2012

ASSIGNMENT MUKESH RABARI

NAME- MUKESH. G. RABARI SECTION A ROLL. NO. 30

[ENREPRENEURIAL EFFECTIVENESS ASSIGNMENT]

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Assignment of entrepreneur effectiveness

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Answer 1 NAMEAGECITYRAMESHBHAI CHIMANBHAI PATEL 45 NADIAD

EDUCATION- B.COM BUSINESSBACKERY

PERSONAL CHARACTERISTICS Plan everything Manage money wisely Project of positive business image Master art of negotiations Limit the number of hats you wear

Motivation factor to become entrepreneur

Assignment of entrepreneur effectiveness

There are six motivation factor which was helped him to became an entrepreneur. The family background of chimanbhai helped him to enter that kind of business because his father has already involved in the bakery business. Chiman bhai has six bakery stores in nadiad.

Most important thing of life

Most Integrity Service above self Tenacity Persistence Be disciplined I understand integrity as doing the right thing even when no one is looking or will find out. Its more of an internal barometer of ethics. Related to business, remember the golden rule? Treat others as you would like to be treated. Its important to have this attitude in business. No one wants to do any kind of business with anyone that just takes, takes, takes. Learn to give first, give of yourself,

Assignment of entrepreneur effectiveness

take that leap of faith, and trust that those that will receive your message or service will be accepting of the heart that you put into it. Service before self comes into play with your daily priorities. You'll reap what you sow, so sow good seed. Good seed is paying attention to your vision and mission statement, understanding where you want to go and what you want to achieve, and making that a priority. Understand that this value is still self-serving. Your ultimate goal may be to have more time with your loved ones by building your business into where it is a complete asset. That's awesome, but today, before your business actually is an asset, providing what you want it to provide, you must give it the time and energy that it requires. If that means staying up late, so be it. Missing a family function for a seminar where you know that you are going to grow and be able to grow your business, so being it. It will take sacrifices to get where you want to be. If you weren't tested, then you wouldn't be able to have a testimony! Persistence and tenacity go hand in hand. You must have tenacity, some call it thick skin. The ability to keep going through all resistance, no matter what. That is where persistence comes in. Persistence is such an important value that Napoleon Hill devoted an entire chapter to the subject in his classic novel Think and Grow Rich. Here is one of my favorite quotes from that book.

"...persistence, the quality is to the character of man what carbon is to steel." Wow! That's huge. Make persistence part of your essence. Even if you feel like giving up, you feel that nothing is working out for you, keep going. You feel that,

Assignment of entrepreneur effectiveness

dang it, that person is succeeding and I'm not, keep going. I've done everything that I can, I've called everyone that I can call...keep going! Sometimes, its just that one extra step that makes all of the difference. If you don't know, at 211, water is just water....but at 212, it boils, and with boiling water comes steam, and steam can power a locomotive! You see, it was just that one extra degree. Majority of successes happened just after the most difficulty. This is where the personal development comes in. Remember, just keep going!

Assignment of entrepreneur effectiveness

Positive factor

Assignment of entrepreneur effectiveness

Future goal He has the future plan about the expand his business in overall developed and big city. He wants to see his bakery store in every city. He has another future plan about adaption of new technology. He has another future plan about a customer service sector.

Assignment of entrepreneur effectiveness

Answer 2
Entrepreneur who launch successful new venture are usually very knowledgeable about their market. This type of knowledge can come from first-hand information and experience or it can come from diligent research. Other factor includes funding the proper niche and being well funded. Even a promising market opportunity requires an effective business manager who is well financed.

Sound Market analysis o Market analysis looks at the potential opportunities and the pitfalls that your business will face. These opportunities and pitfalls must be realistically assessed in light of the strengths and weaknesses of your business plan. Factors usually considered in market analysis are the market size, its growth rate, the market's profitability and its cost structure and distribution channels. Be aware of trends, whether favorable or unfavorable. The more informed you are about the market, the more reliable your decision-making basis will be. Sufficient financing o Sufficient financing for a new business venture is critical to success. Insufficient financing is one of the main reasons that new businesses fail. A new business does not have a steady, ongoing clientele and its brand will not be recognizable in the marketplace. Very often a new business is financed by the savings of the founders and loans from family members. While there is nothing wrong with this strategy, you should thoroughly investigate all the costs involved so that your business is able to

Assignment of entrepreneur effectiveness

withstand a period of time with little to no profits. Be sure to have a realistic expectation of sales and revenue based on research. Finding the proper niche A new venture should create its own niche in the market or industry. The niche selected should play into the strengths of the business and, if possible, minimize its weaknesses. One way to identify a niche market is to break down the demography of the market into small categories. Evaluate the benefits and drawbacks of each market segment. Take into account factors such as the best method of reaching potential customers via marketing and the competition you may face. Consider how your service or product can be made unique in serving your niche. Many new ventures make the mistake of selecting the largest possible market segment and end up overwhelmed by the costs of marketing and the sheer number of competitors. Workable marketing plan o A key contributor to business success is a viable marketing plan tailored to the venture's niche. A marketing plan sets goals for the organization and gives it direction and purpose. The plan contains information about your company, its products and the venture's objectives and strategies. The plan should budget the expenditures of your marketing efforts for at least one year. You should also devise a method to measure the success of the venture's marketing activities.

Assignment of entrepreneur effectiveness

Assignment of entrepreneur effectiveness

As startup new venture an entrepreneur does not want to this kind of environment take place in respect of his or her business.it can be harmful to new venture

Answer 3
If I am going to marry with an entrepreneur, I have a certain expectation from my life partner. I would expect from her that she would spend more time for my family and certain other responsibilities in respect to my home. I would expect more time for children to take care of them. Income is doesnt matter to me for marry with her. For an entrepreneur networking is most effective tools in respect to find out what going on in surrounding and to grow business efficiency. So her association with opposite would be expected but it should be professional relationship nothing more than

Assignment of entrepreneur effectiveness

that. This is my expectation from my spouse if she would doesnt comfortable with that certain adjustment possible for my side. At last we come on acceptable adjustment which will be better for us.

Answer 4
I would like to start my own business someday because I would like to see myself as entrepreneur in future. Honestly Im decided to become an entrepreneur at age of 12. Because I personally believe that I am not born to earn money for somebody else or to work under somebody else. So I want to start my own business someday because I want fulfill my dream which was I allocate from my childhood.

Assignment of entrepreneur effectiveness

Answer 5
Strength
Self-reliant Focus on positive objective Learn from own mistake Action oriented

Weakness
Emotional attachment with people Lack of negotiation Afraid of change

Answer 6
One example is the need to empower people to do what they think is best, but at the same time keep everyone moving in the same direction," says Wells. Another: giving customers good value while making enough profit to sustain and grow the company. "That's a tough one to manage." He also wonders, "How do you maintain profitability and yet keep investing for the future?"

Wells isn't the only one to notice that business is permeated with paradoxes, absurdities and contradictions. In fact, an intriguing new school of management thinking holds that managing those paradoxes is the key to business success.

Assignment of entrepreneur effectiveness

"You have to take these competing forces head-on and understand them," explains Bill Dauphinais, a management consultant and partner at Price Waterhouse in New York City and co-author of The Paradox Principles (Irwin). "Understanding them and dealing with them explicitly will move you a great deal further down the road."

Thus far, paradox-based management has yet to achieve the popular appeal of approaches such as total quality management or teamwork. But advocates of looking at business as paradox say that its requirement for balanced consideration of alternatives has a value that many hot trends in management don't.

Most appealing factor

o o o o o o o o Willingness to take action Creativity Patience Persistence Calculated risk taker Self-confident Networking Luck

Least appealing factor

o Technical skill o Family background o Education

Assignment of entrepreneur effectiveness

o Age o Experience

Answer 7
The entrepreneur is frequently as being unafraid of risk, individual who arent able to operate structure environment and who only care for themselves. As a former entrepreneur and someone who has held typical role as employee in establish business. Master of opportunity identification and assessment. Entrepreneur isnt afraid to roll up their sleeves and get into the weeds of implementation, yet remain focused on big picture objectives. Because of that kind of ability and skill set have entrepreneur, the corporation sector are most likely to hire an entrepreneur as an employee for better assessment of resources and developing the business. Entrepreneurial opportunities are complicated by uncertainty but would not exist without uncertainty. An entrepreneurial opportunity for everyone in an opportunity for no one in particular. Entrepreneurial opportunities are subjective and objective. Entrepreneurial action can be understood but not predicted.

Assignment of entrepreneur effectiveness