History:
The entrepreneur is an actor in microeconomics, and the study of
entrepreneurship reaches back to the work of Richard Cantillon and Adam
Smith in the mid-16th century, but was largely ignored theoretically until the
late 19th and early 20th centuries and empirically until a profound resurgence in
business and economics in the last 40 years.
Different scholars have described entrepreneurs as, among other things, baring
risk. For Schumpeter, the entrepreneur did not bare risk: the capitalist did.
For Frank H. Knight [4] (1921) and Peter Drucker (1970) entrepreneurship is
about taking risk. The behavior of the entrepreneur reflects a kind of person
willing to put his or her career and financial security on the line and take risks
in the name of an idea, spending much time as well as capital on an uncertain
venture. Knight classified three types of uncertainty.
3. Plan everything.
Planning every aspect of your home business is not only a must, but also builds
habits that every home business owner should develop, implement, and
maintain. The act of business planning is so important because it requires you to
analyze each business situation, research and compile data, and make
conclusions based mainly on the facts as revealed through the research.
Business planning also serves a second function, which is having your goals and
how you will achieve them, on paper. You can use the plan that you create both
as map to take you from point A to Z and as a yardstick to measure the success
of each individual plan or segment within the plan.
1. The money you receive from clients in exchange for your goods and services
you provide (income)
2. The money you spend on inventory, supplies, wages and other items required
to keep your business operating. (expenses)
5. Ask for the sale.
A home business entrepreneur must always remember that marketing,
advertising, or promotional activities are completely worthless, regardless of
how clever, expensive, or perfectly targeted they are, unless one simple thing is
accomplished--ask for the sale. This is not to say that being a great salesperson,
advertising copywriting whiz or a public relations specialist isn't a tremendous
asset to your business. However, all of these skills will be for naught if you do
not actively ask people to buy what you are selling.
The home business owner can actually answer phone calls, get to know
customers, provide personal attention and win over repeat business by doing so.
It's a researched fact that most business (80 percent) will come from repeat
customers rather than new customers. Therefore, along with trying to draw
newcomers, the more you can do to woo your regular customers, the better off
you will be in the long run and personalized attention is very much appreciated
and remembered in the modern high tech world.
15. Be accessible.
We're living in a time when we all expect our fast food lunch at the drive-thru
window to be ready in mere minutes, our dry cleaning to be ready for pick-up
on the same day, our money to be available at the cash machine and our pizza
delivered in 30 minutes or it's free. You see the pattern developing--you must
make it as easy as you can for people to do business with you, regardless of the
home business you operate.
You must remain cognizant of the fact that few people will work hard, go out of
their way, or be inconvenienced just for the privilege of giving you their hard-
earned money. The shoe is always on the other foot. Making it easy for people
to do business with you means that you must be accessible and knowledgeable
about your products and services. You must be able to provide customers with
what they want, when they want it.
J.R.D.TATA had remarked “if mere words could create wealth, the streets of
India would be proud with gold. It takes more than words and wishes to
generate wealth for a nation. A nation’s wealth comes out of vision and hard
work of its entrepreneur.”
WHAT IS A VENTURE?
Venture capital typically comes from institutional investors and high net worth
individuals and is pooled together by dedicated investment firms.
A core skill within VC is the ability to identify novel technologies that have the
potential to generate high commercial returns at an early stage. By definition,
VCs also take a role in managing entrepreneurial companies at an early stage,
thus adding skills as well as capital (thereby differentiating VC from buy out
private equity which typically invest in companies with proven revenue), and
thereby potentially realizing much higher rates of returns. Inherent in realizing
abnormally high rates of returns is the risk of losing all of one's investment in a
given startup company. As a consequence, most venture capital investments are
done in a pool format where several investors combine their investments into
one large fund that invests in many different startup companies. By investing in
the pool format the investors are spreading out their risk to many different
investments versus taking the chance of putting all of their monies in one start
up firm.
Venture capital is also associated with job creation, the knowledge economy
and used as a proxy measure of innovation within an economic sector or
geography.
Venture capital is most attractive for new companies with limited operating
history that are too small to raise capital in the public markets and have not
reached the point where they are able to secure a bank loan or complete a debt
offering. In exchange for the high risk that venture capitalists assume by
investing in smaller and less mature companies, venture capitalists usually get
significant control over company decisions, in addition to a significant portion
of the company's ownership (and consequently value).
A well written plan should clearly identify the product, service, market and the
founders. A feasibility plan should be prepared in a quality manner.
The plan should be easy to read and must be complete and accurate. There
should be no misspellings, improper grammar or mistakes in the data.
PROJECT:
It means determining the route or the manner in which the project or the scheme
is to be executed. Project planning starts with the discovery of a business starts
with discovery of a business opportunity and ends with the completion of all
details required for the execution.
It is essential in case of new projects as it gives the basic data required for the
execution project.
The entire plan of the project is noted in a written document called project
report.
(b) FRAMING POLICIES: They are action paths and enable mangers to
achieve the targets of the project in an orderly manner. They are useful for
orderly execution of the project.
PROJECT REPORT:
The project report is a summary of project planning. It is prepared by experts
after completing the project a planning. It serves as a base for feasibility studies
and actual execution of project.
The report deals with the different aspects of the proposed project. It is
generally prepared by a team of experts including engineers, technicians and
financial experts.
(2) It is useful for quick reference during the process of execution of the
project.
FEASIBILITY STUDY:
Feasibility study of project means to find out the practical utility or the future
prospects of a project. It is necessary to study the practical utility in an impartial
manner. Feasibility study gives more safety and security to the sponsor of the
project. It avoids possible failure after execution.
The basic purpose of feasibility study is to find out whether the project is
technically, economically, financially and managerial sound.
FEASIBILITY REPORT:
It gives full analysis of the projected inputs and outputs covering all information
upon which promoters can take final decision about the proposed project.
Feasibility report is also useful for improving the proposed project and making
it more safe and promising.
INFRASTRUCTURAL FACALITIES:
It was the vision and foresight of India’s first Prime Minister, Pandit
Jawaharlal Nehru that paved the way for industrialisation in India. The five-year
plans were designed from time to time to ensure the industrial growth of our
nation. As a matter of industrial policy, therefore Pandit Nehru insisted on the
balanced regional growth and advocated that the necessary infrastructure should
be provided to place industries on a sound footing.
The central and the state government established several industrial estates
and offered many infrastructural facilities for the industrial growth of our
nation.
The Government also tries to provide financial and raw material, labour
and a market for the products produced.
3) The land is owned by the Government but it is given under the lease
agreement for 95 years.
4) MIDC ensures that each plot of land would be offered pure water out of
its reservoirs.
6) MIDC offers plots and sheds for small-scale producers and electronic
industries.
7) Separate sections are created for engineering chemical and electronic
industrial units.
8) There is systematic planning to help small scale, medium scale and large-
scale industries and commercial complexes so that the environment is
conducive to the growth of industries.
Proper infrastructural facilities provided can ensure the
entrepreneur to start new ventures and see that the same are established
and proper.
This is in the interest of the entrepreneurs as well as the state. If no
such facilities are available the entrepreneurs may not be interested to
take risk.
Some times because of the insecurity and lack of infrastructure
facilities there is a flight of industries from one state to another.
Thus for some times the industrialists in Maharashtra were lured by
the state of Gujarat by offering them a number of infrastructural facilities
and also financial aid in terms of subsidies etc. The states, which are
lacking the infrastructure and also are infested with insecurity, are slow in
entrepreneurial growth. The state of Bihar in the recent times is an
example.
The theory was put forth in 1909 and was popular in England in 1929.
However, subsequently it lost its grounds because of practical considerations.
The importance of this theory lies in the fact that it led the primary efforts to
discuss the issue of location on somewhat scientific basis.
Mr. Alfred Weber advocated that the factors deciding the
location of a business unit could be divided as:
(A)Primary factors which included,
a. Transport cost and
b. Labour cost and,
(B)Secondary factors, which included
a. Existence of skilled labour in the region,
b. Existence of auxiliary industries,
c. Facilities of technical research
d. Momentum of an early, start and
e. Banking, insurance and transport facilities.
If the index is less than one then the location should be near the
market or place of consumption and if it is higher than one the cost need not be
taken into account while locating a plant. However, Weber’s assumption
regarding transport cost, fixed labour centres and fixed market places are
unrealistic and hence, it is said that this theory has now only a historical
importance.
Secondary factors:
(3) Selection of Site: The selection of exact site is done after deciding
upon the locality. In other words, we start with macro and end with
micro considerations. Here a number of alternative sites are compared.
A city, a village or an industrial estate is to be selected. The cost of
land can differ with different sites. The roads and the railway should
be suitable. There should be facilities for good water supply and
affluent and also a favourable surrounding.
ENVIRONMENTAL PROBLEMS:
The congress party was in favour of heavy industry. The Janata government
encouraged small scale and tiny industries in order to provide employment to a
large section of the society living in villages. The businessman has to keep a
close watch over the political events and adjust themselves accordingly.
(3) Social and cultural environment: Social and cultural environment too can
create certain problems. The increasing consumer awareness, education
progress of the ladies, changes in faith of the middle class opportunities on one
side and problems on the other side. The emergence of the middle class as a
powerful socio-economic group in the Indian market scene needs special
attention by the business enterprise.
Cultural factors include beliefs, arts, moral, customs, etc.. Cultural changes
take place gradually. In brief, cultural factors contribute for the creation of
social environment.
The policy of big powers like USA, Japan and China has been greatly
affecting the business environment.
In short since the whole world is becoming a village due to economic and
political changes, modern entrepreneur should always be alert. He has to be
ready to face the changing international scenario and take faster decisions to
maintain his success.
ROLE OF INDUSTRIAL FAIRS:
International fairs are the fairs at which industrialists exhibits their products.
These fairs are organized at regional, national and international levels. A large
number of people from industry and trade visit these fairs. Such type of
interaction is very helpful in promoting and sustaining entrepreneurship.
In going with our belief that we would like to be the preferred choice
and premier partner of all our investee companies, RTVL works with an
unlimited pool of funds and guarantees its full commitment to its
investees over an unlimited period of time.
Dhama Apparel Innovations has developed
technology that can be incorporated into apparel
or accessories to provide thermal comfort.
Dhama’s patented technology provides heating /
cooling solutions to people living and working
in difficult climatic environments. It's current
ClimaCon technology provides heating and
cooling solutions on demand and can be
incorporated into any kind of apparel. Dharma’s
patented technology has won the prestigious
Gold Medal at Lockheed Martin’s Innovator’s
competition in 2008 and MIT Business Plan
Competition in 2005.
Scalable Display Technologies, Inc., located in
Cambridge, Massachusetts, is a leading
provider of auto-calibration software used to
create edge-blended displays. The technology
patented by MIT, simplifies the creation of
super-resolution, multi-projector displays of
highest quality and scalable size. Their ‘Easy
Blend’ software opens the door to wide-spread
use of multi-projector displays for a new class
of simulators based on off the shelf
components, as well as supporting new forms of
digital signage and data visualization tools.
Suvidhaa Info serve is the pioneer of the
Service Commerce (“S-Commerce”) revolution
in India. The company empowers both small
convenience stores and allied services providers
with a host of customized services, on a single
electronic distribution platform, that they can
conveniently offer their customers. These
services span multiple industries including
travel, telecommunications, entertainment,
lifestyle, financial services, utilities, education,
health, and many more.
People:
We encourage entrepreneurs and teams who have the ability to translate
Reliance ADA Group’s philosophy, "Think Bigger, Think Better“, into
an action plan, and execute as per world’s best standards or better.
Competitive Edge:
We look for compelling, IP-rich products, and services and business
models, with a defensible strategy, and with a significant market
opportunity.
Financials:
We look for financial plans to demonstrate the ability to generate the
highest potential return on our investment.
Approach - Focus Sectors
We are constantly on the lookout for ideas with promise to invent new business
categories or radically alter existing ones. Our passion is for new technologies A
and new applications of technology that will drive high impact change. Se
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We like to explore promising innovative ideas that invent or inherently change ati
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business categories. Our investment focus falls into the following broad sectors on
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Approach - Business Plan Submission
Area of
company
business
Business
strategy
Company
mission
statement
Historical &
projected size in
dollars
Underlying
market drivers
fuelling growth
Product
differentiation –
intellectual
property –
ownership of
IP
Revenue
model
Product /
solution
pipeline or
roadmap
Key
competitors
Competitive
advantages
Barriers to
entry
Roles &
responsibilities
Background
of team
members
Board
composition
Historical &
forecasted
financials [2
years if
available]
Projected cash
flows
Current
balance sheet (if
at all) and
projected
balance sheet