Sample Assignment Jan June 2016 MS-93

Course Code MS - 93 Course Title Management of New and Small Enterprises Assignment Code MS-93/TMA/SEM - I/2016 Assignment Coverage All Blocks

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1. What do you understand by entrepreneurial competency? Explain its role in entrepreneurship development? Entrepreneurial competency-

Entrepreneurial ----------------------------------------------------------------------------------------------------------------------------------------------

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----------------------------------------------------------------------------------& services”.

Entrepreneurs play a very -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------and venture performance”.

Entrepreneurship is very important for -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------techniques in the business operations.

A competence is an underlying --------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------a competence is a combination of body of

knowledge, set of skills and cluster of appropriate motives/traits that an individual possesses to perform a given task. In

order to understand more about competencies, let us understand the meaning of knowledge, skills, traits and motives, which

form various components of entrepreneurial competencies.

Thus, entrepreneur Competency is a purposeful behavioral adaptation launched for initiating, promoting and maintaining economic activities for the production and mobilization of monetary resources.

Competence is a concept that has ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------potential for, in turn, economic gain or business success.

The knowledge of -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------entrepreneur.

There is a wide range of significant contributions ----------------------------------------------------------- can make to the

development process. These include the following:

1) Entrepreneurship ------------------------------------------------------------------------------- forms of innovation

2) Entrepreneurship ---------------------------------------------------------------- creation.

3) Entrepreneurship ------------------------------------------------------- of technology.

4) Entrepreneurs ------------------------------------------------------------------------------------ and products.

5) Entrepreneurs ----------------------------------------------------------------------------------- of economy.

6) Entrepreneurs help reduce ---------------------------------------------------------------------- of economic power.

7) Entrerpreneurship and ------------------------------------------------------------------ and governmental enterprises.

8) Entrepreneurs make markets more competitive and thereby reduce both static and dynamic market inefficency.

9) Micro------------------------------------------------------------------------------------ government authority when governments and

their programmes inhibit economic development.

10) Entrepreneurs stimulate a ------------------------------------------------ in ways that are economically positive without being

politically disruptive.

11) Entrepreneurs improve the social welfare of a country by harnessing dormant, previously overlooked talent.

12) Entrepreneurs --------------------------------------- expansion into international markets.

Competence development can ---------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------development, specifically the process and the

consequences of it. Figure below illustrates how the concepts presented in this fit into one of the three blocks. Research on

the process of competence development has only begun to emerge with the research of Man and his colleagues

2. How can an opportunity analysis be conducted for the following:-

(a) A gift shop

Retail companies, like -------------------------------------------------------------------------------------------------------------------------------------

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-------------------------------------------------------------------------------------------------------------------------------------------------------------------

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-------------------------------------------------------------------------------------------nal factors, which are positive and negative situations,

respectively, that retailers continuously face.

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

An important step in a retail --------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------. For example, a small web design company may

see an opportunity to ---------------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------the opportunity to purchase a smaller retailer to increase

market opportunities.

(b) A bicycle store

While independent bicycle dealers face many challenges today, there are also clear opportunities for those who pursue them,

according to a group of 15 experienced bicycle shop owners and managers who sat together to conduct a SWOT analysis of

the bicycle dealer channel from their perspective.

For those ------------------------------------------------------------------------------------------------------------------------------------------------------

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-------------------------------------------------------------------------------------------------------------------------------------------------------------------

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--------------------------------------------------------------------------a clearer look at their overall situation and build an informed

strategy going forward.

The dealer SWOT session led to a wide variety of ideas and concepts, some repetition, but surprising consensus on the issues

of the day. Ideas flowed ------------------------------------------ aspects of bicycle retailing. Here's the SWOT list they came up

with:

Strengths: (characteristics of the business that give it an advantage relative to others.)

Personal ------------------------------------------ the relationship business.") ------------------------------------------------------------------- History ---------------------------------------- Hard work -------------------------------------- return Longevity (the ------------------------------------------------ 30 years) Valuable as ------------------------------------------- near where they ride.") ------------------------------------- Part of the local c-------------------------- Offering ------------------------------------------------------ is slow versus taking it off the shelf now.) Offering --------------------------------- Touch --------------------------------- (test rides, trying things on) Advocacy -------------------------------

Weaknesses: (------------------------------------------------------------ relative to others.)

Poor ------------------------------ ------------------------ Channel ---------------------------------------- Undervaluing --------------------------------- High ------------------------------- the business --------------------------------- service Burnout Low --------------------------------- Low pay ---------------------------------- Small ------------------------------------ -------------------------------------- action difficult Perception ---------------------------------- a hobby Perception ----------------------- are high In-season new -------------------------------------- current year product Small ------------------------------------ adapt / not progressive Shortage of -----------------------------------

Opportunities: (--------------------------------- exploit to its advantage.)

---------------------------- groups (age, ethnicity, gender).

Reaching out ----------------------------------- women

Urbanization and -----------------------------------------

Improved ---------------------------------------

Changing ------------------------------------------- way

Can engage ------------------------------- real time

Product ----------------------------------------- and add value)

To be ------------------------------- community

Personal contact

High --------------------------------

The wizardry ---------------------------- department

------------------------------------------------ price

Making -------------------------- local hero

Threats: (elements in ------------------------------------------- for the business.)

Commoditization (the ------------------------------- not differentiated) Online ------------------------- ------------------------------- Price ------------------------ The --------------------------------- class ---------------------------- Young --------------------------------- to electronics Low ------------------------- entry Burnout --------------------------------- to the public Direct selling -------------------- consumers Changing ------------------------ ------------------------------ brands Climate ----------------------- Lack ---------------------- employees Rising costs Anti--------------------------- culture --------------------------- Lack of safe ----------------------- Unethical suppliers

While this list is certainly not exhaustive, it does hit on many of the themes and concerns at work as the industry positions

itself for the future. While some of the biggest threats are societal, and therefore out of the individual dealer's control, the list

does point to many things that can be done at the micro level, within the store, very much within our control.

Seek the opportunities, -------------------------------------------------------------------------------------------------------------------------------------

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-------------------------------------------------------------------------------------------------------------------------------------------------------------------

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-------------------------------------------------------------------------------------------. Good cycle shops can make it so.

3. What are the advantages of company form of organization as compared to Proprietorship/ One Person Company and Partnership form of organization? Discuss A Sole Proprietorship is a business with one owner who operates the business on his or her own or employ employees. It is

the simplest and the most numerous form of business organization in the United States, however it is dangerous as the sole

proprietor has total and unlimited liability. Self contractor is one example of a sole proprietorship.

A Partnership is a -------------------------------------------------------------------------------------------------------------------------------------------

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-------------------------------------------------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------debts; it has no general partners).

A company is a limited ------------------------------------------------------------------------------------------------------------------------------------

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-------------------------------------------------------------------------------------------of the stocks but are not responsible for the company’s

debts.

The Advantages of a Company over a Partnership and Sole Proprietorship-

Deciding how to form --------------------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------the benefits of a corporate structure can help you decide

if forming a company is the best bet for your business.

-------------------------------------------------------------------------------------------------------------------------------------------------------------------

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-------------------------------------------------------------paperwork and expenses to set up, but it can offer certain rewards that other

forms of business do not.

Shareholders in a company are not liable for corporate debts

This is the most ----------------------------------------------------------------------------------------------------------------------------------------------

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----------------------------------------------------------------------------------difference. On the other hand, if a company runs out of funds,

its owners are usually not liable.

Please note that under certain ----------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------------------------------------------------

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----------------------------------------------------------------------------------------------------of these circumstances where a court may

decide to pierce the corporate veil include:

If personal ------------------------ funds

If a ----------------------------- meetings

If the ---------------------------------------- or minimal insurance

If the company ------------------------ otherwise violates state law (like defrauding customers)

Companies offer self-employment tax savings

Earnings from a ----------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------ not profits) are subject to such taxes.

This can save you thousands of dollars per year.

For example, if a sole -------------------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------. This saves you over $5,000 per year. Please note,

however, that you should pay yourself a reasonable salary.

Companies enjoy some -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------on the profits they earn from their companies.

Access to Funds

Companies can more easily raise --------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------------------------

---investors for a business.

Liability Protection

The biggest benefit -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------to losing personal assets if the company goes bankrupt or is caught up in costly legal situations.

Companies have continuous life

Unlike a sole proprietorship or partnership, a company does not expire upon the death of its shareholders, directors or officers.

Companies make raising money easier

A company has many ---------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------- Plus, investors can rest assured knowing they are not personally

liable for corporate debts.

Transferring the ownership interests of a company is easier

Ownership interests in a company may be sold to third parties without disturbing the continued operation of the business. A

sole proprietorship or --------------------------------------------------- of its assets, licenses and permits must be individually

transferred. Plus, new bank accounts and tax identification numbers are required.

4. Describe the tools of production planning and control used by a small entrepreneur. Planning and control -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------results in terms of quality, quantity, time and place. Production control regulates and stimulates the orderly show of materials in the manufacturing process from the beginning to the end. Production ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ right place and each operation to be performed in maximum efficiency. Planning and control are the two most ----------------------------------------------------------------- plan for different activities in their organisation and through control mechanism they take corrective actions where ever required. Production planning ------------------------------------------------------------------------------------------------------------ and equipment, materials and utilities to achieve the desired goal. The productivity of an organisation can be improved by better planning efforts. Production planning and ----------------------------------------------------------------------------------------------------------------------------------------------------- time scheduling these resources to produce the desired products on time at the least total cost.”

Generally PPC is used in manufacturing --------------------------------------------------- non manufacturing units also. For

example, we can use PPC in any restaurant to provide customer service more efficiently.

There are ----------------------------------, which are stared as below:

1. -------------------------

2. -------------------------------

3. Dispatching

4. --------------------------

1. ------------------------- Routing is the planning -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------for raw materials and components and material handling system. The main aim --------------------------------------------- and cheapest Production Planning and control Routing procedure involves the following different activities: (1) An ----------------------------- what to make and what to buy. (2) To ------------------------------------- (3) Determining ------------------------------------------------ their sequence. (4) A ------------------------------------ sizes (5) Determination ---------------------------------------------- (6) An -------------------- the article

2. Scheduling- The next step after -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------a customer’s order well in time. For example, if we order for a car, the manufacturer will estimate the time required for its production and then will give us the delivery date. Scheduling is that phase of production and control, which rates the work in order of its priority and then provide for its release to the plant at the proper time and in correct sequence. Thus, scheduling is concerned with when the work shall be performed on a product. Routing and scheduling -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------scheduling and Job shop scheduling. Scheduling is mainly concerns with time element and priorities of a job. The pattern of scheduling differs from one job to another which is explained as below:

Production schedule: The main -------------------------------------------------- by plant and equipment without interference.

Master Schedule: Scheduling usually -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------by operator schedule which fixes total time required to do a piece of work with a given machine or which shows the time required to do each detailed operation of a given job with a given machine or process.

Best scheduling is not always possible because of the following conditions:

Physical plant ------------------------------------------------- the material being scheduled.

Personnel who ------------------------------------------------------ equipment and perform the type of work involved and,

Necessary ------------------------------------------- parts.

While preparing schedules, the ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------rush orders should receive priority over repeat orders, which can be scheduled for completion in the normal course.

3. Dispatching- Dispatching is the --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------already laid down. In dispatching, orders are issued in terms of their priority.

The dispatch section of the PPC is responsible for the following task:

Checking the --------------------------------------- it transferred from the main stores to the point at which it is needed.

Ensuring that all ------------------------------------------------------------------------ to manufacturing departments.

Obtaining -------------------------------------------------- drawing office.

Informing the process -------------------------------- is commencing.

At the conclusion of ---------------------------------------------------------------------- are withdrawn and returned to their

correct location.

Dispatching is an important step ------------------------------------------ into actual production.

4. Follow up Once production has been set -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------of orders and instruction, under loading or overloading of work etc. All problems or deviations are investigated and remedial measurers are undertaken to ensure the completion of work by the planned date. Generally production is assumed to -------------------------------- be differences which may arise due to the following reasons:

Materials may ------------------------------------- be delivered at all. Associated ---------------------------- in their own production. There may be -------------------------- the worker. The customer may insist on changing ----------------- date. Machines --------------------------------- -------------------------- in drawings. There may be too many --------------------- material quality.

Other things related to ------------ and corrective actions. Inspection: This is mainly to ensure the --------------------------------------------------- agency of production control. Corrective measures: Corrective ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------etc. may have to be taken. Alternative methods may be suggested to handle peak loads.

TECHNIQUES OF CONTROL

Production control is the -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------, the purchase manager, the personnel manager and the financial controller assist in planning production activities. The production controller directly reports to the works manager but in small scale unit, all the three functions namely material control, planning and control are often performed by the entrepreneur himself. Production control starts with dispatching and ends up with corrective actions. Production technique is an updating and ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- to control any deviations.

Following are the some of the technical tools used by the managers:

1. Control Charts and Graphs: Gantt chart is an -------------------------------------------------------------- and actual progress. Again a simple graph will be highly ------------------------------------------------ scheduled progress.

2. Control Boards: A control board is a --------------------------------------------------- work. Control boards are generally used for repetitive productions. 3. Communication systems: Quick ------------------------------------------------------------------- controlling productions. 4. Quantitative techniques: With the -------------------------------------------------------, managers can control production.

5. What do you understand by family business? Explain the characteristics of family business and discuss the issues and problems of family business. A family business is a -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------of family businesses.

Family business is the oldest -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------in association with a family business.

The economic prevalence and -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------processes, often fell short by comparison.

Some of the world's largest family-run businesses are Walmart (United States), Samsung Group (Korea), Tata Group (India) and Foxconn (Taiwan).

In a family business, two or more -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------are the senior officers and managers. In India, many businesses that are now public companies were once family businesses.

Family participation as managers and/or owners of a business can strengthen the company because family members are often loyal and dedicated to the family enterprise. However, family participation as managers and/or owners of a business can present unique problems because the dynamics of the family system and the dynamics of the business systems are often not in balance.

Characteristics of an ------------------------------------ Business It has been said that in the -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------amount to much if you haven’t taken steps to keep the entrepreneurial spirit alive.

There’s no question that many family companies were founded by people with extraordinary vision and passion. But where do things stand in your business today? Take a look at these characteristics of entrepreneurs and entrepreneurial companies and answer the questions for yourself. Just how entrepreneurial is your family business? Creativity In some family -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------business? What are you doing to develop them? ----------------------------------- An entrepreneurial family company can be both prudent and opportunistic – they’re not mutually exclusive – and both involve an orientation to growth. How prudent is it, after all, to stay in the same place you were last year? ------------------------ In a family enterprise, there are many -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------business a model of flexibility and enthusiasm for change? Are you? Future Focus A majority of family ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------term, forward-looking business strategy? What concrete plans have you made that demonstrate your commitment? Self------------------------- Great entrepreneurs are -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------? Do they take the initiative to reach those goals? Do you allow them to make choices and experience the consequences? Issues and problems of family business- Perhaps the most often cited characteristic -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------in the hands of the descendents of the founder(s).

This high rate of failure among family -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

- Complexity. Family ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------among all family members. This point will be discussed in more detail in Section I of the Handbook.

- Informality. Because most -------------------------------------------------------------------------------------------------------------------

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and internal conflicts that could threaten the continuity of the business.

- Lack of Discipline. Many family ------------------------------------------------------------------------------------------------------------

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-----strategic decisions could lead to business failure in any family business.

6. Write short notes on the following:-

(a) Industrial Policy Resolution 1991

In June 1991, Narsimha Rao -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Indian industry internationally competitive.

It recognizes the strength and maturity of the industry and attempts to provide the competitive stimulus for higher growth. The thrust of these initiatives has been to increase the domestic and external competition through extensive application of market mechanisms and facilitating forging of dynamic relationship with foreign investors and suppliers of technology.

In this new ‘--------------------------- have been introduced during the last few years is ‘new’ to Indian economy such as:

a. Industrial licensing ------------------------------------------ is required from the government.

b. Producers are -----------------------------------------------------------------------------------.

c. Imports of ---------------------------------------------------- allowed without any restriction.

d. MRTP Act --------------------------------------------------

e. Doors have -------------------------------------------------------------- automatic approval.

f. Whole of the ----------------------------------------------------- sector has been cut down to only areas of strategic importance.

g. Foreign --------------------------------------------------- dispensed with.

The New -------------------------------------------------- licensing role of public sector, foreign investment and technology and

the MRTP act.

The industrial policy ---------------------------------------------------------------------------------------------------------------------------------------

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-----------------------------------------------------------------------------------------environment that facilitates and fosters overall industrial

growth. The future growth of the Indian industry as widely believed, is crucially dependent upon improving the overall

productivity of the manufacturing sector, rationalisation of the duty structure, technological upgradation, the search for

export markets through promotional efforts and trade agreements and creating an enabling legal environment.

=================================================================================

(b) Market Demand

Demand is the quantity of a good or service ------------------------------------ and able to buy at a given price in a given time

period.

Market demand is the sum of the individual demand for a product from buyers in the market. If more buyers enter the

market and they have the ---------------------------------------- each price level will rise.

In theory, the level of market demand at a range of prices can be shown graphically as a demand curve. Here is an example:

Market demand primarily ------------------------------------------------- and the quantity demanded. The quantity demanded at

higher prices is less than the quantity demanded at lower prices.

While market demand focuses on the -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------demand curve), a change in any of these five demand determinants causes a change in demand (a shift or repositioning of the market demand curve).

Market demand is the combined demand of every ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------that each is willing and able to buy at a range of prices is illustrated in this table.

The term "market demand" is often used --------------------------------------------------------------------------------------------------------------

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------------------------------------------------------------------------------------------------------------------term "demand" could refer to

individual demand, market demand, or some other general notion of demand.

Adding "market" to "demand-----------------------------------------------------------------------------------------------------------------------------

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---------------------------------------------------------------------------------------------------money demand, which is the demand for money

circulating around the economy.

===================================================================================

(c) Networking

Networking is a socioeconomic business activity by which groups of like-minded businesspeople recognize, create, or act

upon business opportunities.

Developing and maintaining ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------of pump-sets when he almost decided to diversify into PVC pipes.

This helped him cut down ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------pesticides market by making use of his extremely cordial contacts with industry.

Networking should emerge itself as a system to be very effective in the long run. The style and culture of the personnel would influence it. Networks can be built up for both operating and strategic purposes.

Entrepreneurs should remember that they cannot be opportunistic in developing and maintaining networks. It always has a `quid pro quo' sense and therefore all the parties involved in a network should stand to benefit materially or emotionally.

A business network is a -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------business relationships and generate business opportunities at the same time. A professional network service is an implementation of information technology in support of business networking.

Many business people contend -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------in the UK.

In the case of a formal business network, its members may agree to meet weekly or monthly with the purpose of exchanging business leads and referrals with fellow members. To complement this business activity, members often meet outside this circle, on their own time, and build their own one-to-one business relationship with the fellow member.

Networking ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------update networks for a variety of businesses, institutions or telecommunication companies. Professionals in this field may also be responsible for training others on network use, network security and keeping users accountable for what goes on in a system's network.

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