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kathmandu
Saturday, January 8, 2011 Follow ers
Introduction
Meaning of Entrepreneurship.
Entrepreneurship is the the process of creating new ventures. It begins with an innovative idea. It identifies opportunities. It mobilizes and invests resources to exploit those opportunities. It involves innovation. It assumes risks to reap rewards. It creates employment for self and others. It is key to the success of small business. According to Joseph Schumer, Entrepreneurship is based on purposeful and systematic innovation.. it essentially consists in doing things that case not generally done in the ordinary course of business routine. According to Hisrich and Peter, Entrepreneurship is the process of creating something different with value by devoting the necessary time and effort, assuming the accompanying risks, and receiving the resulting rewards. This above various writer definitions of entrepreneur ship point view is: Thus, Entrepreneurship is the process of exploiting opportunities by creating new venture through resource pulling risk talking innovation and managing for rewards. Entrepreneur ship results in the creation and management of new business for growth and profit. It focuses on start-up process. It is the capacity to create new opportunities for innovation, investment and expansion in new markets, products and technology. The entreprenetial process consists of the following elements:
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Blog Archive
2011 (7) January (7) third year project work bbs third year project work bbs third year project work bbs MOST SELECTED BABY NAMES MOST SELECTED BABY NAMES Introduction of press theory 2010 (1)
About Me
Assumption of Risks.
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1.2.
Meaning of Entrepreneur
The words Entrepreneur is derived from the French work which means between takers or go between. Entrepreneur refers to an individual. Entrepreneur performs the functions of entrepreneurship. They are creative individuals. They have vision & inspiration to create new ventures. They identify new business opportunity & takes advantage of it. They take risks; they are better informed & possess greater experience. About all, they are achievementoriented individuals driven to seek new challenges & accomplishment. Thus, we can know that the entrepreneur is a creative person and innovator, a risk-bearer, a leader, an organizer, a self-motivator, a visionary & a good imitator. According to Richard cantilena, An entrepreneur is a risk-bearing agent of production. Thus, an entrepreneur defines simply as a risk bears. According to ILO (International labor Organization), Entrepreneurs are people who have the ability to see and evaluate business opportunities, together with the necessary resources to take advantage of them & them ensure appropriate action to ensure success. According to David Holt, An entrepreneur is a person who starts a new venture taking the initiative an risk associated with it and does so by creating something new to provide value to consumers. Thus, An Entrepreneur is a visionary individual who take risks by starting something new though assembling and coordinating various resources for the sake of uncertain rewards.
position.
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2. It help day-to-day decision making.
system.
2. To evaluate the accounting records of the small business.
3. To find out the composition of the income & expenditure of the small
business management can get the practical knowledge of the small business.
4. Similarly this report will be helpful for the coming bachelor students of the
management.
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entry data of the NASO gift collection of gift items business only. These are different subject matters to be study in the entrepreneurship & small business management but only the accounting system has been concentrated in this study. Under the small business accounting, there are lots of subjects, titles & issues to be discussed but only the stocks, income & expenditure of the business has been made the subject for study. The data are completely historical & rigid.
Chapter 2
2. Presentation & Analysis of data.
058/59 059/60
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2.2:
F/Y
Creamier Gift
Handicraft
Greeting
Other items
Table.No:-2 Presentation of Data of Sales Fighter .3:- Positions of sales of different types of goods
Finding:- The N.G.C. has been keeping the records of every type of goods since past five years. By Maintains the stock book by the business it has been easier to know which types of goods were sold at what the amounted quantity for a particular period. This made easier to find out the remaining stock in shop and easy to find damage or loss that took place while presenting the gift to decorate. The difference on stock of the goods purchase & sold recorded in the stock book made easier in sales planning & stock planning.
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Figer.4:- Position of net income Figer.5:- Total income by the sales of different types of goods
Finding:- As the N.G.C has been keeping the proper records of each & every transaction it has been easier to find out the net income generated by the shop during past five years. The income is slightly increasing in next three years F/Y 2058/59, F/Y 2059/60 and F/Y 2061/62 and the income was decrease in F/Y 2059/60 and F/y 2061/62 and the income was decrease in F/Y 2060/62. The income from the record, there comes ups and down in sale of goods (as gift items, Greeting & Others items).
Finding:- Interpretation of data of the total income of the total income of N.G.C. income from the sales of gift items as ceramics & handicraft the majority composition around 50% to 90% of the total net income of the shop. Then the net income from sales of greeting and others composes each less than 40% of the net income. From the above calculation & presentation, we can see that these are a consistency in net income composition of the shop which is relatively good for such small business as for entrepreneurs. We should keep proper record keeping by the business. It will be also helpful for the future for the shop by looking the trend of past.
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14000 64800
14570 75620
14600 77790
12044 87964
13385 102990
2.5. Findings:
It is really good to see that the small business has kept each & every detail records of the expenditure occurred in the operation of the business activities. By keeping props accounting by these types of the small business it will be easier for the department of the tax for estimating & learning taxes to them. These will be the fairness in the operation of the day to day activities also. These will also be less changes of being fraud & embezzlement by the workers in the business.
Table.no.6:- presentation of Ratio of Expenditure Figuer.no.8:- Present of Ratio of expenditure in column diagram
2.6 Findings: It has been easier to find out how much amount of the different F/Y of the total place expenditure that took place, owners expenses has taken place most. Then the expenditure for others expenses occurred more. Similarly the rent has also covered important proportion in the competition of total expenditure. The interest of loan is paid starting from F/Y 2059/60 because the loan is taken before one year. From these historical each expenditures data, the proprietor of N.G.C. can predict the feasible expenditure that might take place in the gift items. This has been easier by the place in the accounting records that were kept by the shop.
2.7. Major Findings.
The N.G.C. has been keeping props records of the stocks they are
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dealing with The N.G.C has kept the props records of the sale of gift and greeting items. It has also maintained the records of income from the sale of gift items, Greeting and Other for the last five years. From this we can say the business has kept proper Accounting without which income of the business couldnt be calculated. As from the above presentation, we see that N.G.C has been not paying tax to government because the firm is resisted in 2062. This cant justify that business has been keeping clean & proper of accounting records but as per the norms & principles of a Accounting is used for planning future. The N.G.C has also kept the proper accounts & records of the each & every expenditure for easiness of owners dedication for shop that took place during operation of the business. The N.G.C. has been following the Nepalese government fiscal year for keeping the records of their each & every financial transaction, now.
3. The process of record keeping is easier & cost-effective than that of large
business
4. These small businesses have flexibility in operation
3. Small businesses face different kinds of accounting & taxation problems. 4. There is a lack of sufficient fund.
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business.
6. There is a lack of managerial know how among the small business men.
Strength
Threat Weakness
SWOT Analysis
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Opportunities
Chapter 3
3.1 Summary: Nepal is one of the worlds developing countries. These are large numbers of small business operating in the country. These businesses have been playing a vital role in economic development of the country. So we can not neglect its importance in our economy. Similarly the small business & entrepreneurship development has the great importance in the developing country as well as Nepal. These businesses will help in the boost up in the national income of the country also. They can also provide quality services & products by doing the franchise business to the public of the developing county as like Nepal. Under the gift & greetings business, they can verify into many kinds of products. These products are come from production which is the way to laborite the different classes of labor from skilled to semi skilled labor. So the small business like gift shop as gift & greetings business also gives the job opportunity to different types of labors. Thought the small businesses have the less economic activities, they are also bounded for keeping proper accounting system. It will be plus point for them by keeping proper accounting records because it will be easier for the owners to know the actual financial position of the business in the required time. It will be easier for the follow up for the collection of goods in credits as well as own liabilities. 3.2. Conclusion In the present context, the business houses of the Nepal whether in the large or small are going through the worst situation? The economy of the country has been badly affected by uncertain political & economic situation. They problems are either internal or external. Even the big business with the large investment & expensive technology are facing problem in operating smoothly, we can predict how tough will be for the small business. There are lots of threats & challenges in front of the small business entrepreneurs. Its lot of hard work & struggle has to be done by the small business entrepreneurs to just sustain in the market. The position of getting profitability is the distant option, so, the small business entrepreneurs should highly creative &
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skillful. They have to think very carefully & analyze the market before starting their business. As, by name also, small business the entrepreneur starts the business with small fund in their hands. So he/she should be careful in choosing & starting which types of small business & what types of products & services they are going to introduce in the market. In the context of the the accounting system of small business, they should also keep proper records of each and every transactions. It will be easier to know the actual financial position of the business simply. These accounting records would be the supportive tools & feedback for over all financial management of small business. It would help very well on comparative performance study & financial problems facing by the business. Accounting records in the small kind of business will be helpful for the future planning. So it helps in prediction of the cost of fund, capital level of profitability in the business. As each every transaction is recorded properly, important financial ratios for the management control will be easier.
the every scale of the business. It would be really a troublesome job for the tax clearance & other paper works if the business has not kept proper accounting records.
2. The gift shop should be capable in changing decoration as
record keeping jobs goes on pending. It will be difficult for accessing the tax to be paid to the local government.
5. Modern affordable technology should be adopted by the small
business to reduce the cost of employees just for keeping records of the transactions. This will be feasible by installing suitable accounting software to record the transactions.
6. Lots of afford should be done by the small business like gift shop to
skilled, etc for the production of good quality, quantity and verify of products as Ceramics gift items, Handicraft gift items, Glasses gift items, etc up to its feasibility of fund they can afford.
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Bibliography
1. Agrawal,
Govinda Ram Dr. (2005) Entrepreneurship and small business management in Nepal, M.K. Publisher & Distributors. Bhotahity, Kathmandu, Nepal.
2. Agrawal,
Govinda Ram Dr (2005) Entrepreneurship Development in Nepal, M.K. Publishers & Distributors. Bhotahity Kathmandu, Nepal.
3. Bajracharya,
Bhanu Chandra Dr (2054) Business Statistics & Mathematics, M.k. Publishers & Distributors. Bhotahiy, Kathmandu, Nepal.
4. Federation of Nepal Cottage & Small Industries (FNCSI) Several
volumes, cottage & Small Industries News. Central office, Bijuli Bazaar, Kathmandu.
5. Pant, G.d. Prof. & Chaudhary, A.K. (2055) 3rd Edition Business
for
BBS
Bhudipuran
Prakashan,
Accountancy And Audifing, Ekata Books Distributors Pvt.Ltd. Thapathali, Kathmandu, Nepal.
7. Sharma, Narendra & Pradhan, Gopal Man (2002) Reprindted, A
Mathematics & Statistics, Taleju Prakashan Kathmandu. Shresetha, Sunity & Amatya Sunil, (2004) First Edition Business Statistics Boudh
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