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Unit 1: Introduction to Entrepreneurship

1.1. Entrepreneur 14

1.1.1. Meaning and Definition of Entrepreneur 14

1.1.2. Characteristics of Successful Entrepreneur 14

1.1.3. Know ledge Required by Entrepreneurs 17

1.1.4. Skills Required by Entrepreneurs 18

1.1.5. Types of Entrepreneur 21

1.1.6. Functions of Entrepreneur 26

1.2. Entrepreneurship 28

1.2.1. Concept of Entrepreneurship 281.2.2. Characteristics of Entrepreneurship 29

1.2.3. Role of Entrepreneurship in Economic Development 31

1.2.4. Entrepreneurship Process 33

1.2.5. Barriers to Entrepreneurship 37

1.2.6. Entrepreneur versus Entrepreneurship 41

1.3. Emergence of Entrepreneurship 41

1.3.1. Introduction 41

1.3.2. Stages of Emergence of Entrepreneurship inIndia 42

1.3.3. Factors Impacting Emergence of Entrepreneurship 45

1.3.3.1. Economic Factors 46

1.3.3.2. Non-Economic Factors 47

1.3.4. Causes of Slow Emergence of Entrepreneurship inIndia 48

1.4. Manager 501.4.1. Meaning & Definition of Manager 50

1.4.2. Characteristics of Quality Managers 51

1.4.3. Role and Responsibilities of a Manager 52

1.4.4. Managerial vs. Entrepreneurial Approach 54

1.5. Exercise 55

Unit 2: Starting A New Venture

2.1. Starting a New Venture 58

2.1.1. Introduction 58

2.1.2. Steps in Starting a New Venture 58

2.2. Generating Business Idea 60

2.2.1. Introduction 60

2.2.2. Sources of New Ideas 61

2.2.3. Methods of Generating Ideas 63

2.2.4. Creativity in Idea Generation 65

2.2.4.1. Creative Process 66

2.2.4.2. Factors Inf luencing Entrepreneurial Creativity 67

2.2.5. Creative Problem Solving 68

2.2.5.1. Creative Problem Solving Process 69

2.2.5.2. Techniques for Creative Problem Solving 70

2.2.5.3. Importance of Creative Problem Solving 74

2.3. OpportunityRecognition 75

2.3.1. Introduction 75

2.3.2. Characteristics of BusinessOpportunity 75

2.3.3. Steps in Identif ication of BusinessOpportunity 762.3.4. Criteria to Assess Business Opportunities 78

2.4. Environmental Scanning 79

2.4.1. Introduction 79

2.4.2. Procedure of Environmental Scanning 80

2.4.3. Environmental Scanning Techniques 81

2.4.4. Scanning the Environment for Opportunities 83

2.5. Competitor Analysis 84

2.5.1. Introduction 84

2.5.2. Competitor Analysis Framew ork 85

2.5.3. Competitor Profiling 87

2.5.4. Sources of Information for Competitor Analysis 89

2.5.5. Steps in Competitor Analysis 90

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2.5.6. Importance of Competitor Analysis 91

2.6. Industry Analysis 92

2.6.1. Introduction 92

2.6.2. Components of Industry Analysis 93

2.6.3. Factors to be Analysed in Industry Analysis 94

2.6.4. Porters Five Force Model 94

2.7. Feasibility Study 97

2.7.1. Introduction 97

2.7.2. Importance of Feasibility Study 98

2.7.3. Types of Feasibility Study 99

2.7.4. Market Feasibility 99

2.7.5. Technical Feasibility 100

2.7.6. Operational Feasibility 103

2.7.7. Financial Feasibility 105

2.7.8. Economic Feasibility 106

2.8. Business Plan 107

2.8.1. Meaning of Business Plan 107

2.8.2. Components of Business Plan 108

2.8.3. Draw ing Business Plan 111

2.8.4. Essential Requirements of Developing Business Plans 114

2.8.5. Presenting Business Plan to Investors 116

2.8.5.1. Concerns of Investors in Business Plan 117

2.8.5.2. Guidelines for Creating Business Plan for Investor 117

2.8.6. Advantages of Business Plan 120

2.8.7. Disadvantages of Business Plan 122

2.9. Project Report 124

2.9.1. Meaning of Project Report 124

2.9.2. Content of Project Report 125

2.9.3. Preparing Project Report 127

2.9.4. Guidelines for Project Report 128

2.10. Exercise 129

Unit 3: Functional Plans for New Venture

3.1. Marketing Plan 132

3.1.1. Introduction 132

3.1.2. Characteristics of Marketing Plan 132

3.1.3. Elements of Marketing Plan 1333.1.4. Marketing Research Process for New Venture 134

3.1.5. Importance of Marketing Plan 136

3.1.6. Steps in Preparing Marketing Plan 137

3.2. Contingency Planning 139

3.2.1. Introduction 139

3.2.2. Threats Covered under Contingency Plan 140

3.2.3. Importance of Contingency Planning 141

3.2.4. Factors Inf luencing Contingency Planning 143

3.3. Organisational Plan 144

3.3.1. Introduction 144

3.3.2. Importance of Organisational Plan 144

3.3.3. Steps in Preparing Organisational Plans 145

3.3.4. Aspects of Organisational Plan 1463.3.5. Forms of Ow nership 147

3.3.5.1. Sole Proprietorship 147

3.3.5.2. Partnership 149

3.3.5.3. Joint Stock Company 150

3.3.5.4. Co-operative Organisation 152

3.3.6. Designing Organisation Structure 153

3.3.6.1. Features of Good Organisational Structure 154

3.3.6.2. Types of Organisation Structure 155

3.3.7. Job Design 160

3.3.7.1. Factors Affecting Job Design 160

3.3.7.2. Importance of Job Design 162

3.3.7.3. Techniques of Job Design 162

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3.3.8. Manpow er Planning 164

3.3.8.1. Factors Affecting Manpow er Planning 164

3.3.8.2. Importance of Manpow er Planning 167

3.3.8.3. Process of Manpow er Planning 168

3.4. Financial Plan 170

3.4.1. Introduction 170

3.4.2. Importance of a Financial Plan 171

3.4.3. Developing a Financial Plan for Business 172

3.4.4. Elements of Financial Plan 173

3.4.5. Cash Budget 1743.4.5.1. Importance of Cash Budget 174

3.4.5.2. Items in Cash Budget 174

3.4.5.3. Proforma of Cash Budget 175

3.4.6. Working Capital 175

3.4.6.1. Characteristics of Working Capital 176

3.4.6.2. Requirement of Working Capital 177

3.4.6.3. Proforma for Estimation of Working Capital 179

3.4.7. Income Statement 181

3.4.7.1. Income Statement Requirement 181

3.4.7.2. Proforma of Income Statement 182

3.4.8. Cash Flow Statement 183

3.4.8.1. Cash Flow Requirement 184

3.4.8.2. Proforma of Cash Flow Statement 1853.4.9. Balance Sheet 186

3.4.9.1. Balance Sheet Requirement 186

3.4.9.2. Proforma of Balance Sheet 188

3.4.10. Break Even Analysis 188

3.4.10.1. Types of Costs in Break Even Analysis 189

3.4.10.2. Importance of Break-Even Analysis 189

3.5. Exercise 190

Unit 4: Financing and Legal Aspects for New Venture

4.1. Sources of Finance 193

4.1.1. Debt Financing 195

4.1.1.1. Sources of Debt Financing 196

4.1.1.2. Advantages of Debt Financing 197

4.1.1.3. Disadvantages of Debt Financing 199

4.1.2. Equity Financing 199

4.1.2.1. Sources of Equity Financing 200

4.1.2.2. Advantages of Equity Financing 202

4.1.2.3. Disadvantages of Equity Financing 203

4.1.3. Commercial Banks 204

4.1.3.1. Role of Commercial Banks 204

4.1.3.2. Contribution of Commercial Banks in Promoting and Servicing Small Business 205

4.1.4. Venture Capital 206

4.1.4.1. Features of Venture Capital 206

4.1.4.2. Forms of Venture Capital 208

4.1.4.3. Importance of Venture Capital 208

4.2. Financial Institutions Supporting Entrepreneurs 209

4.2.1. Introduction 209

4.2.2. Importance of Financial Institutions 210

4.2.3. Major Types of Financial Institutions 211

4.2.4. Industrial Development Bank ofIndia(IDBI) 212

4.2.5. Industrial Finance Corporation ofIndia(IFCI) 214

4.2.6. Industrial Investment Bank ofIndia(IIBI) 216

4.2.7. Industrial Credit and Investment Corporation ofIndia(ICICI) 218

4.2.8. National Bank for Agriculture & Rural Development (NABARD) 221

4.2.9. State Financial Corporations (SFC) 224

4.2.10. State Industrial Development Corporations (SIDC) 226

4.2.11. Small Industries Development Bank ofIndia(SIDBI) 227

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4.2.12. Export Import (EXIM) Bank 228

4.3. Legal Issues in Setting Up the Organisation 229

4.4. Intellectual Property Rights 231

4.4.1. Introduction 231

4.4.2. Nature of Intellectual Property Rights 231

4.4.3. Legislations Regulating Intellectual Property inIndia 232

4.4.4. Patents 233

4.4.4.1. Features of Indian Patent Act 1970 234

4.4.4.2. Need of Patent 234

4.4.4.3. Conditions of Patentability 2354.4.4.4. Rights of a Patentee 236

4.4.4.5. Applying for Patent Right 237

4.4.5. Trademarks 238

4.4.5.1. Features of Indian Trademarks Act, 1999 239

4.4.5.2. Features of Trademark 240

4.4.5.3. Types of Trademark 241

4.4.5.4. Importance of Trademark 243

4.4.5.5. Registration of Trademark 245

4.4.6. Copyright 246

4.4.6.1. Features of the Copyrights Act of 1957 247

4.4.6.2. Importance of Copyright 248

4.4.6.3. Types of Work Covered under Copyright 248

4.4.6.4. Rights Conferred by Copyright 249

4.4.7. Trade Secrets 250

4.4.7.1. Legal Framew ork for Trade Secrets inIndia 251

4.4.7.2. Features of Trade Secrets 252

4.4.7.3. Importance of Trade Secrets 253

4.4.7.4. Factors of Trade Secret Violation 253

4.4.7.5. Tools to Protect Trade Secrets 254

4.4.8. Licensing 255

4.4.8.1. Type of Licensing 256

4.4.8.2. Advantages of Licensing 257

4.4.8.3. Disadvantages of Licensing 259

4.4.9. Franchising 260

4.4.9.1. Types of Franchising System 260

4.4.9.2. Advantages of Franchising 262

4.4.9.3. Disadvantages of Franchising 263

4.5. Exercise 265

Solved Paper 2011 267

Solved Paper 2012 283

Model Papers