Course: MASTER OF BUSINESS ADMINISTRATION Name: DEBOLINE MITRA Registration No.: 211630700910079 of 2021-2022 Roll No.: 16300921006 Semester: SEM-3, CAS Subject: MB 304 ENTREPRENEURSHIP AND PROJECT MANAGEMENT (MB 301)() Al of the Following are the broad categorie of External forces EXCEPT: A. Economic forces B. Socioeconomic forces 8. Technolegieal Forces C. Competitive forcee Ans. B Socioeconomic forces Gi Membere of distribution channele are excellent cources for new ideas becauce: A. They are familior with the needs of the market B. They earn a handcome profit from new business C. They do not bother if entrepreneur bears a loce D. They have well-developed sales force Ans. A They are familar with the needs of the market Gi) The bucineee plan chould be prepared by: A. Entrepreneurs 8. Consultants C. Engineers D.Small business administration services Ans. A. Entrepreneurs (i) Government can help in forming new venture by providing: A. Finance B. technology B. Infrastructure D. funds Abs. A. Finance (2) Which of the following ic not a project management goal? A. Avoiding euctomer complaints B. Keeping overall cocte within budget C. Delivering the software to the customer at the agreed time D. Maintaining @ happy and well-functioning development team Ans. A. Avoiding customer complaints Gi) What is the first step in project planning? A. Determine the budget 8. Determine project conctrainte 8. Inspect the deliverablec D. Ectablich the objectives and scopeAns. D. Ectablich the objectives and ceope 1. What three chile are moct important to be an effective project manager? Ans. Hore are the thres “must-have” skile for every successful project manager: + Communication and interpersonal chill Ability to negotiate and recolve confiete + Building commitment within the team. ~Concluding thoughts on team leader skills 2. How do you deal with team conflict? + Ack the other person to name a time when it would be convenient to meet. + Arrange to meet in a place where you wont be interrupted. Cay ‘When thie happenc ..” inctead of Wiewyoude.” + Describe a specific instance or event inctead of generalizing.3. Listen carefully. + Listen to what the other person i saying instead of getting ready to recet. + Avoid interrupting the other person. + After the ather percon finishes speaking, rephrase what was caid to make cure you understand it. + Ach questions to clarify your underetanding. + Summariee the areas of agreement and divagreement. + Ack the other person if he or che agrees with your acceccment. + Modify your aceeccment until both of yeu agree on the areas of conflict. + Diseuce which areas of conflict are most important to each of you to resolve. + Start with the moct important conflict. + Focus on the future. + Set up future meeting times to continue your discussions. Stick with the discussions until you've worked through each aren of conflict + Maintain a collaborative, ‘let’s-work-out-a-colution” attitude.8. d on your cuccets. + Cook For opportunities to point out progress. + Compliment the other percon's incighte and achievements. + Congratulate each other when you make progrece, even if it's just a emall ctep. Your hard work will poyoff when scheduled diccuccions eventually give way to ongoing, Friendly communication. 3. What do you ind moct chollenging about being an entrepreneur? + Deciding what to sell Probably the biggest challenge of entreprencurchip ic hearing out what kind of product or service to offer. + Marketing + Hiving talent. + Delegating authority. + Managing time + Guarding cach Row. “Finding capital. + Projecting confidence 5. What are the probleme faced by entrepreneurc? How to overcome them? Challenges Faced by Entrepreneure & Their Perfect Solutions + Projecting Confidence + Time Manegement + Financial Planning + Building Authority + Creating a Client Bace + Marketing + Business Growth Projecting Confidence Entrepreneurship is fun and exciting. It helps your drevons come true. But sometimes people get demotivated when things don't turn out the way they wanted and ctart doubting themcelvec. However, being able to overcome self-doubt ic a necetcary trait for entrepreneare. Whether you are dealing with clients, investors or even your employees, you need to be confident. You must have faith im yourself and the services you are providing. How to Overcome: Believing in yourself, your chille and vision One of the best ways to overcome this obstacle is you can do anything. You just need to have faith in what you are doing. You can read books, wateh videos, talk to your peerc and approach other entrepreneurs to quide you. Work on your goale and to-do let. Make omall targets and try to achievethem. This will help you gain confidence and go a lorg way. Time Management Time ic a very precious factor for an entrepreneur. While it may seem like money ig the only thing thot can affect your business. The time comes ac a surprive factor. It it a limited recource that you can use. Therefore, time management ic crucial You should effectively manage time, Invest each minute of yours to encure that youre getting everything done that you need to do. How can you manage your time? Let's explore. How to Overcome: Be Organized and Diligent You only have 24 hours a day to get your things done. In thove 24 hours, you need time for yourself to make a work-life balance. Therefore, you remain with 14-25 hours for your work. To utilize the maximum amount of time, you need to be organized and diligent in your work. Create goale and to-do liete that you need to complete within a day. Organize everything a day prior and start your day by checking all the tasks you have. Prioritize them and spend cufficient time on each tack. Truct your team members, divide the tacks between them. Thie will help you in managing your time. Financial Planning The most important acpect thal you reed while cetting up your business is Andinig capital. Once you are clear with your bucinecs idea, the cecond thing you need to do ic hunt for capital. Because before getting to worry about cash flow issues, you need capital to get off the ground. How to Overcome: Go for a Businece Coan or Find Cuitable Invector One of the toughest challenges faced by entrepreneurs it fnding capital. But thie ie not that tough thet it locks. There are various colutions available for thie challenge. From getting traditional bank loanc to self-fueled growth madels, you can opt for anything. Vou can approach investors who are interested in ‘your businece. An organized plan has the potential to attract investore. Work on your objectives, strategies, and you wouldnt face francial problems in your business. Building Authority Extabliching authority for your bucinece mokes it more authentic. Ifyou want your businete to become the first choice of your potential clients, you need to authenticate it. It ensures the protection of your businece cet up and maker it more authentic in terme of originality and utility. How? Let's cee. How to Overcome: Get it Patent and Approved The patent helpc your bucinece build market chare, margins, growth of your cet up, and mew resources to generate revenue. You cam go to local authorities, draft an application and get your business patent.Creating a Cent Base To ran your business longer with benefits, you weed to create a telid client base. Clente help im increasing your capital, popularity and great networking opportunities. IF you satisfy your clients with your services, they will help you in getting potential cliente. That's why a good client bace ic neeeccary for your bucinece. However, it requires a lot of effort and constant dedication in creating cuch a client base. Generally, entrepreneurs face difficulties in it. How to Overcome: Networking, Marketing and Providing Catiefactory Servicee To overcome thie challenge, you should invest your time and money in establishing a vast network, marketing your services and providing satisfactory services to your clients. To do 0, you can join network communiticn meet rew people, ereate a website, blog, be active on coviel media, ete. Underctand your audience and create a marketing plan accordingly. The Global Career Counsellor Program has created a private community on Facebook for their alumni, the “Taner Circle” In thi¢ community, career courcellore learn about new cources, how to councel etudente and ack questions to the experienced career counsellors. Along with learning, they also get benefited with earning opportunities. You can join cach a network and increase your elient base. Marketing One of the most important factors for a businece to grow ic effective marketing. It helps in reaching a vast audience and spreading awarences of your services. However, generally, entrepreneurs find dificultiee in marketing their business cet up. They don't know the ways to market their services. How to Overcome: Create Website, Blogs, Videor As you know in today's world, marketing is everything and one of the challerges faced by entrepreneurs. You cant rely on juct traditional marketing methods like Ayer, newsletters because, in thic tech-cavvy age, you need excaptionally good marketing ideas. You can start with email and free marketing campaigns, pocts on social media platforms like Facebook, Tnctogrom, Twitter, ete and then go for paid campaigns. You can collaborate with other firme and market your services too. Business Growth Cast but not the least, bucinecc growth. Every entrepreneur wants his/her businecc to grow. The main target of an entrepreneur ie to get hie/ber bucinece 0 heights. But they Face many hurdles in increasingtheir businecces. How can you grow your businesc? The solution is here. How to Qvercome: Be Updated & Keep Your Bucinece Updated To overcome thie challenge, you ean create now processes that focus on tack delegation. Dont expect your business to grow at the initial stage, give it some time and you will go 0 long way. Consult with industry experte, keep an eye on your competitors, monitor every activity in your bucinece and exponentially grow ‘your business. These are come of the challenges faced by entrepreneurs and tips to overcome these. If you find thic blog helpful, let uc know in the comments below. Tf you want to set up your oun career counselling venture, we are here to help. Univariety’s Super Counsellor Program supports individuals aspiring to set up their career counselling bucinese. 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