UNIT I

Entrepreneurship Development -
Concept and Scope

1. What is an Entrepreneur and Entrepreneurship?

An entrepreneur is a person who sets up a business with the aim to make a
profit.
An entrepreneur is an individual who creates a new business, bearing most of
the risks and enjoying most of the rewards.
The entrepreneur is commonly seen as an innovator, a source of new ideas,
goods, services, and business/or procedures.

The process of setting up a business is known as entrepreneurship.

Entrepreneurship is a procedure of designing, beginning & running a new

business.
Entrepreneurship is the act of creating a business or businesses while building
and scaling it to generate a profit.

More and more Indian young adults are opting entrepreneurship as preferred
career option.
There are no specific educational requirements for becoming an entrepreneur
but strong educational background and work experience makes the probability
of success slightly higher.
While successful entrepreneurs are generally well trained & qualified in their
field; specific education qualifications can vary.
Important Facts

 There is no minimum eligibility to become an entrepreneur.

 Brilliant idea, execution skill and zeal is needed.
 A strong educational background can increase the probability of success.
 Most top business schools in the country offer programs in
Entrepreneurship and Family Business.
1.1 Entrepreneurship as a Career Option

Entrepreneurship is important for two reasons.

1. It promotes innovation to find new solutions to existing and emerging

demands.

2. it provides greater opportunities for wealth creation for self and society
than anything else.

Entrepreneurship has its challenges. It is about 10 percent luck and 90

percent effort, clarity, courage, confidence, passion, and all other types of
smartness.

What does it take to lead a person to entrepreneurship as a career option?

1. To fulfil the dream of getting high financial rewards:

Some need to start their own business in order to fulfil the need to
achieve high financial rewards as a result of efforts. The fundamental
difference between a job and one’s own enterprise lies in the degree of
financial rewards for efforts made to achieve organizational goals.

2. Opportunity to deal with all aspects of the business:

Any job providing an opportunity to learn and behave effectively with a

wide range of activities starting from
idea generation, concept, design, manufacturing, marketing to
customer feedback and customer satisfaction.

3. Vision To leave a long-lasting mark:

Entrepreneurship creates an opportunity to make a definite contribution

to society by raising people in and around the enterprise. A constant
enthusiasm to innovate helps to touch people’s heads and hearts on a
large scale.
Starting a business with a strong urge from within, practical innovative ideas,
meticulous planning, and hard work can be a very attractive, self-satisfying,
enjoyable, and profitable endeavour.
The biggest contributing factor to entrepreneurship is an intention i.e. a strong
purpose in life coupled with a determination to produce the desired results.

Opportunities For Self-Development.

 Working on one’s own and thus receiving rewards for achieving

immense satisfaction and enjoyment for more than what he/she
can get in the job.
 Monetary rewards may be commensurate (anurup) with their
ability and skills.
 He can pay respect and respect to his immediate family and
friends. It is a kind of intangible (Amurt) reward.
 Instead of relying (depending) on others, he creates employment
for others.
 He can contribute significantly to the development of the country
and can be proud to participate in nation-building activities.
 It can be a great achievement to realize his goals and prove his
achievements to the world. He can be recognized for his
outstanding effort.

1.2 The difference between an Entrepreneur and

an Intrapreneur
The difference between an Entrepreneur and an Intrapreneur
is that

An Entrepreneur is the founder of an enterprise. He is free

and takes most of the risks and rewards involved in the
running of an organisation.
and
An Intrapreneur is an employee of a particular enterprise
and therefore bounded by the rules and regulations of
enterprises.

Points of Intrapreneurship Entrepreneurship

difference

Definition Intrapreneurship is the Entrepreneurship is the

entrepreneurship within an dynamic process of creating
existing organization. incremental wealth.

Core objective To increase the competitive To innovate something new

strength and market of socio-economic value.
sustainability of the
organization.

Primary Enhance the rewarding Innovation, financial gain tad

motives capacity of the organization independence.
and autonomy.

Activity Direct participation, which Direct and total participation

is more than a delegation of in the process of innovation.
authority. _

Risk Bears moderate risk. Bears all types of risk.

Status Organizational employees The free and sovereign

expecting freedom at work. person doesn’t bother with
status.
Failure and Keep risky projects secret Recognizes mistakes and
mistakes unless it is prepared due to failures to take new
high concern for failure and innovative efforts.
mistakes.

Decisions Collaborative decisions to Independent decisions to

execute dreams. execute dreams.

Whom serves Organization and Customers and entrepreneur

intrapreneur himself. himself.

Family heritage May not have or a little Professional or small

professional post. business family heritage.

Relationship Authority structure A basic relationship based on

with others delineates the relation. inter

Time Self-imposed or There is no time-bound.

orientation organizationally stipulated
time limits.

The focus of on Technology and market. Increasing sales and

attention sustaining competition.

Attitude Strong self-confidence and Strong commitment to self-

towards hope for achieving goals. initiated efforts and goals.
destiny

Operation Operates from inside the Operates from outside the

organization. organization.
1.3 What are entrepreneurial/intrapreneurial traits?
Entrepreneurial traits are the typical characteristics, abilities
and thought patterns associated with successful
entrepreneurs. While some entrepreneurs are born with
these traits, others can develop them. These include:

1. Being a good leader

2. Being optimistic
3. Being confident
4. Being passionate
5. Being disciplined
6. Being proactive
7. Keeping an open mind
8. Being competitive
9. Being kind
10. Consistency
11. Creativity
12. Initiative
13. Independence decision making
14. Information seeking
15. Handling business communication
16. Commitment to work contract
17. Calculated risk taking
18. Persuasion
19. persistence
 1. Being a good leader

An entrepreneur is expected to manage a business and most

professionals in this position are responsible for its start-up
as well. Typically, entrepreneurship involves finding and
building relationships with investors, overseeing employees
and monitoring operations. To perform these activities well,
you need to be an effective leader.

Leadership is the ability to lead others. An effective leader

mobilizes people to achieve goals and is perceived as a leader
by their followers.

Learning from your experiences

While it is normal to make mistakes when managing a team,

you can identify the pros and cons of your leadership style
while you work and use your findings to improve how you
lead others.
Researching the different leadership styles

For example, the democratic style of leadership, which

involves more collaboration between leaders and followers in
the process of decision making, can be effective during the
initial stage of setting up a business. It can give an employer
better insights for decision making when hiring a large staff
of experts is not possible.

Learning about the leaders in your industry

You can learn how industry leaders manage their key
stakeholders and use the leadership tactics that work for
your own business.

Developing an approach to leadership that works for you

By considering new styles of leadership and evaluating your

leadership style, you can find a leadership style that suits you
and your business.

2. Being optimistic
Optimism can be described as focusing on the positives and
being emotionally resilient to the negatives. An entrepreneur
who organizes, manages and operates a business is likely to
face many setbacks over time. For example, as you start your
business, you will need to complete a lot of paperwork
concerning licenses, tax forms, business plans and bank
accounts. In the process of getting these documents ready,
there could be many issues that check your progress, such as
delays in getting a license or structural issues in your business
plan.

Being optimistic can help you to overcome these problems

quickly instead of becoming demotivated by them. Like the
other important entrepreneurial traits, optimism is a quality
that you will need to develop and maintain in your career.
There are ways in which you can cultivate optimism, such as:

 Surrounding yourself with optimism by hiring optimistic

workers, including inspirational quotes into your interior
design or listening to upbeat music.
  Developing an optimistic outlook that influences the way
you do things in your business and impacts your
decision-making process

 Starting to look at everyday events as business

opportunities

 Identifying the positives in a problematic situation and

focusing on them while you troubleshoot

 Finding a career coach who can help you to develop your

optimism

 Catching yourself being negative and reframing your

mindset. For example, you can start looking at issues
that check your progress as learning experiences that
can prepare you for greater success in the future.

3. Being confident
Confidence is a subjective belief that you have what is
needed for something. Entrepreneurs ask banks for loans,
hire workers, motivate teams and build relationships with
clients and suppliers, so it is important for an entrepreneur to
be confident in their ability to do all these things well.

Being confident can help your business. Key stakeholders are

more likely to respond favourably to your proposals if you
project your confidence. You can use several tactics to
become more confident, such as:
 Cultivate a belief in yourself and your abilities. Make a
list of your successes and remind yourself of them in
times of doubt. For example, remind yourself that you
are producing something that people want to buy or
remind yourself of the things that you have already done
to make your business more profitable.

 Plan and perform your daily activities with the mindset

that you will successfully complete them even if there
are setbacks.

 Research how confidence can be communicated through

body language and verbal communication and use these
techniques to improve how you project yourself.

 Role-play situations such as negotiations with key

suppliers or discussions with investors by practicing your
message delivery, learning to answer typical questions
and handling feedback professionally.

 Hire a career coach who can help you to develop your

confidence.
 Spend time with friends who have a positive impact on
the way that you feel about yourself. These social
experiences can amp up your confidence.

 Learn new hard and soft skills to improve your work

performance. This will help you become more self-
assured at work.
  Make changes that can improve your appearance such
as dressing well, exercising regularly and eating healthily
to boost your confidence.

4. Being passionate
Being passionate about building and running your business
can make it easier to put in the effort needed for a successful
enterprise. If you need to boost your professional passion,
consider these tips:

 Try to think of your job as more than just a livelihood

and cultivate a genuine love for what you do. You can
remind yourself of why you decided to start your own
business or think of the positive impacts that your
business has on yourself, your employees, your clients or
your community.
 Start each business day by reminding yourself of all the
things that you look forward to doing such as closing a
deal or hiring a new employee.
 Learn how to communicate your passion when you
engage with employees, suppliers or investors. Your
enthusiasm for what you do can make your major
stakeholders feel more enthusiastic too, which could
help your business.
5.Being disciplined
Being disciplined can help you to achieve success as an
entrepreneur. Entrepreneurs are expected to work
independently, set their own goals and overcome setbacks.
To do these things well, being disciplined is essential. You can
use the following advice to become more disciplined:

 Train yourself to be a self-starter who initiates and

completes tasks without the need for oversight.

 Give yourself a small reward each time you meet a goal.

This will motivate you to reach your targets without getting
distracted.

 Develop a work ethic that fuels your determination to work

hard to achieve your professional goals. Keep in mind that
many entrepreneurs who have built successful start-ups
have spent more time at work than most of their
employees.

can help you to achieve success as an entrepreneur.

Entrepreneurs are expected to work independently, set their
own goals and overcome setbacks. To do these things well,
being disciplined is essential. You can use the following
advice to become more disciplined:

 Train yourself to be a self-starter who initiates and

completes tasks without the need for oversight.
 Give yourself a small reward each time you meet a goal.
This will motivate you to reach your targets without
getting distracted.
  Develop a work ethic that fuels your determination to
work hard to achieve your professional goals. Keep in
mind that many entrepreneurs who have built successful
start-ups have spent more time at work than most of
their employees.

6. Being proactive
A proactive person anticipates opportunities and threats and
tries to address them while a reactive person simply reacts to
situations. As an entrepreneur, it is always better to be
proactive instead of being reactive. Here are some ways in
which you can become more proactive:

 Combine research with active listening to understand

the needs of key stakeholders (your customers,
employers and business partners).

 Identify threats in events and develop solutions before

these issues become more severe.

 Analyse your business operations regularly. Identify the

areas that can be improved and improve these areas.

 Try to develop long-term solutions to address the main

causes of issues instead of developing short-term
solutions that are ineffective.
  Use verbal and written communication to show
employees that you welcome their feedback. This will
help you to identify areas that need to be improved or
policies that need to be explained more clearly to
workers.

7. Keeping an open mind

Keeping an open mind involves the willingness to listen to the
opinions and ideas of others. Typically, entrepreneurs start
businesses in competitive industries that have already
established market leaders. To succeed in this position, it is
necessary to see business opportunities in everyday events
and look for ways to improve business offerings. Consider the
following tips to develop this trait:

 Be willing to listen to others instead of refusing to accept

that someone else could have a valuable opinion. This
can increase your pool of ideas and insights.

 Encourage co-workers or customers to provide feedback

and consider their opinions to make a product or service
better.

 Use new ideas or insights about workflows, customer

service or employee engagement to improve a product
or service offering.
8. Being competitive
Competitiveness is a key trait among successful
entrepreneurs. With globalization and virtualization,
industries are growing more competitive. To maintain a
lucrative business, it is essential to develop a competitive
attitude. Consider the following advice to develop your
competitiveness:

 Keep track of what your competitors are doing with

market research and market-monitoring services, and
ensure that you do not fall behind in terms of
development.

 Identify the business tactics that work for your

competitors as well as the ones that do not work, and
use these tactics to improve your business.

 Use product improvements, pricing, marketing and

distribution to make your products more competitive in
the market. For example, you can price a new product in
a market with several established brands at a relatively
low price and invest in creative advertising to motivate
customers to switch brands and try your product.

 Develop customer analyses and use your findings to

keep improving your products or services by making
them more adapted to customer needs.
  Use employee analyses to develop incentives such as
benefits, severance packages and performance-based
rewards to attract the best talent to your team.

9. Being kind
While kindness is not usually considered an important trait in
entrepreneurs, it can help you in maintaining success. For
example, while it is easy to focus on meeting your KPIs on
sales, failing to consider the well-being of your employees or
overlooking the impact that a production process has on your
community could cause you problems over time or allow
your competitors to gain an advantage. You can use the
following tips to develop kindness:

 Assess the working conditions of your full-time

employees regularly and ensure that they have the
basics they need to perform well.

 Revaluate your employee benefits periodically to make

sure that you are providing a package that can actually
help workers as well as attract the best talent.

 Be proactive in improving your manufacturing or

distribution processes to make them less damaging to
the environment and more sustainable.
1.4 Entrepreneur: Scope
These days, entrepreneurs are not just seen starting companies, but they are
also playing constructive roles in various fields including education, in
government sector and in the social sector.

There are lots of scope in the field of entrepreneurship.

After completing your diploma or degree, you may open your own business.
The scope of Entrepreneurship in India or in abroad is tremendous.
Nowadays, the youth of the nation is much more focused towards starting
their own business, this has given rise to a lot of new startups in the country. In
the study of Entrepreneurship, you can learn the techniques to run
the business in an effective way.
There are many courses available to pursue in the field of Entrepreneurship.
You can pursue the diploma, certificate, undergraduate and postgraduate
programmes in this field. Many of the universities provide the free online
course in entrepreneurship.
Some most sought courses are listed below:

Management,
ate Diploma in Entrepreneurship
in Entrepreneurship

Entrepreneurship
Family Business;
Entrepreneurship
Skills Required
m-solving skills
and market economics
-taking ability
-confidence

Career Scope
“In this field, you will have plenty of career options to choose from.”
Education in entrepreneurship provides you a foundation in
management, finance and business operations.
Entrepreneurship emerges as a favourite career option for the Indian students.
Entrepreneurship as a profession gives a great sense of independence;
remarkable amount of job satisfaction.
Today, more young people are adopting entrepreneurship as a career option.
As an entrepreneur, you can start up your own business but if you are not
ready to begin your own business, there are also other options available to use
your entrepreneurship degree.
You can work as a business consultant in various government and private
companies. You can also perform teaching jobs at colleges and universities.

Scope and Challenges of Entrepreneur

Scope of Entrepreneurs Small- scale business provides good scope for the
growth of entrepreneurial activities.
An entrepreneur has good opportunity and vast scope in selling service rather
than manufacturing a product.
The entrepreneur can achieve better results if the size of the business is small.
It is for this reason that small firms have higher productivity, greater efficiency
and low labour turnover.
Business sector can broadly be classified into:
• Industrial sector
• Agricultural and allied industrial sector
• Service sector
1. INDUSTRIAL SECTOR
• Small scale industries occupy an important place in the industrial sector.
They have contributed over 40% in the gross industrial production in 1998.
• Small- scale industries: The basic objectives underlying the development of
small- scale are the increase in the supply of manufactured goods,
promotion of capital information the development of indigenous
entrepreneurial talents and skills and the creation of broader employment
opportunities.
This sector provides a wider scope for the potential entrepreneur to develop
his or her own industry. There is a good scope and enormous potential to use
technology based products in the small- scale sector.
• An entrepreneur can exploit a profitable venture in any of the industries
reserved for exclusive department under the small- scale sector.
There are as many at 384 items for exclusive purchase from the small- scale
industries.
•Small- scale industries play an important role in increasing the national
income, in meeting the shortage of consumer’s goods, in promoting balanced
regional development, in reducing inequalities in the distribution of income
and wealth and in relieving the economic pressure on land and over crowding
in urban areas.
Outdated technology, shortage of finance, shortage of raw material and
inadequate marketing facilities are some of the problems faced by small
entrepreneurs.
2. AGRICULTURAL AND ALLIED INDUSTRIAL SECTOR •
There is a vast cope for entrepreneurial activities in the agricultural sector.
By establishing a link between agriculture and allied industries, the rural
entrepreneur can exploit opportunities in areas of farming, agricultural
processing and marketing.
The government has given priority to IRDP programme and ensured adequate
flow of credit to small and marginal farmers through re-financing facilities and
by establishing national bank for agriculture and small development.
• Trade: Trading takes place in wholesaling and retailing. It may be in domestic
or overseas market. The retailer entrepreneur makes the goods available at
the time and places the consumer wants them. He may decide to start single
line store, specialty shop, departmental store etc. trade in overseas market is
in wholesale. The business environment directly influences the growth of
entrepreneurship in a particular line of trade. The trade policy of India has
been directed to promote export. Hence,incentives and facilities have been
provided to the entrepreneurs to motivate them to develop export.
3. SERVICE SECTOR
• The service sector has gained importance for the entrepreneurs because of
its rapid expansion.
Service sector includes all kinds of business and provides opportunities to the
entrepreneurs in business such as hotels, tourist services, personal services
such as dry cleaning, beauty shops, photographic studies, auto repair, electric
repair shops, wielding repair etc.
• Transport: They provide time and place utilities in urban and rural areas to
both men and material. The different modes or transport are of immense
importance in the areas, which are not served by,roads and railways. There is a
scope for entrepreneur to design prototypes of new carts with the application
of indigenous technology so that they may have better mobility and greater
carrying capacity.
• The rural economy has a good opportunity for an entrepreneur to develop
some business. They can exploit possibilities for a venture in some shops or
services. Entrepreneurship flourishes in small business sector for they have
enormous opportunities in manufacturing and non-manufacturing activities.
 1.5 Types of enterprises and their features :
manufacturing, services and trading

Enterprise
- a business venture
- is a business organization
-It provides goods and services
-It Creates jobs
-It Contributes to national income
-Includes Imports and exports
-Promotes sustainable economic development

Entrepreneurs usually start an enterprise – with the associated risks – to

make a profit, and for one of several reasons:

 Problem-solving. They see a particular issue that they feel they can
solve.
 Exploit ideas. They have a new idea or product they believe will be
successful.
 Filling a gap. They see a gap in the market they believe they can fill.
 Competitive pricing. They believe they can produce something on
the market cheaper and offer it at a lower price.
 Knowledge-based. Where they believe they can supply specialist
knowledge that customers will pay for.

Types of enterprise
 Sole traders.
 Partnerships.
 Private Limited Companies (Ltd) .
 Public Limited Companies (plc) .
 Public Corporations. .
 Not-for-profit organisations.
1. Independent enterprise or sole proprietorship

It is a type of enterprise that is owned and run by one

person and in which there is no legal distinction between
the owner and the business entity.
The owner is in direct control of all elements and is
legally accountable for the finances of such business and
this may include debts, loans, loss, etc.
A business entity that operates independent of its
parent company but shares in the organizational benefits
of scale, influence, and vertical relationships in generating
its own revenue and profits.
In many cases, the parent company shares in the
profits of the independent enterprise through upstream
dividend payments.
2. Joint enterprise
Activity undertaken together by two or more entities.
 Each has equal rights to control and benefit from it
and is equally liable for obligations arising out of it.
 Participation by two or more persons to conspire
and/or commit an offense.
 Joint products are those which are produced
together e.g. cotton and cottonseed, wheat and straw etc.
The quantity of one product decides the quantity of
the other products.
In case of joint products there is no economic decision
the make with respect to the combination of products and
two products can be treated as one.

3. Competitive Enterprises:
Competitive enterprises are those which compete for
use of the farmer limited resources, use of resources to
produce more of the necessitates a sacrifice in the quantity
of other product.
When enterprises are competitive three things
determine the exact combination of the product, which would
be most profitable.
1. The rate at which one enterprises substitute for the other.
2. Prices of the products and
3. The cost of producing the product.
The rate of which one product substitute for another is
known as the marginal rate of substitution.

4. Supplementary Enterprises:
Two products are said to be supplementary when an
increase in the level of one does not adversely affect the
production of the other but adds to the income of the farm
i.e enterprise which do not complete with each other but
adds to the total income.
For example, on many small farms daily enterprise or a
poultry enterprise may be supplementary to the to the
main crop enterprises because they utilize surplus family
 labour and shelter available and perhaps even some
feeds, which would otherwise go to waste.

When two products should be product up to the end of

supplementary stage. Some time enterprises are
supplementary for one resource but competitive for

another. In such cases the relationship should be treated

as one of competitive. Even though they are
supplementary to one another in respect of other sources
e.g. mixed crops.

5. Complementary Enterprises:
Complementary enterprises are those, which add to the
production of each other. e.g. Berseem and maize crops.
Two products are complementary when the transfer of
available input for the production of the one product to the
production of the other results in increases in the production
of both products.
Then two crops are complementary enterprises, the use
of resources for the two crops result in the increases
production on both the crops.
Two enterprises do not remain complementary over all
possible combinations
.They become competitive at some stages. When both
complementary and competitive relationship occurs, the
complementary relationship occurs first and then is followed
by competitive relationship.

1. Sole Proprietorship
Although often the smallest of companies, these represent the foundation
of the UK’s market economy. These can include ‘trade’ business, such as
painters and decorators, or the owners of a single retail unit. And, in the
modern era, many online businesses can fall into this category, from
smaller enterprises selling products via Etsy or similar platforms to larger
ones with a website and app.

2. Partnership
Partnerships usually consist of a small number of individuals who share
ownership and decision-making (as well as profits). In some cases, such as
legal firms, each partner may bring a particular speciality to the business to
expand the overall services. In some cases, there may be a type of
hierarchy where there are senior and junior partners.

3. Private Limited Companies (Ltd.)

This sort of free enterprise has been legally incorporated and will have its
own legal identity. It will have a set of shareholders who shoulder a limited
amount of liability for any debts the enterprise incurs. Those shareholders
will appoint directors to oversee overall operations and decisions of the
business, though the relevant managers will oversee the day to day
operations.

4. Public Limited Companies (PLC)

Often confused with private limited companies, PLCs differ in that shares in
the enterprise can be sold to the general public. To do this, they have to
meet certain regulatory and legal criteria regarding the business’s financial
health, transparency of their accounts, how long they have been trading,
and more. Being able to sell public shares can be useful in raising funds for
things like expansion.
Manufacturing Service and trading of Enterprise
1.6 STEPS IN SETTING UP A BUSSINESS
Step 1: Know Yourself
It is often necessary to assess yourself before you can assess the
potential of your business idea. Do you know who will buy your product
or service? What benefits does your product or service offer to them and
how much would they be willing to pay?

Step 2: Are you a Risk Taker?

Starting a new business can be an exciting and challenging time,
however, it can also be a period of uncertainty and risk. For some it can
mean risking their life savings, secure employment and family security.
Are you fully prepared for this?
Step 3: Market Research
Market research is essential in helping you to identify your target market
and getting to know your potential customers. Conducting market
research will also help you to identify who your competitors are and how
to compete effectively in a given market. Research is also effective in
assessing demand for a new product or service.

Step 4: Examine Your Business Requirements

 Consider the best location for the business
 Identify your basic equipment requirement and costs
 Will you need to employ more staff?
 Identify your Insurance requirements

Step 5: Calculate Investment Requirements
 Identify all start-up costs associated with the business
 Identify ways of financing your business venture
 Seek financial support and benefit from direct referral to
Government Supports

Step 6: Developing your Marketing Strategy

 Marketing your enterprise is a fundamental aspect of starting up
 Research the most cost-effective methods of marketing your
business
 Write your Marketing Plan

Step 7: Developing Your Sales Plan

 Having assessed your business idea, estimate your selling price
 How will you promote the enterprise?
 Who/where is your target market (local/national/international)?
 What channels of distribution will be used?
 Determine the break-even point
Step 8: Decide on an appropriate legal business
structure
It is important to research the types of business ownership to help you
make the best decisions for your business. You can choose whether you
want a:

 Sole trader
 Partnership
 Limited Company

Step 9: Be aware of legal obligations that will affect

your business
 Register your business name with the Companies Registration
Office (CRO). Visit www.cro.ie for further information
 You will need to understand your tax obligations and register as
self-employed with your local revenue office.
Visit www.revenue.ie for further information
 You will need to be aware of your statutory obligations such as
trading licenses, planning permission, insurance, health & safety,
patents

Step 10: Write your Business Plan

Business Planning is fundamental to success in business. It is the key to

making things happen and reaching goals. A business plan can be used
as an operating tool that will help you to make important decisions and
manage your business effectively, the business plan also has a number
of other uses.

-----------------------------END----------------------------
 Unit-1
Entrepreneurship Development -
Concept and Scope

 What is an Entrepreneur and Entrepreneurship?

 The difference between an Entrepreneur and

an Intrapreneur

 What are entrepreneurial/intrapreneurial

traits?

 Entrepreneur: Scope and Challenges of

Entrepreneur

 Types of enterprises and their features:

manufacturing, services and trading

 STEPS IN SETTING UP A BUSSINESS