ENTREPRENEURSHIP SUMANTA SHARMA

BUSINESS AND PROFESSIONBUSINESS IS AN ECONOMIC ACTIVITY WHICH INVOLVES PRODUCTION,DISTRIBUTION AND EXCHANGE OF GOODS AND SERVICES FOR A VALUE.PROFESSION INVOLVES RENDERING CUSTOMISED SERVICES OF AN EXPERT NATURE

CHARACTERISTICS OF A BUSINESSINVOLVES SALE,TRANSFER OR EXCHANGE OF GOODS AND SERVICESREGULARITY IN DEALINGSPROFIT MOTIVERISK OR UNCERTAINITY

SETTING UP A SSIAN INDUSTRIAL UNDERTAKING WHERE THE INVESTMENT IN PLANT AND MACHINERY EXCLUDING LAND AND BUILDING DOES NOT EXCEED A CRORE.

A UNIT WHICH BY VIRTUE OF AN ORGANIC GROWTH EXCEEDS THE INVESTMENT LIMIT BY ONE CRORE CAN CONTINUE TO REMAIN IN THE SSI CATEGORY BY OBTAINING A CARRY ON BUSINESS LISCENSE

SPECIAL CATEGORIES OF SSICOTTAGE INDUSTRIESANCILLIARY UNITSEOUSSSBE

ITEMS RESERVED FOR EXCLUSIVE PRODUCTION IN SSI326 ITEMS (SPORTS GOODS,BYCYCLE PARTS,LEATHER PRODUCTS ETC..)ARE RESERVED FOR EXCLUSIVE PRODUCTION IN SSI.A MEDIUM OR A HEAVY INDUSTRIES CAN PRODUCE THESE ITEMS BY ACQUIRING INDUSTRIAL LISCENSE.

FDI IN SSIFDI IN A SMALL SCALE UNIT ALLOWED IS 24%

REGISTRATION DETAILSUNIT REGISTRATION CERTIFICATE FROM THE DIRECTORATE OF STATE INDUSTRIES OR DISTRICT INDUSTRIES CENTEROWNERSHIP REGISTRATION (PROPRIETORSHIP,PARTNERSHIP, HUF, COOPERATIVE SOCIETY,PRIVATE AND PUBLIC LIMITED COMPANIES)

REGISTRATION DETAILSNOCEXCISESALES TAXPOWER EXPORTDIRECTORATE OF PUBLIC HEALTHINSPECTOR OF FACTORIES

LIST OF INDUSTRIES RESERVED FOR PUBLIC SECTORATOMIC ENERGYRAILWAY TRANSPORT

LIST OF INDUSTRIES FOR WHICH INDUSTRIAL LICENSING IS COMPULSORYDISTILLATION AND BREWING OF ALCHOHOLIC DRINKSCIGARS AND CIGARETTESELECTRONIC AEROSPACE AND DEFENCE EQUIPMENTSINDUSTRIAL EXPLOSIVES HAZARDOUS CHEMICALSDRUGS AND PHARMACEUT ICALS

TESTIF YOU HAD ONE MATCH STICK AND ENTERED A DIMLY LIT ROOM WHERE THERE WAS A KEROSENE LAMP,AN OIL HEATER ,AND A WOOD BURNING STOVE ,WHICH WOULD YOU LIGHT FIRST?ANSWER THE MATCH

HOW CAN A MAN GO EIGHT DAYS WITHOUT SLEEP?ANSWER HE SLEEPS AT NIGHT

HOW CAN YOU LIFT AN ELEPHANT WITH ONE HAND?

ITS NOT A PROBLEM,SINCE YOU WILL NEVER FIND AN ELEPHANT WITH ONE HAND.

SOME MONTHS (LIKE OCTOBER) HAVE 31 DAYS.ONLY FEBRUARY HAS PRECISELY 28(EXCEPT IN A LEAP YEAR).HOW MANY MONTHS HAVE 30 DAYS ANSWER 11 MONTHS

A FARMER HAD 18 PIGS,AND ALL BUT 7 DIED .HOW MANY WERE LEFT/ANSWER 7

IN WHICH STATE IS BAY OF BENGAL?ANSWER LIQUID STATE

TWO WOMEN PLAY CHECKERS .THEY PLAY FIVE GAMES WITHOUT A DRAW GAME ,AND EACH WOMAN WINS THE SAME NUMBER OF GAMES.HOW CAN THIS BE?ANSWER THEY ARENT PLAYING EACH OTHER.

WHAT WORD WAS MISPELLED IN THIS TEST?ANSWER MISPELLED IS MISSPELLED

ENTREPRENEURIAL JOURNEYDECISION

Myths about great ideasGreat ideas just appear out of nowhere . The reality is that the best ideas are outcome of a structured, systematic research There are no stupid ideas .Sometimes, the most powerful ideas come from what, at first glance might seem as stupid or illogical .Customers will tell you what to do if you will only listen.The only problem with this belief is that although customers can help identify unmet needs, theres much more involved with making a great idea workable than simply listening to customers.

Myths about great ideasWe can generate all the ideas well ever need if we just sit down at a meeting Getting people together for a meeting to discuss ideas seems like a great thing to do, however, great ideas are best shaped through an ongoing dialogue, not simply relegated to a specific place and time. Getting ideas isnt a problem; implementing them isThere is a misconception that generating ideas is the easy part of the process and that putting those ideas into action is the difficult part. However, the reality is that problems with implementation arise from not screening carefully enough the ideas that are generated. If this was done, a lot of frustration could be minimized as ill thought ideas could be screened out before even being implemented. source: S Greco, Where great ideas come from,)

POTENTIAL SOURCES OF IDEA GENERATION PERSONAL INTEREST OR HOBBIES BRAINSTORMING WORK EXPERIENCE/KNOWLEDGE/SKILLS INTERVIEW PEOPLE TO DETERMINE UNFILLED NEEDS AND GAPS IN THE MARKET AN EVENT IS AN OPPORTUNITYA PROBLEM IS AN OPPORTUNITYWASTE IS AN OPPORTUNITY

POTENTIAL SOURCES OF IDEA GENERATION

REVIEW THAT WHICH HAS FAILEDBUY AN IDEACONSIDER IMPORT REPLACEMENT/TECHNOLOGYREVIEW TRADE MAGAZINES/INTERNETCHECK OUT FOREIGN SUPPLIERS,CONSULATES ETCADD VALUEBREAK BULKSUBSTITUTE,MODIFY,REARRANGE AND SYNERGISE EXISTING PRODUCTS /SERVICESCREATE OPPORTUNITY

IDEA EVALUATION To minimize risk and maximize return To identify strengths and weaknesses of ideas To make best use of limited resources

IDEA EVALUATION TECHNIQUES FEASIBILTY STUDY - A. Introduction, description of product or service. Brief description of the proposed entrepreneurial venture.Brief history of the industry.Information about the economy and important trends. (FDI, Reservations etc...)Complete list of goods or services to be provided.Strengths and weaknesses of the business.Ease of entry into the industry including competitor analysis.A brief about the production process.

IDEA EVALUATION TECHNIQUES FEASIBILTY STUDY -B. Management considerationsPersonal expertise strengths and weaknesses.Proposed organizational design.Potential staffing requirement.Inventory management methods - Equipment needs.

IDEA EVALUATION TECHNIQUES FEASIBILTY STUDY - C.Marketing considerations Target market identification (Who, Where)Price determination (competition, price lists etc...)Promotion plans

IDEA EVALUATION TECHNIQUES FEASIBILTY STUDY - D.Financial considerationsStart up costs.Working capital requirementsLoans/equityCollateralBreak even analysis.Equipment and building financing.

IDEA EVALUATION TECHNIQUES FEASIBILTY STUDY -Legal considerationsProposed business structure / ownershipContracts,liscences and other legal documentsBuyout and succession issues.Tax considerations

DRIVERS OF THE NEW ECONOMY ROLE OF INFORMATIONTECHNOLOGICAL TRENDSGLOBALIZATIONCHANGING DEMOGRAPHICS

Worlds largest market by 2015CountryChinaIndiaUnited statesRussiaIndonesiaNigeriaPakistanBrazilBangladeshMexicoJapanEthiopiaVietnamPhilippinesZaire

Population in millions)1,513144230030028628126724623515012712711711299

IMPLICATIONS OF THESE DRIVING FORCESContinual turbulence and change Reduced need for physical asset Vanishing distance Compressed time