Practical No.

1
Prepare A Summary Report Of Successful Entrepreneurs indicating Milestone
Achievements.

Profile Summary: Aravind Srinivas – A Visionary Entrepreneur in AI

Aravind Srinivas is a pioneering entrepreneur and technologist, best known as the co-founder and
CEO of Perplexity AI, a revolutionary AI-powered search engine that combines the accuracy of
traditional search with the conversational capabilities of large language models (LLMs). With a strong
background in artificial intelligence, machine learning, and computer science, Srinivas has
established himself as a leading innovator in the AI industry, driving advancements that redefine how
people access and interact with information.

Early Education and Academic Excellence

Aravind Srinivas’s journey into technology began with a solid academic foundation. He earned his
Bachelor’s degree in Electrical Engineering from the Indian Institute of Technology (IIT) Madras, one
of India’s most prestigious engineering institutions. His passion for AI and machine learning led him
to pursue a PhD in Computer Science at the University of California, Berkeley, where he conducted
cutting-edge research on deep learning and reinforcement learning under renowned AI experts.

During his academic career, Srinivas also gained invaluable industry experience through internships
at leading tech companies, including Google DeepMind, OpenAI, and Microsoft Research, where he
worked on large-scale AI models and natural language processing (NLP). These experiences shaped
his vision for making AI more accessible and useful in everyday applications.

Founding Perplexity AI: Revolutionizing Search

In 2022, Aravind Srinivas co-founded Perplexity AI alongside Andy Konwinski, Denis Yarats, and
Johnny Ho, with the mission of transforming how people search for information online. Unlike
traditional search engines, Perplexity leverages generative AI to provide direct, conversational
answers with cited sources, offering a more intuitive and efficient alternative to conventional search
methods.
Under Srinivas’s leadership, Perplexity AI quickly gained traction, securing $100 million in funding
from top investors, including NVIDIA, Jeff Bezos’s Bezos Expeditions, and Institutional Venture
Partners (IVP). The company’s valuation soared to over $1 billion within just two years, earning it
unicorn status—a rare achievement for an AI startup.

Key Milestones and Achievements

• 2022: Co-founded Perplexity AI, launching an AI-driven search engine that competes with
giants like Google and Bing.
• 2023: Introduced Perplexity Copilot, an AI assistant that helps users refine queries and
explore topics interactively.
• 2024: Secured a $62.7 million Series B funding round led by Daniel Gross, further
accelerating product development.
• 2025: Expanded Perplexity’s capabilities with real-time web indexing and multi-modal AI
(text, images, and code search).
• Industry Recognition Featured in Forbes 30 Under 30, TIME’s Top AI Innovators, and MIT
Technology Review’s 35 Under 35.

Leadership and Vision

As CEO, Aravind Srinivas has positioned Perplexity AI as a formidable player in the AI search space,
emphasizing transparency, accuracy, and user trust. His leadership philosophy centers on innovation,
speed, and scalability, ensuring that Perplexity remains at the forefront of AI advancements.

Beyond Perplexity, Srinivas is a vocal advocate for open AI research and ethical AI deployment,
frequently speaking at tech conferences and contributing to discussions on AI policy and future
trends.

Conclusion

Aravind Srinivas exemplifies the modern AI entrepreneur—brilliant, driven, and committed to solving
real-world problems with cutting-edge technology. Through Perplexity AI, he is reshaping the future
of information retrieval, proving that even in a market dominated by tech giants, innovation and
user-centric design can create disruptive success. His journey from an IIT graduate to a billion-dollar
startup CEO serves as an inspiration for aspiring entrepreneurs worldwide.

With Perplexity AI continuing to grow, Srinivas’s influence in the AI industry is set to expand,
solidifying his legacy as a transformative leader in the age of artificial intelligence.
 Practical No. 2
Undertake self -assessment test to discover your entrepreneurial traits.

Sr. Questions Strongly Agree Neutral Disagree Strongly

No agree (4) (3) (2) disagree
(5) (1)

1. I'm driven by own ideas & goals & ✔

enthusiastic.

2. I'm comfortable taking measured risks ✔

and exploring new frontiers.

3. I'm natural leader who inspire and ✔

motivate others.

4. I'm skilled, disciplined & organized at ✔

managing time & resources.

5. I can find creative solutions to problems. ✔

6. I can adapt quickly to changing ✔

circumstances.

7. I'm resilient and can overcome setbacks ✔

and failures.

8. I'm financially responsible and can ✔

manage financial resources.

9. I'm constantly looking for new ideas. ✔

10. I prefer to work independently. ✔

11. I'm able to communicate effectively to ✔

others.

12. I'm fully aware about my strengths and ✔

weaknesses.

13. I can achieve success even in the face of ✔

challenges.

14. I can analyse the current market ✔

situations perfectly.

15. I'm a quick decision maker. ✔

16. I can't handle projects individually. ✔

17. I can develop new marketing strategies ✔

to build capital for my business.

18. I can build and maintain social ✔

connections for business opportunities.

19. I can set a long-term ambitious goal for ✔

my business.

20. I can manage & use my limited ✔

resources effectively for expansion of
my business.

Score: 89/100
❖ Conclusion: -
Score: Assessment

80-100 :- You have an outstanding ability to be an entrepreneur.

60-79:- You have satisfactory ability to be an entrepreneur.
40-59:- Self-employment may not be an appropriate carrier for you.
0-39:- You should probably avoid entrepreneurship.

❖ Result: -
According to self-assessment test I have satisfactory ability to be an
entrepreneur.
 Practical No. 3
Generate business idea (product/service) for intrapreneurial and
entrepreneurial opportunities through brainstorming.

 Intrapreneurship vs. Entrepreneurship:

An entrepreneur runs their own company. They have complete freedom and
responsibility for better or for worse. An intrapreneur is responsible for
innovating within an existing organization (usually a big one). While
Intrapreneurship is less risky, it also comes with less autonomy. The pay-off from
a successful product or idea is also usually smaller.

 Brainstorming:
The Brainstorming is a technique to stimulate creative ideas and solutions through
a group discussion. Simply, a process wherein a group attempts to find a solution
for the specific problem by aggregating all the spontaneous opinions or
suggestions given by each group member individually is called as brainstorming.

❖ Intrapreneurial Business Ideas (Within a Company)

1. AI-Powered Customer Support Chabots –

Automate customer interactions using AI-driven chatbots, reducing response time
and workload.

2. Smart Inventory Management System –

AI-based tool to optimize stock tracking, predict demand, and prevent
overstocking or shortages.

3. Gamified Employee Training Platform –

A fun, interactive training system using game mechanics to improve employee
learning and engagement.

4. Sustainable Packaging Solutions –

Develop eco-friendly packaging for company products to reduce environmental
impact.

5. Remote Work Collaboration Tools –

Create an internal digital workspace that improves communication and
productivity for remote teams.

❖ Entrepreneurial Business Ideas (New Venture)

1. Eco-Friendly Plastic Alternatives –

Launch a business producing biodegradable packaging, reusable kitchenware, or
plant-based straws.

2. Personalized Health & Fitness Coaching App–

AI-driven app offering customized meal and workout plans based on user data.

3. Tech-Enabled Senior Care Services –

A platform connecting seniors with trained caregivers for home assistance and
companionship.

4. AI-Based Mental Health Support Chatbot –

A virtual therapist that provides mental health support and stress management
tools.

5. Augmented Reality (AR) Shopping App –

A shopping platform that lets customers try on products virtually before
purchasing.

❖ Conclusion:
There are several examples of brainstorming business processes but the ones
listed here are probably the most common and they can be adopted by businesses
in all kinds of industries.
 Practical No. 4
Undertake SWOT analysis to arrive at your business idea of a product/service.

S=STRENGTHS
W=WEAKNESS
O=OPPORTUNITIES
T=THREATS

❖ SWOT Analysis of ReLive App

1. Strengths:

▪ User-Friendly Interface: Planora offers a simple, intuitive design,

making event planning accessible to all users, regardless of their technical
skills.
▪ Comprehensive Service Offering: The app provides end-to-end event
planning, including vendor bookings, budgeting tools, and event
scheduling, making it a one-stop solution.
▪ Large Vendor Network: By partnering with trusted local vendors,
Planora offers a wide variety of services, from catering to decor,
increasing its appeal to users.
▪ Market Demand: The increasing trend of tech adoption for event
planning and growing demand for personalized event experiences creates
a strong market opportunity.

2. Weaknesses:
 ▪ New Market Entry: As a new player in the event planning space, Planora
may struggle initially to gain brand recognition and user trust.
▪ Dependency on Vendor Partnerships: The app’s success is heavily
reliant on the quality and reliability of vendor partners, and issues with
vendors could negatively impact the user experience.
▪ Limited Initial Reach: Initially, the app may only cater to a specific
geographic region, limiting its ability to attract a broader audience.

3. Opportunities:

▪ Growing Event Planning Industry: The demand for professional event

planning services continues to rise, especially with the increasing number
of weddings, corporate events, and private parties.
▪ Expansion into New Markets: There is potential to scale the app by
expanding into different cities, regions, and even internationally.
▪ Premium Subscription Model: Offering advanced features for businesses
or frequent users could generate additional revenue.
▪ Partnerships with Event Venues: Collaborating with venues, caterers,
and other event-related services presents an opportunity to increase app
visibility and broaden the service offerings.

4. Threats:
▪ Intense Competition: The market for event planning apps is competitive,
with established players already serving the market, which could make it
difficult for Planora to differentiate itself.
▪ Economic Downturns: Economic challenges may lead to decreased
spending on events, which could impact the app's revenue.
▪ Technological Failures: Any issues with the app’s performance or vendor
management could lead to poor user experiences, reducing trust and brand
reputation.

❖ Conclusion:
The Memory Re-Living App uses AI and VR to recreate past moments,
allowing users to walk through their memories in a realistic way. By turning
photos, videos, and recordings into immersive 3D experiences, it offers a unique
way to relive special times. While there are challenges like privacy and
technology costs, the app has great potential for personal use, therapy, and
education.
 Practical No. 5
Visit a bank/financial institution to enquire about various funding schemes
for small scale enterprises.

❖ Introduction:

Axis Bank is one of India's leading private-sector banks, offering a variety of

financial products and services, including funding solutions tailored for small-
scale enterprises. The bank focuses on helping Micro, Small, and Medium
Enterprises (MSMEs) by providing loans and credit facilities to support their
working capital needs, business expansion, and trade activities.

❖ Schemes for Small-Scale Enterprises:

Axis Bank offers several funding schemes for small-scale businesses,

including:

1. Axis Bank Business Loan

▪ Designed to meet the financial needs of small businesses.

▪ Can be used for working capital, business expansion, and purchasing
machinery.

2. Axis Bank MSME Loan

▪ Specifically for Micro, Small, and Medium Enterprises (MSMEs).

▪ Provides financial support for business growth and expansion.
3. Axis Bank Cash Credit Facility

▪ A flexible credit option allowing businesses to withdraw funds as needed.

▪ Helps manage cash flow within a sanctioned limit.

4. Axis Bank SME Smart Business Loan

▪ An innovative loan product that provides quick and hassle-free financing.

▪ Supports the business needs of small and medium enterprises.

5. Axis Bank SME Power+ Loan

▪ Structured financial solutions to support working capital requirements.

▪ Helps businesses manage short-term financial needs effectively.

6. Axis Bank Trade & Forex Solutions

▪ Offers various trade and forex services.

▪ Helps small businesses manage import-export transactions efficiently.

❖ Conclusion:

Axis Bank plays a crucial role in supporting small-scale enterprises by providing

various loan schemes and financial solutions. These schemes help businesses
grow, manage their working capital, and expand into new markets. Through its
flexible loan offerings and credit facilities, Axis Bank contributes significantly to
the financial stability and success of MSMEs in India.
 Practical No. 6
Compile information from financial agencies that will help you set up your
business enterprise.
❖ Introduction:

Starting a business requires not only a strong idea but also adequate financial
resources. Many entrepreneurs face challenges in securing funds for their
businesses, whether for initial setup, working capital, or expansion. Financial
agencies, including banks, government institutions, and private financial
organizations, offer various loan schemes, grants, and investment opportunities
to support new and small businesses. These agencies play a crucial role in
fostering entrepreneurship by providing financial assistance tailored to different
business needs.

❖ Financial Agencies That Help in Business Setup:

1. Commercial Banks

▪ Offer various loan products for businesses, including term loans, working
capital loans, and overdraft facilities.
▪ Provide structured repayment options, making it easier for businesses to
manage cash flow.

Examples:

▪ State Bank of India (SBI) – Offers SME loans and startup-friendly

financing.
▪ Axis Bank, HDFC Bank, ICICI Bank, Punjab National Bank (PNB) –
Provide business loans with competitive interest rates.

2. Government Financial Institutions

 ▪ These agencies support small businesses with low-interest loans, credit
guarantees, and financial aid programs.

Examples:

▪ Small Industries Development Bank of India (SIDBI) – Offers direct and

indirect financial support to Micro, Small, and Medium Enterprises
(MSMEs).
▪ National Small Industries Corporation (NSIC) – Provides credit and
marketing assistance to small businesses.
▪ MUDRA (Micro Units Development & Refinance Agency) Bank – Offers
funding under the Pradhan Mantri Mudra Yojana (PMMY), with categories
such as:
 Shishu (up to ₹50,000) – For early-stage startups.
 Kishore (₹50,000 to ₹5 lakh) – For growing businesses.
 Tarun (₹5 lakh to ₹10 lakh) – For expansion and larger business needs.

3. Non-Banking Financial Companies (NBFCs)

▪ NBFCs provide alternative financing solutions for businesses that may not
qualify for traditional bank loans.
▪ They offer business loans, invoice financing, and machinery loans with
flexible repayment options.
Examples:

▪ Bajaj Finserv – Provides quick business loans with minimal paperwork.

▪ Tata Capital, Mahindra Finance, Aditya Birla Finance – Offer SME loans
with customized solutions.

4. Startup Funding Agencies & Venture Capitalists

▪ Many startups require seed funding or venture capital to scale their

operations.
▪ These agencies provide funds in exchange for equity or future returns.

Examples:

▪ Startup India – A government initiative that supports startups with funding,

mentorship, and incentives.
 ▪ Angel Investors & Venture Capital Firms – Organizations like Sequoia
Capital, Accel Partners, Blume Ventures, and Indian Angel Network invest
in high-potential startups.

5. Microfinance Institutions

▪ Microfinance institutions cater to small entrepreneurs, particularly those in

rural and underprivileged areas, who need small loans for business
activities.
▪ They provide financial assistance with minimal collateral requirements.

Examples:

▪ SKS Microfinance – Provides loans to micro-entrepreneurs and small

businesses.
▪ Bandhan Bank, Ujjivan Small Finance Bank – Offer microloans to support
self-employment initiatives.

6. Cooperative Banks & Regional Rural Banks (RRBs)

▪ These banks support rural businesses, agriculture-based enterprises, and

small-scale industries.
▪ Provide affordable loan options with lower interest rates.

Examples:

▪ NABARD (National Bank for Agriculture and Rural Development) –

Offers financial support to rural businesses.
▪ Various State Cooperative Banks and Rural Banks – Provide funding for
small-scale businesses and agricultural enterprises.

❖ Conclusion:
Financial agencies play a crucial role in supporting entrepreneurs by providing
capital, financial advice, and structured loan programs. Depending on the nature
of the business and funding requirements, entrepreneurs can opt for traditional
bank loans, government-backed financial schemes, microfinance institutions, or
venture capital funding. Access to the right financial resources enables businesses
to grow, generate employment, and contribute to the overall economy.
Entrepreneurs must research and select the best financial assistance that aligns
with their business goals to ensure long-term success.
 Practical No. 7
Compile information from government agencies that will help you set up your
business enterprise.

 List of Government Agencies for Entrepreneurs :-

1. MUDRA Bank.
2. Ministry of Skill Development and Entrepreneurship.
3. National Alliance of young entrepreneurs (NAYE).
4. Small Industries Development Bank of India (SIDBI).
5. The Ministry of Micro, Small and Medium Enterprises (MSME).

1. MUDRA { Micro Units Development and Refinance Agency Bank }Bank

:-

Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by the

Honorable Prime Minister on April 8, 2015 for providing loans up to 10 lakh to
the non-corporate, non-farm small/micro enterprises. These loans are classified
as MUDRA loans under PMMY. These loans are given by Commercial Banks,
RRBs, Small Finance Banks, MFIs and NBFCs. The borrower can approach any
of the lending institutions mentioned above or can apply online through this portal
www.udyamimitra.in. Under the aegis of PMMY, MUDRA has created three
products namely 'Shishu', 'Kishore' and 'Tarun' to signify the stage of growth /
development and funding needs of the beneficiary micro unit / entrepreneur and
also provide a reference point for the next phase of graduation / growth. MUDRA
aims at providing refinance /finance to the “Last Mile Financial Institutions
(LMFIs) like Commercial Banks/RRBs/Cooperative Banks/NBFCs/ MFIs/Other
financial intermediaries which are in the business of financing Micro Enterprises
in manufacturing, trading and service sector in rural and urban areas.
Accordingly, MUDRA would be extending refinance to the Banks for their
lending to Micro Enterprises in the country

2. Ministry of Skill Development and Entrepreneurship :-

The Ministry is responsible for co-ordination of all skill development efforts

across the
country, removal of disconnect between demand and supply of skilled manpower,
building the vocational and technical training framework, skill up-gradation,
building of new skills, and innovative thinking not only for existing jobs but also
jobs that are to be created.The Ministry aims to Skill on a large Scale with Speed
and high Standards in order to achieve its vision of a 'Skilled India'. It is aided in
these initiatives by its functional arms – National Skill Development Agency
(NSDA), National Skill Development Corporation (NSDC), National Skill
Development Fund (NSDF) and 33 Sector Skill Councils (SSCs) as well as 187
training partners registered with NSDC. The Ministry also intends to work with
the existing network of skill development centers, universities and other alliances
in the field. Further, collaborations with relevant Central Ministries, State
governments, international organizations, industry and NGOs have been initiated
for multi-level engagement and more impactful implementation of skill
development efforts.

3. National Alliance of young entrepreneurs (NAYE) :-

NAYE has arranged several schemes of entrepreneurial development in

collaboration with public sector banks such as Bank of India, Dena Bank, Punjab
National Bank, Central Bank of India and Union Bank of India. The objectives of
the schemes are the following: 1. Help young entrepreneurs’ in identifying
investment and self-employment opportunities. 2. Secure proper arrangement for
their training. 3. Provide necessary financial assistance on the basis of project
reports. 4. Secure package of consultancy services. 5. Arrange for getting
assistance, facilities and incentives extended to entrepreneurs by the government
and other institutions.

4. Small Industries Development Bank of India (SIDBI) :-

The government established SIDBI under a special Parliament Act as a subsidiary

of the IDBI. Now the SIDBI is an independent body of its own that focuses mainly
on the financing of the Small, Micro and Medium Enterprise (MSME) Sectors of
the economy. It now is responsible for the allocation of the Small Industries
Development Fund (which was the responsibility of the IDBI previously). SIDBI
makes use of the current banking network to extend credit facilities to the small
business and micro industries sector. It provides direct financial assistance to such
banks and institutes which are passed over to the MSME sector. It also provides
indirect financial assistance via line of credit, refinancing facilities, bills
discounting, etc.

5. The Ministry of Micro, Small and Medium Enterprises :-

Micro, Small & Medium Enterprises (MSME) is known as engine of economic

growth and for promoting equitable development. To strengthen them
Department of Micro, Small & Medium Enterprises (MSME) was formed on 5
April, 2016. The aim of MSME Department is to make such policies for MSMEs
to make competent as well as develop them. MSME department help MSMEs to
promote socio-economic growth and employment opportunity in MP. By
promoting rural entrepreneurship the department promote the rural economy and
hence empower rural people in general and rural women in particular. It also
provide access to credit, technology and local as well as global market for
MSMEs. It also develop clusters to provide common minimum facility to
MSMEs. Through Self-employment schemes it encourage youth to establish their
enterprise at their home town/village.

❖ Conclusion:

We can find the different government agencies that can provide the different
funding scheme.
 Practical No. 8
Prepare technological feasibility report of a chosen product/service.

1. Introduction:

Event planning services have evolved over the years with advancements in
technology, making it easier for businesses to manage and execute events
efficiently. The growth of the event planning industry is driven by a combination
of innovative tools, software, and digital platforms that streamline
communication, booking, coordination, and guest management. This report aims
to explore the technological feasibility of event planning services by evaluating
the integration of technology to enhance service delivery, improve cost-
effectiveness, and provide a competitive edge in the market.

2. Product / Service:

Event planning services involve organizing and coordinating all aspects of an

event, including venue selection, catering, entertainment, logistics, and guest
management. These services cater to a wide range of events, such as corporate
conferences, weddings, parties, and large-scale public events. The services
provided typically involve:

• Venue and Location Sourcing: Using software tools to help clients

choose venues based on size, location, amenities, and availability.
• Budget Management: Digital tools to manage client budgets, track
expenses, and suggest cost-effective options.
• Guest and Vendor Coordination: Managing RSVPs, invitations, and
communicating with vendors (caterers, decorators, etc.) through automated
platforms.
• Event Marketing: Online event promotion, ticketing, and social media
integration to boost attendance.

3. Technology:

Technology plays a significant role in enhancing the efficiency and experience of

event planning services. Key technologies that are relevant to this business
include:

• Event Management Software: Platforms such as Eventbrite, Cvent, and

Social Tables allow for seamless event planning, from invitations to post-
event feedback. These tools offer features like attendee management,
vendor management, event scheduling, and budgeting.
 • Mobile Applications: Mobile apps enable planners and clients to stay
connected, monitor event progress, and track real-time updates.
• Automation Tools: Automated email systems, chatbots, and AI-driven
tools assist in managing inquiries, sending reminders, and following up
with clients.
• Virtual Event Platforms: For hybrid or fully virtual events, platforms like
Zoom, Microsoft Teams, and Hopin help deliver engaging and interactive
experiences.
• Cloud-based Storage: Event planners use cloud-based systems to share
documents, contracts, and planning details across teams and with clients.
• Social Media & Digital Marketing: Using platforms like Facebook,
Instagram, LinkedIn, and Google Ads for event promotion and audience
engagement.

4. Product / Service Feasibility:

The technological integration into event planning services presents a feasible

business opportunity. The rise of digital tools has significantly reduced manual
tasks and improved service delivery speed. By adopting the right technologies,
an event planning service can offer the following:

• Improved Efficiency: Automating repetitive tasks (e.g., sending

invitations or managing RSVPs) and using integrated event management
systems saves time and reduces human error.
• Enhanced Customer Experience: Technology allows for personalized
event experiences, real-time updates, and immediate communication with
clients and vendors.
• Scalability: Using online platforms and tools, an event planning business
can scale operations, managing multiple events simultaneously with ease.
• Cost Reduction: Technology-driven solutions can lower operational costs,
eliminating the need for excessive paper trails and administrative staff.

5. To Save Money:

Technological integration can contribute to substantial cost savings:

• Cloud Storage: Avoid physical storage costs by storing documents and

plans in the cloud, reducing the need for paper and physical filing systems.
• Virtual Event Platforms: The ability to host virtual or hybrid events can
reduce venue and travel costs significantly.
• Automation: Automating client communication and task management can
reduce staff time and increase overall productivity, allowing fewer
resources to be spent on manual processes.
 • Outsourcing to Digital Tools: Rather than hiring additional staff, planners
can rely on technology to handle budgeting, planning, and vendor
management.

6. Our Mission and Vision Statement:

• Mission Statement: "To provide seamless, innovative, and cost-effective

event planning services by leveraging cutting-edge technology, ensuring
every event is executed flawlessly and meets the highest standards of client
satisfaction."
• Vision Statement: "To become a leading digital-first event planning
service that revolutionizes the industry by offering unparalleled services
through innovation, efficiency, and customer-centric solutions."

7. Marketing Strategy: (Promotion Strategy):

An effective marketing strategy for event planning services is crucial to reach the
target audience and stand out in a competitive market. Key promotion strategies
include:

• Digital Advertising: Utilize platforms like Google Ads, Facebook Ads,

and Instagram to target event organizers, businesses, and individuals
seeking event planning services.
• Search Engine Optimization (SEO): Optimize the website for event
planning keywords to increase organic search traffic.
• Content Marketing: Create blog posts, info graphics, and videos
showcasing past events, client testimonials, and tips for successful event
planning.
• Social Media Marketing: Leverage platforms like Instagram and Pinterest
to share photos and videos of events, offering behind-the-scenes insights
into the planning process.
• Partnerships & Collaborations: Collaborate with vendors, venues, and
influencers in the industry to expand the business's reach and establish
brand authority.
• Referral Programs: Incentivize existing clients to refer new customers by
offering discounts or complimentary services.

8. Financial Feasibility of Event Planning Services:

The financial feasibility of offering event planning services depends on several

factors, including initial setup costs, technology adoption, and revenue models.
 • Startup Costs: Initial investments include purchasing event management
software, marketing expenses, and setting up an online presence. The cost
may range from $5,000 to $15,000 depending on the scale of the business.
• Revenue Streams: Income comes from service fees, commissions from
vendors, and upselling additional services (e.g., photography, catering).
The business can charge flat fees, hourly rates, or commission-based
models.
• Profitability: With the right technological investments and a streamlined
process, the business can quickly become profitable. A growing trend
toward online events and hybrid experiences further increases the market
potential.
• Break-even Point: The break-even point depends on the client acquisition
rate. With effective marketing and consistent service quality, a business can
break even within 1-2 years.

❖ Conclusion:

Event planning services are highly feasible with the integration of modern
technologies. By leveraging event management software, automation tools,
virtual platforms, and digital marketing, businesses can streamline operations,
reduce costs, and enhance customer experiences. The combination of technology
and creative event planning expertise positions this industry for sustained growth
and success. With a solid mission, clear marketing strategies, and robust financial
planning, event planning services can achieve long-term profitability and industry
leadership.
 Practical No. 9
Prepare financial feasibility report of a chosen product/service.
1. Purpose of the Financial Feasibility Study

The purpose of this financial feasibility study is to determine the financial

viability of launching an Event Planning Services business. The study evaluates
key financial aspects such as initial investment, operating costs, revenue
generation, profitability, and potential risks. The objective is to ensure that the
business model can sustain itself over time, generate profits, and provide a clear
understanding of the financial requirements needed to start and operate the
business successfully.

Key purposes of this financial feasibility study:

• Assess financial viability: Determine whether the business will generate

enough revenue to cover its costs and make a profit.
• Estimate investment needs: Identify the amount of initial and ongoing
investment required.
• Provide risk management insights: Evaluate risks related to profitability
and cash flow.
• Ensure business sustainability: Forecast long-term financial performance
to ensure continued growth and stability.

2. Product/Service Overview

The Event Planning Services business provides a range of services designed to

plan, coordinate, and execute events such as weddings, corporate events, private
parties, and other celebrations. The business aims to offer full-service event
planning, including venue selection, catering, entertainment, logistics, and
design.

Key Services Offered:

❖ Conclusion:

Event Planning Services business shows promising financial prospects, with a

steady demand for event planning services and a scalable business model.
Strategic marketing, strong vendor partnerships, and efficient cost management
will be key to achieving long-term success and profitability.
 Practical No. 10
Prepare set of short term, medium term and long term goals for starting a
business enterprises.
 Strategic Planning Characteristics:

Many businesses develop strategic planning within a short-term, medium-term

and long-term framework. Short-term usually involves processes that show
results within a year. Companies aim medium-term plans at results that take
several years to achieve. Long-term plans include the overall goals of the
company set four or five years in the future and usually are based on reaching the
medium-term targets. Planning in this way helps you complete short-term tasks
while keeping longer-term goals in mind.

❖ Short term Goal:

• Implement loyalty program for repeat customers.

• Gain several new customers.
• Improve your customer service.
• Increase business revenue.
• Increase community engagement.
• Incorporate SMART goals.

❖ Medium term goals:

• Develop a new ideas or service.

• Reduce costs.
• Build strong brand revenue.
• Increase the total income of your company by 50% over the next two years.

❖ Long term goals:

• Achieve 95% positive customer feedback.

• Reduce environmental footprint by half.
• Increase the total income of your company by 90% over the next two years.
 Practical No. 11
Prepare marketing strategy for your chosen product/service.
 Marketing strategy for an application: Planora (Event Planning Service).

Planora – Your Event Planning Partner, Anywhere, Anytime

At Planora, we believe that distance should never be a barrier to planning your

perfect event. No matter where you are, we’re here to take care of all your event
needs. That’s why the Planora app connects you with expert event planners and
vendors from every corner of the country, ensuring that your event runs
smoothly, wherever it takes place.

With hundreds of trusted event professionals and over 3,000 partner venues
across India, your event planning is just a tap away. Simply download the
Planora app or visit our website, and get professional event support wherever
you are in India.

❖ Advertisement:

 Marketing Strategy Used:

• Digital Marketing
• Influencer Partnerships
• SEO & Content Marketing
• Referral Programs
• Targeted Advertising
• App Store Optimization

 Touchpoints Used:

• Contact numbers
• Website visits
• Address
• Social media interactions
• Email campaigns
• In store experience
• Reviews

 Focus:

A comprehensive event management platform for in-person, virtual, and hybrid

events, catering to large events and organizations.

 The promotion and advertising strategy:

The promotion and advertising strategy for Planora focuses on utilizing social
media campaigns and influencer collaborations to increase brand visibility and
engagement. PPC ads and Google Ads will target potential users actively
searching for event planning services. Sponsorships and partnerships with events
and venues will raise awareness and credibility. Referral and loyalty programs
will encourage user retention and word-of-mouth promotion. Additionally, geo-
targeted advertising will ensure that campaigns reach users in specific regions,
maximizing relevance and conversion.

 The pricing strategy:

Planora’s pricing strategy involves offering flexible pricing models based on

event size and complexity. The app will provide tiered packages with different
levels of service, allowing customers to choose according to their budget.
Premium features, such as exclusive vendor access and personalized planning,
will be offered as add-ons. Discounts and promotional offers will be available
during peak event seasons to attract new users. Additionally, a subscription
model could be introduced for regular users or businesses, providing cost
savings and added benefits.
 Practical No. 12
Prepare a business plan for your chosen small scale enterprise.

Business Plan for Planora – Event Planning Service App

 Executive Summary:

Planora is a mobile app designed to simplify event planning by connecting users

with trusted vendors and providing tools to manage event details. The app will
cater to weddings, corporate events, private parties, and more, ensuring an easy,
efficient, and enjoyable planning experience. Our goal is to become the leading
app for event planners seeking a seamless solution.

 Business Description:

Planora offers a platform for users to plan their events, from vendor bookings to
budget management and scheduling. The app connects individuals and
businesses with vendors such as caterers, decorators, and entertainment
services. Our target market includes individuals planning personal events and
corporate clients looking for efficient event management solutions.

 Market Analysis:

The event planning industry is growing, with a rising demand for digital solutions.
Trends show that people are increasingly turning to apps for personalized,
hassle-free event planning. Planora targets individuals organizing weddings and
parties, corporate clients, and event vendors seeking an easy platform to
connect with customers.

 Marketing and Sales Strategy:

Planora will use social media marketing, influencer partnerships, and app store
optimization to boost visibility. Paid ads and a referral program will drive
downloads. Partnerships with local event venues and vendors will enhance the
app’s offerings. We aim to grow our user base by offering promotions and
discounts to encourage engagement.
 Operational Plan:

The app will be available on Android and iOS. A team of developers and customer
support staff will manage app updates and user inquiries. We’ll partner with
local event vendors and ensure a smooth user experience through integrated
vendor communication, scheduling, and budgeting features.

 Financial Plan:

Initial costs will include app development, branding, and marketing. Revenue will
come from vendor commissions and service booking fees. By the second year,
we expect to generate $100,000, increasing as the app gains users. Premium
features and business subscriptions will provide additional revenue streams.
Operating expenses will include app maintenance and marketing.

 Risk Management:

Economic downturns, competition, and vendor reliability are potential risks.

We’ll mitigate these by offering flexible pricing, continuous app updates, and
stringent vendor vetting. Insurance and contingency plans will be in place for
unforeseen disruptions.

 Growth Plan:

In the first two years, Planora will focus on local market growth, expanding the
vendor network and improving app features. By year three, we aim to expand
into new regions and introduce premium services for businesses. The app will
continue to scale through partnerships and continuous innovation.

❖ Conclusion:

Planora is positioned for success in the growing event planning market. With its
user-friendly interface, extensive vendor network, and innovative features, the
app offers great value to event planners and service providers. Our marketing
strategy and scalable business model will drive growth and establish Planora as
a leading event planning solution.