Monday, August 6, 2012

Business Plan



1.       It is roadmap of proposed new venture of the entrepreneur
2.       It is a wirtten document that details the proposed venture
3.       It describe current status, expected needs and projected results of the venture
4.       It allocates resources in a co-ordinate manner.
5.       It provides clear picture about what the venture is?, where it is projected to go?, how to get there?
6.       It also present a time table for implementation of new venture
7.       It provides a set of guidelines for goals, activities to be done, timing of doing activity, responsibility of doing activities resources needed and projected profit.

Insurance



1.       It is the legal contract between the Insurer and the insured
2.       It transfer the risk from insured to insurer  for a premium
3.       It protects life and property from risks
4.       Lose of life can be due to death, bad health or accident
5.       Lose of property can be due to fire, flood, earhtquake, terrorism, theft and bad debts.
6.       Insurance provides a sense of security.


The types of insurance available to entrepreneurs are
a.       Property insurance
b.      Casualty insurance
c.       Life insurance
d.      Market competition Insurance
e.      Health Insurance

Contract




A contract is a legally building binding agreement between two parties (suppliers, landlords, employees and clients)
Every contract contains conditions which need to be meet
The branch of contracts leads to payment of damage or loss by courts

Product safety and ability



Product safety refers to responsibility to meet any legal specification regarding a new product prescribed by consumer protection act of a country.

It prohitbit marketing of unsafe product with defects

Injuiry or death resulting from product defects create product liability

Claims for product liability can be for negligence, warranty, strict liability and misrepressentation concerning quality of products.

Trade Mark & Copy Right

Trade Mark

It is distinctive word, name, mark, symbols, design, logo that a company uses to identity and distinguish its product from those of other.

The right of use can be licensed or sold to others

Generally speaking a distractive mark of authority, through which the product of particulars manufacturers or the vendible commodities of particular merchants may be distinguished from those of others. It may consist in any symbol or in any form of words, but as its office is to point out distinctively the origin or ownership of the article to which it is affixed it follows that no sign or form of words can be appropriated as a valid trademark which, from the nature or the fact conveyed by its primary meaning, others may employ with equal truth and wit equal right for the same purpose.

Copy Right

It is an exclusive property right granted to authors and originator of literacy or artistic production
It must ne original and in a tangible form

Literacy work including books, periodicals, computer programs

It may be dramatic or musical work, pictorial, graphic works, films and audio-visual works, sound recording.


The right of literary property as recognized and sanctioned by positive law. An intangible, incorporeal right granted by statute to the author or originator or certain literary or artistic productions, where sale and exclusive privilege of multiplying copies of the same and publishing and sealing them.

Steps and process of establishing new venture



1.       Business opportunities identification
2.       Sources of generation new ideas
a.       Situation survey
b.      Present work environment
c.       Outside source
d.      Research and development
3.       Methods of generating new ideas
4.       Selections of best ideas

Legal environment for entrepreneurship

Legal environment refers to all the legal provisions that affect entrepreneurs

They promote or restrain entrepreneurial activities

It consists of law, rules, regulations and ruling of the courts of law

It includes.
1.       General business legislation
2.       Labiour legislation
3.       Financial legislation
4.       Social legislation
5.       Social legislation
6.       Intellectual property rights legislation

Risk in entrepreneurship



Risk refers to calculated chances taken creating and running a new venture

Types of risks in entrepreneurship

·         Financial risk
·         Carrier risk
·         Family and social risk
·         Psychic risk

Factors Affecting Entrepreneurship growth



Entrepreneurship growth are measured in terms of profit, sales and goal achievement
Two factors affects the growth ie. Economic factors and non-economic factors
Economic Factors- economic factors are economic system capital, human resources, raw materials, markets, competition and franchise
Economic systems have three models
1.       Free market economic(capitalism)
2.       Centrally planned economic(Socialism)
3.       Mixed economic
Non Economic factors- non economic factors are political factors, social factors, psychological factors and technological factors.