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ENTERPRENEURSHIP
ENTERPRENEURSHIP IS AN ATTITUDE TO START A NEW BUSINESS
Enterpreneurship is creation of a new business by an enterpreneur of a very high attitude. It has been
defined as the capacity and willingness to develop, organize, and manage a business venture along with
any of its risk in order to make proffit. The focus of enterpreneur is on leadership, innovation,
profitability and growth. In enterpreneurship the enterpreneurs are highly motivated to take up green
field /innovative project with high risk and high reward with a confidence to mitigate the risk from time
to time in an effective manner. In the current scenario, people are choosing entrepreneurship insteed
of becoming simply an employee. In contrast to enterpreneurship, in a normal business venture, people
choose the business models which are already established model with less risk and reward.
Enterpreneurship is the growth engine of economy. Many successful start up has come up in the recent
time based on technology/digital platform both in IT and NON IT sectors. This is the most favourable
time for the enterpreneurs to turn their dream in to reality of becoming master of their own business. i.
The following programmes of the government is making it possible for the enterpreneurs to give shape
to their innovative business ideas to make it a reality.
1] START UP INDIA.
2]STAND UP INDIA.
3]MUDRA SCHEME.
4]MAKE IN INDIA – EASE OF DOING BUSINESS
5]SCHEME OF COLLATERAL FREE LOAN UP TO RS2CRORES
6]NATIONAL SCHEME FOR SKILL DEVELOPMENT AND ENTERPRENEURSHIP.
Apart from above there is numerous other benefits for the enterpreneurs to set up their ventures like
allotment of industrial land on lease, tax benefits , incentives for exports etc.
In nutshell if a enterpreneur is having a viable business plan , and a strong desire to become a owner of
his own business, he will get every support under various schemes and requisite finance from the banks
and financial institutions.
THE FOLLOWING STEPS ARE INTEGRAL PART OF ENTERPRENEURSHIP/ SETTING UP NEW
BUSINESS VENTURE.
1]Conceptulizing innovative business idea based on supply and demand of the product or services.
2]Designing complete ecosystem of the new business venture.
3] Examination of business model by competent incubator/accelarator/mentor and /or consultant.
4]Zeel to make it a successful venture with a very high level of attitude..
5]Risk bearing capacity of enterpreneur and confidence in mitigating the risk.
6] Basic knowledge of technical/financial/management and marketing aspect of the new busness
venture.
7] Basic knowledge about various government schemes and their implementing agencies/financing
banks /taxation/ statutory requirements and legal aspect relating to proposed business venture.
Once it is decided to impliment the business plan , the entrepreneur must design and draft the plan
which is called a detailed project report. This report should be comprehensive and better to get it
prepared from some competant consultant so that complete business plan is covered in the report.
At this stage engaging a incubator/accelerator/mentor/adviser/consultant will be very helpful for the
enterpreneur to take up the project forward at various level to ensure lining up of complete ecosystem
required for the successs of the business such as:-- -
1] FORMATION AND REGISTRATION OF FIRM/COMPANY.
2] SELECTION OF MOST ADVANCE TECHNOLOGY FOR THE PRODUCTION OR SERVICES.
3]OBTANING VARIOUS LIENCENSES/PERMISSIONS.
4]APPLYING TO CONCERNED GOVT. DEPTT FOR VARIOUS APPROVALS/ ASSISTANCE/SUBSIDIES ETC
5]APPLYING FOR ALLOTMENT OF LAND .
6] APPLYING FOR VARIOUS STATUTORY CLEARANCES.
7]MAKING ARRANGEMENTS TO MEET OUT SHORT FALL IN REQUIRED PROMOTERS CONTRIBUTION.
8]ARRANGING FINANCE FROM BANKS/FINANCIAL INSTITUTIONS/VENTURE CAPITAL FUNDS/PRIVATE
EQUITY FUNDS/INVESTOR AS REQUIRED FOR THE BUSINESS TO ACHIEVE THE FUTURE PROJECTIONS AS
PER BUSINESS PLAN.
9]PLANNING AND IMPLIMENTING MARKETING STRETEGIES INCLUDING DIGITAL
MARKETING/FRAINCHAISE ARRANGEMENTS/LOGISTIC ARRANGEMENTS / ONLINE TRADING AND TIE UP
WITH EXISTING E-COMMERCE COMPANIES.
10] ENSURING HIGH STANDARD OF QUALITY OF PRODUCTS AND SERVICES AS PER SPECIFICATIONS.
11] ENSURE PROJECTED LEVEL OF PRODUCTION/SALES AND PROFFITABILITY.
12] EXPLORING EXPORT MARKET FOR EXPORT OF PRODUCT AND SERVICES AND EXCECUTION OF
EXPORT ORDERS.
After arranging all backword and forward linkages an enterpreneur
should start his new business venture with confidence and have his own
successful business venture.
DR.SC JAIN
EX AGM UCOBANK
