Taxmann's Entrepreneurship & New Venture Planning

ABOUT THE AUTHOR

Prof. CA Abha Mathur is a Professor at Satyawati College, University of Delhi. She is a qualified Chartered Accountant and has to her credit, a plethora of educational qualifications and degrees such as B. Com [H], M. Com, PG Dip [Business Mgt.], DIP [Comp. Prog.] and Ph.D. from Department of Commerce, University of Delhi. She has a long experience of more than three decades, out of which she has more than a decade long, Industry Experience.

Prof. Mathur started her career as the Manager (Finance) in Pure Drinks, New Delhi Ltd. and went on to become the Head of Financial Operations in various private sectors and held senior positions till the year 1995. After spending 13 years in the industry, she decided to pursue her passion for teaching and became a part of Delhi University in the year 1995. She continues to combine academic and professional work.

Her academic work includes prestigious projects such as being appointed as the Joint Coordinator, for developing the content of ‘Tourism’ paper for B.A. Program Application course. She was appointed as a Paper Coordinator for the subject ‘Accounting for Managerial Decisions’ for M. Com level students, in e-Pg Pathshala, which is an E-Portal for distance learning, an endeavour of MHRD. She also reviewed & contributed content for 15 Modules. She has audio/video recorded 96 Modules which have been uploaded on the website, “http://epgp.inflibnet.ac.in/ahl.php?csrno=6’’, and eVidyarthi. She has been invited for delivering lectures or conducting Workshops as a Resource Person, for a variety of subjects of Commerce, by MBA Institutes, ICAI, Department of Commerce, Department of Computer Applications, Department of Adult Education of University of Delhi and DTU

She has presented about 11 papers in various National level seminars/ Conferences and has published 26 Articles in leading International and National Journals. She has a long list of administrative work in College, in various capacities. She has been a Bursar of the College for four years, conducted examinations as superintendent & Deputy Superintendent, from time

I.6

ABOUT THE AUTHOR

to time. She was appointed as the Coordinator of IGNOU Centre at her College from March 2019 to December 2020. She has been an Acting Principal of the College, on several occasions, during the years from 2017 to 2019. She has been appointed as the Nodal Officer for UDHMODYA, Cell, University of Delhi, an initiative of the Government of India, to promote entrepreneurship among students.

She has authored following Text Books:

SN

Title of the Book Publisher

1. Business, Entrepreneurship & Management

For FYUP course

2. Principles of Marketing

For B. Com [H] & MBA students

3. Marketing Management

For B. Com [P] students of University of Delhi

4. Human Resource Management

For B. Com [H] & [P] students of CBCS Course

5. Tourism & Travel - An Indian Perspective

For students pursuing courses in Travel Management

6. Entrepreneurship

For B. Com [H] & B. Com [P], CBCS course students

7. Leadership - Issues & Challenges

For MBA students

8. Fundamentals of Entrepreneurship

For B. Com [H] students of Utkal University, Odisha

9. Organizational Behaviour

For B. Com Hon. & Program students of CBCS Course of University of Delhi.

10. Communication & Documentation in Business

For B. Com Hon. & Program students of CBCS-DU

Taxmann Publications

Galgotia Publishing House

Galgotia Publishing House

Galgotia Publishing House

YE Publications

Taxmann Publications

YE Publications

Taxmann Publications

Galgotia Publishing House

Galgotia Publishing House

ABOUT THE AUTHOR

11. Leadership and Team Development

For B. Com H students of CBCS, University of Delhi

12. Entrepreneurship Development

For B. Com [P] students of CBCS, University of Delhi

13. Business Organization & Management

Galgotia Publishing House

Taxmann Publications

For B. Com. Program students of FYUP-NEP, University of Delhi Taxmann Publications

She has also authored following Books, in Hindi, containing Moral Stories:

14. ‘Kathayaen jo Daadi Maa se Suni’ Shyama Publications

15. ‘Ek Baar ki Baat Hai----’

Penned for children, has been published & available on Amazon link

https://buybox.me/index.php/product/ek-baarki-baat-hai/

Swaranjali Publications

u She does a lot of social work; she is a Hony. Secretary of “ The Consumer Federation of India” and Vice-Chairperson of “ South Delhi Citizen’s Council” , which are NGOs dedicated to consumer and social causes.

u She has instituted three Memorial Prizes, in her College, in the memory of her Father, Mother and Guru ji, which are given away, every year, on the Annual Day of the College, to the best performing students of Commerce.

u She has received the prestigious ‘Best Teacher Award’ from Delhi Government, in the Year 2019.

u She can be reached, for more details at https://cadrabhamathuronline. com/

PREFACE

The paper ‘Entrepreneurship & New Venture Planning’ is meant for B. Com, DSC-4.1 Discipline Specific Core Course, formulated under the New Education Policy, Semester-IV, students of the University of Delhi. The basic aim of the paper is to orient and inculcate the desire in the reader/learner towards making entrepreneurship as a career option. This course content also aims at encouraging entrepreneurial skills in the students, by giving an insight into Entrepreneurship and the competencies, which are required to be successful as an entrepreneur and to be able to explore and launch entrepreneurial ventures independently.

The objective is also to kindle creative thinking and behaviour for effectiveness at work and in life. The other significant aim is to make students aware of the concept, need and relevance of entrepreneurship in the contemporary Indian society and further create a desire among the students towards entrepreneurial orientation and start contemplating Business ideas. This paper also focuses on the need of students to educate themselves on the most pertinent issue of the rapidly evolving world of Start-ups and entrepreneurs and the Governmental initiatives towards boosting entrepreneurship and Start-up culture, amongst youth, for combating the mammoth problem of unemployment in India. Students would find this book written in a simple language, which is easy to comprehend and learn. They will also be able to design strategies for the successful implementation of innovative ideas of new ventures. After going through this Book, the students will be well versed with the significance of Entrepreneurship and would learn the methodology and modalities of setting up small business. The Indian economy needs entrepreneurs today so that the stated problems of unemployment and underemployment can be solved.

The Chapter Scheme has been kept strictly as per the prescribed Syllabus.

Suggested Guidelines for Professors & Students

u Day dream, a Business Venture and make a Business Plan.

u Calculate Feasibility of the Project/Venture, which the student has day dreamt.

u Develop Report, Project and Business Plan writing skills.

u Students are advised to carry out a personal SWOT analysis for themselves, in order to find out their interest in entrepreneurship & also identify their Strengths & Weaknesses and foreseeable Opportunities and Threats.

u Enhance inter personal and behavioural skills.

u Read Newspapers every day and keep abreast of happenings in the Business World.

u Professors must include Projects and Practical Exercises to help students to understand the concept better.

u Hold Contests & Seminars, which deal with enhancing the Entrepreneurial Skills among Students.

For this versatile syllabus, sincere effort has been made to do justice with the content. However, if anything has been skipped or overlooked, the suggestions and reviews from the reader will be of immense help to me, in updating the next edition. I would like to thank my family for the support, content contribution and the editing help, they have provided. My husband Mr. Anurag Mathur stood as a rock of Gibraltar, throughout the writing process and my daughter Anubha - an MBA from IIT-Roorkee , showed managerial abilities in helping me organise the entire task effortlessly. My son-in-law CA Nitin Mathur contributed live examples from the industry. Not to say the least, my grand-daughter baby Anvita & grandson Avyukt have both been soothing factors and stress busters during the much stressful exercise of writing the book. I would take this opportunity to thank my brother & sisters, nieces & nephews and friends for their support. My publisher ‘Taxmann’ also deserves profuse thanks in lending help, support and timely completion of the project.

I am eternally grateful to LORD KRISHNA for bestowing HIS blessings for writing the book & am also thankful to my spiritual Guru Shri Sant Raj Aradheya for his heavenly blessings & Vaishali Bai Ji for her constant support.

I assure the readers that they will be benefitted with the content of the book, as I have been able to use my professional and academic experience in writing the book. With combined experiences of Industry and

Academics, I have seen industry from close quarters and used the practical experience in making writing the Book and teaching, more meaningful for the students. I am positive that the readers will have plenty to gain from the Book.

PROF. CA ABHA MATHUR

FCA, M. Com., PGD [BM], DIP [Comp. Prog.], PhD Professor, Commerce Department

Satyawati College

E-mail: abhamathur25@gmail.com

abhamathur25@satyawati.du.ac.in abhamathur25@icai.org

Webpage: https://cadrabhamathuronline.com/

Business Planning 4

CHAPTER

CHAPTER OUTLINE

After going through this chapter, the students will be well-versed with the following:

u Know the meaning of Entrepreneurial strategy.

u Concept of Scaling up.

u Understand Business planning process.

u Method of Drawing Business Plans.

u Causes of Failure of the Business Plan.

Entrepreneurial strategy and Scaling up, Business Planning Process; d rawing Business Plans; Failure of the Business Plan.

4.1 Entrepreneurial Strategy

Entrepreneurial strategies are intentional, planned acts used by business owners to accomplish their goals and acquire a market advantage. Entrepreneurial strategy is defined as ‘the strategy involving widespread and moreor-less simultaneous change in the pattern of decisions taken by an organization’. It is enacted with greater or lesser frequency by all firms, irrespective of whether they are conservative or innovative, in behaviour. Strategies occur in cycles at the single business-unit level in response to both environmental and organiza -

tional stimuli. t hese strategies entail a variety of choices and actions, such as the following:

Spot opportunitiesControl risksPromote economic expansion Combat threats

these strategies are used by entrepreneurs to successfully traverse the difficulties and uncertainties of the business world, while increasing their chances of success. they give business owners a guide on how to utilize resources wisely, choose wisely, and differentiate themselves from rivals. depending on the individual objectives and situation, entrepreneurs use a variety of entrepreneurial strategies. these include the following:

4.1.1 Definitions of Entrepreneurial Strategies

Here are some latest definitions for entrepreneurial strategies;

(i) As per N. C. Churchill and V. L. Lewis ‘A business’s size may be increased through the use of growth strategies.

(ii) According to L.K. Gundry ‘Entrepreneurial strategies are the plans that entrepreneurs develop to achieve their goals’.

(iii) In the words of SA Zara, Innovation-driven strategies emphasized creating new goods or services, that address consumer requirements in novel or inventive ways.

(iv) R.G. McGrath believed that ‘Cost-cutting strategies are cantered on lowering expenses so that firms may charge less than their rivals for their goods or services’.

(v) According to J.B. Barney ‘differentiation strategies concentrate on setting a company apart from its rivals by supplying distinctive goods or services or by giving first-rate customer support’.

(vi) In the opinion of M.E. Porter ‘Combination strategies combine elements of two or more of the other strategies.’

4.1.2 Types of Entrepreneurial Strategies

diversification Strategy

Innovation and disruption

Vertical Integration Strategy

Blue ocean Strategy

Strategy Strategic Partnerships and Alliances Strategy Market Segmentation Strategy

differentiation Strategy Lean Start-up Strategy Market Penetration Strategy

Franchising Strategy Exit Strategy

Value Chain Analysis Strategy Product development Strategy

Cost Leadership Strategy

niche Market targeting Strategy

Figure 4.1: Variety of entrepreneurial strategies

(i) Diversification Strategy: this strategy aims to reduce risk by diversifying the business’s revenue streams and capitalizing on untapped opportunities. the diversification strategy involves expanding a business’s product or service into new markets or industries. this strategy is used by business owners who want to expand their consumer base and access new markets by utilizing their current assets, skills, and customer base. Entrepreneurs can reduce the risks involved with depending on a single product by diversifying their offers.

(ii) Vertical Integration Strategy: the strategy of vertical integration, entails the extension of a company’s activities by the acquisition or control of numerous supply chain stages, from the procurement of raw materials through the distribution of the finished good or service. through this strategy, entrepreneurs can exercise more control over their manufacturing procedures, cut expenses, boost productivity, and strengthen their competitive edge and get rid of reliance on outside suppliers, and have more control over quality, price, and delivery by integrating vertically.

(iii) Differentiation Strategy: According to the differentiation strategy, businesses may draw clients who are prepared to pay more for the distinctive advantages, they provide by providing something new or better than what is currently on the market. the strategy aims at the idea of developing a special and distinctive offering in the market, that distinguishes a company from its rivals. this strategy encourages business owners to concentrate on creating goods or services, which stand out from the competition due to their special qualities, high standards, or creative features.

(iv) Innovation and Disruption Strategy: Entrepreneurs employing this strategy strive to bring about significant changes and shake up established

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industries through groundbreaking ideas, technologies, or business models. the innovation and disruption entrepreneurial strategy involves identifying new and creative ways to solve existing problems or meet unfulfilled needs in the market.

(v) Niche Market Targeting Strategy: under this strategy, by understanding the distinct requirements of their target audience, entrepreneurs can create offerings that resonate strongly with their customers, leading to higher customer satisfaction and increased profitability. the niche market targeting strategy aims to capture a specific segment of customers with unique needs or preferences. Instead of catering to a broad market, entrepreneurs employing this strategy identify a small but profitable niche and tailor their products or services to meet the specific demands of that niche.

(vi) Market Segmentation Strategy: this strategy recognizes that not all customers are the same and that customization and targeted messaging can lead to higher customer satisfaction and improved business performance. the market segmentation strategy involves dividing a broader market into distinct segments based on specific characteristics, such as demographics, psychographics, or behaviour. By understanding the unique needs, preferences, and buying behaviours of different customer groups, entrepreneurs can tailor their marketing efforts and offerings to effectively target and serve each segment.

(vii) Cost Leadership Strategy: under this strategy, Entrepreneurs may offer cost reductions to clients while still retaining a respectable profit margin by successfully controlling expenses along the value chain. the main objective of the cost leadership strategy is to gain a competitive edge,

by providing goods or services at a lower price than rivals. By offering inexpensive solutions without sacrificing quality, this strategy tries to win over budget-conscious clients.

(viii) Strategic Partnerships and Alliances Strategy: the strategic partnerships and alliances strategy involves forming collaborative relationships with other businesses or organizations for achieving common goals and mutually beneficial shared resources, expertise, and market reach. Entrepreneurs employing this strategy recognize that by partnering with complementary entities, they can leverage synergies and unlock new opportunities that might be difficult to achieve independently.

(ix) Product Development Strategy: Entrepreneurs employing this strategy focus on innovation and meeting customer needs by developing offerings that provide unique features, improved functionality, or enhanced value. this strategy involves creating and introducing new or improved products or services to the market. It requires research, creativity, and a deep understanding of customer preferences to deliver products or services that stand out from the competition and captivate target customers. the product development strategy requires a continuous focus on improvement and adaptation to stay ahead in dynamic markets.

(x) Market Penetration Strategy: By strategically penetrating the market, entrepreneurs can solidify their position, outpace competitors, and drive business growth. Entrepreneurs employing this strategy focus on capturing a larger portion of the market by attracting new customers or encouraging existing customers to make repeat purchases. this strategy involves aggressive marketing and sales efforts, pricing strategies, and

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enhancing the overall value proposition to gain a competitive advantage. the market penetration strategy involves increasing a business’s market share, within its existing market, by persuading more customers to purchase its products or services.

(xi) Franchising Strategy: Entrepreneurs employing this strategy, known as franchisors, expand their business by allowing others, known as franchisees, to replicate their successful concept in different locations. the franchising strategy involves granting the rights to third-party individuals or entities to operate a business based on an established brand, business model, and proven system. the franchisor provides support, training, and ongoing guidance to the franchisees, who in turn pay fees or royalties in exchange for the rights and support provided by the franchisor.

(xii) Blue Ocean Strategy: the Blue ocean Strategy is an entrepreneurial strategy that focuses on creating new market spaces where competition is minimal or non-existent. rather than competing in crowded and highly competitive markets, known as the “red oceans”, entrepreneurs differentiate themselves by exploring untapped markets or creating new market segments, referred to as “blue oceans”. this strategy involves developing innovative products or services, offering unique value propositions, and targeting unmet customer needs to establish a distinct market position.

(xiii) Value Chain Analysis Strategy: By conducting a comprehensive value chain analysis, entrepreneurs can identify opportunities for cost reduction, process improvement, differentiation, and value creation. the Value Chain Analysis entrepreneurial strategy involves identifying and analysing the various activities and processes that create value within a

business. It helps entrepreneurs understand the different stages of their business operations and how each stage contributes to the overall value delivered to customers.

(xiv) Lean Start-up Strategy: this strategy is predicated on the notion of developing a minimal viable product (MVP) with few features and launching it into the market as soon as possible to receive input from actual users. the Lean Start-up business strategy stresses quick experimentation, iterative product development, and customer input to create a long-lasting and profitable company. these practitioners seek to confirm their hypotheses, gain knowledge from user insights, and modify their product or business model based on ongoing experimentation and customer feedback.

(xv) Exit Strategy: It involves developing a clear roadmap for selling the business, transferring ownership, or realizing the investment made in the venture. the Exit Strategy refers to a planned approach taken by entrepreneurs to exit or divest from their business venture. Entrepreneurs must have an exit strategy to leverage their labour of love and increase their profits. It provides entrepreneurs with a sense of purpose and equips them with the authority to take their long-term purposes.

4.2 Scaling Up

the terms “Growth” and “Scale” are often used interchangeably. While the two are related, they have distinct differences. Growth refers to increasing revenue at the same rate, in which business adds resources, such as new team members, technology, and capital etc. on the other hand, scaling is said to have occurred, when an organization identifies ways to grow more efficiently, resulting in revenue growth at a substantially greater rate, than increases in resources and expenses.

4.2.1 Elements of Successful Scaling

Businesses that successfully scale take into consideration how the process impacts all areas of the organization. Key elements include:

Figure 4.2: Elements of Successful Scaling

(i) Ascertain Company Goals: It is important to ascertain and focus on both short- and long-term goals. By overemphasizing on short-term goals, the organization risks scaling too quickly.

(ii) Recruit and Retain the Right Talent: Entrepreneurs and start-up stars usually excel at multitasking and like working overtime. t hese habits may serve the company in its initial phases, but while scaling up, prioritise the strategic management of human resources. r ecruiting and retaining the right talent is often a company’s greatest cost. It also requires additional investments of time, money and, emotional energy.

(iii) Achieve Perfection before Diversification: If the start-up is in a competitive market, efforts should be made to find new, different or better ways to do business. therefore, while transitioning the start-up to a scale-up, channel the creative energy into focus.

(iv) Win over Investors: Lack of funding is a factor that often holds companies back from reaching their next major milestone. Consider, therefore, partnering with an investor who can financially enable the company to scale up. For achieving this, give investors what they want, such as a strong brand, a sound business plan, a viable market, a sense of marketability, a sense of differentiation, belief in the people running the start-up and faith that they will get a return on their investment.

(v) Streamline Internal Processes: A key to successfully scaling business is implementing repeatable day-to-day processes and effective standardized

workflows. documented processes can have a significant, positive impact on organization’s ability to scale.

(vi) Visibility of Company Profile: Company profile should be a beacon to investors, potential new partners, potential new employees and even the competition.

(vii) Automation Should be a Must: When growing the company from startup to scale-up, resources are limited, therefore, exploit the finite, if not scarce, time, money and staff have to be automated as much as possible.

4.2.2 Strategies for Successful Scaling of Business

Every business strategy is unique, but companies that successfully scale, often follow many of the same best practices. Some of the strategies have been listed below:

(i) By developing Management Skills: Managers are responsible for motivating team members and achieving independent team goals as well as holding team members accountable for outcomes. Individual managers’ effectiveness can have a direct impact on the successful scaling of business. therefore, managers across departments need to have the right skills to drive positive business outcomes. Following are the most important skills that positively contribute to scaling business.

Critical thinking Strategic Planning time Management

Leadership Change Management

(ii) By expanding Team on the basis of Skills: the first step to scale business is determining the skills required to meet the goals and identifying any skills gaps on the team. Hard skills are job-specific, technical, measurable competencies gained through education and experience. Soft skills are self-developed traits, which help individuals to work well in a team, adapt well to a company’s culture and lead by example. Soft skills can be a bit tricky to define and measure, but are no less important than hard skills.

Hard Skills: Coding, business analytics, search engine optimization, graphic design, project management

Soft Skills: Agility, customer service, communication, organization, time management

Leadership Skills: Active listening, Problem-solving, relationship building, Emotional intelligence, delegation

(iii) By focusing on Company’s Products/Services: organizations, which successfully scale understand the importance of focusing their products, services, and target market. this can position the business to meet the

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needs of the core customers, stand out from the competition, and become a market leader. Companies, that ignore scaling and keep growth as the main priority bring in as much revenue as possible. this approach can drive initial revenue, but often poses risks to long-term growth and scalability.

Ways to focus company’s offering:

Carry out company’s SWot Analysis

Calculate total addressable market

Identify target customers’ challenges

Carve out a niche for products and services

Assess the competition

Solve customer’s complaints

Learn from current customers’ behaviour and preferences

(iv) By Investing in Right Technology: Automating manual tasks is critical to scaling a business, for achieving improved business outcomes among the team members. With the right technology, many of the tasks can be automated, freeing up time for team members, to focus more on broader business goals and strategic priorities. Implementing approved technology and documenting a clear set of instructions for specific tasks will make the scaling process much smoother. For scaling business, consider investing in technology to help automate tasks and processes such as the following:

team member onboarding

Appointment

Scheduling

Accounting and payroll Project Management

Customer relationship Management

(v) By Strategizing on how to Increase Sales: Increasing sales is a top priority for any business planning to scale. Scaling sales can either mean adding new customers or growing the average revenue from current customers. While both options drive results, expanding your relationship with current customers is often more cost-effective than attracting new business. Some best practices to increase sales are as follows:

Find out a target market understand customer behaviour

develop an effective marketing plan

refine the message to customers

Address customer feedback

Build a team of skilled sales persons

Manage leads and customer relationships with CrM software

(vi) By Understanding Niche and its Competitive Advantage: understanding the niche in which the company belongs, is key to growth. Every business needs to have a deep understanding of what their competitive advantage is, over their competitors and vice versa. A good strategy is often differentiated from the competition and also easy to remember. this tool should be used to outline the words company wishes to use for differentiating activities, and its “X Factor”.

(vii) By Planning Around Realistic & Achievable Goals: Businesses that effectively scale strike the right balance between setting reasonable, yet challenging goals. once the leadership team aligns on goals, the plan should be communicated to the entire team to get everyone on board and excited to contribute. When setting a plan or timeline to achieve goals, keep in mind seasonality throughout the year. to build and execute a business plan, which will help the organization to effectively scale, consider enlisting the help of an experienced business planner.

(viii) By Managing External Support: during the early stages of business growth, many organizations have a handful of core team members, who wear multiple hats. However, in the long run, expecting every team member to be a high-performing generalist, can lead to costly errors and burnout. While scaling business, bringing in skilled specialists to improve efficiency and drive outcomes should be considered.

(ix) By Attracting and Retaining the Right Talent [HIPOs]: Management must spend some time in developing a strategy to attract and retain the right personnel. Senior leaders know they have built an organization that can scale. therefore, attracting and hiring the right people is as critical as landing the right customer. Scaling up people is significant because it can make or break the organization. In fact, not just the senior team and leadership, every person in the company should be hired so they fit in with the strategy and culture. Every single person is valuable.

(x) By Managing the Team effectively: According to Peter Drucker “the bottleneck is always at the top of the bottle,” With the company scaling up, the most difficult decision is to involve people in their changing roles. this can be done through delegation. Great leaders are excellent delegators. they need to Invest time and effort to manage the team effectively, so they do not get involved in tasks that should be taken care of by others.

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Role of Successful Managers

Helping people to identify their strengths.

Giving recognition, and showing appreciation.

Setting clear expectations

Hiring fewer but high potential individuals

Introducing a good compensation package

(xi) By Finding the Most Appropriate Strategy: Good strategy is crucial for growth. It generates sustainable revenue growth, creates loyal customer base for the product/service, gets the entire team on the same page, grows and resorts to constant work. At this juncture, it is important to lost out milestones and an execution plan based on that strategy. With the help of leadership team, short, medium and long-term goals should be aligned with the Strategic Plan.

(xii) By Identifying Business Opportunities: It is always good to keep eyes open for opportunity, then to just follow what is currently trendy. Business opportunities are everywhere. It might seem that in recent years, with the birth of countless technology companies, this sector is the only way to success. But opportunities may be far too many, in every sphere of the industry. For example, Kimbal Musk, younger brother of Elon Musk, decided to enter the food business and is currently making huge waves in changing the way we see, produce, and eat food in the united States and around the world.

ENTREPRENEURSHIP & NEW VENTURE PLANNING

AUTHOR : ABHA MATHUR

PUBLISHER : TAXMANN

DATE OF PUBLICATION : MARCH 2024

EDITION : 2024 EDITION

ISBN NO : 9789357789226

NO. OF PAGES : 316

BINDING TYPE : PAPERBACK

This book motivates individuals to embrace entrepreneurship as a viable career path, enhance entrepreneurial capabilities, and offer practical guidance on initiating independent business ventures. It emphasizes the cultivation of creative thinking to improve efficiency in both professional and personal arenas, sheds light on the pivotal role of entrepreneurship within Indian society and encourages the generation of innovative business concepts.

This book will be helpful for B.Com. Semester-IV students at the University of Delhi under the Discipline Specific Core Course DSC-4.1, following the New Education Policy. It is both an educational tool and a manual for budding entrepreneurs, enabling them to effectively refine and actualize their business concepts. Drawing on industry experts’ insights and real-life success stories, the book presents a comprehensive overview of the entrepreneurial field, motivating students to discover, innovate, and contribute to the nation’s economic development and societal well-being through entrepreneurship.

The Present Publication is the latest edition, authored by Prof. CA. Abha Mathur, with the following key aspects:

 [ Objectives ] The book aims to:

 Cultivate creative and effective thinking for professional and personal success

 Highlight the significance of entrepreneurship in modern Indian society

 Encourage entrepreneurial thought among students, prompting them to explore business opportunities

 Inform students about startups, entrepreneurial figures, and government initiatives targeting entrepreneurship to combat unemployment in India

 [ Learning Outcomes ] Readers can expect to gain:

 A thorough understanding of entrepreneurship and its contribution to economic prosperity

 The acumen to identify and assess potential business ventures

 Competencies in formulating and executing robust business strategies

 Knowledge of efficiently managing financial, human, and additional resources for a startup

 Awareness of governmental schemes that support entrepreneurial activities

 [ Content and Methodology ] Highlights include:

 A language that simplifies complex concepts for better comprehension and retention

 Guidance on materializing innovative ideas into successful small-scale enterprises, emphasizing the demand for entrepreneurship within the Indian context

 A curriculum-aligned structure offering hands-on exercises and guidelines to bolster entrepreneurial skills

 [ Practical Components ] The book suggests numerous engaging activities such as:

 Imagining a business venture

 Performing a personal SWOT analysis

 Keeping abreast of global business trends

 It further promotes the practical application of theoretical knowledge through projects, exercises, contests, and seminars aimed at enhancing entrepreneurial capabilities ORDER NOW