[Link] OF ENTREPRENEUR?

1. Ambition
To be a successful entrepreneur, you have to have ambition. You need to be willing
to do more than just what it takes to keep your business going. You have to look at
projects that go above and beyond what everyone else is doing, even if those
projects might fail. Don’t look at what customers want right now, look for what
customers are going to want in the future. If you can create a product that will
change your entire industry, you’re going to be wildly successful.

2. Be Willing to Take Risks

Having ambition doesn’t do you much good if you aren’t willing to take risks. Yes, you
might fail, and in some cases, that could mean you might lose your business. But
without taking risks, you’ll never be able to get ahead of the game. This doesn’t
mean you need to take huge risks. Always make sure you have the resources you
need to keep your business running and that the risk has a good chance of
succeeding. Don’t blindly risk your company, but don’t always play it safe.

3. Be Determined to Succeed
The daunting tasks that starting and running a successful business require can be
discouraging. You have to learn so much, and in the beginning, you’re going to be
doing a lot of the work yourself. You may not even be able to make much money for
the first several years. Despite all of this, you have to be determined to succeed. If
you feel that determination start to fade, think about why you started your business
and why you were so determined that it be a success.

4. Be Motivated
If you do start feeling your determination to own a successful business start to drop
off, one thing you can do is find new motivation. You might simply find that what
motivated you to start a company doesn’t give you the push you need. In that case,
it’s time to find something new. You can look at your own life to determine if there
are new reasons to push yourself. You can follow some motivational speakers online
and let their words of wisdom give you a boost. Whatever you do, you need to find
the passion you once held because without it, you simply won’t have that spark you
need to truly be successful.

5. Have (or Learn) Financial Management Skills

Even if you have someone who is in charge of managing your budget, you still need
to understand finances and money. In addition to understanding your financial
situation so you can make good decisions, you will also need to know your
company’s financial status when talking to potential partners and investors. Knowing
how to raise funds and properly use them to grow your business is vital, even if you
have a financial expert on hand.

6. Great Communication Skills

Communication skills are important to everyone, regardless of their job. As a
business leader, it’s even more important that you know how to communicate. You
will need to talk to investors about your plans, but you’ll also need to speak to many
others. You may need to talk to customers, employees, potential partners, and
community leaders. If you can’t successfully communicate what your business is
about and what your goals are, you may lose investments. If you can’t tell employees
what you need from them, you’re likely to create a confusing work environment.

7. Be Willing to Learn
A good entrepreneur knows they don’t know everything. You’re going to have to
learn a lot to get your business started, but it doesn’t stop there. As a business
owner, you’ll need to continue to learn. Industries are always changing, and if you
don’t, you’re going to fall behind. By continuing to learn, you’ll be able to keep ahead
of the competition. You’ll learn new techniques and methods that apply to your
industry, be exposed to different perspectives, and be challenged.

8. Learn from Failure

Successful entrepreneurs have come to one conclusion: failure isn’t bad. In fact, it’s
a part of every project. Failure isn’t the end of an idea. In fact, it’s just the beginning.
When you fail, you learn important lessons about what works and what doesn’t. You
can use these lessons not only to advance that project but also on future projects to
avoid failure. Understand and accept that failure is a part of every business and be
ready to learn the lessons failure offers.

9. Be Ready to Adapt
You have to be very flexible to enter the business world. If you’re married to an idea
and not willing to adapt, your business is likely to fail if that idea doesn’t work. Even if
the idea does start out strong, the economy can shift. You may find that the
approach that worked yesterday doesn’t work at all today. Entrepreneurs who can’t
adapt to changes in the industry are not going to be able to keep ahead of the
competition.

10. Listen to Your Instincts

Finally, good entrepreneurs listen to their instincts. If something doesn’t feel right,
even if you have no proof that it’s the wrong decision, you should always take
another look at the facts before committing. There’s a chance your subconscious has
picked up on something your conscious mind hasn’t. Trust these instincts. They can
save you a lot of money.

2. types of entrepreneur?

Small Business Entrepreneurship-

These businesses are a hairdresser, grocery store, travel agent, consultant, carpenter, plumber,
electrician, etc. These people run or own their own business and hire family members or local
employee. For them, the profit would be able to feed their family and not making 100 million
business or taking over an industry. They fund their business by taking small business loans or
loans from friends and family.

Scalable Startup Entrepreneurship-

This start-up entrepreneur starts a business knowing that their vision can change the world. They
attract investors who think and encourage people who think out of the box. The research focuses
on a scalable business and experimental models, so, they hire the best and the brightest
employees. They require more venture capital to fuel and back their project or business.

Large Company Entrepreneurship-

These huge companies have defined life-cycle. Most of these companies grow and sustain by
offering new and innovative products that revolve around their main products. The change in
technology, customer preferences, new competition, etc., build pressure for large companies to
create an innovative product and sell it to the new set of customers in the new market. To cope
with the rapid technological changes, the existing organisations either buy innovation enterprises
or attempt to construct the product internally.

Social Entrepreneurship-

This type of entrepreneurship focuses on producing product and services that resolve social
needs and problems. Their only motto and goal is to work for society and not make any profits.

[Link] study?

Explanation:

A feasibility study of a business is an assessment tool that analyses

the cost-benefit factor of an idea. The feasibility study meaning
covers tasks like preparing an executive summary, a detailed
description of products and services, technological requirements,
marketplace compatibility for desired products or services, etc. The
study also involves an analysis of marketing strategies, the
organizational structure of the business, financial projections, etc.
A well-executed study will include factors focusing on the central
idea of the business organization and the components in support of
it.
TYPES:

#1 – Technical Feasibility
Technical feasibility study checks for accessibility of technical
resources in the organization. In case technological resources exist,
the study team will conduct assessments to check whether the
technical team can customize or update the existing technology to
suit the new method of workings for the project by properly
checking the health of the hardware and software.
Many factors need to be taken into consideration here, like staffing
requirements, transportation, and technological competency.

#2 – Financial Feasibility
Financial feasibility allows an organization to determine cost-
benefit analysis. It gives details about the investment that has to
go in to get the desired level of benefit (profit). Factors such as total
cost and expenses are considered to arrive simultaneously. With
this data, the companies know their present state of financial affairs
and anticipate future monetary requirements and the sources from
which the company can acquire them. Investors can largely benefit
from the economic analysis done. Assessing the return on
investment of a particular asset or acquisition can be a financial
feasibility study example.
#3 – Market Feasibility
It assesses the industry type, the existing marketing characteristics
and improvements to make it better, the growth evident and
needed, competitive environment of the company’s products and
services. Preparations of sales projections can thus be a good
market feasibility study example.

#4 – Organization Feasibility
 Organization feasibility focuses on the organization’s structure,
including the legal system, management team’s competency, etc. It
checks whether the existing conditions will suffice to implement the
business idea.

Purpose:
A feasibility study of a business can help choose the best available
alternative by assessing the opportunity cost. The reasons for
rejecting one option can reveal weaknesses of the company;
investigating options can lead to undiscovered opportunities. From
these, a company can assess why certain factors pull them down
and find measures to mitigate them. When these steps are
executed, and necessary corrective actions are taken, it reflects on
its performance. Thus profits can follow easily and attract investors.
This analysis can also help in securing funds from financial
institutions. These studies analyze the company’s existing business
models and the gaps it carries. Solutions suggested by them reduce
the risk of failures. They tell us whether a proposed business idea
shall be taken forward by its practicality. Finally, it checks whether it
is doable by estimating the opportunity and threats of the plan.

[Link] of entrepreneur?

Function # 1. Decision Making:

The primary task of an entrepreneur is to decide the policy of

production. An entrepreneur is to determine what to produce, how
much to produce, how to produce, where to produce, how to sell
and’ so forth. Moreover, he is to decide the scale of production and
the proportion in which he combines the different factors he
employs. In brief, he is to make vital business decisions relating to
the purchase of productive factors and to the sale of the finished
goods or services.

Function # 2. Management Control:

Earlier writers used to consider the management control one of the

chief functions of the entrepreneur. Management and control of the
business are conducted by the entrepreneur himself. So, the latter
must possess a high degree of management ability to select the right
type of persons to work with him. But, the importance of this
function has declined, as business nowadays is managed more and
more by paid managers.
Function # 3. Division of Income:

The next major function of the entrepreneur is to make necessary

arrangement for the division of total income among the different
factors of production employed by him. Even if there is a loss in the
business, he is to pay rent, interest, wages and other contractual
incomes out of the realised sale proceeds.

Function # 4. Risk-Taking and Uncertainty-Bearing:

Risk-taking is perhaps the most important function of an

entrepreneur. Modern production is very risky as an entrepreneur is
required to produce goods or services in anticipation of their future
demand.

Broadly, there are two kinds of risk which he has to face. Firstly,
there are some risks, such as risks of fire, loss of goods in transit,
theft, etc., which can be insured against. These are known as
measurable and insurable risks. Secondly, some risks, however,
cannot be insured against because their probability cannot be
calculated accurately. These constitute what is called uncertainty
(e.g., competitive risk, technical risk, etc.). The entrepreneur
undertakes both these risks in production.

Function # 5. Innovation:

Another distinguishing function of the entrepreneur, as emphasised

by Schumpeter, is to make frequent inventions — invention of new
products, new techniques and discovering new markets — to
improve his competitive position, and to increase earnings.

[Link] BETWEEN ENTREPRENEUR AND BUSINESSMAN?

[Link] OF FEASIBILLITY STUDY?

Benefit Analysis

Just because you can undertake and finish a project doesn’t mean you should
pursue it. A profitable project might drain your resources in other areas or limit your
ability to pursue another project that would provide a larger return on your
investment. Project feasibility studies show you the risk/reward benefit, opportunity
costs and overall return, as explained by Project Manager.

Optimal Timing Identification

A project that is easy to do in the spring might cause significant stress on your
company if you try to do it in the winter. This all depends on your labor, production
capacity, supply chain, cash flow and financing options, suggests the Corporate
Finance Institute, or CFI. If a feasibility study doesn’t take into account the time of
the year the project will occur, re-evaluate the study to determine if its projected
results will change depending on when you undertake the project.

Cash Flow Projections

You might need to hold off on undertaking a project until you have enough cash on
hand to fund the effort. You might have good sales in January, but if you offer
creditors 90-day terms, you won’t be able to use the cash from those sales to start
your project until April. Include cash flow considerations in any feasibility study to
ensure you can adequately fund a project that, by all other indications, is a go.

Supply Chain Management

A project that seems like a no-brainer might put too much stress on one or more
areas of your company, causing more damage than good to your overall business.
For example, launching a new product could prove profitable on paper but might
need significant marketing planning and execution.

If your marketing staff is already working at full capacity, you will need to divert
their time from other profitable efforts or accept a less-than-optimal effort on your
new launch. Making and selling a product and service can also stress your
production, billing, sales, warehousing and shipping functions.

Labor Analysis

A good feasibility study looks at the quality of your staff rather than just the
quantity. For example, an Internet company’s graphic artists might have plenty of
time to help the business launch a print magazine, but these artists might not be
trained to create a magazine grid, understand print typography or know how to
create sections of a magazine such as departments, columns and feature wells. A
sales force that relies on high-volume cold calling using a sales-oriented approach
might not be qualified to sell a new service that requires a consultative selling
approach.

[Link] OF MARKET SURVEY?

1. It helps businesses strengthen their position. Knowledge is power. Use

market research to gain a better perspective and understanding of your
market or target audience and ensure that your firm stays ahead of the
competition.
2. It minimises any investment risk. This is a simple but vitally important
and often business critical consideration. Spending what is often only a
small proportion of your investment on researching and testing the market,
product, concept or idea makes sound business sense.
3. It identifies potential threats and opportunities. Both primary research
(fieldwork) and secondary research (desk research) can be utilised as an
insurance policy against both obvious dangers on the road ahead. Coupling
this with some qualitative research for deeper probing can highlight certain
opportunities or warning signs that may otherwise have been missed.
4. It helps to discover your’s and your competitor’s strengths and
weaknesses. It’s vitally important to adopt an ‘eye’s wide open’ approach to
any market research project which is why it’s often advised to work with a
market research agency to ensure completely unbiased reporting. Use
research findings to adapt and learn from your own weaknesses whilst
capitalising on your new-found knowledge from competitor analysis to take
advantage and forge ahead of the pack.
5. It facilitates strategic planning. What is the foundation of your business
strategy? If it’s evidence based and you’ve taken the time to invest in your
own (and hopefully ongoing) research, you can be confident that you’ve
given yourself the best chance to achieve your business goals.
6. It helps in spotting emerging trends. Staying ahead in business is often
about being the first, being the best or doing something that no-one else has
thought about. Regularly taking the ‘pulse’ of what’s hot and what’s not in
your industry is a key discipline. Speak to your research agency or research
consultant about the range of techniques you can employ to spot and exploit
these trends.
7. It assists businesses to stay ahead of the competition. Being the best
demands a relentlessness to keep getting the basics right combined with a
curiosity and willingness to innovate. Knowing how to leverage the findings
and insights you extract from market research, audience research and data
research are the keys to both getting ahead and staying ahead.
8. It provides revenue projections. A market forecast is a core component of
a market analysis projecting the future numbers, characteristics, and trends
in your target market. Potential customers can then be divided
 into segments. You want to focus on the best market – which is not
necessarily the largest one or the market with the highest growth – it will be
the one that matches your own company profile.
9. It focuses on customer needs and demands. There are so many important
reasons to keep your customers at the centre of all that you do in business
and the same goes for research. With so many ways to reach customers
using online panels, web communities, telephone survey’s, depth interviews
and focus groups, market research keeps you attentive to where you can
improve your proposition, customer service or product offering.
[Link] helps to evaluate the success of a business against benchmarks. A
PWC survey found that companies that benchmark achieve 69% faster
growth and 45% greater productivity than those that don’t. Use market
research for competitor research, employee engagement surveys, and to
highlight performance or knowledge gaps and areas for potential growth.
This will open your company up to thinking about new methods, ideas and
tools to improve your business effectiveness.

WORK DONE BY:

Peter griffin and stewie griffin