Showing posts with label entrepreneur. Show all posts
Showing posts with label entrepreneur. Show all posts

Friday, November 23, 2012

Project Feasibility Study

 The importance of a project feasibility study is to determine the viability of the business. Will it be workable? Will the business survive all the difficulties that will be encountered?
 A would-be entrepreneur should consider whether he is capable of managing the business, produce the product without difficulty, sell the product for satisfaction and earn more or less a reasonable profit.
 A project feasibility study is a written document that gives an authoritative information whether project is technically feasible and economically viable. The data and facts presented in this study will be the basis on how the project or business is going to be pursued. The information includes the components of marketing, production, organization, and financing. it is a requirement in securing loans from bank. It is also used for promoting the project to prospective partners or stockholders. The bank or investors usually appraise and evaluate this feasibility study before extending a loan.

Government Support to Small Enterprise

There are agencies established by the government that give support to entrepreneurs. The government is doing this in order to prevent them from becoming unsuccessful in the business they are pursuing. The support is on the following:
1. Administrative Support. An entrepreneur has to register his business in order to make it legal. There are permits and licenses needed to export and import a product. In the application of a loan, the permits and licenses are needed.
  In making transactions with the government, certain procedures and requirements have to be followed. Complying with all the requirements are tedious and time consuming because it is the government itself that is making it difficult for the entrepreneur. As a result, the government is being accused of bureaucratic red tape. The government should not be blamed because the procedures and requirements are necessary to protect both the public and the entrepreneur. Securing the permit and licenses protect the entrepreneur from scrupulous people who have bad intentions of copying the product for profit, thus protecting the intellectual property rights of the maker. Another reason is that the consumer is also protected.

Thursday, November 22, 2012

Backward and Forward Linkage of Industries

 Linkage are the relation of one's business with the business of other companies. They are related with product produced by the other manufacturers in terms of processing further the product, to come out with a new product idea.

Industrial Linkage
 The backward and forward linkages of industries mean that producers depend on other industries for their operations. Let us take for example, the logging industry. The outputs of this industry are the timber, boards, planks, and plywood. This logging industry requires inputs like planting trees equipment and technical know-how. Both outputs and inputs need electricity, water, fuel, and transportation.
 The backward linkage as given in the example refers to industries of other companies whose products are required as inputs to produce the outputs of the logging industry such as timber, boards, planks, and plywood  Understanding this further, backward linkages are logging products used to produce outputs or made through the use of the woodworking machine, transportation, transporting equipment and materials, cutting trees equipment, and technical know-how.

Wednesday, November 21, 2012

Business Opportunities: Creativity and Innovation

 Business opportunity begin with ideas developing in mind of a person. He has to be keen in identifying business ideas and determine which among them will become successful. The idea should have the purpose of improving the life of the people in the community.

Creativity and Innovation
  The entrepreneur has an important task to do and this is to identify business opportunities. In this undertaking, he should have the ability to create  and innovate ideas that will get the attention of the people around him. This idea must be unique in the sense that the product he is introducing is capable of answering the needs of consumer. Developing a new idea is a form of creativity which is original in nature. the introduction of mobile or cellphones is a product of creativity while the improvement which gives them their distinctive features are a form of innovation. Innovations, therefore, are new things done on an existing products or services.
  If we are going to analyze the creativity and innovation of a particular product or service it should answer the specific need of the people in the area. This important need gives an individual a lead to enter into a particular business.

Tuesday, November 20, 2012

Business Planning and Managing Enterprise

Planning is one of the most important factors to be considered in putting up a business. However, starting a business enterprise will have to undergo several stages, perform different activities, and encounter many problems in the process.

Stage in planning and managing an enterprise
1. Project identification- This is the time when an individual thinks of the business idea wherein he could invest money in order to grow. He has to undertake the process of environmental scanning and think about the significant problems and needs of the community. The prospective entrepreneur should identify the needs of the community. He should assess the strengths, weaknesses, opportunities and threats of the business ideas he is going to consider for investment.
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