ENT102:WORKSHOPONBASIC

ENTREPRENEURSHI
PSKI
LLS

Technol
ogy
Technologyisder i
vedf rom thewor d
'
techno'and'logy'technomeanspr ocess,
'
logy'meansst udy.Thati s,
Technol ogyis
thestudyofpr ocess.Technol ogyisa
systematicandcompl exintegrati
on
processofMan, machi ne,i
deasand
procedureswiththeai m ofsol vi
nghuman
problems.
Technol
ogyDev
icesUsedFor
Busi
ness.
1.Tel
evisi
on: Amediathatper
mits
audioandvisual
.Itcanbeusedforji
ngl
es,
advert
setc
 Feat
ures
1.Itcar
ri
esbot
haudi
oandv
isual
messages
2.I
tcoul
dbepl
ayedonmul
ti
ple
st
ati
ons
3.Itcancov
erawi
der
angeof
audi
ence

2.Radi
o.
1.I
tcov
ersonl
ytheaudi
oar
ea.
2.I
tcoversmallareast
hant
elevi
sion
becausetheaudiencei
smore.
3.I
tcanal
sobeusedi
nmul
ti
plest
ati
ons

3.Tel
ephone/Mobi
lephone
1.Formaki
ngcal
l
s
2.Sendi
ngmessages
3.Connectonsoci
almedi
as
Usefulaccessor
iesofFunct
ionsoft
he
phone
Usef
ulf
orbusi
ness
*Cal
cul
ator
*Not
epads
*Cal
endar
*Camer
a
*Browser
s:Tor
esear
chabouty
our
busi
ness
*Cl
ock,
alar
ms,
stopwat
ch
*Recor
der
*Radi
o
*Appl
i
cat
ions
4.Comput
ers
a.Microsof
tof
fi
ce:Micr
osof
twor
d,Excel
,
Access,Power
Point
s.
*Micr
osoftword:Fort
ypi
ngl
ett
ers,
sendi
ng
email
s,t
rackchanges.
*Micr
osoftExcel
:Forcal
cul
ati
ons,
spr
eadsheet
*Mi
crosof
tPower
Poi
nts:
Forpr
esent
ati
ons
*Micr
osoftAccess:
Forkeepi
ngbul
ky
dat
abase

I
mportanceofI
CTf
orBusi
ness
Dev
elopment
1.I
thel
pstofast-
tr
acki
nfor
mat
ionand
communicat
ion.
2.I
thel
psi
nbusi
nessadv
ert
isement
.
3.I
thel
pst
ofi
ndanddi
scov
ermar
ket
ers.
4.I
thel
pst
ofol
l
owt
het
rendofsal
es.

Commont y
pesofbusi
nesssof
twar
eor
appl
icat
ions
*Wor
dpr
ocessi
ngpr
ogr
ams
*Busi
nessi
nvoi
cingpr
ogr
ams
*Bi
l
li
ngpr
ogr
ams
*Pay
rol
lsof
twar
e
*Dat
abasesof
twar
e
*Assestmanagementsof
twar
e
*Deskt
oppubl
i
shi
ngsof
twar
e

Sof
twar
eForAccount
ingSer
vices
*Fr
eshbookr
evi
ews
*GoDaddybookkeepi
ngr
evi
ew
*Zohobooksr
evi
ew
*Sage50Dondr
evi
ew
*Zer
orev
iew
*Kashoor
evi
ew

Wor
kshopAndMar
ket
ingManagement
Basi
csofmar
ket
ingr
esear
ch
Marketi
ngprocessistheprocessof
eval
uati
ngthefeasibil
it
yorpossibi
li
tyofa
newproductorservicethr
oughthesear ch
conducteddi
rect
lywi t
hpotent
ialcustomers
orconsumers.
Thi
smet hodal
l
oworganisat
ionor
busi
nessestodi
scov
ertheirt
argetmar
ket
col
l
ectanddominat
eopinionofuseand
makeinf
ormeddeci
sion.
Ty
pesofMar
ketResear
ch
1)Survey2)I
nterv
iew3)Focusgr
oup4)
Cont
ainerObser
vati
on

Fi
vebasi
cst
epsi
nMar
ket
ing
Research
1.Dev
elopar
esear
chpl
an
2.Col
l
ect
ionofdat
a
3.Anal
ysey
ourdat
a
4.Pr
esenty
ourdat
a
5.I
ncor
por
ati
ngf
indi
ng

MarketSegment
ati
onAndTar
getFor
NewProducts
 Mar ketSegment ati
oncreateasubset
(partof)ofthemar ketbasedon
demogr aphicsneeds, pri
ori
ti
es,common
i
nterestandot herpsychographicof
behav i
oralcriteri
aorfeaturesusedto
understandt argetbody .Byunderst
anding
yourmar ketsegmenty oucannowl ev
erage
thesetargetingi nproducts,sal
esand
mar ket
ingstr ategi
es.
Ty
pesofMar
ketSegment
ati
on
1.Demogr
aphi
cmar
ketsegment
ati
on
2.Psy
chogr
aphi
cmar
ketsegment
ati
on
3.Behav
ior
almar
ketsegment
ati
on
4.Geogr
aphi
cal
mar
ketsegment
ati
on

St
epst
oTar
gety
ournewpr
oduct
 1.Fi
ndanewpr
oductofmar
ket
2.Capt
urenewcust
omer
3.I
ncr
easei
nrev
enue
4.Bui
l
dpr
oductawar
eness
5.Bui
l
dthecompany
'sr
eput
ati
oni
nthe
i
ndust
ry

Pr
oductandPr
oductDev
elopment
1.Mi
sconcept
ion
2.Pr
oductdev
elopmentst
rat
egy
3.Pr
oductdev
elopmentcy
cle

Mi
sconcept
ioni
nBusi
ness
1.Hi
ghUt
il
isat
ionofr
esour
ces
2.Pr
oduct
ioni
nlar
gequant
it
y
3.Ri
gidi
ty
4.Lackoff
easi
bil
i
tyst
udy

Pr
oductdev
elopmentst
rat
egy
1.St
agesofpr
oductdev
elopment
2.Car
ryoutf
easi
bil
i
tyst
udy
3.Pr
oductdesi
gnanddev
elopment
4.Test
ingandv
eri
fi
cat
ion

Pr
oductdev
elopmentcy
cle
1.I
ntr
oduct
ionst
age
2.Gr
owt
hst
age
3.
Mat
uri
tyst
age
4.
Decl
i
nest
age
Wor
kshopsi
nfi
nanci
all
it
eracy
1.Basicaccount
ingconceptand
conventi
on
2.Sour
cesoff
inance
3.Conceptofcashf
lowst
atement
.

Account i
ngconcept:Accounti
ngconcept
refer
st obasi
crul
es,pri
ncipl
esonwhichthe
preparati
onoffi
nanci
alstatement
sarepaid.

Accounting:Accountingist hesyst
emati
c
processofgatheri
ng,recording,
summar isi
ng,cl
assif
ying,analysi
ngand
i
nterpret
ingdataforthepur poseof
generati
nginf
ormationf ordecisi
on-maki
ng.
Account
ingconceptar
ebasi
cfundament
al
assumpti
ononwhi chfinancial
statementor
anaccountonwhichbusi nessenterpr
ises
arepr
eparedfordeci
sionmaki ng.
Exampl
esofAccount
ingconcept
1.Dual
i
tyconcept
2.Per
iodi
cit
yconcept
3.Moneymeasur
ement
4.Mat
chi
ngconcept
5.Hi
stor
ical
costconcept
6.Accr
ual
concept
7.Busi
nessent
it
y
8.Goi
ngconcer
n
9.Pr
udencyconcept
10.Consi
stencyconcept
1.Duali
tyconcept: Thi
sconceptstates
thatt
herearetwoaspect sofany
accounti
ngtransacti
on.Oneaccount
recei
veandtheot hergi
ve.Hence,the
doubleentr
yruleisappli
cable.I
.edebiti
s
recei
verandcredit,
thegiver
.
2.Per i
odici
tyconcept:
Thisconceptstates
thatforanyfinanci
alst
atementsprepared,
therearespecifi
cperi
odcoveri
ngsucha
transacti
on.Iti
susuall
y12calendarmont h.
3.Moneymeasur ement :Thisconcept
statest hatonlytransactionwhichcanbe
expr essedinmonet ar
yt ermsar er
ecorded
i
nf inancialstatements.Thus, moneyis
usedasacommondenomi nat
ionwhich
valueoft hingsareexpr essed.
4.Matchingconcept
:Thi
sconceptst
ates
thatal
lexpensesmustbematchedagai
nst
therev
enuegener
atedf
ort
heparti
cul
ar
peri
odofti
meinordert
odeter
minenext
i
ncome.
5.Histor
icalconcept:Thisconceptst
ates
thattheaccountingfi
guresmustbe
recor
dedi nactualcostorhist
ori
calbasi
s.
6.Accrualconcept:Thi
sconceptst
ates
thatal
lrevenuesandexpensesare
recogni
sedast heyarei
ncurr
edorearned
andnotwhenmoneyi srecei
vedorpaid.
7.Busi
nessent i
ty:Thi
sconceptstat
est hat
theownerofthebusinessandthebusiness
i
tsel
faretreat
edasasepar ateent
it
y.Ift
he
moneyinthebusinessisusedtopaythe
ownersexpenses,i
tmustnotbet r
eatedas
busi
nessexpensesbutitwill
bechargedt o
theownersdrawingaccount.
8.Goi
ngconcer
nconcept
:Thi
sconcept
statesthatt
hebusinesswi
ll
conti
nuet
o
oper at
eforalongperi
odofTimei
ntot
he
futureandnottofol
dup.
9.Prudencyconcept :Thisconceptstates
thataccountantbecauseoft heirt
rai
ning
andupbr i
ngingwill
notr ecognisei
ncome
unti
lwheni tisear
nedbutr ecognisedall
possibl
elossesasandwhendue.
10.Consist
ency:Therearecertain
tr
eatmentinaccountingthathasalter
nat
ive
suchasacompl icat
ionorcalculati
onof
depreci
ati
on,st
ockv aluat
ionmet hod.

Thefollowi
ngarefactor
stoconsi
derwhen
choosinganappropri
atebusi
ness
str
uctures
1.Theamountofcapi
tal
requi
redf
ort
he
busi
ness
2.Li
abil
it
yexposuref
rom y
ourpr
oduct
serv
icesorl
ocati
on
3.Havingapar
tnerwi
tht
hesamebusi
ness
mindset
4.Youmustbeabl
etohav
econt
rol
over
yourbusi
ness
5.Thegrowt
hoft
hebusi
nessmustbey
our
pri
ori
ty

Economi
candenv
ironment
ali
ssue
Env
ironment
al
1.Cl
i
mat
icchange
2.Fl
ood
3.Pol
l
uti
on
4.Wast
emat
eri
al
5.Fi
reout
break

Economi
c
1.I
ncome
2.I
nfl
ati
onr
ate
3.Sav
ingsr
ates
4.Taxr
ate
5.Cur
rencyexchanger
ate
6.Consumerconf
idencel
evel
7.I
nter
estr
ate

Legali
ssues
Thelegali
ssueofbusi
nessimpliesthatthe
necessar
yfactor
stobeconsideredlegall
y
whil
etryi
ngtosetupyourbusiness.Things
l
i
kehowt oregi
stery
ourbusi
ness,t
het
ax
r
ulesandregul
ati
on,by
-l
awsetc.

Psy
chol
ogyofst
aff
ing
Staff
ingt heor
yisasocialpsychol
ogy
theorythatexplor
estheeffectsort
ypeof
behaviourexpectedwheny ouunderst
affor
overstaffyouremployees.
Underst
aff
ingref
erstotheideathatthere
arenotenoughpeoplefort
heor gani
sati
on.
Whereasoverst
aff
ingisanov erabundance
ofanemployees.
Thefol
lowi
ngfactor
sarenecessar
ywhen
for
mingtheboardofdi
rect
ors.
1.Regist
ery
ourbusi
nessthroughamet hod
knownasarti
cleofi
ncor
porati
on.N.BThe
regi
str
ati
onsmustbedoneint hest
ate
wher
ethebusi
nessi
sbei
ngsetup.
2.Cr
eat
eby
-l
aws
3.Setupaboar
dofdi
rect
orsagr
eement
4.Sel
ecty
ourboar
dofdi
rect
ors
5.Hav
eani
nit
ial
shar
ehol
der
smeet
ing

Par
tner
shi
pandal
li
ances
Apar t
nershi
pisamar gi
nofindi
vidual
i
nterestformutualpr
ofi
t.Whi
leAll
ianceisa
coll
aborati
onbetweenindi
vi
dualcompany
formutual pr
ofi
ts.

Themeasur
eandt
echni
ques;
Forateam t
obeef f
ect
ivecer
tai
nfact
ors
mustbeconsider
ed;
1.Consi
dereachempl
oyeei
deasas
v
aluabl
e
2.Beawar
eofempl
oyeesunspoken
feel
i
ngs
3.Actasanhar
moni
zi
ngi
nfl
uence
4.Goodcommuni
cat
ion
Net
wor
kingandBusi
ness

5benef
itofNet
wor
king
1.I
tcr
eat
esmor
eoppor
tuni
ty
2.I
tleadst
obet
terconnect
ion
3.I
tincr
easesani
ndi
vi
dual
'
scompet
ence
l
evel
4.I
trai
sesani
ndi
vi
dual
prof
il
e
5.Net
worki
ngi
sgr
eatf
orshar
ingi
deasand
knowl
edge