Question

Describe the steps promoting an Entrepreneurial venture.

Answer 1

Steps for promoting entrepreneurial venture:

1. Selection of the product: An entrepreneur may select a product according to his capacity and motivation after a thorough scrutiny of the micro and macro environment of business.
2. Selection of form of ownership: The entrepreneur has to choose the form of organization suitable and appropriate for his venture namely family ownership, partnership, and private company.
3. Selection of site: The entrepreneur has to choose a suitable plot for starting his venture. The plot may be an industrial site, land by private people, or a housing board plot allotted.
4. Designing capital structure: The entrepreneurs have to determine the source of finance for funding the venture. It may be own savings, loan from friends, relatives or loan from banks.
5. Acquisition of Manufacturing know-how: Entrepreneurs can acquire manufacturing know-how from government research laboratories and industrial consultants.
6. Preparation of project report: Project reports need to be prepared according to the format prescribed in the loan application forms.