Becoming a Successful Entrepreneur is dependent on a good Business Essay Example For Students

Becoming a Successful Entrepreneur is dependent on a good Business Essay â€Å" One who undertakes an enterprise-acting as intermediary between capital and labour. † -Oxford English Dictionary Introduction Becoming a successful enterpriser does n’t go on by accident or by opportunity. It is a long procedure that involves assorted schemes, features and quality of individual who wants to go a successful enterpriser. Madan Paliwal who is a successful enterpriser in his province, says â€Å" Becoming a successful enterpriser is non an easy undertaking! There are certain qualities and schemes that are perfectly necessary if you would wish to go successful in your concern ventures † . Madan Paliwal ‘s illustration shows that how some features, qualities and schemes support to going a successful enterpriser. He strongly believes in â€Å" quality instead than measures † . Harmonizing to Sharma ( 2009 ) , â€Å" It is indispensable to follow some schemes for the growing and strongly development of concern † . An enterpriser organizes different types of industries right from origin has different attacks and call for an in-depth cognition base. The importance is the enterpriser starts and operates his ain new concern. feature of An Entrepreneur Kant ( 2000 ) , â€Å" All the enterpriser were work forces of subject, high unity and with strong demand for accomplishment † . In India Mr. Madan Paliwal CMD of Miraj Group of Industries has following features and qualities which is of import: Enterprise: Mr. Madan Paliwal used resources and program for his concern. He started his concern with Rs. 200 ( ?3 ) capital. Now Miraj Group of Companies capital cross Rs. 1000 Crore ( ?15000000 ) . The undermentioned companies in Miraj Group of Companies: Miraj Products Pvt. Ltd. , Miraj multicolor, Miraj pipe A ; adjustments, Miraj Hotels, Miraj Engineering, Eye position gesture images, Miraj developers, Miraj realcon, Asia battalions. ( Group profile of miraj group ) Miraj group ‘s consumer merchandises are baccy, tea, soap, lucifers, plastic, stationary, pipes etc. Therefore we can state the enterpriser should be inaugural to utilize the available resources and program for all those who are involved in an endeavor. Goal: An enterpriser should be able to put realistic but ambitious ends for himself every bit good as for others in the organisation. At the clip of get downing Madan Paliwal had clear end and he has achieved maximal end. Engagement for long clip: Madan Paliwal started his concern on 18th August 1987. He continues affect in his concern. Hence committedness from the enterpriser for longer period may be 5 to 15 old ages is necessary for conceptualisation, edifice and running an endeavor. Capacity for job resolution: In the initial stages of an endeavor many teething jobs may go on and an enterpriser should be a originative job convergent thinker to turn troubles into advantages. Madan Paliwal ‘s life is full of battle. He solved many jobs in his concern. Good squad leader and incentive: An enterpriser builds up his squad ; he should educate them, maintain them on high degree of motive and besides provide an environment for creativeness and good work civilization. Madan Paliwal started his concern as a individual individual but now a twenty-four hours ‘s 1000 employees in his companies. Energetic: Managing resources and running an endeavor calls for long hours of work for longer period of clip and therefore an enterpriser is a adult male of high energy degree. Madan Paliwal works 15-16 Hrs. daily. Harmonizing to him – † A labor is besides do difficult work daily in his life but he earns merely 100-200 Rs. per twenty-four hours, therefore enterpriser do work hard in right manner. † ( Paliwal, 2008 ) Good communicating accomplishments: As a leader an enterpriser communicates efficaciously with all concerned such as moneymans, employees, clients, providers and all who are concerned with the new endeavor. Madan Paliwal is besides good communicator. Mental ability: Madan Paliwal born at Nathdwara, A little town in Rajasthan ( India ) . He started little graduated table industries ( Miraj industries ) , now it is converted into Miraj Products Pvt. Ltd. Sharma ( 2009 ) ‘An enterpriser will be a adult male of high degree intelligence, originative, positive thought and determination shaper with clear aims in head ‘ . Good Human relation: Tactful and warm human relation is an of import factor which brings success to an enterpriser. Emotional stableness and maintaining himself as a theoretical account to others. Motivates the employees to set their best public presentation at all degrees in the organisation. Madan Paliwal besides follows good human dealingss. Schemes: Kant ( 2000 ) ‘Strategies are the manner of executing the mark i.e. how to make a peculiar work for the accomplishment of preset aims ‘ . COMPASSION FOR THE SOULS WHO INHABIT HELL EssayE. Determine what are the keys countries in which the company can salvage money by bettering public presentation. 2.5. Forces schemes This constituent covers the energies, abilities, accomplishments, and attitudes of employees that can be harnessed for growing. Peoples and companies grow together. Miraj Group of companies provides maximal chances for their people to turn, happen maximal chances for their ain growing ( interview with paliwal, 2010 ) . His Group follows the undermentioned personal schemes: A. Recruit people with a high degree of energy, good wellness, highest possible degree of instruction and experience and write type of personality to work good in our company and implement its values. B. Review pay and salary graduated table, and guarantee that the compensation for every place is non merely just, but perceived as just. Whenever necessary, educate people to understand the true value of the company ‘s benefits bundle. C. Introduce profit-sharing or equity plans to do our people â€Å" proprietors † of company and develop the physical and proficient accomplishments of our people through formal preparation plans. D. Develop the managerial and psychological accomplishments of our people through formal preparation, regular and on-going preparation, personal counsel and attending. E. Give greater personal attending to the people you work with ( non to their work ) and promote them to make similarly with their people. F. Recognize and honor single attempts to better the operation of our organisation. G. Maintain clear and effectual bipartisan communicating with all employees H. Implement psychological values such as regard for the person, personal growing, freedom, and harmoniousness to the highest degree. I. Give regular feedback to persons on their public presentation and what they can make to better. 3.0. Other schemes Other schemes have been followed by Miraj Group of Companies are: 3.1 Stability scheme Miraj Group has a stable environment, limited figure of merchandises, clients, providers and rivals, minimal demand for accomplishments and so on may follow what is called the ‘Stability Strategy ‘ such an organisation is satisfied with its bing degree of activities and wants the same to go on. 3.2 Growth scheme An organisation that wants to raise its degree of public presentation may follow what is called the ‘Growth Strategy ‘ . The undermentioned steps adopted by Miraj Group of companies: Development of new merchandises for the bing markets. Creation of new utilizations for the bing merchandises. Development of new merchandises for new markets. 3.3 Vertical Integration scheme A concern endeavor itself may make up one’s mind to bring forth the natural stuffs needed for production to guarantee uninterrupted supply. On the other manus, it may besides make up one’s mind to get down its ain gross revenues mercantile establishments to function its clients better. In either instance, the scheme is known as the ‘Vertical Integration Strategy ‘ . 3.4 Product Elimination Strategy A concern unit may besides extinguish merchandises that have become unpopular with the purchasers and conveying lone losingss. Such unsuccessful merchandises besides damage the image of the concern. Therefore, the ‘Product Elimination Strategy ‘ may be adopted by a house to avoid loss of net incomes every bit good as repute. 3.5 Merger Strategy It is besides possible that indistinguishable concern units may unite to apologize production and gross revenues and thereby deduce the benefits of economic sciences of large-scale operations. This is what is known as the ‘Merger Strategy ‘ . 4.0 Decision In the twenty-first century the construct of entrepreneurship is basically related to advanced enterprises. It is through to be concerned with presenting something new in the environment of tough competition. Entrepreneur types of persons who are extremely determined, confident, originative and advanced, gross revenues oriented personalities good in melody with tendencies and who are able to interpret a vision into a existent little concern. They are promoting immature single to organize new concern endeavors and supplying such authorities supports as infrastructural installations ( like H2O, power, Transpiration, Industrial sheds or developed secret plans, Communication system and revenue enhancement inducements, to ease this formation procedure. Madan paliwal successfully followed all above reference schemes in his concern since many old ages. All these schemes are really expeditiously and efficaciously followed by an endeavor for the success of his ain every bit good as for the growing of concern endeavor Equally good as the concern schemes ; the well is the place of the concern. It is impossible to go a successful enterpriser without concern scheme. All the schemes which are reference above should be followed by the individual who wants to go a successful enterpriser.