Methods to develop entrepreneurial skills !

      Methods to develop entrepreneurial skills !

      




Methods to develop entrepreneurial skills !



Methods to develop entrepreneurial skills


1.         Develop the confidence of choice

 Set small goals and achieve them to build confidence about your abilities. These will be an incentive for you to improve their skills.

 

Act with confidence

Face new challenges and  try to integrate those failures and  learn from them, even if you are likely to fail.

 

Reporting and Evaluation

Get systematic assessments from handlers to view your progress and make necessary changes.

 

Aptitude Exercises

Improve skills based on activities such as mental exercises, patience, thinking skills,  and teamwork.

 

Improve self-knowledge

Know your weaknesses and weaknesses and learn to the best of your abilities.

 

Big goals and planning

Plan to achieve important goals in your life. Plan to achieve important goals and implement ideas to achieve them.

 

Tip and Support

Get support from friends, family or coaches to improve your progress and build self-confidence.

 

 

Differences between  entrepreneur and merchant

  

Entrepreneur  

Merchant

Develop  a business according to his idea or new concept.

He will begin 

 Starts a      business according to  a prevailing concept or concept

 

The competitors for the entrepreneur's business   are  himself

 

For Business

 Many competitors                          

Found 

Ready for  new business opportunities

The merchant will continue to pay attention to  his business ethics

The entrepreneur is  an  innovator

Legacy

Become a follower                          

Will be  

Face                                    to Risks

 Will give

Carries out his duties in a safe manner

When problems arise, they face them better   

Loses enthusiasm when problems arise 

 

 





 






Business One

Access to Getting Started 








 Proficiencies

 

·        6.1 Important Decisions to Take Before Starting a Business

·        6.2  Alternative Ways to Market Entry When Starting a New Business

o   Placing used goods or services in the prevailing market

o   Putting used goods or services in the new market

o   Presenting new products or services in the market where they are in existence

·        6.3 Strategies to enter a new business

o   Putting forward specific new products or services

o   Presentation using production differences

·        Innovation  

Important Decisions to Take Before Starting a Business

1.     How can you dedicate yourself to business?

2.    What is the basic product or service?

3.    Who is the targeted consumer?

4.    What is the competitive situation?

5.    Is the income sufficient?

6.    How to obtain capital?

7.    Starting a business alone or in partnership?

8.    What is  the suitable location for business

9.    What kind of benefits can be provided to the society through business?

 

 

1)   How it can be dedicated  to the business

When a businessman starts and runs a business, he has to play a variety of roles

Examples:

Obtaining Raw Materials

Selection and direction of employees

Receipt and maintenance of machinery, equipment, etc.

Obtaining Funds & Maintenance of Funds

Procurement Activity

Production Activity

 

2)  The product or service that is basic to the business

The  main factor that is fundamental to the success of a business is the product or service presented in the market. They should satisfy the needs and desires of the consumers and should exhibit special features when compared to other goods and services.

 Examples:

1.              When small motor vehicles are manufactured they should have special features such as shape, parking facilities etc.

 

3)  Targeted Consumers

The group of consumers for which the goods or services proposed by the merchant are those who are currently  consuming the product and the consumers who are likely to consume it in the future. 

 For example:-

  Discrimination between children, youth and the elderly

  ✨ Discrimination on the basis of gender discrimination between low income group and high income  demand

Sri Lankan consumer groups spread all over the world

1.             Market Research

Analyze market needs, consumer habits, and competitors' practices to develop certain consumer specifications for your goal.

2.            Criteria and Regions

Point out the consumer's season, gender, income, education level, and other socio-general details.

 

3.            Demographic and psychological details

Observe in detail the consumer lifestyle style, beliefs, priorities and life issues.

4.            Approach skills

 Learn the attitude skills of consumers interested in buying or using your product or service.

5.            Bizarre and Challenges

Understanding the challenges and hopes consumers face for your target will help you meet their needs.

1.             Economic status

Take away the economic status of the consumer at your destination and use the pricing of your product or service.

2.            Research and Studies

 Do consumer feedback and surveys and  identify your goals appropriately.

 

4)  Competitive Situation

Competition is imperative in the  present market i.e. collective competitors of persons or firms who supply various goods and services to the market to satisfy a demand or want. When assessing the nature of competition, it is not necessary to be as careful about the competitors who may enter the market in the future as the present competitors.

 Examples:

Detergent for washing clothes

Face Masks

Phone Types

 

 

 Key aspects of business competition

1.   Price Competition

Companies that offer the same type of goods or services tend to lower prices in an attempt to attract customers.

2.  Technical Competition

Competition to take other companies up with new and advanced technologies.

3.  Service Status

The more good customer service is provided, Competition will be produced accordingly.

4.  Market Share

Every company engages in a scramble to get more shares of the market.

5.  Brand Value

Famous and promising brands attract customers, which is a competition for other companies.

 


5)   Is the income sufficient?

Entrepreneurs  start a business with the intention of increasing income, which should be sufficient to cover all the expenses of the business.

1.         Cost of Purchase

2.        Tax Expenditure

3.        Payment of Interest

4.        Be able to cover expenses such as  salaries

5.        Obtaining an adequate profit for the owner

6.            Ability to obtain investment income required for the future growth of the business

  

1.             Expenses

 Whether the income from the total costs of the business (oil, capital, wages, administrative expenses, etc.) is sufficient.

 

2.            Profit

It should also be respected whether the income is able to meet expenses and whether there will be further profits.

 

3.            Short consistency

It should be considered whether the income is getting the market conditions and the necessary stability for business growth.

 

1.             Financial Status

 It is important to check whether the returns will help meet the expected future needs and whether it is sufficient to be able to make the necessary investments.

 

2.            International Stand

It is necessary to look at whether returns are affected by external factors such as global markets or technological advances.

 

6)  Means of raising capital  

Generally, finance is necessary to start a business. The requirement of capital depends on the nature of the business activity. Some businesses require less capital and some businesses require limited capital. There are several alternatives to meet this raw demand. The major sources of capital are as follows :

1.         Personal Savings

2.        Engaging one's own assets

3.        Help from friends and relatives

4.        Obtaining Bank Loans and Further Loans

5.            Getting advance from the customer

  

·        Personal Investment

o   Use  your own savings or assets as an investment.

·        Business Bank Loan

o   Loans can be taken from banks and financial institutions, which gives a financial opportunity with regular payments.

·        Investors

o   Investors  can invest  through governance or systems, referred to as "banking manual".

·        R.A.F. (VC) or Venture Capital

o   Venture Capitalists (VCs)  invest in growth companies, which may offer you stocks or interests.

·        Stock Issue

o   Raising capital by selling shares to the public.

·        **Business Partnership**:

o   Working in partnerships with other businesses or obtaining capital.

·        Crowdfunding

Getting small-scale investments from various people in online systems  (Kickstarter, Indiegogo, etc.).

·        Legal Aid and Public Assistance

Obtaining educational, research or entrepreneurial assistance from the government

 

7)  Starting a business alone or as a partnership?

 

 A business can be started on a business day or by bringing together any other member of the family.Whether to  start a business alone or jointly, the pros and cons available to the entrepreneur should be considered and the most suitable method should be chosen.

 That is, we should think about starting a business as a sole proprietorship and a public business

 

 

 

 Private Proprietorship (Sole Proprietorship)

 

**Advantages:**

1. **Simple setup**: Easy to start and minimal legal and administrative need.

2. **Full Control**: All decisions are made by the same person, which helps in quick decision-making.

3. **Income tax**: Income goes to the same person, which is similar to being easily taxed.

 

**Challenges:**

1. **Section**: The total and personal assets must cover the expenses.

2. **Environment**: Personal partition can be very limited.

 

Partnership

 

**Advantages:**

1. **Consolidated Fund**: Many people's investment and capital are consolidated.

2. **Skills and Talents**: Be able to use the skills and experiences of many people.

3. **Access**: Can get support from multiple people.

 

**Challenges:**

1. **Sharing**: Profits and controls will be shared between shareholders, which may create conflicts.

2. **Open Benefits**: If partners change or separate, the status of the business may suffer

 

8)Suitable location for business

A key factor that contributes to  the success of businesses  is where they are located. The following factors determine the best place to start a business.

 

·        Number of consumers and their distribution

·        Facility to obtain raw materials

·        Facility to acquire employees

·        Access to infrastructure facilities such as electricity, water and telecommunication

·        Facilities that can be provided to consumers i.e. vehicle side welfare facilities etc.

·        Cost of space

When choosing a suitable location for the business, there are a few other aspects to consider:

 

**Access Customer Basic**:

A place where you can easily reach your target customers. Low power cut stock and flow of visitors, customer attendance and appropriate site, crucially, is perfect for your business.

 

**Organization and General Facilities**:

Possible amenities such as location setting, computer and telephone facilities, blogging, and internet connections.

 

**Enterprise costs**:

Rental, security costs, and tax charges apply according to your business's financial plan.

 

**Competitors Status**:

Consider the position of competitors and recent competitors for the same business.

 

**Holiness and Security**:

The health, safety of the premises, and the safe preservation of documents.

 

**Dimensions**:

Consider space dimensions based on the size of your business. It should be in line with the products and services you want to implement.

 

**Internet Facilities**:

Also check if the business place has the necessary internet and phone services for the customer and business techniques.

 

**Appropriate economic status**:

Carefully monitor the economic environment and changes in the business.

Considering these aspects, it is important to choose a location that meets the needs of your business, that is useful, and suitable.

 

  Entry of New Entrepreneurs into the Market

 

Whether it is  a small scale or a large scale business,  it is necessary to enter the market with a good plan right from the beginning to make it successful. There are steps that a new entrepreneur should follow to enter the market.

1.   Placing used goods or services in the prevailing market

2.  Presenting an active product or service to a new market

3.  Placing a new product or service in the existing market

4.  Putting a new product or service before a new market

 For new entrepreneurs, there are several important aspects to be considered while entering the market. It is about how to survive in the market, cope with competition, and achieve growth.

 

 

**1. Market Research:**

Evaluation**: Identify your target market.

List of people**: Understand your customers, their needs, and preferences.

   Contests**: Consider the contestants for the same.

 

**2. Business Plan:**

Planning**: Create your business plan and explain its shares, goals, and cash payout.

Financial Plan**: Calculate the investment, expenses, and income.

 

**3. Official recognition:**

Registration**: Register your business legally.

Permits and Licenses**: Get all the necessary permissions.

 

**4. Marketing and Promotion:**

Marketing**: Promote your brand and products or services.

Social media**: Make sure you stay at the forefront of the website and social media.

 

**5. Sales and distribution reform:**

Sales Programs**: Improve sales potential.

Distribution dilemma**: Set up the distribution network and distribution systems.

 

**6. Financial Management:**

Money Management**: Manage your income and expenses carefully.

Savings**: Protect investments.

 

**7. Justice and Order:**

Law**: Follow legal obligations and official protocols.

 

 

  

Placing an existing good or service in the market.

 

 Most of the traders adopt this method. But the challenge is greater because so far there are more competitors in the market and consumers are accustomed to their products. Therefore, in order to make the consumer interested in his own product, the entrepreneur has to work hard and incur expenses. This will increase consumer development costs and make profits  uncertain

 

Placing  a used goods or service  in a new market

 

 There may be a group of consumers in the market who are not hitherto accustomed to the consumption of goods or services currently in the market They can enter the market by placing the existing goods or services before them. This means that a new consumer group is formed by presenting a particular product to a group of consumers or a region or country that has not yet been consumed. .

1.         Obtain orders and deliver goods and services to households or workplaces 

2.        Produce and distribute during or periods when other competitors are not producing and selling

 

       Placing new products or services in the existing market

 

 Most of the traders enter the market through this system. Active goods or services may enter the market with certain modifications and new uses. Although it is dangerous to have too many competitors, for the time being there is a large number of consumers who can act prudently and get access to the market

01.     Introduction of smart phones in the market for mobile phones

02.     Cash withdrawal from ATMs  without   ATM Card

03.   Production of  special footprints, food and beverages  for diabetic patients

 



Putting new products or services before a new market

The main advantage of entrepreneurs doing business through this method is the absence of competitors.So that we  can achieve high success by gaining 100%  market share  in the relevant future. However, there are also high risks because the consumer group does not have adequate knowledge about the new product or service and the consumer group is not properly identified.

Success  can be driven by proper market knowledge and planning and reporting to consumers

04.    Have a picnic to the atmosphere

05.    Various products to reduce the appearance of aging

06.    Manufacture of a Wind Powered Motor Vehicle

 

 Challenges of starting a new business

 

 Starting a business in Sri Lanka's current economic situation is a difficult task.

 Economic uncertainty, questionable future, laws  being changed in great  detail by the government

 Starting and running a new business is becoming a major challenge due to this sugarcane.

 But from the point of view of business, it is best to start a business at this time and it is expected that it will be able to achieve great success in the future when the economy improves. 

When they start a new business, they face a lot of challenges. Key Challenges:

 

1. Investment Funds

   - Difficulties in gathering the necessary investment in the early stages.

   - Need financial skills and manage accounts properly.

 2. Market Research and Competition

- Difficulties in knowing the needs of the market, opportunities, and competitors.

   - Choosing the right business model.

3. Acts and Regulations

- The law to be established for business registration, licenses, permits and bills.

   - Problems following industry protocols.

4. Marketing and Popularization

   - The challenges of managing branding, sales, and advertising costs.

   - Have the skill to acquire customers and attract them.

5. Services and Quality

   - Whether you can provide quality products or services.

   - Must meet customers' expectations.

6. Matrimony Management

   - Follow-up with technology development.

   - Selection and management of the employees involved.

7. Experimentation and development

   - Calculating the growth of the business and analyzing new market conditions

        

 Strategies to enter a new business

 The entrepreneur should focus on suitable strategies to make the  product acceptable to the consumer.

 

 

Some of the best ways to start a business are

1.      Be a special new product or service

2.      Production differences

3.      Market break or opportunity

4.      Innovation

 

01.  Introduction of special new products or services 

If there is a difference in the quality of the product, quantity, mere rupees, our public distribution etc., which are present by the merchant over the competition in the market at present, it is a successful way to enter the market.

1.             Perfume detergent  with text that can also be used as a detergent box

2.            A pen with a writing centre at one end and a liquid at the other end. 

 

02. Presenting using production differences 

 Production difference is the attempt of a trader  to differentiate his products from those of competitors.

 The prices of some goods do not influence the change in demand for those products. In such cases, suitable changes should be made in the products to attract the consumers so that the difference in production is a suitable market entry strategy for the entrepreneurs.

Eg:- When the milk powder is placed in the market

1.     Jampo pack 

2.    Budjet pack 

3.    Economy pack

4.    Thing pack 

 


03. Identify market gaps and propose products  

 Market gap is the absence of a particular group of consumers in the market to satisfy their needs and wants.

Although the largest entrepreneur targets more consumers in the market, he does not pay attention to certain groups of consumers with special needs.

New entrepreneurs should pay close attention to these special markets that emerge according  to the  changes in the environment.

 

04.         New Creation 

 Innovation means doing something new.

 Any good or service can be co-optimized from the beginning of production till it reaches the consumer and after the sale of service. Through this, there will be a certain change in the use of a product.

 Examples of innovations that a skilled entrepreneur can have  :

1.         Use of plastic instead of boards

2.        Creating children's story books in various formats

3.        New Easy Installment Payment Pattern

4.        24 Hour Delivery Service

5.        Promotion through SMS Service

6.        Non-soil cultivation

 

 

          Methods to develop entrepreneurial skills !

      

                  

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