Introduction:-

Business is usually defined as commercial mercantile

activity engaged in as a means of livelihood. As we all
know population of world is growing at a rapid, and
that’s why government of a country can’t provide
employment to each and every person. So we can say
business is a type of self employment which also
provides employment to others. So now coming to the
point a business I can start is of fibers and polymer
processing industry.
Since chemical engineering is mostly about
transforming raw materials into valuable products, so
the idea about this business is good.

My objective/plans
I want to provide quality products and services
through innovation, learning and operational
excellence while sustaining maximum value for our
stakeholders. We will use our natural resources and
human talent to their best advantage by innovating,
educating and using the latest technology. Managing
these things -
Cost efficient product
Energy efficient range
Timely Delivery
Quality

Department and team I will need:-

1.Management Team: - Management team includes

CEO (chief executive officer), COO
(chief operating officer) etc. In the early days of
running your own business, it's natural to try to do as
much as possible yourself. It's the most cost-effective,
comfortable, sensible way to do things in the
beginning. Entrepreneurship is about going for the
things that are much bigger than what you could do
alone. Your job isn't to reach the goal; it's to build a
team that will reach the goal. If you really want to
reach your goals, you'll need to bring on others to
help, and creating a good executive team means
knowing what you need them to do, finding good
candidates, and giving them what they need to do
their jobs. If you choose well, they'll be successful
and make you successful as well.
2. Technical Team:- Without knowledge coding we
can’t think of s business in today’s world, not only
technical team with reference to computer science
background, I will need a technical team of chemical
engineers too. In this highly competitive start-up
industry, the most important aspect of a successful
business is its technical team. Technical teams are
unique and different strengths, personalities and
backgrounds can lead to a fusion of ideas that can
bring successful results, giving your business the
edge over others. Most technical staff and many
managers are trained strictly in individual problem
solving skills, and they are very good at it. The
problem arises when there are more than one, when
the work must be done as a team. Research shows
that the most critical factor in building systems
efficiently is team capability.

3. Marketing Team:- The Marketing Department plays a

vital role in promoting the business and mission of an
organization. It serves as the face of your company,
coordinating and producing all materials representing
the business. In some companies, marketing
departments are responsible for organizing events,
such as exhibitions, seminars, sales conferences or
customer hospitality events. They plan the logistics of
the event, booking exhibition booths or meeting
facilities, for example, and provide event material,
such as displays, presentations or handouts. They
also promote external events to customers and
prospects to ensure successful attendance.

4. Research and development team:- R&D department

is the most important department in entrepreneurship.
This team will do research for the betterment of
polymer technology, efficient way of making etc.
While the department usually is separate from sales,
production and other divisions, the functions of these
areas are related and often require collaboration. A
thorough understanding of the functions of the
research and development department allows you to
maximize those duties at your small business, even if
you don't have a big department.

5. Transportation team :- One of the most rewarding

things about working with a wide variety of clients is
the unique vantage point we gain into the many ways
companies build and deploy transportation teams,
transportation team plays a major role in this.
Transportation is among the more vital economic
activities for a business. By moving goods from
locations where they are sourced to locations where
they are demanded, transportation provides the
essential service of linking a company to its suppliers
and customers. It is an essential activity in the
logistics function, supporting the economic utilities of
place and time. Place utility infers that customers
have product available where they demand it. Time
utility suggests that customers have access to
product when they demand it.

Challenges I will face:-

1.Biggest challenge will be uncertainty about the
future of the business which can raise the financial
problems. Proper budgeting and planning are critical
to maintaining cash flow, but even these won’t always
save you from stressing over bills.

2. Will government policy encourage a state of health

in the polymer industry?

3. What level of research and development spending

is necessary for the long term to enable effective
competition with other companies?
4. Mainting reputation is also a big challenge in this
industry.

5. Delegating tasks- You know you need to delegate or

outsource tasks, but it seems every time you do
something gets messed up and you have to redo it
anyway.