TABLE OF CONTENTS
1. Learning Objectives
3. Sources of Business Ideas
4. Testing the Feasibility of Business
5. Business Plan/Project Proposals
5.1 Significance of Writing the Business
5.2 Contents of a Business Plan
6. Defining Business Processes
6.4 Planning and Control
7. Preparation of Project Report
8. Project Finalisation
8.2 Presentation of Report
8.3 Project Appraisal
1. Learning Objectives:
This chapter will help the students to develop a good sense
of business plan preparation and report/project writing. Broadly, the chapter
will give students an understanding of:
to develop a business ideas and how to test its feasibility?
to write a business plan/project plan and what is its importance?
to design various business processes?
to write, submit and present a final project report and How to develop a new product and test it marketability?
Most of the successful businesses in the world are started
with an idea that is restlessly promoted by a dogged entrepreneur. Thus, idea
generation is an indispensable ability that every entrepreneur must possess as
success or failure of any new business hinges on the worth of ideas. Despite
the fact that idea generation is decisive, many aspiring entrepreneurs consider
this as a big problem. In many entrepreneurship forum/meeting/discussion,
aspiring entrepreneurs hopefully asks a common question: how did everybody else get inspiration to strike-and how can we work
the same magic? Indeed, absence of compelling ideas can frustrate and
discourage aspiring entrepreneur to opt entrepreneurship as a career or may
compel to start a usual or ordinary business, yet another food court/restaurant
or retail store that faces tough competition, often leading to a quick failure.
In this way aspiring entrepreneur loses its interest, motivation as well as
money. Thus, the real issue faced by many aspiring entrepreneurs is how to
generate business ideas. To help with this issue, we have put together some
good sources, out of which an entrepreneur can seize ideas for initiating new
3. Sources of Business Ideas:
Business ideas could instigate from various sources or due to
various reasons like success stories of successful or flourishing businesses,
market opportunities (e.g. demand for certain products, chance of product
substitution etc.) extent of motivation, educational and intellectual skills of
an entrepreneur. Some of the most accepted and useful sources/ways/techniques
to generate business ideas are outlined below:
1. Market Research:
Market research is a popular and reliable method/technique of
generating ideas for starting a new business. Market research can give a
picture of demand-supply position of prospective product, degree of competition
in the market, nature and trends of demand etc. On the basis of market
research, entrepreneur can identify the gaps do exist in the market regarding
demand and supply and plan to fill up through his/her efforts. In short, market
research gives an aspiring entrepreneur an idea about what kind of
product/services or process/activities may bring profits. However, research
done poorly can push business in wrong direction. Market research can be
conducted in two forms: primary research
and secondary research.
• Primary research is basically based
on primary data/information aims to analyse customers perceptions, current
sales and practices.
• Secondary research is based on
secondary data and information aims to identify competitions, identify target
markets and establish benchmarks.
2. Contact with prospective customers:
This process is basically a part of market research. This
process helps the entrepreneur to understand customers’ taste, habits,
preferences, likes, dislikes, paying capacity, income etc. Thus, contact
with prospective customers can give aspiring entrepreneur an idea about the
features or attributes that should be fabricated into a product/service. This
method is also helpful in identifying common weakness in existing products, and
look for areas where improvement can be made in a new product. These days,
market test of prototype product before introducing it into the market is very
3. Contract with suppliers and other business partners:
Supplier, retailers, marketing
executives, sales representatives etc. have good understanding about the market
and market conditions as they operate in the market and have direct or indirect
interaction with customers. So, having contact with them can help entrepreneur
in generating a new business idea or improving/modifying the existing ones in
the light of prevalent market conditions. This is how they are very helpful in
generating a viable idea.
4. Observing Trends:
Observing trends closely
can also help the entrepreneur to develop the ability to understand or
recognise the market opportunities. Apart from market trends i.e. change in
demand, change in customers’ perception, income, level of competition etc.
understanding of societal trends, economic trends, government trends and
technological trends are equally important. Following are some example of such
trends which needs to be considered in the process of idea generation.
• Societal Trends: Demographic profile, health,
education, living standard etc.
• Economic Trends: Income, savings, employment,
interest rate, exchange rate, financial conditions etc.
• Government Trends: Law and regulation, government
stability, government initiatives, governance structure etc.
• Technological Trends:
Life span of new technology cost of technology, ecommerce, Internet and
its enabled technologies.
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