanical
Engineering
BY-
Meher Sachin Suresh [2014660148]
Shinde Pratap Pandit [2014660151]
Shinde Niraj Satish [2014660152]

GUIDED BY-
[ Prof.Khedkar P.D]
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Shree Samarth Academy’s Shree Samarth Polytechnic

Mhasane Phata, Ahmednagar (414301)

Maharashtra State Board of Technical Education

Certificate
This is to certify that the project work entitled
Write a report on
Step in setting of a business

Submitted By-
Meher Sachin Suresh [2014660148]
Shinde Pratap Pandit [2014660151]
Shinde Niraj Satish [2014660152]

In the partial fulfillment of Diploma in Mechaaical Engineering has

been Satisfactory carried out under my guidance as per the
requirement of Maharashtra State Board of Technical Education,
Mumbai during the academic year 2022-2023.

Date- / /2023
Place- Mhasne phata,Parner

GUIDE HOD PRINCIPAL

[Prof.Khedkar P.D] [Prof . Kadus R.K.] [ Prof . Kulkarni D.A ]

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Acknowledgement
An endeavor over long period can be successful only with advice and guidance of
may well- wishers.

My sincere thanks to the management and Prof.Kulkarni D.A Sir principal of

Shree Samarth Polytechnic, Mhasane Phata Ahmednagar for providing me the
opportunity to conduct my project work.

I am highly indebted to Prof. Kadus. R. K Sir Head Of Department Of Mechanical

For his Assistance And Constant Source Of Encouragement. I wish to Express My
Profound And Deep Sense Of Gratitude Of Prof. Khedkar P.D sir Project
Coordinator For Sparing Her Valuable Time To Extent Help In Very Step Of My
Project Work.

I Would Also Like To Thank The Staff Of Mechanical Department For The
Generous Guidance.

Last But Not The Least We Would Like To Thank Our Friends And For Their
Help In Every Way For The Success Of This Project Report.

Name Of Student Signature

…………………………………..
Meher Sachin Suresh
…………………………………..
Shinde Pratap Pandit
…………………………………..
Shinde Niraj Satish
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Introduction
Business is the practice of making one's living or making money by producing
or buying and selling products (such as goods and services). It is also "any activity
or enterprise entered into for profit." Having a business name does not separate
the business entity from the owner, which means that the owner of the business
is responsible and liable for debts incurred by the business. If the business
acquires debts, the creditors can go after the owner's personal possessions. A
business structure does not allow for corporate tax rates. The proprietor is
personally taxed on all income from the business.
The term is also often used colloquially (but not by lawyers or by public officials)
to refer to a company, such as a corporation or cooperative.
Corporations, in contrast with sole proprietors and partnerships, are a separate
legal entity and provide limited liability for their owners/members, as well as
being subject to corporate tax rates. A corporation is more complicated and
expensive to set up, but offers more protection and benefits for the
owners/members.
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1. Determine Your Business Concept

Most business advice tells you to monetize what you love, but it misses two other
very important elements: it needs to be profitable and something you’re good at.
For example, you may love music, but how viable is your business idea if you’re
not a great singer or songwriter? Maybe you love making soap and want to open
a soap shop in your small town that already has three close by—it won’t be easy
to corner the market when you’re creating the same product as other nearby
stores.
If you don’t have a firm idea of what your business will entail, ask yourself the
following questions:
 What do you love to do?
 What do you hate to do?
 Can you think of something that would make those things easier?
 What are you good at?
 What do others come to you for advice about?
 If you were given ten minutes to give a five-minute speech on any topic,
what would it be?
 What’s something you’ve always wanted to do, but lacked resources for?
These questions can lead you to an idea for your business. If you already have an
idea, they might help you expand it. Once you have your idea, measure it against
whether you’re good at it and if it’s profitable.
Your business idea also doesn’t have to be the next Scrub Daddy or Squatty Potty.
Instead, you can take an existing product and improve upon it. Or, you can sell a
digital product so there’s little overhead.
Consider Popular Business Ideas
 Start a Blog
 Start an Online Store
 Start a Dropshipping Business
 Start a Cleaning Business
 Start a Bookkeeping Business
 Start a Clothing Business
 Start a Landscaping Business
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2. Research Your Competitors and Market

Most entrepreneurs spend more time on their products than they do getting to
know the competition. If you ever apply for outside funding, the potential lender
or partner wants to know: what sets you (or your business idea) apart? If market
analysis indicates your product or service is saturated in your area, see if you can
think of a different approach. Take housekeeping, for example—rather than
general cleaning services, you might specialize in homes with pets or focus on
garage cleanups.
Primary Research
The first stage of any competition study is primary research, which entails
obtaining data directly from potential customers rather than basing your
conclusions on past data. You can use questionnaires, surveys and interviews to
learn what consumers want.
Surveying friends and family isn’t recommended unless they’re your target
market. People who say they’d buy something and people who do are very
different. The last thing you want is to take so much stock in what they say, create
the product and flop when you try to sell it because all of the people who said
they’d buy it don’t because the product isn’t something they’d actually buy.
Secondary Research
Utilize existing sources of information, such as census data, to gather information
when you do secondary research. The current data may be studied, compiled and
analyzed in various ways that are appropriate for your needs but it may not be as
detailed as primary research.
Conduct a SWOT Analysis
SWOT stands for strengths, weaknesses, opportunities and threats. Conducting a
SWOT analysis allows you to look at the facts about how your product or idea
might perform if taken to market, and it can also help you make decisions about
the direction of your idea. Your business idea might have some weaknesses that
you hadn’t considered or there may be some opportunities to improve on a
competitor’s product.
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3. Create Your Business Plan

A business plan is a dynamic document that serves as a roadmap for establishing
a new business. This document makes it simple for potential investors, financial
institutions and company management to understand and absorb. Even if you
intend to self-finance, a business plan can help you flesh out your idea and spot
potential problems. When writing a well-rounded business plan, include the
following sections:

 Executive summary: The executive summary should be the first item in the
business plan, but it should be written last. It describes the proposed new
business and highlights the goals of the company and the methods to
achieve them.
 Company description: The company description covers what problems your
product or service solves and why your business or idea is best. For
example, maybe your background is in molecular engineering, and you’ve
used that background to create a new type of athletic wear—you have the
proper credentials to make the best material.
 Market analysis: This section of the business plan analyzes how well a
company is positioned against its competitors. The market analysis should
include target market, segmentation analysis, market size, growth rate,
trends and a competitive environment assessment.
 Organization and structure: Write about the type of business organization
you expect, what risk management strategies you propose and who will
staff the management team. What are their qualifications? Will your
business be a single-member limited liability company (LLC) or a
corporation?
 Mission and goals: This section should contain a brief mission statement
and detail what the business wishes to accomplish and the steps to get
there. These goals should be SMART (specific, measurable, action-
orientated, realistic and time-bound).
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4. Choose Your Business Structure

When structuring your business, it’s essential to consider how each structure
impacts the amount of taxes you owe, daily operations and whether your
personal assets are at risk.
LLC
An LLC limits your personal liability for business debts. LLCs can be owned by one
or more people or companies and must include a registered agent. These owners
are referred to as members.
Pros

 LLCs offer liability protection for the owners

 They’re one of the easiest business entities to set up
 You can have a single-member LLC
Cons

 You may be required to file additional paperwork with your state on a

regular basis
 LLCs can’t issue stock
 You’ll need to pay annual filing fees to your state

5 Manage your money

Getting a grip on finances is important for streamlining your business operations.

This involves everything from opening a business bank account to choosing
accounting software.

 Choosing the Right Bank for Your Business: 8 Things To Know

 Why Bookkeeping is Essential for Your Online Business
 8 Best Small Business Accounting Software Picks
 Financial Statement: What Is It and Why It Matters For Your Business
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Classifications
 Agriculture, such as the domestication of fish, animals, and livestock, as
well as lumber, oil, vegetables, fruits, etc.
 Mining businesses that extract natural resources and raw materials, such
as wood, petroleum, natural gas, ores, metals or minerals.
 Service businesses offer intangible goods or services and typically charge
for labor or other services provided to government, to consumers, or to
other businesses. Interior decorators, beauticians, hair stylists, make-up
artists, tanning salons, laundromats, dry cleaners, and pest controllers are
service businesses.
o Financial services businesses include banks, brokerage firms, credit
unions, credit cards, insurance companies, asset and investment
companies such as private-equity firms, private-equity funds, real
estate investment trusts, sovereign wealth funds, pension
funds, mutual funds, index funds, hedge funds, stock exchanges,
and other companies that generate profits through investment and
management of capital.
o Transportation businesses such as railways, airlines, and shipping
companies deliver goods and individuals to their destinations for a
fee.
o Utilities produce public services such as water, electricity, waste
management or sewage treatment. These industries are usually
operated under the charge of a public government.
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Management
The efficient and effective operation of a business, and study of this subject, is
called management. The major branches of management are financial
management, marketing management, human resource management, strategic
management, production management, operations management, service
management, and information technology management. 
Owners may manage their businesses themselves, or employ managers to do so
for them. Whether they are owners or employees, managers administer three
primary components of the business's value: financial resources, capital (tangible
resources), and human resources. These resources are administered in at least six
functional areas: legal contracting, manufacturing or service production,
marketing, accounting, financing, and human resources.[citation needed]
Restructuring state enterprises
In recent decades, states modeled some of their assets and enterprises after
business enterprises. In 2003, for example, China modeled 80% of its state-owned
enterprises on a company-type management system.[32] Many state institutions
and enterprises in China and Russia have transformed into joint-stock companies,
with part of their shares being listed on public stock markets.
Business process management
Business process management (BPM) is a holistic management approach focused
on aligning all aspects of an organization with the wants and needs of clients.
BPM attempts to improve processes continuously. It can, therefore, be described
as a "process optimization process". It is argued that BPM enables organizations
to be more efficient, effective and capable of change than a functionally focused,
traditional hierarchical management approach.
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Unicorns

Some startups become big and they become unicorns, i.e. privately held startup
companies valued at over US$1 billion. The term was coined in 2013 by venture
capitalist Aileen Lee, choosing the mythical animal to represent the statistical
rarity of such successful ventures. According to TechCrunch, there were 452
unicorns as of May 2019, and most of the unicorns are in the USA, followed by
China. The unicorns are concentrated in a few countries. The unicorn leaders are
the U.S. with 196 companies, China with 165, India with 107[80] and the U.K. with
16.[81] The largest unicorns included Ant
Financial, ByteDance, DiDi, Uber, Xiaomi, and Airbnb. When the value of a
company is over US$10 billion, the company will be called as a Decacorn. When
the company is valued over US$100 billion, Hectocorn will be used.
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References
o ^ American Heritage Dictionary. Archived from the original on March 31,
2019. business [:] 1. The activity of buying and selling commodities,
products, or services.
o ^ Longman Business English Dictionary (2nd ed.). Pearson Longman.
2007. ISBN 9781405852593. OCLC 954137383.
o ^ Longman Dictionary of Contemporary English. Archived from the
original on July 9, 2019. business [:] 1 [...] the activity of making money by
producing or buying and selling goods, or providing services.
o ^ Oxford Living Dictionaries. Archived from the original on May 1,
2019. business [:] 2 The practice of making one's living by engaging
in commerce.
o ^ Burton, William (2007). Burton's Legal Thesaurus (4th ed.). McGraw-Hill
Education. p. 68. ISBN 9780071472623. OCLC 70864526.
o ^ "Definition of POSSESSION". www.merriam-webster.com. Retrieved  2022-
11-20.
o ^ Holloway, S. S.; Parmigiani, A. (2014). "Friends and Profits Don't Mix: The
Performance Implications of Repeated Partnerships". Academy of
Management Journal. 59 (2):
460. doi:10.5465/amj.2013.0581. S2CID 168091169.
o ^ "Choose a business structure". Small Business
Administration. Archived from the original on 2020-10-30. Retrieved  2021-
05-13.
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Teacher Evaluation Sheet

Name of the Student:…………………………………………

Enrollment No:……………………………………………….

Name of Program:…………………………………………….

Semester:………………………………………………………

Course Title:…………………………………………………...

Code:………………………………………………………….

Title of the Micro-Project:…………………………………….

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Course Outcomes Achieved

……………………………………………………………………………………………………………

…………………………………………………………………………………………………………..

Sr. Characteristic to Poor Average Good Excellent

No be assessed ( Marks 1-3) (Marks 4-5) Marks( 6-8) Marks (9-10)
1 Relevance to the course

2 Literature survey/
Information Collection

3 Project Proposal

4 Completion of the
Target as per project
proposal
5 Analysis of Data &
Representation
6 Quality of
Prototype/Model
7 Report Preparation

8 Presentation

9 Analysis of Data &

Process Assignment Product Assignment Total Marks

Part A- Project Part B-Project Individual

Project Methodology Report/Working Presentation/
Proposal (2 mark) Model (2 Viva
(2 Marks) marks) (4 mark)
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Note: Every course teacher is expected to assign marks for group

evolution in first 3 columns & individual evaluation in 4thcolumns for
each group of students as per rubrics.

Comments/suggestions about team work/leadership/inter-

personal communication

Any Other Comment:

…………………………………………………………………

…………………………………………………………………

…………………………………………………………………

…………………………………………………………………
Name and designation of the faculty member

…………………………………………………………………
Signature………………………………………………………