Importance of ‘Business Plan’ for an Entrepreneur
A carefully crafted Business Plan is one of the most valuable tools in helping entrepreneurs reach their business goals by giving direction and defining objectives. A business plan is helpful in assessing the efficiency of strategies and helps the start-up to benefit from oncoming opportunities. Entrepreneurs can refer to the business plan as a guide that helps prevent and manage problems that may arise on the way to success.
Developing a business plan is a time-consuming process and it may be tempting for an entrepreneur to neglect planning altogether but the time spent in drafting the plan gives you an excellent opportunity to learn more about the industry and competitors. Although the time spent cannot be monetized upon, the benefits of a well devised business plan far outweigh any temporary financial losses.
Plenty of start-ups begin without a business plan relying on their optimism and confidence while others get so involved in operational tasks that they neglect the idea of planning itself. What these businessmen fail to understand is the fact that operating without a business plan is much more time consuming and less efficient than working as per a set plan of action.
One great thing about a business plan is, you may refer to it as a map which provides a reference point that you may need to return to just in case you go astray. The plan shall show you how far you have managed to come and even get you back on track if you drift away. Used as a management tool, the plan can ensure that the business is on track with set operational milestones, sales targets and meeting goals.
A business plan gives you a clear image of your company as of now and what it ideally should be over a set period of time. It describes your company, products or services offered and the factors affecting future growth in both directions. The business plan marks your starting point, evaluates where you stand now and helps you with a vision of tomorrow. Following a business plan makes it easier to adapt with market changes, trends and innovations and helps you reach your goals efficiently.
A self-descriptive business plan that clearly mentions statistics, facts and figures with detailed description of potential growth and profits, persuades investors and financial institutions to provide the necessary capital for an entrepreneurship.
A business plan is essential to attract executive level employees, business partners and helps in securing bonds with dealers, suppliers and retailers. It also designates titles and roles to each individual and by allocating a set of duties for each one to perform, simplifying the entire process.
For an entrepreneur, writing down ideas and concepts on paper is the first step to a successful entrepreneurship. By surveying the market, researching your competitor’s data and mentioning costs incurred and profits expected, you shall not only be compiling invaluable reference material but making yourself your very own ‘Business Bible.’
Exploring Rural Entrepreneurship in India
Starting, owning and managing a start-up business by optimum utilization of local resources for the development of a rural population is what rural entrepreneurship means.
We have seen an influx of rural migration into the cities in search of employment, resulting in overpopulation in the urban areas. To prevent such a situation and to minimize migration owing to unemployment, we need to create situations that create opportunities of employment in the rural areas itself. Value addition to rural resources in rural areas, engaging rural human resources is Rural Entrepreneurship in its truest form.
In countries like India, the need for rural entrepreneurship is very strong and the reasons are, employment generation, income generation, rural development and making villages self-sufficient. Doing so will invariably prompt the villagers to earn and live where they belong rather than moving to bigger towns and cities thus curbing rural to urban migration. An ideal situation would be when citizens from cities and towns find it worthwhile to shift themselves to rural areas looking at the vast possibilities and opportunities that are waiting to be tapped.
Young people with a creative and positive perspective, who aim to work towards the development of rural areas using rightly channelized efforts will be the ones to bring about a drastic change in the situation we see today. These dynamic rural entrepreneurs shall be successful in solving many such chronic problems within a short time span and make a mark in the industry while doubling their profits.
The rapid growth in population and an even faster rate of urbanization creates an increase in demands which are challenging for the traditional small-scale businesses who cannot cope up with the demand and supply cycle. This is where new and innovative solutions of an entrepreneur come in. Bringing in all-new global concepts, business strategies, information technology and a highly efficient infrastructure, the entrepreneur would have all the right tools in hand to chisel out one of the finest masterpiece in rural entrepreneurship.
Most of the industries in the rural sector are small-scale and cottage industries with a huge potential for growth. While being quick yielding they also provide large employment opportunities, which indirectly means, a smaller gestation period and cheaper labour as compared to the urban industries, ultimately resulting in better profit margins.
A host of opportunities are open for rural entrepreneurs and the categories they relate to are Food processing and Agro products, textile industry, cottage and handicraft industry, mineral based industry, engineering related and service industry.
Those who aspire to make it big in the world of rural entrepreneurship need to decide on the type of entrepreneurship suitable for their business and may choose from the following:
Individual entrepreneurship, which is a proprietary concern and a single ownership of an enterprise.
Group entrepreneurship is a partnership and can also be a public or private limited company.
Cluster formation relates to associations consisting of a group of individuals sharing the same interest, religion, caste or occupation etc. which are known as Non-Governmental Organizations (NGOs), Voluntary Organization (VOs), Self-Help Groups (SHGs), Community-Based Organizations (CBOs) and networking of all these.
Co-operatives are autonomous associations of persons united voluntarily for a common purpose.
It is not necessary that those who prefer rural entrepreneurship need to be from rural areas themselves. Enterprising urban citizens who are earnest and sincere enough to ensure and manage rural development must take up innovative projects and also promote the benefits of rural entrepreneurship to others.
[Top]EDII Wins Excellent Institute Award at National Education Summit & Awards 2017
Excellence – is the word we strive for. It puts us above everyone else. EDII was awarded ‘Excellent Institute for Entrepreneurship Development in India’ at 11th National Education Summit & Award.
For EDII’s contribution towards developing entrepreneurial ecosystem, CMAI association of India awarded this prestigious award to the institute. Shri Rajesh Kumar Chaturvedi, Chairman CMAI & IAS presented the award to Dr. Sunil Shukla, Director, EDII.
[Top]India Needs More Entrepreneurs – EDI
India has witnessed a recent boom in startups. It is due to the prevailing conditions of sufficient funding, latest technology and a market that is thirsting for something new that the arrival of startups in the business scene has come with a surprising force and it certainly seems like they are here to stay.
The Current Scene of Entrepreneurship in India
It was only after Independence that the business sector witnessed a major shift in its structure. Indian entrepreneurs were determined to pursue their entrepreneurial dreams and break the boundaries that they had been restrained by. The need for some kind of regional development, at that time, paved the path that would welcome startups into the business scene.
From a measly presence of just 3,100 back in 2014, the number of startups to grace India is expected to increase to about 11,500 by 2020. A constraining factor with India is that entrepreneurs are still looking to find investors for their various ventures. Once they are able to tap the capital markets for better growth prospects, India will certainly race ahead of other countries with regard to its GDP.
Fortunately, India currently has massive funding and access to technological resources making it one of the best moments for the development of the largest startup ecosystem. It is due to the favorable domestic markets and availability of resources, that an entrepreneur finds a conducive environment in India for his startup to emerge.
Education and Practical Exposure – Simple Path to Success
It certainly is no surprise that if you wish to succeed in the task of becoming an entrepreneur, you need both education and practical exposure to the outside world. While education can play a major role in influencing student’s attitudes and motivations toward entrepreneurship; by exposing yourself to the practical aspect of business, you will see its relevance in terms of economic welfare as well as in creating employment opportunities.
If You are a Budding Entrepreneur, This is How EDI Course will Help You Out…
Dedicated to entrepreneurship education and training, our Post Graduate Diploma in Management – Business Entrepreneurship will familiarize you with all the varied aspects of entrepreneurship. Since we are well aware that a pragmatic approach needs to be adopted when looking at the markets, we will provide you with all the necessary training and knowledge to do this so that you are able to discover the potential for entrepreneurship that lies within you. If you want to make a success of your business venture, training and research in entrepreneurship will certainly go a long way.
This course focuses on providing research and documentation so that you are exposed to the current market scene. With business research, you will also receive training in data analysis and understanding of the market. This way, through different strategies you will be able to gauge the intricacies of entrepreneurship before you venture onto this path. This full-time, two-year program will certainly leave you with a relevant and practical learning experience
So although startups are witnessing a booming growth in the current scheme, about 90 percent of them have not been able to succeed. However, given the increased growth that the presence of startups has brought to the Indian economy, the need for more startups is certainly present. So if you wish to guarantee success on your entrepreneurial journey, come join us and learn all you need to know about the world of entrepreneurs.
Reference URLs:
http://thenextweb.com/in/2015/07/05/india-the-worlds-fastest-growing-startup-ecosystem/#gref
http://www.bythestartups.com/the-story-of-indian-startups-from-the-pre-independence-era-to-the-present/
http://www.businesstoday.in/perspective/the-startup-scenario-in-india-is-very-attractive/story/8448.html
http://www.academia.edu/1238738/MOTIVATION_FOR_ENTREPRENEURSHIP_AMONG_STUDENTS
http://www.ediindia.org/