Evaluation Sheet for the Micro Project

Name of student: Enrollment no.:

Name of programme: Information Technology semester: Fifth

Course title: Entrepreneurship Development Code: 22032

Title of the micro project: Specs & Sunglasses Business

Course outcomes achieved:

a. Identify your entrepreneurial traits.
b. Identify the business opportunities that suit you.
c. Develop comprehensive business plans.
d. Prepare plans to manage the enterprise effectively.

Process assessment Product Assessment Total

Part A – Project Part B – Individual Marks
project methodology project presentation/viva (10)
proposal (2 marks) report/working (4 marks)
(2 marks) model
(2 marks)

Comments/Suggestions about team work/leadership/inter personal

communication (if any):
Any other comment:
Name and designation of the faculty member: Smt. N. R. Wartha (Lecturer)

Signature:
Enrollment Student Name Marks out Marks out of Total out of
No. of 6 for 4 for 10
performance individual
in group performance
activity
1601160101 Mayur Wadal
 A Micro-Project Report
On
(Specs & Sunglasses Business)
Submitted by
In partial fulfilment if the requirement for
the diploma in
Information Technology Department

UNDER GUIDENCE OF
PROF.N.R. WARTHA
GOVERNMENT POLYTECHNIC
THANE
MAHARASHTRA STATE BOARD OF TECHNICAL EDUCATION
(2019-20)

GOVERNMENT POLYTECHNIC THANE

 CERTIFICATE
This is to certified that following first year Information Technology
students have successfully and satisfactorily completed their micro
project work, entitled “Watch Business” in partial fulfilment of the
requirement for diploma in Information Technology academic year
2019-2020.
Mr. Mayur Wadal
Smt. N.R. Wartha Smt. D.P.Sapkal Dr.N.N.Mhala
Subject Teacher in Charge H.O.D PRINCIPAL

Table of Contents
Sr. Topics Page No.
No.
1 Rationale
2 Aim of Micro Project
3 Course Outcome Integrated
4 Literature review
5 Actual Procedure Followed
6 Actual Resources Used
7 Output of the Microproject
8 Skill Developed/Learning outcome of this Micro-
Project
9 Application of the Microproject
 PART B
Micro-project Report
IF5I
Specs & Sunglasses BUSINESS
1. Rationale
In today’s world eyewear business becomes a major business to build. There
are many brands are available in market which provide best quality specs &
sunglasses to the customer. It's a profitable business. The markup in the optical
industry is generally 100%. The most important part of it is making the right
purchase from your supplier, as some part of your goods will remain unsold, and
your profit depends strictly on the illiquid goods. And India is the largest casual,
formal & sunglasses market to start the business. From this project we will gain
some business ideas and experience to start a eyewear business. Our project helps us
to build some business ideas and strategy for small startups. In future if we want to
start a small business then this project helps us to build a small business.

2.Aims of the micro-project

Sunglasses or sun glasses (informally called shades) are a form of protective
eyewear designed primarily to prevent bright sunlight and high-energy visible light
from damaging or discomforting the eyes. They can sometimes also function as a
visual aid, as variously termed spectacles or glasses exist, featuring lenses that are
colored , polarized or darkened.

• Incorporating the latest design, which has massive impact on the overall
functioning of the business setup.
• There is more choices and demand for new generation.
• It is not a seasonal business.
• There’s a tendency for dumping.
• Make people attractive by frames, frames are like jewelry on our face.
3.Course Outcomes Integrated
I. Identify your entrepreneurial traits.
II. Identify the business opportunities that suits you.
III. Develop comprehensive business plans.
IV. Prepare plans to manage the enterprise effectively.

4.Literature review
Today, a wristwatch is considered as much of a status symbol as a device to
tell time. In an age when cell phones and digital pagers display tiny quartz clocks,
the mechanical wristwatch has slowly become less of an object of function and more
a piece of modern culture. Walk into the
boardroom of any Fortune 500 company and you‘re likely to see dozens
of prestigious wrist watches, including such names as Rolex, Vacheron Constantine,
Frank Muller, Jaeger-Le Coultre, Citizen and even Patek Philippe. However, this
was not always the case. Less than 100years ago, no self-respecting gentleman
would be caught dead wearing a wristwatch. In those days of yore, real men carried
pocket watches, with a gold half-hunter being the preferred status symbol of the
time²no pun intended.

5.Actual Procedure Followed

Discover a watch company. Witnesses’ first-hand how watch components are made,
and more than that, assembles your own watch according your taste. This is what the
Swiss Academy is determined to offer all its participants. Two dedicated and highly
trained watchmakers will accompany you throughout the entire day. They will teach
you to assemble your own highly crafted, mechanical, manually wound wrist watch,
piece by piece. You will then be guided through all final check points such as quality
control, regulating precise time keeping, and ensuring the watch is waterproof.
6.Actual Resources Used

Serial Name of Specification quantity Remark

number Resources
1 Computer Windows7 1
2 Processor i5
Ram 8 GB 1
Rom 1TB
3 Software MS Word 1

7.Output of microproject
 Vision Business
Craft a vision treatment and enabling mission statements for our Watch
business
1.Project five to ten years into the future.
2.Determine your purpose and position as an organization.
3.Describe what success look like in your operations.
4.Consider your company type and structure.
5.Reference your competitors or create an analogy.
6.Describe a measurable goal.
A vision statement should stretch the imagination while providing guidance
and clarity. It will inform direction and set priorities while challenging employees
to grow. But above all a vision statement must be compelling not just to the high-
level executives of your company but to all employees.
1.Project 5 to 10 years in future
2.Dream big and focus on success
3.Use the present tense
4.Use clear, concise, jargon-free language
5.Infuse it with passion and it inspiring
6.Align it with your business values and goals
Vision statements regarding to our watch Business
Our vision statement is the anchor point of our enterprise. It outlines what an
organization would like to ultimately achieve and gives purpose to the existence of
the organization. A good vision statement should be short simple specific to your
business leave nothing open to interpretation.
Our mission statements
As a profitable company in the market of watch products. Providing the goods
and services of watches that best suits the need of sector market and customer
diversity being one of the ensure that the family, employees, customers, suppliers,
partners and the consumers are happy and proud of it.

Success factors
 Being steady and planned
 Be innovative
 To evaluate market opportunities
 To create efficiency and speed is processes
 Being sustainable
Principles
 We are customer and consumer focused
 We value our properties
 It is important for us to ensure employee participation
 We like to be competitive
 About Business
Identifies the business opportunities suitable for our business
There are many business opportunities for variety of different industries in our
business.
1.Fulfillment by amazon sales
The fulfillment by amazon program allow sellers of products to market their
rules though amazon the largest online retail platform in the world.
2.Professional consulting
Those with an enviable track record in sitting up or helping to grow business
have easily transferable skill they can be used to make from home.
3.Listen to your potential clients and post leads
When you’re targeting potential customers listen to their needs, wants,
challenges and frustrations with our industry.
This will help you to find opportunities to develop more tailored products
and services, home your target market and identify and overcome common
objections.
4.Listen to your customers
When you are talking to your customers listen what they are saying about
your industry products and services.

5.Look at your competitors

Analyzing your competitors to help you identify key business opportunities
to expand your market reach and develop your products and services.
6.Look at industry and insights
Subscribe to industry publications, join relevant associations, set google
alerts for key industry terms and news and follow other experts on social media.
Business opportunities and ideas for watch business
Changing designs reflecting the changing needs of the Indian consumer.
Providing the best watches in reasonable prices. Good Marketing and advertising
strategies by roping in celebrities to attract the customers. Fashionable new
watches for youth.
Types of famous watches to purchase for their design and uses
1.Digital watches
2.Hybrid watches
3.tactile watches
4.Touchscreen watches
5.Casual watches
6.dress watches
7.Fashion watches

SWOT Analysis
A SWOT analysis of our Watch business product and services
Business overview
While a watches store can exist alongside a main department store most are
independent store sell watches. Watch stores operate with set price giving
customer a great selection of product of affordable prices.
Who is the business right for?
The Watch business is great for anyone who loves to wear it. Retail experience
help as does an appreciation for Watch may find the watch business to be exciting
as well.
A successful watch store operator will need to be good with pricing.
Marketing and management.

What is the target market?

In the watch industry, marketing and selling are playing a big role, sales have
big concern with the profit but marketing of any product of any product in sector is
with the need, want and recruitment of with the organization profitably. It means
that you have to work on the strategy which the company is adopting in marketing
and selling of its products and services for expanding its business and competing
with the competitors.

How does a Watch store make money?

Watch store make money by selling Watch accessories, Watch care products
and other items. Some Watch store may offer Watch cleaning services though such
services are pretty rare.
What is the growth potential for a Watch store?

Watches store have a lot of growth potential as local provider because the
market for high – fashion Watch is open in a Watch store can even become a multi-
national provider if they rare interesting or incredibly reliable Watches.
At some point however, watch store owner will need to differentiate
themselves from the competitor it pays off to either specialize in particular type of
Watch or to offer an incredibly diverse stock.
Loan Application
We have collected loan application form of some banks which can provide
loan to setup our business.
The banks which will provide loan are: -
State bank of India
Axis Bank
HDFC Bank
 Government Agencies
Information from government agencies that will help to set our Watch
business
The government of India has undertaken several initiative policies for
innovation and entrepreneurship in the country. Job creation is a foremost challenge
focusing India with a significant and unique demographic advantage. India has
immense raise entrepreneurs and create job for the benefit of nation and the world.
A few efforts for promoting entrepreneurship and innovations are: -
1.Start-up India: -
Through the start-up India initiative government of India promotes
entrepreneurship by mentoring, nurturing and facilitating start-ups through there life
cycle. It launches in January 2016. The initiative has successfully given a held start
to numerous aspiring entrepreneurs. The initiative provides learning program and
start-up centres across the country by creating strong network of academic and
industries services.
2.Make in India: -
It is design to transform India into a global design and manufacturing hub, the
make in India initiative was launch in September 2014. It come as powerful call to
Indian citizens and business leader and innovation potential partners and investors
around the world to overcome outdates process and policies and centralised
information about opportunities in India’s manufacturing sector.
3.AIM (Atal Innovation Mission): -
AIM is the governments scheme to promote a culture innovation and
entrepreneurship and it serves as a platform for promotion of world class innovation
hub, grant challenges, start-up business and other self-employment activities in
technology.
4.Support to training and employment programme for women (STEP): -
STEP was launched by government of India ministry of women and child
development to train women with no access to formal skill training reaches out to
all India women about 16 years of age. The program imports food processing, hand
looms, traditional crafts like embroidery, travel and tourism, hospitality, computer
and IT services.

5.Jandhan Aadhar Mobile (JAM): -

JAM for the first time is a technological intervention that enables direct
transfer of subsides to intend beneficiaries and therefore eliminating all intermediate
and leakages and system which has a potential impact on the lives of millions of
Indians citizens.
6.Digital India: -
The digital India initiative was launches to modernized Indian economy to
make all government services available electronically. The initiative aims to
transform India into digitally universal access to goods and services. Digital India
hopes to achieve diversity by making digital resources and services available in all
Indian languages.

Marketing Strategy
Prepared a marketing strategy for our Watch product
Before starting your business, you should market a product, it helps to create
a buyer to reach with your promotion materials. These are the low cost/ no cost
method and you can use different one at different stages of your business cycle, or
you may utilize them all at once from your business inception.
When you build business, the first thing you want to secure is customer base.
With a decent printer, a phone, and an internet connection device you can put
together a fairy extensive advertising campaign without having to pay for a space.
Following are small business marketing techniques: -
1.Flyers: -
This is the broadly method of cheap advertising. A flyer is a form
of paper advertisement intended for wide distribution and typically posted or
distributed in a public place, handed out to individuals or sent through the mail.
Flyers may be used by individuals, business, not-for-profit organizations or
governments to. Flyers are inexpensive to produce, and they required only a
basic printing press. Flyers are handed out on the street (a practice known as
"flyering" or "leafleting"), distributed door-to-door through the mail, posted
on bulletin broads, put under windshield wipers of cars, given away at events or on
the street, or affixed to telephone poles, walls, or other surfaces. You find an area
that you would like to do business in and you distribute flyer to the mail boxes within
reach.

2.Posters: -
Advertising posters are a common print promotional technique used by
small businesses. A poster includes a visual design, images, colours and copy. It
provides a message intended to promote brand awareness or call attention to a
company event. Relative to other small-business ad opportunities. Everyone in the
business world knows the importance of posters and ads in advertising for specific
products. Posters are an integral part of advertising. An eye-catching, attractive
poster that conveys a professional, compelling message about a product, service or
event will invariably hold the user’s attention. This is a bit or miss method, but you
should try to make your poster reasonably visible and have removable tags that the
customer can present for a discount.

3.Value additions: -
This is one of the most powerful selling points for any products and services.
It puts the customer first. It is defined by its ability to deliver more than your
customers are expecting. It’s an empathetic approach that seeks to delight customers
by giving them more than they expect or pay for, emphasizing your brand’s desire
to deliver value instead of simply making money. This is particularly important in a
time when customer are not shopping with the transactional brand. With value-add
marketing, you have the opportunity to turn your marketing content into a product
of its own that pushes the needle from transactional relationships to emotional ones
by putting the customer’s needs first. As a result, the content you create arguably
becomes your most valuable product and what ultimately makes your brand
appealing. They are aimed to increasing customer satisfaction and widening the gap
between you and the competition.

4.Referred Networks: -
 Referred Networks are invaluable to a business. This includes business-to-
business referral. If you have error found yourself saying, “we don’t do that here
but x down the street does”, you should make certain that you are getting a referral
in return.
When dealing with professionals, this network is even stronger. A lawyer
refers people to an accountant, an accountant refers people a broker, a financial
planner refers people to a real estate agent.
Advertising can help you to get a job but that you do after a job can often
be a much stronger marketing tool.
 Why did the customer choose your business?
 Where did he/she here about it?
 Which other companies had he or she considered?
 What is the customer more satisfied with?
Also, if your job involves going to the customer, make sure to slip a flyer
into nearby mailboxes.

6.Cold calls: -
Cold calling is the solicitation of business from potential customers who have
had no prior contact with the salesperson conducting the call. It is an attempt to
convince potential customers to purchase either the salesperson's product or service.
Generally, it is referred as an over-the-phone process, making it a source
of telemarketing, but can also be done in-person by door-to-door salespeople.
Though cold calling can be used as a legitimate business tool. Cold calling forces
you to sell yourself as well as your business.

7.The internet: -
It is dishonest to pretend that the internet is cohesive whole for marketing
like a community hall, you can put up a poster is a section of highway where you
can busy bill around board space. However, it is difficult to overstate the
importance the internet has no marketing
8.Skill Developed/Learning outcome of this Microproject
We learn about watch business. And how the start-up works. We learn how to
do the start-up business and maintain the business and how to manage the business.
www.smallbusiness.chron.com
https://www.scribd.com/doc/62392721/Market-Segmentation-of-Wrist-Watches
www.howtostartanllc.com

9.Application of the micro project

This project helps us to provide information about the watch business. And how to
start a watch business or any kind of business in future.