CONCEPT OF ENTREPRENEURSHIP -

                                     CONCEPT OF ENTREPRENEURSHIP

Entrepreneurship is that ability in which an individual tries to find the opportunity, take risk
and avail these opportunities.

Who are Entrepreneurs?

People have more entrepreneurial abilities who:

• Have aspiration
• Have more practical strategies to be implement
• Have the vision
• Understanding the environment
• Being visionary and flexible
• Creating management options
• Encourage teamwork while employing a multi-disciplined approach
• Encouraging open discussion
• Building a coalition of supporters.

                                                Characteristics of Entrepreneurs
Personal Interest
This personal interest can be of two common types:

• Interest for their own personality development
• Interest of their financial growth at market place

Customer Relationship building
There can be two types of customer relationship building as under:

Transactional Marketing

This type of marketing is based on only one transaction, just to get the
financials & provide products in return to customers. (Its somehow a
traditional approach of customer relationship management)

Relationship Marketing

This type of marketing based on long term service provision for the
customer, to get order once from your customer, fulfill that order in best
possible manners, provide after sales services in order to retain that customer for longer period of time (it is based on modern customer relationship management techniques).
Entrepreneurs strongly follow the second type of relationship building with this customer to get long run benefit in order to enhance their business. E.g. of Doctors in a specific community, Mechanics, Hair dresser etc.

Desire to establish own business

Some persons have strong & dominant personality traits & they want to establish their
own business instead of working under supervision of any one else so this leads them
towards entrepreneurship establishment. They have strong decision making power &
risk taking ability which helps them a lot to be an entrepreneur.

1. 
    Need of control
   Some people want them to be involved in every decision making of their business
   prospects so this aspect leads them be an entrepreneur.
2. 
    Ability to deal with uncertainties
   Some persons are daring enough in their professional attitude; they feel they can easily
   deal with uncertainties while designing best strategies for crunch situations so they
   move for entrepreneurship.

                                    BUSINESS PLAN FOR ENTREPRENEURS

Business plan is a written document which contains the objectives of the business and the
ways to achieve these objectives:-

A good business plan must be developed in order to exploit the opportunity defined. A good
business plan is important in developing the opportunity and in determining the resources
required, obtaining those resources and successfully managing the venture.

The term business plan is made of two words “business” and “plan”. By understanding each
we will try to arrive at some usable definition of business plan

• Business: “Any economic activity undertaken on regular basis to earn profit by

combining resources and delivering value to society/market in response of whose
unmet need it is started and run”.

• Plan: “Simply it is the product or result of planning or it can be defined as it is a

document or piece of thought which answers the basic questions of planning”.

• If plan is so then what is planning?