Vikash Kumar An entrepreneur should be the opportunity seeker and his most important task is to Identify, discover and to select the best business opportunity. A good opportunity must be capable of converting into a feasible project. An entrepreneur may come across multiple opportunities but he has to select the most promising and possible opportunity because the
Business Opportunities in Various Sectors There are innumerable opportunities exist in the business environment but one requires a vision to identify the available opportunities. Various business opportunities available are like the following: Textiles India is famous for its textiles from the very beginning and every region has its own unique style of dressing which thus
Meaning of Entrepreneur The term ‘entrepreneur’ is defined as one who detects and evaluates a new situation in his environment and directs the making of such adjustments in the economic systems as he seems necessary. He conceives an idea of an enterprise for the purpose, displays considerable initiative and determination in bringing his project into
What is Entrepreneurship? Entrepreneurship is the process of designing, launching, and running a new business, i.e. a startup company offering a product, process, or service. It is the “capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. Concept of Entrepreneurship The
Strategic Planning Process These are the steps of the strategic planning process: Input to Organization Various Inputs (People, Capital, Management and Technical skills, others) including goals input of claimants (Employees, Consumers, Suppliers, Stockholders, Government, Community and others)need to be elaborated. Industry Analysis Formulation of strategy requires the evaluation of the attractiveness of an industry by
MBO is not a panacea, for organizational problems. Quite often many organizations look at MBO as an instant solution to their problems. They fail to recognize that MBO demands careful planning and proper implementation. Many organizations have been overwhelmed by the problems of MBO. Some of the problems are present in the MBO system itself
MBO programs can vary enormously. Some are designed for use in a subunit, while others are used for the organization as a whole. The particular methods and approaches that managers use in an MBO program will differ. There also may be wide differences in emphasis. Therefore the process of MBO requires rigorous analysis, clarity and
MBO stands for Management by Objectives, which is a management approach where managers and employees work together to define and set specific, measurable, and achievable goals for an organization. Features of MBO These are the features of MBO explained below: MBO as a Philosophy MBO is a philosophy of management. It is more than a
What is Management by Objectives? Management by objectives (MBO), also known as management by results (MBR), is a process of defining objectives within an organization so that management and employees agree to the objectives and understand what they need to do in the organization in order to achieve them. MBO is difficult to define. Organizations
A decision-making process is a systematic approach to identifying and choosing the best alternative from a set of available options. It involves a series of steps that are followed to arrive at a final decision. The process typically includes problem identification, information gathering, evaluation of alternatives, selection of the best alternative, and implementation of the