BUSINESS ENTREPRENEURSHIP DEVELOPMENT

Submitted to: Submitted by:

Mr. M A KHAN PARAS PAREEK

(DEPT. OF CSE) (12ESOCS710)

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EXPERIMENT NO. 1

Business entrepreneurship development

Objectives:

Meaning and definition of an entrepreneur Meaning and definition of an entrepreneurship Qualities of a good entrepreneur

1. Meaning and definition of an entrepreneur:-

The word entrepreneur has come from the France word “entreprendra” which means to undertake, to pursue opportunities to fulfill needs and wants through innovation to undertake business. In the year 1725 the word entrepreneur was first brought into economics by a social scientist named Richard cantilion, the expert who invented the theory of entrepreneurship was David mc cellion in 1961.

There is various definition of entrepreneur:-

a) According to America heritage dictionary: ”Entrepreneur is a person who organizes operates and assumes the risk of business venture”

b) The dictionary of social science: has defined entrepreneur from functional viewpoint. According to it “entrepreneur is a person 1) who exercise the function or 2) initiating coordinating controlling or institute major change in a business enterprise and or 3) bearing those risk of operation which arise from the dynamic nature of society and imperfect knowledge of the future which can cast through transfer calculation or elimination.

c) According to encyclopedia Britannica: “Entrepreneur as the individual who bears the risk of operating a business in the face of uncertainty about future condition and who is rewarded accordingly by his profit or losses.

d) Richard cotillion says: Entrepreneur is the agent who purchased the means of production for combination into marketable product. So we can say that entrepreneur a

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person who takes risk for establishing a new venture or business in order to create utility for the welfare of human being as well as for him or herself. She or He is always a person who seeks out opportunities and takes o challenges.

2. Meaning and definition of entrepreneurship:

Entrepreneurship is considered as of assuming the risk of an entrepreneur.

a) According to natheal h. leff: entrepreneurship is the capacity for innovation investment and expansion new market product and techniques.

b) Webster highlights: entrepreneurship as economic venture organizing and risk taking capabilities.

c) Joshep a Schumpeter: describe entrepreneurship is the force of creative destruction whereby established way of doing things are destroyed by the creating of new and better ways to get things done.

d) According to S. S. kanaka: Entrepreneurship is a process involving various actions to be taken to establish and enterprise. From the functional view point entrepreneurship is defined as the combination of activities such as perception of market opportunities gaining command over scarce resources purchasing input producing and marketing of product responding to competition and maintaining relation with political administration and public bureaucracy for concession licenses and taxes etc.

3. Qualities of good entrepreneur:-

To become a successful as an entrepreneur in its business life, a businessman should possess a quite a number of essential qualities. Those are noted below

Moderate risk taking: an entrepreneur always takes calculated risk to operate the organization

Hard work: an entrepreneur is very much hard worker, he or she always busy with various types work.

Accountability: a successful entrepreneur is accountable well as his associates always accountable to him.

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Educated in real sense: successful entrepreneur is educated in real sense .he tries to implement his organizational objectives through his education.

Analytical mind: a successful entrepreneur is analytical minded. He scrutinizes every activity on the organization.

Dynamic leadership: a successful entrepreneur is always dynamic to operate the organization

Presence of mind: a successful entrepreneur is always at present of mind he is always aware of activities that to happening in the organization and around him

Accommodative: a good entrepreneur has the capacity to make his own place at every sector

Courageous and tactful: Corsages and techniques is very much essential for a successful entrepreneur

Maker of right decision: A successful entrepreneur makes right decision in right time in right place

Foresighted: a successful entrepreneur foresights the future and take decision accordingly

Right perception of things: A successful entrepreneur things in a right way Enjoy simple life: A successful entrepreneur always deals a simple life a general

people of the society Strong desired to success: A successful entrepreneur have a strong desire to

success. he is driven by the desire to success Innovation: innovation is the process of making new something. A successful

entrepreneur is innovative Self confidence: A successful entrepreneur is self confidence. does not really on

other for decision or fate Goal setting: a successful entrepreneur set the goal Keen observation: A successful entrepreneur always observes the origination Sociable: A successful entrepreneur is sociable person Loves to work; A successful entrepreneur is very much addicted to work Loves new ideas: A successful entrepreneur loves new ides of the organization Team builder: A successful entrepreneur builds a suitable team Clean understanding: A successful entrepreneur clearly understands every

things Ability to conceptualize: A successful entrepreneur is able to conceptualize the

reality Other: the other qualities are patience, optimistic, strategist, etc.

EXPERIMENT NO. 2

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Objectives:

Relationship between entrepreneur and entrepreneurship. Different types of entrepreneurs. Factors of entrepreneurship development. Cause of success and failure of and an entrepreneur.

1. Relationship between entrepreneur and entrepreneurship:-

Sr no

Entrepreneur Entrepreneurship

1 It is a person It is a process2 It is an organizer It is an organization3 Entrepreneur is an innovator Entrepreneurship is an innovation4 Entrepreneur is a risk bearer Entrepreneurship is a risk bearing5 It is a motivator It is a motivation6 Entrepreneur is a creator Entrepreneurship is a creation

2. Different types of entrepreneurs:-

On the basis of nature Clarence dayhop classified entrepreneurs into four categories these are:-

a) Innovative entrepreneurs:

An innovative entrepreneur in one, who introduces new goods, inaugurates new method of production, discovers new market and recognizes the enterprise. It is important to note that such entrepreneurs can work only when a certain level of development is already achieved and people look forward to change and improvement.

b) Imitative entrepreneurs:

These types of entrepreneurs creatively imitate the innovative technical achievement made by another firm. Imitative entrepreneurs are suitable for underdeveloped countries as it is hard for them to bear the high cost of innovation.

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c) Fabian entrepreneurs:

Fabian entrepreneurs are characterized by very great caution and skepticism to experiment any change in their enterprises. They usually do not take any new challenge. They imitate only when it becomes perfectly clear that failure to do not so would result in a loss of the relative position in the enterprise

d) Drone entrepreneurs:

They are characterized by a refusal to adopt any change even at cost of severely reduction of profit.

Some other types of entrepreneurs:

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a) Solo operators: These are the entrepreneurs who essentially work alone and if needed at all employ a few employees. In the beginning most of the entrepreneurs start their enterprises like them.

b) Active partners: Active partners are those entrepreneurs who start or carry on an enterprise as a joint venture. It is important that all of them actively participate in the operations of the business.

c) Innovators: Such entrepreneurs with their competence and creativity innovate new products. Their basic interest lies in research and innovative activities.

d) Buyers’ entrepreneurs: These are the entrepreneurs who do not like to bear much risk. They do not take the risk of production but take the risk of marketing a product i.e. wholesaler and retailer.

e) Life timers: These entrepreneurs believe business as an integral part of their life. These entrepreneurs actually inherit their family business i.e. goldsmith, potter etc.

f) Challengers: These are the entrepreneurs who initiate business because of the challenges it presents. They believe that `NO risk, No gain`. When one challenge seems to be met, they begin to look for new challenges.

3. Factors of entrepreneurship development:-

     (A)   Personal factors:

1. ·        Ability to cope with the situation 2. ·        Age 3. ·        Education 4. ·        Personality 5. ·        Intrapersonal communication ability 6. ·        Achievement motivation 7. ·        Self-confidence 8. ·        Competence 9. ·        Emotion 10. ·        Understanding capacity

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(B)  Environmental factors:

       1. Socio-cultural factors:

·        Religion ·        Values ·        Rural-urban orientation ·        Marginality ·        Education ·        Tradition

2. Political and legal factors:

·        Govt. legal bindings ·        Govt. policies ·        Rules and laws related to the industry and business  

    (C)  Institutional factors:

1. ·        Financial institution 2. ·        Training and development institution 3. ·        Consulting firms 4. ·        Incubators organization (old & pioneer) 5. ·        Research organization

     (D) Micro factors

1. ·        Enterprise itself 2. ·        Suppliers 3. ·        Intermediaries 4. ·        Customers 5. ·        Competitors 6. ·        Public

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      (E) Macro factors:

1. ·        Demographic factors 2. ·        Economic factors 3. ·        Physical factors 4. ·        Technological factors 5. ·        Cultural/social factors

     (F) Others:

1. ·        Venture capital 2. ·        Experience entrepreneurs 3. ·        Technically skilled labor force 4. ·        Supplier’s accessibility 5. ·        Proximity to universities 6. ·        Availability of land facilities 7. ·        Accessibility of transportation 8. ·        Favorable loan and financial policies 9. ·        Availability of supportive 10. ·        Attractive living condition 11. ·        Capital intensiveness 12. ·        Research and development activities 13. ·        Capital inventiveness 14. ·        Proximity to corporate head quarters 15. ·        Competitive situation

4. Causes of successes and failure of an entrepreneur:

An entrepreneur may sometime become successful and sometime becomes failure. There are some causes of such success and failure. They are noted below:

1 .Selection of business:

It is an important aspect. That means an entrepreneur has to determine what type business he is going to start. Form various points of view the feasibility of the business should be tested.

2. Proper planning:

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Proper planning may also important. For planning, planning premises like political, economic, social premised should be considered first. The steps of planning should be followed properly.

3. Initial capital:

If the initial capitals are not an optimal level the organization would fall. So whether the enterprise is big or small the initial capital should be sufficient enough.

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4. Determination 0f market demand:

Through research the demand in the market should be identified. Both for long term and short term it should be considered.

5. Marketing of product:

If the promotion policy, channel of destitution, transportation is not good the enterprise would fall.

6. Education and experience:

One of the important tasks of the entrepreneurs is to select right person for the right post because the success of an enterprise depends on the right selection of employees.

7. Joint initiative:

One may have much money and another may have more merit. Through joint initiative it can be balanced. But sometime for joint initiative misunderstanding arise, or sometimes corruption occur which may result in fall of enterprise.

8. Employment: Recruitment and appointment should be properly done. Those who have specialized skill should be appointed to that specialized job. Inefficient, corrupted employees may be responsible for fall of business.

9. Location of business:

Site selection is an important factor. While starting a new business, an entrepreneur should think about the location of the business. In this case, many factors should be considered such as availability of raw materials, proper communication system, availability of labor, marketing facilities and so on.

10. Qualities of management:

The management must have a minimum quality to success otherwise it would fall.These are the common causes for which one enterprise may become successful and another may fall.

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EXPERIMENT NO.3

Objectives:

Creating a business plan Roll of entrepreneurship in economic development

1. Creating a business plan:-

A comprehensive business plan is crucial for a start-up business. It defines the entrepreneur’s vision and serves as the firm’s resume. There are many reasons for writing a business plan:

To convince oneself that the new venture is worthwhile before making a significant financial and personal commitment.

To assist management in goal-setting and long-range planning. To attract investors and get financing. To explain the business to other companies with which • it would be useful to create an

alliance or contract. To attract employees.

A business plan can help an entrepreneur to allocate resources appropriately, handle unexpected problems, and make good business decisions. A well-organized plan is an essential part of any loan application. It should specify how the business would repay any borrowed money. The entrepreneur also should take into account all startup expenses and potential risks so as not to appear naive. However, according to Andrew Zacharakis, a common misperception is that a business plan is primarily used for raising capital. Zacharakis, a professor of entrepreneurship at Babson College, suggests that the primary purpose of a business plan is to help entrepreneurs gain a deeper understanding of the opportunity they envision. He explains: “The business plan process helps the entrepreneur shape her original vision into a better opportunity by raising critical questions, researching answers for those questions, and then answering them.” Some entrepreneurs create two plans: a planning document for internal use and a marketing document for attracting outside investment. In this situation, the information in each plan is essentially the same, but the emphasis is somewhat different. For example, an internal document intended to guide the business does not need detailed biographies of the management. However, in a plan intended for marketing, the background and experience of management may be the most important featureA standard business plan is usually about 40 pages in length. It should use good visual formatting, such as bulleted lists and short paragraphs. The language should be free of jargon and easy to understand. The tone should be business-like and enthusiastic. It should be strong on facts in order to convince people to invest money or time in the new venture.

The basic elements of a standard business plan include:

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Title Page Table of Contents Executive Summary Company Description Product/Service Market and Competition Marketing and Selling Strategy Operating Plan Management/Organization Financing Supporting Documents

The executive summary is the cornerstone of a good plan. This is the section that people read in order to decide whether to read the rest. It should concisely summarize the technical, marketing, financial, and managerial details. More importantly, it needs to convince the reader that the new venture is a worthy investment. The company description highlights the entrepreneur’s dream, strategy, and goals. The product/service section should stress the characteristics and benefits of the new venture. What differentiates it from its competition? Is it innovative? The financial components of a new venture’s business plan typically include three projections: a balance sheet, an income statement, and a cash-flow analysis. These require detailed estimates of expenses and sales. Expenses are relatively easy to estimate. Sales projections are usually based on market research, and often utilize sales data for similar products and services produced by competitors.

Writing a business plan may seem overwhelming. However, there are ways to make the process more manageable. First, there are many computer software packages for producing a standard business plan. Numerous books on entrepreneurship have detailed instructions, and many universities sponsor programs for new businesses.

2. Roll of entrepreneurship in economic development:-

The industrial health of a society depends on the level of entrepreneurship existing in it. A country might remain backward not because of lack of natural resources or dearth of capital [as it is many times believed] but because of lack of entrepreneurial talents or it inability to tap the latent entrepreneurial talents existing in that society. Entrepreneurs historically have altered the direction of national economies, industry or markets- Japan, Singapore, Korea, Taiwan to name a few.

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a) Entrepreneurship and economic development:

Entrepreneurship is basically concerned with creating wealth through production of goods and services. This results in a process of upward change whereby the real per capita income of a country rises overtime or in other words economic development takes place. Thus entrepreneurial development is the key to economic development. In fact it is one of the most critical inputs in the economic development of a region. It speeds up the process of activating factors of production leading to a higher rate of economic growth, dispersal of economic activities and development of backward regions. If a region is unable to throw up a sufficient number of entrepreneurs then alien entrepreneurs usually step in to provide goods and services needed by the people. However the profits earned by these entrepreneurs are usually not ploughed back but repatriated to their place of origin. As a result development in that region cannot take place. Dr. M.M. Akhori refers to this practice as ‘The Leech Effect’. The above reiterates the importance of entrepreneurship development for fuelling economic growth of a region.

Entrepreneurship begets and also injects entrepreneurship by starting a chain reaction when the entrepreneur continuously tries to improve the quality of existing goods and services and add new ones. E.g. when computers came into the market there was continuous improvement in the models, their functions etc. like first generation computers, personal computers, laptops, palmtops etc. Not only had this fostered the development of the software industry, computer education institutes, computer maintenance and stationery units etc. but also other industries like banking, railways, education, travel, films, medical and legal transcriptions, business process outsourcing [BPOs] etc. In this manner by harnessing the entrepreneurial talent a society comes out of traditional lethargy to modern industrial culture. India needs entrepreneurs to capitalize on new opportunities and to create wealth and new jobs.

b) Entrepreneurship and education:

Towards the end of the sixties, two significant contributions were made in the field of entrepreneurship .One was that there is a positive linkage between entrepreneurship and economic development and the other was regarding the emergence of a strong hypothesis that entrepreneurship can be developed through planned efforts1. Consequently planners realized that absence of a strong entrepreneurial base acts as a serious handicap in the industrial development of a region. The identification and development of first generation entrepreneurs through Entrepreneurial Development Programs is an important strategy. There is a growing realization that presence of resources and favorable government policies cannot automatically manufacture economic development. It is the entrepreneurial spirit of the people, which can transform the economy of that region. Both the quantity and quality of entrepreneurs are of utmost significance for achieving the goal of economic development. The myth that entrepreneurs are born with some innate traits is fortunately no longer held. You will learn more about this in the lesson on motivation. Many research studies have brought out that entrepreneurship can be taught and learned. Entrepreneurship is a discipline and like all disciplines it has models, processes and case

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studies, which can help an individual to study this subject. The necessary competencies required of a successful entrepreneur can be acquired through training and development. Numerous courses in entrepreneurship are being taught all over the world in schools and colleges, seminars and conferences are being organized and EDPs are being conducted. The thinking today is why just create managers why not create people who can absorb managers. One can acquire the traits and learn the skills for becoming an entrepreneur e.g. a person can learn to be achievement oriented, self- confident, perseverant etc. which are all part of the characteristics of a successful entrepreneur. Usually the model used for entrepreneurial education has three phases:

a. Stimulatory phase:This phase involves planned publicity for opportunities, motivation training and help and guidance in selection of product or service.

b. Support Phase: This provides help in registration of units, arrangement of finance as well as land, sheds, power, water, common facility centre’s etc. Help is also provided in marketing of products.

c. Sustenance Phase: Once the enterprise is set up the enterprise is set up then help is provided for modernization, diversification, additional finance etc.

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Experiment No: 4

Aim: - Make a company profile in tally and discuss it in detail

Apparatus: - tally 9 or tally 72

Company profile:- The company creation screen appears as shown:-

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The detailed explanation of each field as following:-

1 directory:-

The data path where you want the company to be created is specified in the Directory field. This field is skipped by default when you create the company in the data path given in the Tally.INI file. If you want to change it, use the Backspace key and modify it to the path required.

2 Name:-

Enter the name of the company whose books are being opened. If you are a professional accountant and are maintaining the books of our clients, give the client company`s name.

3 Mailing Name and Address:-

In addition to the company name, tally provides the facility to enter the mailing name field. It displays the company name by default; you may change it as required, if the mailing name is different from the company name. The mailing name and address details are picked up for inclusion I any report that needs the company name and address as heading. For example: balance sheets, statement of accounts, and so on.

Mailing and contacts details

Mailing name : ABC Company

Address : 12/24 Karol bag

Delhi

4 State: - you can select the appropriate state from the predefined list.

5 PIN CODE: - specify the postal area code of the specified address.

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6 Telephone: - Enter the Telephone number.

7 Mobile No: - Enter the mobile number of the company.

8 E-mail Address:-Enter the E-mail address that will be used to e-mail documents, reports and data from Tally.

9 Currency: - currency symbol is the symbol of the base currency, that is, that currency that will be used to maintain the books of account.

10 Maintain:-

Tally 9 displays a drop down for the type of company with two option accounts only and accounts with Inventory. Select accounts only if you do not have any inventory transactions (suitable for professionals and corporate officers). However, at a later date (if required) you can choose to alter the information as accounts with Inventory, also select it to maintain both financial accounts and inventory.

11 financial years from:-

In most countries, the books of accounts of a company are maintained for a stipulated period like, 12 months, 15 months, and so on.  This stipulated period is referred to as the Financial Year. The stipulated period of the financial year is 12 months in most countries. Tally.ERP 9 automatically considers 12 months from the date you give here as the Financial Year.

For example, if you enter April 1, 2008 as the date, the Financial Year will be from April to March ending with March 31, 2009. If you enter October 1, 2008 as the Financial Year From then the financial year will be from October 2008 to September 2008 ending with 30th of September every year.

12 Books Beginning From:-

Tally.ERP 9 presumes that you wish to maintain books from the beginning of the financial year. Hence, Tally.ERP 9 displays the date given in Financial Year from field automatically.

For example, if your company is established on August 19, 2008, the opening balances for all the accounts can be given as on August 19, 2008 even though the Financial Year given is April 1, 2008 (April to March financial year). The company's books will begin on August 19, 2008 and close on March 31, 2009, which ensures smooth transition to the next year.

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13 Tally Vault Password

Tally Vault is an enhanced security system, which allows for encryption of the company data. Encryption involves converting normally accessible Tally information into unrecognizable information, which can only be reconverted by authorized persons.

Give a password here and repeat the same in the Repeat field. This basically results in the creation of an encrypted company whose information is not accessible to users other than the password holder.

 Password Strength:-

Password Strength indicator is available in Tally.ERP 9 from Release 4.5 onwards. Now, strength is displayed while creating / altering passwords under Security Control, Tally Vault, and Control Centre. Also when Password Policy is enabled, Password Strength is indicated in the Change Password screen that appears for first time login.

Let us understand the logic used by Tally.ERP 9 to ascertain a password’s strength. This logic consists of two sets of conditions to be applied.

Use Security Control?

Set this to Yes, if you want to initiate a password-protected system to control access to Tally.ERP 9 data. Else, set this to No.

If you opt for security control, Tally.ERP 9 offers a comprehensive password based access control to different features of Tally.ERP 9 based on authority lists created by the Administrator. For more information refer Data Management in Tally.ERP 9.

 Name of Administrator, Password, Repeat

Assuming the Tally Vault Password and Use Security Control is set to yes enter the Name of Administrator, Password and Repeat in the respective fields.

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Use Tally Audit Features:-

Tally Audit allows the administrator or an auditor profile user to track changes in accounting information. If you wish to use this facility, select yes. Tally Audit will be available only to the administrator/auditor, through Display of Statements of Accounts. For more information refer Data Management in Tally.ERP 9.

Disallow opening in Educational mode?

Set this option to yes, if you don't want the company to be opened in Educational mode of Tally.ERP 9. Else, set this to No.

On accepting the company creation screen, if you have specified Tally Vault password, Tally.ERP 9 prompts you to enter the Tally Vault password as appears:

 Then Tally.ERP 9 prompts you to enter the Name of User and Password (if any). After verification Tally.ERP 9 imports the latest statutory masters. Wait till the screen shows that 100% of import is complete. This completes the Company Creation process in Tally.ERP 9.

An explanation on the fields on the bottom of the Company creation screen follows:

14 Base Currency Information:-

The Base Currency Information is found in the bottom frame of the Company creation Screen. Base Currency is the currency in which your accounts would be maintained. Financial statements are prepared in the base currency by default and these are normally required to be submitted to local statutory authorities. The Base Currency information in Tally.ERP 9 varies with the country selected for Statutory Compliance.

You can record transactions and raise invoices in foreign currency; and also maintain bank accounts or ledgers in foreign exchange, when required.

Base Currency Symbol:-

The currency symbol given earlier in the Company Creation screen is displayed here automatically.

Tally.ERP 9 uses this currency symbol in reports, wherever necessary.

15 Formal Name:-

Formal Name is the full name of the currency specified.

The Formal Name for the base currency is set to Indian Rupees for Indian Companies.

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16 Number of decimal places:-

The number of decimal places for the base currency is set to 2, by default. However, you have the option of specifying up to 4 decimal places. Indian currency has 2 decimal places whereas certain other countries require 3 decimal places and so on.

17 Is Symbol Suffixed to Amounts:-

For countries, which specify the symbol after the amount (value) – this facility is provided. For example, Yen is specified after the amount (5000 Yen) unlike in India where the symbol is specified before the amount (Rs.5000)

18 Symbol for Decimal Portion: - Enter the symbol for decimal portion.

19 Show Amounts in Millions:-

This is useful for companies, which require reporting the financial statements in millions. This is possible only if allow Multi-Currency is enabled in F11: Accounting Features.

20 Put a space between Amounts and Symbol:-

This facility is provided to users who require a space between the amount and the symbol. However, putting a space between the amount and symbol could give an opportunity for misuse incase of cheque printing. Hence, the flexibility to turn this option on and off as required is provided.

21 Decimal Places for Printing Amounts in Words:-

You can specify the number of decimal places for printing the amount in words. This number should be equal to or lesser than the number specified in Number of Decimal places field in company creation or currency master screen which will appear in Invoice and Cheque printing screen.

For example, if the currency is expressed up to 3 decimal places, the numeric to be printed in words can be restricted to 2 decimal places.

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EXPERIMENT NO. 5

Aim: - make a group discussion report.

Objective: - CLOUD COMPUTING

ABSTRACT:-

Cloud Computing is a virtualized compute power and storage delivered via platform-agnostic infrastructures of abstracted hardware and software accessed over the Internet. These shared, on-demand IT resources, are created and disposed of efficiently, are dynamically scalable through a variety of programmatic interfaces and are billed variably based on measurable usage, the word cloud is used as a metaphor for the “the internet” so the phrase Cloud computing means “a type of internet based computing”, where different services such as servers, storage and applications are delivered to an organization’s computers and devices through the internet, and it relies on sharing computing resources rather than having local servers or personal devices to handle applications as well as delivers computer services over the internet which allows individuals and businesses to use software and hardware, managed by third parties at remote locations. It adds three storage as private, public and hybrid and three services infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS) and software-as-a-service (SaaS), includes online file storage, social networking sites, webmail, online business applications and also provides a shared pool of resources, including data storage space, networks, computer processing power, and specialized corporate and user applications that allows access to information and computer resources from anywhere that a network connection is available

Keywords: Cloud computing, business model, cloud services, cloud storages, cloud providers, advantages, features

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1. Cloud computing:-

• With traditional desktop computing, we run copies of software programs on our own computer. The documents we create are stored on our own pc.

• Although documents can be accessed from other computers on the network, they can’t be accessed by computers outside the network. This is PC-centric.

• With cloud computing, the software programs one use aren’t run from one’s personal computer, but are rather stored on servers accessed via the Internet.

• If a computer crashes, the software is still available for others to use. Same goes for the documents one create; they’re stored on a collection of servers accessed via the Internet.

• Anyone with permission can not only access the documents, but can also edit and collaborate on those documents in real time.

• In cloud computing, the word cloud (also phrased as "the cloud") is used as a metaphor for "the Internet," so the phrase cloud computing means "a type of Internet-based computing," where different services such as servers, storage and applications are delivered to an organization's computers and devices through the Internet.

• Cloud Computing is a type of internet based computing where different services such as servers, storage and application are delivered to an organisation’s computer or devices

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through internet. It is also a type of computing that relies on sharing computing resources rather than having local servers or personal devices to handle applications.

• Cloud Computing is document centric - documents are not stored in ones individual computer but on a server which can be accessed by any one via internet.

• Examples of cloud computing includes:- • Online file storage• Social networking sites• Webmail and online business app

2. Why we need cloud computing

It is very important for us to know about it. Because it is user centric, task centric, accessible, programmable, intelligent and powerful also.

3. Milestone of cloud computing:-

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4. Cloud services:-

5. Cloud storage:-

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PUBLIC CLOUD –

A form of cloud storage where the enterprise and storage service provider are separate and the data is stored outside of the enterprise's data center. With public cloud storage, or external storage clouds, enterprises and small businesses offload their data storage and archival / backup needs to a third-party cloud storage service provider, freeing them from the expensive costs of having to purchase, manage and maintain on-premises storage hardware and software resources

PRIVATE CLOUD –

The phrase used to describe a cloud computing platform that is implemented within the corporate firewall, under the control of the IT department.A private cloud is designed to offer the same features and benefits of public cloud systems, but removes a number of objections to the cloud computing model including control over enterprise and customer data, worries about security, and issues connected to regulatory compliance

HYBRID CLOUD –

A combination of public cloud storage and private cloud storage where some critical data resides in the enterprise's private cloud while other data is stored and accessible from a public cloud storage provider. Hybrid cloud storage combines the advantages of scalability, reliability, rapid deployment and potential cost savings of public cloud storage with the security and full control of private cloud storage.

Advantages:-

Lower-Cost Computers for Users - Since applications run in the cloud, not on the desktop PC, so desktop PC does no need the processing power or hard disk space demanded by traditional desktop software.

Lower Software Costs –Instead of purchasing expensive software applications, we can get most of what we need for free.

Instant Software Updates –

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Another advantage to cloud computing is that you are no longer faced with choosing between obsolete software and high upgrade costs. When the application is web-based, updates happen automatically

Unlimited Storage Capacity –Cloud computing offers virtually limitless storage of nearly hundreds of Kbytes.

Increased Data Reliability It is data centric so even if our PC crashes, all your data is still out there in the cloud, still accessible

Universal Access to Documents -That is not a problem with cloud computing, because you do not take your documents with you. Instead, they stay in the cloud, and you can access them whenever you have a computer and an Internet connection.

Latest Version AvailabilityThe cloud always hosts the latest version of our documents; it will automatically update it without user’s knowledge.

Improved Performance –Computers in a cloud computing system boot and run faster because they have fewer programs and processes loaded into memory.

Easier group collaboration:Sharing documents leads directly to better collaboration. Many users do this as it is an important advantages of cloud computing

Device independence - We are no longer tethered to a single computer or network. Even on moving to a portable device, our applications and documents are still available.

Improved document format compatibility. You do not have to worry about the documents you create on your machine being compatible with other users' applications or Isothere are potentially no format incompatibilities when everyone is sharing documents and applications in the cloud.

Disadvantages:- Requires a constant Internet connection-

• Cloud computing is impossible if there is no Internet connection. • A dead Internet connection means no work and in areas where Internet

connections are few or inherently unreliable, this could be a deal-breaker. Does not work well with low-speed connections:

• Web-based applications require a lot of bandwidth to download, as do large documents.

General Concerns:

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• Each cloud systems uses different protocols and different APIs• It may not be possible to run applications between different cloud based

systems. Features might be limited:

• This situation is bound to change, but today many web-based applications simply are not as full-featured as their desktop-based applications.

• For example, we can do a lot more with Microsoft PowerPoint than with Google Presentation's web-based offering.

Stored data might not be secure:• With cloud computing, all your data is stored on the cloud but

unauthorized users can gain access to our confidential data. Stored data can be lost:

• Theoretically, data stored in the cloud is safe, replicated across multiple machines.

Why cloud is a boon for and entrepreneur?:

Cloud Computing  holds a unique distinction  among all the  IT  inventions  in the past two decades, in the sense  it  really simplifies  the concept of  enabling  business capability through  Information Technology  resources,  by a   Self  Service,  Net work Enabled provisioning mechanism.  This ensures that  the Information Needs  for business  are now available  as  a  service  which can be consumed and can be served to various consumers.So  if we carefully analyze the adoption of Cloud,  the major   Drivers  of Cloud Computing  or not the   Developer or IT Community  but the underlying  business itself. With the following points hold the key for its adoption.

IT  (Information Technology),  is  unable   to match the  Speed at which the  business wanted  to innovate  

Time To Market  of new Services and Capabilities  is a great concern for business

While there are  established IT shops around the world,  the   Capital Expenditure (CAPEX)  and Operational Expenditure (OPEX)  are high   such that the underlying  services provided by the business have to eat the cost, resulting in   non competitive pricing

Business is unable  to pick and choose   the  business processes they wanted to adopt to the changing  market scenarios

Business demand is fluctuating, World Economy is at cross roads, Political and natural disasters add further instability.  Current IT does not allow businesses to expand and shrunk on demand.

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The above points clearly   highlight that Cloud Computing is a real enabler for Business rather than IT.

Challenges faced by entrepreneurs:

The very definition of entrepreneurship is about achieving   business capabilities through  innovation and business  transformation.  However  becoming  an entrepreneur   is not an easy  one, various studies  have indicated the following challenges for entrepreneurs , we have also analyzed  some of the promises of Cloud  that can help   the  Entrepreneurs.

Challenges For  Entrepreneur Cloud Computing  Value Proposition

Financial Constraints and low  investments at least initially.  While this could  be a  global phenomenon  more  risk minded the culture the spending patterns will be questioned  more by the

Cloud   service models    aims at getting started  with the minimal infrastructure with the minimal possible   spending. Example is the   major  IaaS providers and their costing model.

Lack of Infrastructure, especially IT Related infrastructure  setup, especially things like setting up  net works, firewall, storage etc.

IaaS   (Infrastructure As A Service)  abstracts the complexities of setting up the complex infrastructure and  enables them for  entrepreneurs.  An important factor is the availability of Map Reduce/ Hadoop and other High Performance Compute infrastructure that lets the complex problem solving to be taken up by almost any one even without proper infrastructure. 

Global   competition and lack of global methodologies and solutions to support.

 So far  small  entrepreneurs  does not have a good  visibility of  Global  best practices  and methods that they can leverage  to  compete effectively  with global competitors.   However   viewing all the solutions from a network enabled repository, and  SaaS (Software As A Service) market place   makes the solution scope of entrepreneurs wide open and make it global.

While  the   above  are  basic  tenants   of  Cloud Computing  that is obviously  useful  Entrepreneurs,   We are seeing  some truly  new roles    that are  not  available before, let us analyze those options

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Cloud reference architecture

The National Institute of Standards and Technology (NIST) is an agency of the U.S. Department of Commerce has recently   created  a  Cloud Reference Architecture.    While   this is a standard  body  for USA,  however  this has  a far reaching impact  across the IT industry   , similar   Reference Architectures for Cloud  also created by  IT majors like HP, IBM  with very similar through process . The Cloud Reference Architecture identifies the major actors,  their activities and functions in Cloud Computing.

This Reference Architecture identifies five major Actors:

1. Cloud Consumer: Which is the  entity  that   uses  a service  created  by a Cloud Provider?

2. Cloud  Provider: Entity which  creates   services  available over Cloud that can be consumer by the consumers.

3. Cloud Carrier: An intermediary  that   provides  connectivity and transport.

4. Cloud Auditoria party that  can conduct independent assessment of cloud services, information  System operations, performance and security of the cloud implementation.

5. Cloud Broker: An entity that manages the use, performance and delivery of cloud  services, and negotiates relationships between  Cloud Providers and Cloud Consumers.

Entrepreneurs as Cloud Brokers:

As evident  from the previous discussions   due to the  constraints,   it may take a while for the  new Entrepreneurs  to play the role of a  Cloud Provider  or a Cloud Carrier.   Even though the tenants  of Cloud Computing  will facilitate  them quickly to become one. However  several of the innovative   Entrepreneurs  have a huge potential  to play  the role of Cloud  Brokers.As cloud computing evolves, the integration of cloud services can be too complex for cloud consumers to  manage. A cloud consumer may request cloud services from a cloud broker, instead of contacting a cloud provider directly. A cloud broker is an entity that manages the use, performance and delivery of cloud services and negotiates relationships between cloud providers and cloud consumers.

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This role   helps entrepreneurs to provide services to consumers without any significant capital or human investment.  Cloud Brokers  can achieve  this by multiple means.

Service Inter mediation:

In this scenario  an  entrepreneur  can  purchase service from a  provider and  value add it by  enhancing  with specific capabilities   and provide them  to consumers. For example a SaaS service provider may provide compliance solutions, however   a Service broker can ensure state specific reporting based on the larger compliance data.

Service aggregation:

In this scenario an entrepreneur can  purchase services from multiple providers    roll them up into a new service to be available for   consumers. This could be a typical   Credit approval scenario of multiple services from Banks, Credit Rating Agencies and third parties can be aggregated to provide a larger service.

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