Business plan for an Entrepreneur

For a business plan, the first and foremost thing is set your goals and ideas as to what i have to do. There are various ideas but to execute that one idea makes all the difference. It is key to starting a new business.

Second thing is that before getting too excited and start investing time and resources into that idea, we have to find out if there is a real need for it. My own idea may sound good to me but we got to share our idea with such people who could be honest with us and tell the flaws of that idea also.

Third thing is that we got to find whether our that idea serves a market that is big enough with opportunity for growth. It is very important as it happens that our idea may be good one but the market may not be big enough for execution of that particular idea. So in such case, survey and research can help us know that whether our idea to start that business is worth our time.

Fourth thing is “Man Power”. What kind of people we should hire in our business so that they could cope up with a new start­up?

Finally is the “Money Power”. How can we arrange our own capital to start with the business? In this case, our relatives,friends can help to a great extent.

Tools for successful Entrepreneurs

1. Enjoy the work you do:

If we don’t enjoy what we do then that will be totally reflected in our business and chances are there we won’t succeed.

2. Work should be done seriously:

We should have faith in our goods and services that we sell and truly believe in our own business.

3. Plan everything:

By planning, it makes us to analyze each business situation, research, compile data and make conclusions based on that research.

4. Wise management of money:

For business to run effectively, the flow of cash must be managed well. Money matters a lot for implementing any business.

5. Know your customers well:

Customers are the people that will ultimately decide if our business goes boom or bust. So, everything we do in the business should be customer-focused.

Entrepreneurial Ecosystem in Poornima Group of Institutions

Entrepreneurship is always about the risks and in this competitive world, everyone wants safe and secured life. But the question is “why will one take that risk which left him in the midway.” It’s been a long time that our country is talking about entrepreneurship and revolving around its merits and demerits. The same stories are carried out in the colleges of our country. There was a survey conducted by circulating Google forms online in our college and we reached to the conclusion that a proper orientation and guidance is needed. Students are having great ideas and business plans, but the academic and parental pressure are the hurdles that they are facing in their road to success. Imagination and innovation are important parts but without execution and implementation, these ideas are worthless. Students do not know that what steps should be taken initially and what type of research should be done. We know that being an entrepreneur along with the academics is tough, but it is not difficult to carry things related to entrepreneurship along with the same. As our college is an engineering college and things revolve around the technical aspects of the world so the students are not taking interest in entrepreneurship. Two batches have passed out from our college in which many students were having the same vision but different ideas. Many of them showed their dedication to their dream and owing the pride of hiring and firing others. And many of them due to lack of dedication, planning and orientation failed at that time but succeeded when they realized the importance of being an entrepreneur. The e-cell of our college realized the problems that students are facing and a new model has been planned to help the students from the grass root level. Even the students from 1st year will be guided by the experts from the industries and will be made aware about the market and customers so that they can initiate from the starting of his career and at the end of degree, he/she will be ready for execution of his ideas practically. Most of the students want a job with good package in Multinational Companies, so, it’s risky to turn their steering to another track. The e-cell of our college is doing a great job in this context. Several programs had been conducted for previous years and more events, activities and expert sessions have been planned for this year too. So, ignoring the idea of using elevator we will use stairs and move towards success step by step.

Stories of Successful Entrepreneurs

Stories of Successful Entrepreneurs - 2
Mr. Sunil Bharti Mittal 

Initial Investment- Rs. 20,000

Born on June 15, 1950, in Ludhiana, Punjab, Mr. Sunil Bharti Mittal graduated from Punjab University with a degree in Bachelor of Arts and Science. His father Mr. Sam Paul Mittal was a Member of Parliament but he didn't want to follow his father’s footsteps and wanted to do something on his own.

Due to his inclination towards business, he teams up with his friends to form a bicycle business. After this, he moved to Mumbai to start a full-fledged business of selling generators imported from Japan. Here Mittal learnt the basics of marketing and advertising. After a ban on import of generators Mittal clinched a deal with the French Telecom Group Vivendi for the Delhi Cellular Circle. He introduced electronic push button phones in India in1982. The year 1986 witnessed the launch of Bharti Telecom Limited (BTL) and the brand “Airtel” and as is said the rest is history.

After this there was no turning back for Mittal and within a few year Bharti became the first telecom company to cross the 2-million mobile subscriber mark.

Stories of successful Entrepreneurs

Stories of successful Entrepreneurs - 1
Dinesh Agarwal's IndiaMart
Initial Investment: Rs 40,000

 It is said that entrepreneurs always search for change, respond to it and exploit it as an opportunity and so was the case with DINESH AGARWAL, an engineer in computer science from Harcourt Butler Technological Institute, Kanpur. After completing is B.Tech, he got a well paid job at HCL Technologies as system analyst. Bbut an entrepreneur by choice, he chose to quit the job and move to India to bring new technology to small and medium enterprises. He built a platform for businesses to display their products via web-pages and named the venture IndiaMart.
The idea behind the act was to help the small and medium enterprises in the country to promote their products and services. His company IndiaMart is now an Indian enterprise in the country market and is headquarted in Noida. It has around 1.5million suppliers listed on its website with as many as 1 crore buyers every month.

Problems faced by Upcoming Entrepreneurs

While trying to become an entrepreneur, one has to overcome many social and financial obstacles.
Many a times, the family members boycott the up comer or are ridiculed by their social contacts. People may try to demotivate them and make them deviate from their path. These obstacle are just a way to show class superiority of one fellow over another. The people are just incompatible with persons who think differently and whose attitude to things of different nature is varying.

The financial problems are much more common as up comers don’t actually know from where to start. They just dream of how they will carry on a business after break-even point but they have no idea of how they will generate their first product or carry on their first service or operation.
The patience in today’s generation is also a major factor. Thomas Edison failed a thousand times before tasting success but today’s generation cannot afford to fail more than a few times. They don’t have the will to learn from their past mistakes and take risks in future. They don’t have inner will to go all out on achieving their dreams and complete the task with flying colors.
One should always remember that the man of tomorrow is forged by his battles of today.

Identity of "ENTREPRENEUR"

Often we come across the word 'entrepreneur' and ponder' Who are they?' In simple language, they  are  someone who creates a new business of their own. The term 'Entrepreneur' has been derived from a French word 'Entreprendre' meaning to undertake certain activities. It may sound simple that someone is an entrepreneur but reality is that they are the ones carrying high risk. They got to invest lots of money to make more money.We can call them the 'risk bearer'. For facing uncertainities he may get profit or incur loss. It is not easy to become an entrepreneur. He must have some qualities or skills like ability to organise various factors effectively, understand all the ascepts of the business. He should be professional in approach and should adopt modern techniques of production rather than outdated ones. The most important quality is that an entrepreneur must be quick in his/her decisions or we can say 'right decision at right time'. An effective communication is also equally important as an entrepreneur comes in contact with various persons like consumers, workers, some dignified authorities and government officials.