KALYAN CITY BLOG

Challenges Before Indian Entrepreneurs The challenges which Indian entrepreneurs have to face are depicted below. The Indian entrepreneurs have to face following challenges: To understand, tackle and survive the kurun of globalization. To take optimum advantage of business opportunities arose due to liberalization of Indian economy since 1991. To replace outdated technology with improved modern technology. To motivate and properly manage needs and expectations of women and young managers that make an Indian workforce. To follow marketing techniques that are result and consumer-oriented. To professionally manage the financial activities of the business. To improve production process and produce high-quality goods. To balance profit earning capacity and social-welfare activities. Discussed below are the challenges before Indian entrepreneurs. 1. Challenge of globalization A few years back the Indian entrepreneurs had to fight regional and national competition. However, toda...

How to Start a Business Starting a business means setting up a new enterprise and initiate its promotion in the market. The setup and initiation of a company is a foundational work done by a Promoter or an Entrepreneur. The entrepreneur has to take some crucial steps to start a business. Doing its promotion is not an easy task. One mistake can create many problems for newly founded business. Therefore, the skills and qualities of a promoter matter a lot. The promoter must be a wise decision-maker. He must be sound with the technical knowledge and expertise required to run the business. He must also be energetic, hard-working and dedicated. After a new business is established, the promoter must promote his business idea in the market to attract investors. The investment will help to fund the activities of the new company. Once a company goes public, the promoter must give its charge to the newly formed Board of Directors (BOD) elected or appointed by its shareholders (real owners). He...

Functions of business The following image depicts the core functions of the business . Image credits © Gaurav Akrani. Following three groups classifies the major functions of a typical business: Internal functions are primary activities happening inside or within the premises of an organisation and lay down its main foundation or base. External functions are mainly promotional activities performed out of the premises of a business institution. Support functions are ancillary (assisting) activities that aid the functioning of internal and external activities of a business establishment. Internal functions of business help to lay its preliminary foundation (base). These mainly include primary activities like: Acquiring the necessary finance (funds) to initiate and run a business, Purchasing raw materials required to manufacture goods, Hiring labour force for work-related support, Handling and managing overhead expenses incurred while operat...

Stages in the evolution of business Evolution of business means its origin, growth, and continuous development with expansion in various sectors, that contribute and run economies. The business evolution went through many progressive stages or so called developmental steps. In each stage of progress, it evolved itself and got more mature than its previous state. It is evident that, at every step of evolution; it expanded its scale of operations and also widened its modes of communication. It is continuously evolving since then. The five main stages in the evolution of a business are depicted below. Image credits © Gaurav Akrani. The business evolution went from local stage to a global one: First, the local business evolved from its three basic sub-stages, starting with a tukar barang economy, then followed by the village economy and the town's economy. Secondly, the regional business grew as a result of cooperation between different states. Thirdly, the national busines...

Interdependence of Production and Marketing The most crucial and mendasar function of business is to: First produce/provide some goods and/or services, and then Market and/or sasaran the same to the potential buyers and/or consumers. The basic functions of business namely, production and marketing go hand in hand with one another. Following points briefly explains the interdependence of production and marketing in business: Anything that is produced must meet or reach its end goal of consumption. The consumption is possible only when produced goods and/or services are accessible to or are within the reach of its potential buyers, customers, or consumers. Such accessibility is achieved when the produced goods and/or services are efficiently distributed or marketed to the targeted clients. It is marketing function that helps the production function to achieve its end goal. On the other hand, marketing-function makes no sense if there is nothing to ...

Changing Concept of Business Concept of business implies the intention of doing a business. In other words, it means the purpose for which a business is being carried on. Since last few decades, there has been an impressive change in the concept of business. It has changed remarkably from its mere producer orientation (i.e. only profit earning attitude) to the customer orientation (i.e. giving customers maximum satisfaction). It further grew towards societal orientation (i.e. with focus on achieving welfare of the society), and now also includes the environmental orientation (i.e. now safety of environment is also a priority). The changing concept of business over last few decades is depicted below. Following four points analyze the change seen in the concept of business. First circle from the bottom shows a mere producer-oriented concept of business. Here, importance is given only to the profit and nothing else. Second circle from the bottom also inc...

Factors Responsible for Changing Concept of Business Image below depicts factors responsible for changing concept of business . business : Growing expectations of consumers. Advent of consumerism. Increase in the market competition. Information revolution. Rise of professionalism in business. Growing concern for safety of environment. Rapid development in various technologies. Now let's discuss each of these factors lucidly. 1. Consumer expectations Consumer expectations from business are increasing day by day. Today, most consumers prefer buying those goods and/or services which have a competitive price-quality ratio, are easily available in the market, and have an optimum capacity to satisfy their needs. Although they welcome innovation and creativity, they also expect reliability in goods and services from business firms. This has encouraged most businesses to follow consumer expectations and start focusing on consumer-oriented goods and services. Therefore, we s...

Social responsibility of business The social responsibility of business means various obligations or responsibilities or duties that a business-organization has towards the society within which it exists and operates from. Generally, the social responsibility of business comprises of certain duties towards entities, which are depicted and listed below. Shareholders or investors who contribute funds for business. Employees and others that make up its personnel. Consumers or customers who consumes and/or uses its outputs (products and/or services). Government and local administrative bodies that regulate its commercial activities in their jurisdictions. Members of a local community who are either directly or indirectly influenced by its activities in their area. Surrounding environment of a location from it operates. The general public that makes up a big part of society. The social responsibility of business comprises of the following obligations: A busines...

Scope of social responsibility of business Earlier, we discussed the introduction of the social responsibility of business . In this starting article, we tried to grasp the basic understanding of its concept. Now as a continuation to this series let's discuss further. The scope of social responsibility of business mainly covers its obligations or duties towards four social groups. These are as follows: Shareholders or investors, Employees or workers, Consumers or customers and Community. These groups are the four areas of social responsibility of business. The main concern of a business is to fulfill its responsibilities towards these four social groups. The social responsibility of business towards shareholders or investors: investment . Protect their investment. Increase the market value of their shares by making a fair profit and by building a good image of the business. Regularly provide an up-to-date, accurate and full information on the working of business....