1. Assignment no:01
Prepared by:
Roll no: AM552472

2. Q1: a)What is the difference between an entrepreneur and a manager? Explain
the role of an entrepreneur in reducing social disparity by escalating
economic growth?
 An Entrepreneur  A Manager
• An Entrepreneur(ahn‟tra pra nur) is a person • Manager is the person responsible for planning
who organizes and manages a business and directing the work of a group of
undertaking, assuming the risk for the sake of individuals, monitoring their work, and taking
profit. Any person (any age) who starts and corrective action when necessary. For many
operates a business is an entrepreneur. people, this is their first step into a
• There is no levels in entrepreneurship. It has management career.
three two main types productive and • In large companies management is divided
unproductive entrepreneurship. into three levels: upper or top, middle and
• Entrepreneurship is about finding demand and lower management.
a path to market • Management is about making an existing
• Entrepreneur initiates the plan, materialize it business work efficiently
and implements it. • Manager implements these ideas and apply to
• Entrepreneur is a leader and owner of the all employees.
business. • Manager is a coordinator, he just manage the
• An Entrepreneur hires manager(s). business organization.
• An entrepreneur being the owner of the • A manager cannot hire an Entrepreneur.
enterprise assumes all risks and uncertainty • A manager as a servant does not bear any risk
involved in running the enterprise. involved in the enterprise.
• As a reward, an entrepreneur gets profit which • A manager gets salary as rewards. Salary of a
is highly uncertain. manager is certain and fixed.

3. Comparison between An Entrepreneur and A Manager
 An Entrepreneur ‘s skills  A Manager ‘s skills

4. Role of an entrepreneur in reducing social disparity.
Disparity is usually used to describe an unfair or unjust lack of equality. For example:
"the disparity between the rich and the poor." In more technical terms, disparity
can refer to any difference, inconsistency, or gap that seems to indicate a problem.
For example: "There seems to be a disparity between my check book records and my
bank account."
Entrepreneurship is the active process of recognizing an economic demand
in an economy, and supplying the factors of production (land, labor and capital)
to satisfy that demand, usually to generate a profit. Through that activities in social
environment entrepreneurship increase economic growth and helps to reduce social
disparity and poetry. High levels of poverty combined with slow economic growth in the
formal sector have forced a large part of the developing world‟s population into self-employment and
informal activities.
That helps to low-income people to escape poverty with limited skills and education to
compete for formal sector jobs, these men and women find economic opportunities in
microenterprises as business owners and employees. If successful, entrepreneurship is likely to
result in a small- to medium-enterprise (SME). They include a variety of firms like village handicrafts
makers, small machine shops, restaurants, and computer software firms. In most developing
countries, microenterprises and small-scale enterprises account for the majority of firms and a large share
of employment. Concept of entrepreneur to an innovator shows four roles:
• The person who has a new idea and that specifically invents a new product.
• The capitalist, who provides financial resources for the innovation to occur.
• Finally the manager who supervises the daily business of the new idea.
According to these the different roles of entrepreneur points into the direction of an effect on economic
growth.

5. The mechanisms that links entrepreneurship to growth may be
essentially four: knowledge spillovers, decentralization, experimentation
and competition.
“There is a wide-spread opinion that national or regional economic development is
associated with new firms creation intensity. New firms formation is considered as an
important indicator of entrepreneurial activity and key component in economic
development and growth, which has been explained by the creation of new capacities into
the market and through improvement of the competitiveness of the economy, industry or region.
(Fritsch & Mueller)”

6. Q1: b) Should the main focus of an entrepreneur only be economic growth?
Is this focus ethically appropriate?
Main focus on economic growth does not support the entrepreneur to
achieve his real success and that is not ethically correct. Nineteenth-century writer
and philosopher Thomas Carlyle wrote:
“Blessed is he who has found his work; let him ask no other
blessedness. He has a work, a life-purpose.”
In business people believe that the purpose of their work is to be found in profit. But profit is noble when it
is seen as a means of making people‟s lives better: the customer whose life is made better by the
product or service; employees who are able to make a good living and provide for their families;
stockholders whose quality of life is enhanced. So, Main focus only on economic growth is not ethically
good. Leading enterprises, government agencies, and NGOs have found that an effective business
ethics program addresses functions at seven levels
of responsibility:
1. Overseeing the program at a high level (the responsible officer)
2. Performing or coordinating the specific functions of the business ethics
program (the business ethics officer)
3. Advising the responsible officer and business ethics officer and
representing the enterprise as a whole (the business ethics council)
4. Advising the responsible officer, business ethics officer, and employees and agents about specific
professional ethics, compliance, and social responsibility issues, such as biomedical, engineering, or
community issues (the professional ethics council).
5. Linking various levels of the enterprise with a central ethics office (business conduct representatives)
6. Performing related executive and department functions (the chief
financial officer; legal counsel; human resources; internal audit; environment,

7. health, and safety; government procurement; and investor relations)
7. Abiding by standards and procedures and striving to meet reasonable stakeholder
expectations (every employee and other agent of the enterprise)
Support for a business ethics program must start at the top of an enterprise. The
following general elements of leadership are typically found in successful programs:
• The owners or owner representatives ensure that the program provides them wit
h adequate information regarding enterprise performance.
• The owners and managers set a to of support for responsible business conduct.
• A high-level person is responsible for the business ethics program.
• The supervisors are responsible for how things are actually done in the enterprise.
 Respect: As an entrepreneur building a business, it is necessary to respect yourself and surround
yourself with people you can respect.
 Honor: Good people are a fundamental part of good ethics. They are also great ambassadors for
doing things right. Give special attention to strong performers and people who
exemplify the spirit of your organization.
 Integrity: Do not lie, steal, or cheat. Make your word your bond and always stand by your word. When
you are wrong, own up to it and make good on the deal. Treat others as you'd want to be treated.
Do not hire or retain people who do not have integrity.
 Customer focus: A company is nothing if it does not have customers. A
focus on your customers reinforces the responsibility you have to the market.
Your decisions affect your people, your investors, your partners and ultimately,
your customers. Serving all of these people is part of your ethical responsibility.
Passion: Great organizations are comprised of people who have a passion
for what they are doing. These are people who are working for you for the thrill
and challenge, not merely putting in time to collect a pay-check.

8. Q2: a)Discuss the importance of international entrepreneurship and
the ways of entering international markets?
International entrepreneurship (IE) presents an integration of international business,
entrepreneurship, and strategic management. Perhaps the most recent definition
of international entrepreneurship is the one of Oviatt and McDougall is:
“The discovery, enactment, evaluation and exploitation of opportunities
across national borders to create future goods and services“
Importance of international entrepreneurship are followings:
1. Globalization:
There may be very small markets in the restricted area depending on products or service. The Global
market is a much larger opportunity. The idea of entrepreneur is to reach more people and generate
more revenue.
2. Universal nature of product and services:
Entrepreneurs go global, if their products/ services are moderately universal in nature. For example it is
competent enough for consumption, cutting across caste, creed, race, culture, technology etc.
3. Reduction of cost:
Because of many factors like low currency rate, cheap labor, cheap raw martial, cultural and national
difference that is important to adopt international entrepreneurship and make the local business
multinational.
4. Growth and employment:
Cross-border or international entrepreneurship gives growth to local. Business and to access towards
international markets. That growth of the business decrease the unemployment. The most comprehensive
indicator of an economy‟s performance is that of national income or Gross Domestic Product.
Embracing in its concept, GDP provides a broad view of the structure and functioning of the economy.
That become possible when international entrepreneurship is promoted by nation.

9. 5. Export and import:
Export and import through cross national trade by legal ways is a great
importance of international entrepreneurship. International trade exists because
one group or country has a supply of some commodity or merchandise that is in
demand by another. And as the world becomes more and more technologically advanced,
as we shift in subtle and not so subtle ways toward one-world modes of thought, international
trade becomes more and more rewarding, both in terms of profit and personal satisfaction.
How to enter in international markets:
There are following steps to enter in international market:
•Searching and monitoring business opportunities at international level
•Exploring international market presence
•Setting up local offices abroad
•Creating and designing an international company strategy

10. • Designing and implementing new solutions, products, services targeted
to international costumers
• Giving an international focus to business projects
• Dealing with/being involved in international mobility and expatriation issues
• Organizing and coordinating events (fairs, exhibitions, seminars, etc)
abroad or
• Involving people coming from abroad
• Dealing with foreigner customers or foreigner authorities
• Recruiting and developing multi-cultural teams.
• Dealing/Communicating with customers, business partners, suppliers indifferent parts of the world
(personally, by telephone, in writing through letter, fax, e-mail, etc)

11. •Participating in cross-cultural meetings
•Dealing with/being involved in international mobility and expatriation
•Issues Organizing and coordinating events (fairs, exhibitions, seminars, etc)
abroad or involving people coming from abroad…
• Managing international business relations/contacts
• Gaining clients, business partners and employees
trust/cooperation
• Dealing with cross-cultural conflicts
• Participating in international negotiations/sales.
So, in short entry to international market process can be
divided into five main headings:
 Country Identification
 Preliminary Screening
 In-Depth Screening
 Final Selection
 Direct Experience
So, It is essential before entering a foreign market to
clearly identify the motivations behind your decision to
explore entering the international marketplace.
Examine what your domestic marketing strategy has
been and how the domestic plan employed by your
company on a local level needs to be tailored to be
positively received in the proposed international territory.
When working on building your brand‟s international
presence and market-share make sure that you are
thinking globally and creating a comprehensive
strategy.

12. Q2: b) Highlight the problems and barriers commonly associated
with international entrepreneurship, also suggest possible solutions
to overcome these problems?
The economist Joseph Stigler defined an entry barrier as
"A cost of producing (at some or every rate of output) which must be
borne by a firm which seeks to enter an industry but is not borne by
firms already in the industry“.
Hundreds of entrepreneurial and growing companies consider international expansion as a marketing
and growth strategy. When developing a strategic plan to launch an international business
program, growing companies and their advisors must always consider the potential barriers . These
include the following:
• Language Barriers:
Although it may seem simple enough at the outset to translate the features of a given product or service
into the local language, marketing the product or service may present unforeseen difficulties if the
concept itself does not "translate" well. The target country's standards for humor, accepted puns or
jargon, or even subtle gestures may not be the same as your domestic country's norms or idioms and
may need to be adjusted accordingly.
• Marketing Barriers:
These types of barriers most frequently go to the deepest cultural levels. For example, in gulf countries
use of vine and pig meat is prohibited but in Europe these product have a great earning and open
marketing opportunities. Furthermore, ice-cream business have very minimal profit in such market where
snow is falling.
• Legal Barriers:
The company wants to be a multinational, must research tax laws, customs laws, import
restrictions, corporate organization, and agency laws. Trade restrictions such as tariffs and quotas should
also be considered as a barrier to the entry of international competition in protected domestic markets.

13. considered as a barrier to the entry of international competition in protected
domestic markets.
•Access to Raw Materials and Human Resources:
Not all countries offer the same levels of access to critical raw materials
and skilled labor that may be needed to offer the service. The growing
company may want to consider what changes in the product or service may be
feasible to accommodate this resources challenge without sacrificing the core
business format.
• Governmental and Regulatory Barriers:
The foreign government may or may not be receptive to foreign investment or expansion. A given
country‟s past history of expropriation, government restrictions, and limitations on currency repatriation
may all prove to be decisive factors in determining whether the cost of market penetration is worth the
benefits.
• Barriers of gender:
Gender is also a big barrier for international entrepreneurship, for example the government of Oman has
taken many initiatives in banking such as HSBC Bank, Middle East Limited and National Bank of Oman
also support the small and medium enterprises. However, there are certain barriers that challenge
women entrepreneurs.
• Economical and Non Economical barriers:
Economical behavior of foreign country is also a huge barrier while a entrepreneur want to become a
international entrepreneur. Economical behavior contain lot of factors like consumer choice, demand
and supply, saturation, trade cycle etc. That economical and political factors also have a great
influence on business growth and these factor become a barrier in the way of cross-national or
international trade. Just like economic barriers , non- economical barriers also restricts international trade
and entrepreneurship. For Example: personal barriers.

14. Q3: a)Business Idea generation can ensure success or failure of
an entrepreneurial venture. What are the different
methods available for generating new venture ideas?
Business idea generation is a goal oriented process, it
mean before idea generation entrepreneur measure its
result in failure and success. A good idea is a guaranty
of success. And a idea which have no oriented
towards its effecting factor mostly direct that business
towards failure. An idea can be defined as:
“One of the single most powerful influences
on the quality of blog content is the originality of ideas”
9 Steps to generate better Ideas
1. Make Time for It:
Make idea generation one of priorities, and recognize
its influence on business success. There are plenty of
activities that can consume time, but don‟t do so at
the expense of working on new ideas. Without leaving
time for it, if someone find sitting at the computer
searching for a topic to write about, and the results will
suffer.
2. Have a Brainstorming Session:
Rather than trying to come up with one post idea at a
time as entrepreneur need them, sit down and crank
out as many ideas as you can. Write down all of your
ideas. Many of them will not turn into anything usable.
Get your creative energy flowing.

15. 3. Use Mind Mapping:
Mind mapping is a method of brainstorming that helps you to visualize
your ideas and to build on them with other related ideas. This method can
really help you to develop ideas for posts on particular subjects and topics as you
can visualize all of the different aspects and you see the possibilities for useful blog posts .
4. Outline Posts Before Writing Them:
If you are typing your idea with little or no direction you will have disjointed articles that are less
productive than they could be. I find it to be very helpful to outline every post before I actually write the
content. This may require some research, depending on the topic, but it will make the writing process
easier. It also helps you to identify ideas that really don‟t develop into quality posts.
5. Take Your Ideas and Plan a Posting Schedule:
It is very helpful to plan out posts a week in advance. Every weekend through the ideas that you have
been working on, and select the ones that you are going to finalize and publish during the upcoming
week. This helps to avoid last minute posts that don‟t have much of a point except to get something
published.
6. Don’t apply idea unless You Are Happy With It:
If you finish a idea post and you feel that it doesn‟t live up to your standards of quality, either keep
working to improve it or just get rid of it. It‟s never fun to give up on an idea that you‟ve spent some time
on, but that is better than applying something that could lower your customer's opinions.
7. Improve Your Title Writing Skills
Some bloggers start the process of writing a post by first coming up with an attention-grabbing title and
then working from there to develop the content. While this may not always work, it is a different method
that can help to give your writing process a spark.
8. Analyze Your Results
Last step of idea generation is to analyze the result, it means to check the idea before implementation.

16. First, a business plan helps provide direction by making discuss where
entrepreneur wants to take the venture and define what he want out of it.
Second, a business plan provides structure to think and help to make sure that
entrepreneur covered all of the important areas.
Third, a business plan prompts to think about the future. For instance, a business plan
might help to consider what would do and when, once venture is developed, it attracts
several competitors. A good business plan will include ideas for dealing with new
competitors in market..
Finally, a business plan will help to communicate idea, not only to financers, but also to employees,
potential employees, suppliers, and customers. As a communication tool, a carefully developed plan will
provide something that other people can react to. It can use their insights to help to develop a more
successful venture.
These steps are a way towards success but if these all steps ignored then it will be cause of business
failure.
Methods available for generating new venture ideas:
With a wide variety of sources available, coming up with an idea as the basis for a new venture
can still be a difficult problem. The entrepreneur can use several methods to help generate and test new
ideas. The following are some of the key methods to help generate end test new ideas:
1. Focus Groups – These are the groups of individuals providing information in a structural format. An
expert leads a group of people through an open, in-depth discussion rather than simply asking questions
for participant response. Such groups form comments in open-end in-depth discussions for a new
product area

17. that can result in market success. By generating new ideas, the focus group is an excellent source for
initially screening ideas and concept.
2. Brainstorming –
It is a group method for obtaining new ideas and solutions. It is based on the fact that people
can be stimulated to greater creativity by meeting with others and participating in organized group
experiences. The characteristics of this method are keeping criticism away; free wheeling of idea, high
quantity of ideas, combinations and improvements of ideas. Such type of session should be fun.
Brainstorming has a greater probability of success when the effort focuses on specific product or market
area.
3. Problem inventory analysis–
It is a method for obtaining new ideas and solutions by focusing on problems. This analysis uses
individuals in a manner that focus groups to generate new product areas. However, instead of
generating new ideas, the consumers are provided with list of problems and then asked to have
discussion over it and it give results in an entirely new product idea.
4. Market Research –
Market research can be done very easily. Survey around market area and see what types of
businesses are present. By looking at busy stores and shops and talk with their owners it shall become
easy to knew that what do they do different and why are they busier than their competitors?
5. Through Internet:
Through internet now that world become a global village, internet is a quick and
best source of new information and ideas.
6. Traditional and electronic notebook methods:
During meeting use of notebook is very common, no a days electronic notebook idea
recording is very useful for recording new ideas and mind concept.
7 weekly, monthly and annual meetings:
weekly, monthly and annual meeting is a very good source for idea generation. Meeting
provides a channel to top level management and owners of the company to understand employees
problem and to get ideas of employees.

18. Q3: b) Explain different aspects of product planning and development
process?
At the earliest stages of the product lifecycle, product planning teams need to
efficiently identify key market and sector trends. Integrated global solutions reveal
invaluable price, specification, sales and registration information. Product planning is
revolutionized when emerging trends in specification availability at
segment, market, regional or global level can be identified.
•Competitors‟ concept models
•Insider stories from automotive shows
•Immediate, unrivalled overview of
industry developments and predicted
trends
Newly launched products across
market segments with market trends
established, specification and
development comes to the fore.
Identification of key components and
features of a vehicle are vital to
successfully define the concept
competitively. Fundamental to the
definitive stages of product planning
and
research and development teams to successfully consider:
• Weight and dimensions Important specification items
• Competitive components - performance, economy, safety, comfort, cost of ownership
• Modeling of equipment and pricing based on competitive specifications
• Emerging trends in specification availability – through market sectors

19. 1. Idea Generation is often called the "fuzzy front end" of the NPD process
Ideas for new products can be obtained from basic research using a SWOT analysis
(Strengths, Weaknesses, Opportunities & Threats), Market and consumer
trends, company's R&D department, competitors, focus groups, employees, salespeople,
corporate spies, trade shows, or Ethnographic discovery methods (searching for user
patterns and habits) may also be used to get an insight into new product lines or product features.
Lots of ideas are being generated about the new product.
2. Idea Screening
The object is to eliminate unsound concepts prior to devoting resources to them.
The screeners should ask several questions:
• Will the customer in the target market benefit from the product?
• What is the size and growth forecasts of the market segment/target market?
• What is the current or expected competitive pressure for the product idea?
• What are the industry sales and market trends the product idea is based on?
• Is it technically feasible to manufacture the product?
• Will the product be profitable when manufactured and delivered to the customer at the target price?

20. 3. Concept Development and Testing
Develop the marketing and engineering details
• Investigate intellectual property issues and search patent data bases
• Who is the target market and who is the decision maker in the purchasing process?
• What product features must the product incorporate?
• What benefits will the product provide?
• How will consumers react to the product?
• How will the product be produced most cost effectively?
• Prove feasibility through virtual computer aided rendering, and rapid prototyping
• What will it cost to produce it?
4. Business Analysis
• Estimate likely selling price based upon competition and customer feedback
• Estimate sales volume based upon size of market.
• Estimate profitability and break-even point
5. Beta Testing and Market Testing
• Produce a physical prototype or mock-up
• Test the product (and its packaging) in typical usage situations
• Conduct focus group customer interviews or introduce at trade show
• Make adjustments where necessary
• Produce an initial run of the product and sell it in a test market area to determine customer
acceptance
6. Technical Implementation
New program initiation Finalize Quality management system
Resource estimation Requirement publication

21. • Publish technical communications such as data
sheets
• Engineering operations planning
• Department scheduling
• Supplier collaboration Logistics plan
• Resource plan publication
• Program review and monitoring
7. Commercialization :
Launch the product Produce and
place advertisements and other promotions
Fill the distribution pipeline with product
Critical path analysis is most useful at this stage
8. New Product Pricing
Impact of new product on the entire product
portfolio
Value Analysis (internal & external)
Competition and alternative competitive
technologies
Differing value segments (price, value, and need)
Product Costs (fixed & variable)
Forecast of unit volumes, revenue, and profit

22. Q.4: a) What is a business plan? Explain all the elements of the
business plan.
A completed business plan should identify the expectations you have for your new or existing business
and should tell “the tale” of your business to a potential lender. The plan is a stand-alone document
because, when completed, all business issues should be addressed without requiring additional
explanation. The plan is a living document and should be reviewed and changed as regularly as your
plans and strategies change. These 10 elements are a guide to formatting and writing the plan:
1. The Executive Summary:
This is the first element of your plan but is written last. It tells who you are, explains your vision and your
strategy, what you are doing or proposing to do, the market, the capital you need and what you‟ll do
with it and your competitive advantage. In short it is the business plan in miniature and the reader, when
finished, should be able to explain to someone else what you are all about.
2. The Company:
Cover the company name, licenses needed, ownership, legal structure, and a description of your
product or service and what you plan to do with it (service, retail, wholesale, or manufacturing). Address
company location, space needed, ownership of the space, whether this is a start up, an expansion or
purchase of an existing business. Describe the company goals and objectives and any planned
changes.
3. Market Analysis:
Discuss your target market, market segments and customers in these segments. Address your penetration
of the market, translate that into potential revenue over three years and state whether your revenue
share will increase or decrease with market growth. How you will price your service or product to make a
fair profit and be competitive. Why will a customer pay your price.
4. Products and Services:
Describe the products and service offerings, the customers they address and the value they bring to the
customers in terms of customer pain.

23. 5. Business Strategy and Implementation:
Explain how you will gain access to the marketplace. Will you advertise or attend trade
shows. Will you have a web site and how are you going to publicize it.
6. Competition:
Who are your five nearest competitors by name and how will your operation be better than
theirs. Is their business steady, on the increase or decrease and why. What are their strengths
and weaknesses and how is your operation similar or different. How will you maintain a future watch on
your competition.
7. Operations:
How will you produce or deliver your product or service. What is your credit policies and how will you
collect due monies. How many employees will be required, what skills will be needed and how will
training be delivered. Also the relevant equipment and technology needed and the kind and level of
inventory you will have to carry. Have you researched all legal and licensing issues that are relevant to
this business.
8. Organization:
Who will have management responsibilities and include their relevant experience. Include the resumes of
key managers as supporting documents. Include position descriptions for all key employees and list
important advisors, such as attorney, accountant, banker, insurance agent, vendors, and advisory board
members or board of directors. Include estimated financial costs and necessary services provided.
9. Financial Analysis:
List an explanation of the assumptions you are using to arrive at the dollar value of all financial
statements. Calculate start up costs including, leases, insurance, license cost and any amounts needed
for renovation and equipment.
10. Supporting Documentation:
Personal resumes, job descriptions, personal financial statements, credit reports, letters-of-
reference, letters-of-intent, leases, other legal documents, market statistics and anything else that is

24. Q4: b) Explain how to monitor and update the business plan?
When developing your monitoring plan it should be consider the resources
that are available and how it fits with other property management tasks. These
resources may include budget, equipment, time and/or skills. The plan should outline
the why, what, when, who and how of monitoring activities.
Answering the following questions will help you plan your monitoring program.
1. What are your monitoring objectives?
2. How will your data be used?
3. What will you monitor?
4. Where will you monitor?
5. When and how often will you monitor?
6. How will your data be managed?
1. What are monitoring objectives?
A critical step in developing monitoring plan is deciding what want to gain from monitoring. For
example, monitoring can be used to:
evaluate the effectiveness of current management activities, to facilitate early detection of potential or
emerging problems, to record changes in condition over time, to plan ongoing management activities.
monitoring objectives should be specific, measurable, achievable, realistic and timely and guide the
development of the rest of business plan.
2. How will data be used?
How intend to use data determines both the required data quality and monitoring methods. It should be
consider who will be using data, how they will be using it and for what reasons it will be used. If you are
collecting data only for your own land management decision-making, then you can choose the level of
data quality and reliability that best meets needs.

25. 3. What will you monitor?
What you choose to monitor must reflect the objectives of your monitoring
plan. There are many ways of identifying what to monitor on your property
such as:
Adopting all or part of the approaches taken by existing initiatives, programs and
policies exploring what monitoring is already occurring in your area to assist with information
sharing, and to help you become more familiar with specific issues and successful techniques
applied in your area. The following information describes some of the key industry, regional, state and
national initiatives, programs and policies that relate to property level monitoring.
4. Where will you monitor?
The objectives of your monitoring plan should be the key factor that determines where you will monitor.
You will need to define the geographic boundaries for your monitoring. For example, answering the
following questions:
Will you monitor your entire property or only a selected area?
Do you want to work with any of your neighbors to share expertise and learning?
Do you need information at a wider scale (e.g. sub catchment) to really understand what‟s happening
above and below you in the catchment?
Do you want to use a control treatment, such as a fenced-off enclosure in a grazing paddock, to allow
comparisons between treatments?
5. When and how often will you monitor?
How often monitoring will be carried out depends on the indicator(s) you choose and the objectives of
your monitoring plan. Monitoring for gradual processes such as water table rising decline will be less
frequent (e.g. intervals of two to three years) than monitoring for more rapid processes such as the
spread of some pest animals or plants. It can also be informative to monitor when key events such as
fire, drought or floods occur. For example, the early stages of soil erosion can be most easily recognized
after periods of heavy rain.

26. 6. How will your data be managed?
As your collected data and information will grow and develop over the years it is important for the
information to be well organized and quick and easy to locate. If you intend to share your data, some
simple steps/guidelines at the start will make your data more useful or acceptable to the data collection
standards in place. Key questions to think about are:
1. Will you retain the information as paper-based or electronic records?
2. How you will maintain consistency in your record keeping?
3. How will your records will be accessed in the future?
business plan can be updated every month, every week and every day; whenever things change, you
can update your plan. steps of updating a business are following:
The Annual Update:
Update your plan thoroughly at least once a year. You can
start with an old plan and revise, but make sure you are
taking a fresh look--distance yourself from the trees and look
at the forest.
The Monthly Update:
Accounting and financial analysis normally works in months
since the books close after every month. Make sure you have
a monthly review of the difference between planned results
and actual results for your sales, profits, balance and cash.
For each of the standard pro-forma projections, always
maintain a table with the plan, another with actual results,
and a third with the difference between plan and actual,
which is called variance. As an annual plan marches through the months, you can use the table
reserved for actual results to include changes in budget that affect the near future.

27. Q.5: a) Discuss the, organizational, financial
plans of a new business venture?
The five basic steps in the planning process (as depicted in
figure 1) are:
• Market review
• Financial review
• Corporate strategy
• Product strategy
Product Roadmap and Release schedules During the first
step, product management presents a market review to
executive management sharing facts on market trends and
opportunities, key customer needs, and competitor moves
and positions. Though product management will keep tabs
throughout the year on many of these items, this is the
opportunity to update the information to make sure it is
complete and current. Other functions may be invited to
provide their perspectives on the market and customers as
well. During the financial review phase, the finance
organization presents results on the financial performance for the company overall, for its sales channels
and for its products. Providing revenue and profitability by product is critical to making good product
decisions and developing effective strategies.The next step is where the company‟s executive team
outlines its corporate strategy in terms of its vision, financial goals and its plan for achieving those goals.
The corporate strategy should be explicitly presented to the product management team to facilitate
development of a product strategy. For some smaller businesses, steps 3 and 4 may be combined into a
single step.During step 4, product management develops its product strategy considering market
dynamics, customer needs, financial goals, and corporate strategy

28. Organizational Plan:
Process of transforming organizational objectives
into specific management strategies and tactics
designed to achieve the objectives. Organization
al planning is one of the most important manage
ment responsibilities…
Organizational Strategic Planning process:
Step 1: Clarify the problem or opportunity
Step 2: Outline the process for developing and
selecting strategies
Step 3: Establish criteria for success
Step 4: Brainstorm, prioritize and select viable
strategies
Step 5: Articulate clear, measurable action plans
Step 6: Define ways to measure progress and
success . One step solution : Human Concepts
to create and implement effective
organizational plan.
The elements of organizational planning and
development are interrelated, dynamic, and
interdependent as shown in the following
illustration:
Strategic planning is one of the most important
responsibilities of the senior management of an
organization. It is the vehicle that senior
management should use to set the
organizational vision…

29. Financial Plan
Financial planning provides direction and meaning to
your financial decisions. It allows you to understand
how each financial decision you make affects other
areas of your finances. For example, buying a particular
investment product might help you pay off your
mortgage faster or it might delay your retirement
significantly. By viewing each financial decision as part
of a whole, you can consider its short and long-term
effects on your life goals. You can also adapt more
easily to life changes and feel more secure that your
goals are on track.
Best Practices when approaching Financial Planning1.
1. Set measurable goals.
2. Understand the effect your financial decisions have
on other financial issues.
3. Re-evaluate your financial plan periodically.
4. Start now – don‟t assume financial planning is for when you get older.
5. Start with what you‟ve got – don‟t assume financial planning is only for the wealthy.
6. Take charge – you are in control of the financial planning engagement.
7. Look at the big picture – financial planning is more than just retirement planning or tax planning.
8. Don‟t confuse financial planning with investing.
9. Don‟t expect unrealistic returns on investments.
10. Don‟t wait until a money crisis to begin financial planning.
A good financial plan can alert an investor to changes that must be made to ensure a smooth transition
through life's financial phases, such as decreasing spending or changing asset allocation. Financial plans
should also be fluid.

30. Q5: b) Success of SME’s in Pakistan would promote entrepreneurial mindset
and would be a clear indicator of healthy economic growth in the
country. Support this statement with examples.
As defined by State Bank of Pakistan - SME (Small and Medium Enterprise) means
“an entity, ideally not a public limited company, which does not employee
more than 250 persons (if it is manufacturing concern) and 50 persons (if it
is trading / service concern) and also fulfills the following criteria of either „
a and c or „b and „c as relevant:
(a) A trading / service concern with total assets at cost excluding land and buildings up to Rs 50 million.
(b) A manufacturing concern with total assets at cost excluding land and building up to Rs 100 million.
(c) Any concern (trading, service or manufacturing) with net sales not exceeding Rs 300 million as per
latest financial statements.
SMEs are considered the engine of economic growth in both developed and developing countries, as
they:
Provide low cost employment since the unit cost of persons employed is lower for SMEs than for large-size
units. Assist in regional and local development since SMEs accelerate rural industrialization by linking it
with the more organized urban sector.
Help achieve fair and equitable distribution of wealth by regional dispersion of economic activities.
Contribute significantly to export revenues because of the low-cost labor intensive nature of its products.
Have a positive effect on the trade balance since SMEs generally use indigenous raw materials.
Assist in fostering a self-help and entrepreneurial culture by bringing together skills and capital through
various lending and skill enhancement schemes.
Evidence to Support Hypothesis:
Pakistan: Various attempts at evolving Small Enterprise Policy:
Small Enterprise Economic and Social Development Policy Paper: Recommendation for Punjab Government

31.  SME in Pakistan “SMEDA SME Policy Paper 2007”
The policy was announced in 2007
It has at least come up with the definition.
It has focused on four (4) main areas for development: -
1. Business Environment
2. Access to Finance
3. Human Resource Development
4. Support to Technology up-gradation
Some of the highlights of this paper are:
Banking & Finance Related Issues.
That all provinces should be allowed to establish Small Enterprise Development Banks
“Training Prior to Lending Scheme”
That a Small Enterprise Guarantee Bank be established
That Venture Capital Finance Institutions should be encouraged
Tax Registration should be made easy and mandatory for Loaning requirement.
Network of Small Enterprises Agencies.
It requires the introduction of Entrepreneurship courses from High School to Postgraduate level.
Setting up of Business Incubators and Technology Parks to support the survival and growth of small
enterprises and entrepreneurs. Evidence: Enterprising Culture:
It will touch such aspects as: -
1. Education Policy,
2. Industrial Policy,
3. Financial Policy,
4. Internationalization,
5. Technical Training
6. Culture Development Process