Promotion of a Venture

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 Considerations
Selection of line of business
Choice of form of ownership
Size of Business
Financing the proposition
Location of the business
Machines and equipments
Plant layout
Human resources

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 Considerations
Procedural formalities
Tax planning
Launching the business enterprise

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 Enterprise Process Model
Spotting an opportunity
i. Environment scanning
ii. Generation of ideas and
iii. Investigation of ideas

Championing a project
i. Market research (preparatory step)
ii. Feasibility (preparatory step)
iii. Business plan (preparatory step)
iv. Resource mobilization (operational steps)
v. Project commissioning (operational steps)

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 Preparatory steps in setting up a new
enterprise
Opportunities
Problems
Change
Inventions
Competition

Resources
Control mechanism
Organizational structure

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 Practical steps in setting up a new
enterprise
Project Report
No objection Certificate
Formal sanction of loan
Construction of building and installation of
Machinery
Detailing human resources
Distribution network
Obtaining permanent registration

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 Opportunity Analysis
Business opportunity can be described as an
economic idea which can be implemented to
create a business enterprise and earn profits

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 Elements of business opportunity
Assured market scope
Attractive and acceptable rate of return on
investment
Practicability of the idea
Competence of the entrepreneur to encash it
Potential of future growth

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 Exploring opportunities in the
environment
Opportunity scouting
Evaluating the ideas received from different
sources
Identifying a product or service through
innovation
Setting up a project and nurturing it to success

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 IDEA GENERATION
Selection of a business idea
Utilisation of skills
Utilisation of local materials
Strong demand of product
Solution of current problems
Institutions
Project profiles
Study of global Trends

Sources of Information

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 Approaches to generating ideas
Brainstorming
New ways of doing Old things
Improving an existing product
Utilising waste material
Converting hobby into business
Market research
Information about publications
Discussion with people

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