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  1. Creativity and Entrepreneurial Plan
  2. Creativity • Creativity relates to the ability to create an idea for new product, service, methods or process. • The creativity in case of need does not only create the degree of negotiation and business and marketing ideas, but also plays a remarkable role in solution of problems.
  3. • In order to achieve success in entrepreneurship, creativity is indispensable. Its cope is dependable on some situation factors, viz., (i) easy availability of data, (ii) pressure of work, (iii) strict adherence to control, (iv)outcome of failure and (v) conditional thought.
  4. Creativity Process Creativity is recognized as a mental or internal process. Creative process has five stages: Idea Germination Preparation Incubation Illumination Verification
  5. Idea Generation and Screening and Project Identification
  6. Generation of Ideas Someone with specialized technical knowledge or marketing expertise or some other competence feels that he can offer a product or service which can cater to a presently unmet need or serve a market where demand exceeds supply or effectively compete with similar products or services because of certain favorable features like better quality or lower prices.
  7. Steps in Project Identification 1. SWOT Analysis 2. Clear Articulation of Objectives * Cost Reduction * Productivity Improvement * Increase in capacity utilization * Improvement in contribution margin * Expansion into promising fields
  8. 3. Fostering a conducive environment Bell Telephone Laboratory and 3 M Corporation and HUL 4. Monitoring the Environment For purposes of monitoring, the business environment may be divided into six broad sectors: i. Economic ii. Government Sector iii. Technological Sector iv. Socio-demographic Sector v. Competition Sector vi. Supplier Sector
  9. 5. Corporate Appraisal Broad Areas: i. Marketing and Distribution ii. Production and Operations iii. Research and Development iv. Corporate Resources and Personnel v. Finance and accounting
  10. * Tools for Identifying Investment Opportunities i. Porter Model
  11. ii. Life Cycle Approach iii. The Experience Curve
  12. 6. Scouting for Project Ideas i. Analyze the performance of existing industries ii. Examine the inputs and outputs of various industries iii. Review imports and exports iv. Study plan outlays and governmental guidelines v. Look at the suggestions of financial institutions and developmental agencies vi. Investigate local materials and Resources vii. Analyze Economic and Social Trends viii. Study new technological developments ix. Draw clues from consumption abroad x. Explore the possibility of reviving sick units xi. Identify unfulfilled psychological needs xii. Attend trade fairs xiii. Stimulate creativity for generating new product ideas xiv. Hope that chance factor will favor you.
  13. 7. Preliminary Screening i. Compatibility with the promoter ii. Consistency with governmental priorities iii. Availability of inputs iv. Adequacy of market v. Reasonableness of cost vi. Acceptability of risk level
  14. Project • Is one-shot, time limited, goal-oriented , a major undertaking, requiring the commitment of varied skills and resources. • Project as the whole complex of activities involved in using resources to gain benefits.
  15. Characteristics of project • Objective • Life-span • Single entity • Teamwork • Life-cycle • Uniqueness • Change • Made to order • Unity in diversity • High level of sub-contracting • Risk and uncertainty
  16. Project classification 1.Quantifiable and non-quantifiable projects 2. Sectoral project • Agriculture sector • Irrigation sector • Industry sector • Transport sector • Communication sector • Social service sector 3. Techno-economic project • Factor-oriented intensity • Causation-oriented • Magnitude oriented
  17. Project Planning • the method of determining future course of action to achieve desired result i.e. for fulfillment of predetermined targets with a definite period of time. • Project planning is predetermined planning about project, by means of which a well- designed and systematized structure of functions is framed for the accomplishment of objectives of a project.
  18. Project planning is undertaken for accomplishing the following task • Direction of performance • Acting as medium of communication • Arousing consciousness about the importance of work • Providing control
  19. Need for preparation of project planning • Direction of performance • Rational classification of complex activities • Possibility of investment • Optimum utilization of resources • Medium of communication • Providing control • Risk management
  20. Preparation of project plan 1. Defining the objectives of project plan. 2. Action programming 3. Scheduling of resources and time 4. Feasibility study 5. Organization of project team 6. Budgeting 7. Designing the control system
  21. Project Formulation • Type of Objectives in Project formulation i. General Objectives ii. Operational Objectives Stages of Project Formulation: 1. Feasibility Analysis 2. Economic Analysis 3. Technical Analysis 4. Input Analysis 5. Financial Analysis 6. Social cost-benefit analysis 7. Pre-investment analysis
  22. Market analysis Is to estimate potential size of the market for the product proposed to be manufactured and get an idea about the market share that is likely to be manufactured. Key steps involved in market and demand analysis: 1. Situation analysis and specification of objectives. 2. collection of secondary information 3. Conduct of market survey 4. Characteristics of the market 5. Demand forecasting 6. Market planning
  23. Financial Analysis • As the process of discovering economic facts about an enterprise and project on basis of an interpretation of financial data. • F.A provides an insight into two important areas of management- return on investment and soundness of company’s financial position. • F.A reveals where company stands with profitability, liquidity, efficient use of its assets.
  24. Significance of financial analysis • Helps to find out whether project is attractive enough to secure funds needed for its various activities. • Analysis of financial statement has become significant due to widespread interest of various parties in financial result of company. • Number of techniques has been developed to undertake analysis of financial statement in order to reach conclusion about financial health, profitability, efficiency of an enterprise, compare enterprise with other similar undertaking.
  25. Utility of financial statement • Regulatory provision • Income-tax accounting • Executives • Bankers investors
  26. Technical analysis • The purpose is : a) To ensure that the project is technically feasible in the sense that all the inputs required to set up the projects are available. b) To facilitate the most optimal formulation of project in terms of technology , size, location.
  27. • Project Implementation • Project Evaluation and Control Social cost-benefit analysis is used to evaluate the project