File Name: entrepreneurship and small business management notes on financial management.zip
Entrepreneurship is the creation or extraction of value. More narrow definitions have described entrepreneurship as the process of designing, launching and running a new business, which is often initially a small business , or as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit. In the field of economics , the term entrepreneur is used for an entity which has the ability to translate inventions or technologies into products and services.
It refers to an individual's ability to turn ideas into action involving and engaging in socially-useful wealth creation through application of innovative thinking and execution to meet consumer needs, using one's own labour, time and ideas. Engaging in entrepreneurship shifts people from being "job seekers" to "job creators", which is critical in countries that have high levels of unemployment. It requires a lot of creativity which is the driving force behind innovation.
EntrepreneurAn entrepreneur is any person who creates and develops a business idea and takes the risk of setting up an enterprise to produce a product or service which satisfies customer needs. Entrepreneur refers to the person and entrepreneurship defines the process. Both men and women can be successful entrepreneurs; it has nothing to do with gender.
All entrepreneurs are business persons, but not all business persons are entrepreneurs. An entrepreneur is therefore a business-minded person who always finds ways to improve and grow in business. An entrepreneur can also be defined as a professional who discovers a business opportunity to produce improved or new goods and services and identifies a way in which resources required can be mobilised.
Finally, an entrepreneur is someone who constantly scans the environment looking for changes that can provide opportunities for creating new growth-oriented businesses. Entrepreneurs assume significant accountability for the risk and the outcomes of new enterprises, ventures or business ideas.
An effective and successful entrepreneur shows creativity and innovation in business and is an example for other people. It makes a product, process, or service desirable. The importance of quality management in entrepreneurship is reflected in the income statement of the business. There is always a demand for quality products and efficient services. If businesses keep to their standard of maintaining the quality of the product, the number of defective products will be reduced.
Consumers prefer to buy quality products. As a result, the costs of re-doing work or changing the product after it has been sold are greatly reduced. As a result, this contributes to an increase in the company's market share. Increased customers means increase sales, increased shares in market and consequently increased profits. Time management is about getting more value out of your time and using it to improve the quality of your life. Information-seekingSuccessful entrepreneurs do not rely on guesswork and do not rely on others for information.
Instead, they spend time collecting information about their customers, competitors, suppliers, relevant technology and markets. Gathering relevant information is important to ensure that the entrepreneur makes well informed decisions. The different types of information required are indicated below. Market Goal SettingA Goal -is a general direction, or long-term aim that you want to accomplish. It is not specific enough to be measured.
It is large in scope, not necessarily time-bound, and is something that people strive for by meeting certain objectives which will hopefully add up to eventually achieving the goal. Objectives -are specific and measurable. They can be output objectives, or they can be attitudinal or behavioural. But most of all, they can be measured. They are concise. They are specific. Think of the word object. An entrepreneur must have a goal and an objective which is specific, measurable, attainable relevant, and time bound SMART.
The moment you focus on a goal, your goal becomes a magnet, pulling you and your resources toward it. The more focused your energies, the more power you generate. Numbers are an essential part of business. Put concrete numbers in your goals to know if you're on track.
Dream big and aim for the stars but keep one foot firmly based in reality. PlanningPlanning is making a decision about the future in terms of what to do, when to do, where to do, how to do, by whom to do and using what resources.
Exercise: The facilitator will ask the participants whether they have a plan for their businesses and encourage those who do to share their experience. A detailed explanation about the processes that go into business planning will be discussed separately. Networking is an extended group of people with similar interests or concerns who interact and remain in informal contact for mutual assistance or support. Business NetworksIn a business environment where we are in, we network with customers, suppliers, competitors, various firms, different organisations, government offices and family, etc.
Confidence can be described as a subjective, emotional state of mind, but is also represented statistically as a confidence level within which one may be certain that a hypothesis will either be rejected or deemed plausible.
Self-confidence is having confidence in oneself when considering a capability. Overconfidence is having unmerited confidence-believing something or someone is capable when they are not. Entrepreneurs are going to make mistakes. They are human. But they learn from these mistakes and then move on. Entrepreneurs inspire, encourage and lead others to undertake the given duties in time.
Module 2: Generating and developing a business idea Learning objectives:By the end of the module, learners will be able to generate a number of business ideas that can be carried out by a group or an individual.
How to structure this session Explain that the session is about generating a business idea as a group and explain some of the key principles described below 2. Divide plenary into groups and ask each group to develop a list of needs for products or services within their community.
Advise the participants to approach this task by identifying a difficulty the community is experiencing and then determining what product or service could help overcome that difficulty. Ask groups to share their feedback in plenary to develop a list of possible business ideas 4. Each group should share the key points of their discussions in plenary 6.
Do a question and answer session What is a business idea? Every business is born from an idea. Business ideas should come from observation, to find a potential opportunity, or try to forecast what people or other businesses might want. Business ideas are sometimes developed from someone's education and past experience. It should be known that by considering your natural talent you might find the seed for a good business idea.
It is an idea about what products you are going to offer, what services you are going to provide or what goods you are going to sell; where and how you are going to sell them and who are you going to sell them to.
A business idea is therefore a short and precise description of the basic operations of an intended business. A good business starts with a good business idea. Before you can start a good business you need to have a clear idea of the sort of business you want to run. A successful business meets the needs of its customers. It gives people what they need or want. Business ideas are identified through positive, creative thinking. They can come from different sources such as ideas built on local resources, local needs, local activities, interests and hobbies.
Your business idea should always have the customer and the customer's needs in mind. It is important to find out what your future customers want when you work out your business idea. WHATWhat type of product or service will your business sell? Your business idea should be based on products you know about or services you are good at. They must be products or services that people are willing to pay for.
Analyzing various business ideas will help you to focus on the type of business you will be good at. A product is an object that people pay for. It may be something you make yourself or it may be something you buy to re-sell.
Tools, baked goods, clothes and retail goods are all products. A service is something you do for people, which they pay for, for example, shining shoes, delivering messages, keeping money safe in a bank and repairing items.
WHOWho will buy your products or services? Customers are an essential part of every business. It is important to be clear about the customers you intend to sell to. Will you sell to a specific type of customer or to everyone in an area? There must be enough people who are able and willing to pay for your products and services or the business will not make a profit. HOWHow are you going to sell your products and services?
Running a business takes copious amounts of time and effort. Small business owners are responsible for managing all aspects of their company. Management is commonly defined as the alignment and coordination of multiple activities in an organization. Business owners use management skills to accomplish the goals and objectives of their company. Small business management requires business owners to use a mix of education, knowledge and expertise to run their company. Autocratic, paternalistic, democratic and laissez-faire are a few common styles of management.
It may be a man or woman, someone from reach or poor family background, a technologist or someone without sophisticated technological background, a college graduate or high school dropout. It is a fact that entrepreneurship is the key to solve what is known as dependency syndrome on salaried employment and unemployment. In creating and growing a new business, any individual entrepreneur needs to understand how to create and manage a new venture and its risk and efforts to overcome the inertia against creating something new. This material is designed to help you understand different concepts of entrepreneurship and competencies in entrepreneurial development and small business management. It also provides you the desired knowledge, skills, and competencies that would enable you to become confident entrepreneurs who are capable to create and innovate important business ideas. The words entrepreneur and entrepreneurship have acquired special significance in the context of economic growth in rapidly changing socio-economic and socio-cultural climates both in developed and developing countries. The unpredictable ability of entrepreneurs to turn leads into gold or coal into diamond, which governments have always been excited about the possibility of creating more entrepreneurs in their societies, has made the field entrepreneurship and small business promotion as one of the most consistently popular interventions funded by donors and governments alike.
Building the business plan- Feasibility study: Setting up of Small business enterprises. Financial Considerations: Basic financial statements, Managing Cash Flows.
Entrepreneurship and small businesses are vital determinants of sustainable economic growth, particularly in emerging economies, and are acknowledged as engines driving competitiveness and job creation. Countries that have encouraged and nurtured both of these have stronger economies and are more resilient. Entrepreneurship and small business management focuses on developing the important skills necessary for entrepreneurs to succeed at doing business in emerging economies. Entrepreneurship and small business management provides a balanced theory and practical approach to help budding entrepreneurs develop thriving businesses. Fundamental aspects such as innovation and creativity are discussed as well as entrepreneurial strategies.
We provide complete entrepreneurship and small business pdf. Entrepreneurship And Small Business study material includes entrepreneurship and small business notes, entrepreneurship and small business book , courses, case study, syllabus, question paper, MCQ, questions and answers and available in entrepreneurship and small business pdf form. Entrepreneurship And Small Business subject is included in B.
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Entrepreneurship is at the heart of every business.