A business enterprise is an economic institution engaged in the production and/or

distribution of goods and services in order to earn profits and acquire wealth. The
scope of a business is very wide. It includes a large number of activities which may
be classified into two broad categories i.e. Industry and Commerce. Production of
goods is the domain of 'Industry' and distribution comes under 'Commerce'. Every
entrepreneur aims at starting a business and building it into a successful enterprise.
The term 'entrepreneur' means to undertake and pursue opportunities and to fulfill
needs and wants of people through innovation. He/she innovates and combines
resources in the form of men, materials and money and brings them together to
make the business venture profitable. He/she is prepared to take risk and face
challenges. Thus, innovation and risks are the two basic elements of a good
entrepreneurship. The whole process of starting a business begins with writing a
business plan. A good business plan is the key to setting up a successful business.
Once a plan is prepared, the entrepreneur faces various challenges while
implementing the plan.

The Commissionerates or Directorates of Industries are the nodal agencies in

different States which assist and guide new entrepreneurs in starting up an
industrial unit in the concerned State. They provide an interface between industry
and other agencies for industry inputs and enable the entrepreneur to get different
industrial approvals and clearances from various departments at a single point-
Single Window. They sanction incentives to eligible industrial undertakings and
create a transparent and automatic system of allotment of scarce raw materials to
industrial units. Hence, a new entrepreneur must approach the concerned
commissionerate while setting up a business firm.
Family background
The family enterprise continues to be an important element of the world economy
and a location for understanding conflict in family relationships internationally.
Managing conflict effectively in the process of succession is crucial to preserving
the impact family enterprise has on our economy and families themselves.
Therefore, whether the family business is based in the United States or across the
world, one needs to be aware of the five points in which conflict is most likely to
occur: (1) the mutual acceptance of roles; (2) the agreement to continue the
business; (3) the propensity of a successor to take over; (4) the propensity of an
incumbent to step aside; and (5) succession planning because conflict in family
succession is universal.
Profile of an entrepreneur
If you think you want to be your own boss and run your own business, but are not
sure you have the right qualifications to be an entrepreneur, read on. What are the
characteristics of an entrepreneur? How does an entrepreneur think? Is your
personal profile similar to that of a successful entrepreneur?

Until recently, entrepreneurs were not widely studied. There was a general lack of
knowledge and information about what made them tick. The recent interest in
revitalizing America's dormant productivity has changed all that. Most business
universities now offer courses in entrepreneurship. As a result, business
professionals have learned a lot about what it takes to become a successful
entrepreneur. Although no one has found the perfect entrepreneurial profile, there
are many characteristics that show up repeatedly. In the sections that follow, we'll
cover several important characteristics of entrepreneurs for you to consider and
dispel the entrepreneurial myths.

A series of interviews were conducted with distinguished entrepreneurs. They were

asked what characteristics they felt were essential to success as an entrepreneur.
Good health was a characteristic mentioned by every entrepreneur interviewed.
Entrepreneurs are physically resilient and in good health. They can work for
extended periods of time, and while they are in the process of building their
business, they refuse to get sick.

In small businesses, where there is no depth of management, the leader must be

there. You may not be able to afford a support staff to cover all business functions,
and therefore you will need to work long hours. We all know people who use part
of their sick leave each year when they are not sick. Entrepreneurs are not found in
this group. At the end of the eight-hour day, when everyone else leaves for home,
the entrepreneur will often continue to work into the evening, developing new
business ideas.
Why Choose To Be An Entrepreneur?
From the time I first discussed about the possibilty of running my own business., it
has taken me less than half a year to make up my mind and plan for my exit from
my previous job.

So, what made me decide to leave a job I love to start out on my own?

I felt that I was no good at office politics and didn’t know how to use it to my
advantage. I couldn’t foresee myself working for someone else in the long term. If
office politics were pulling me behind instead of propelling me ahead, maybe it’s
time to start my own company and build my own culture.

The timing happened to be right.

So, here’s a list of reasons that pushed me ahead:

Self-Starter

 Freedom, it’s my call!

o Being totally in charge of a business means I get to decide its culture,
directions, customers and even down to simple things like the
working hours. I’m not a morning person and ever since starting my
own business, I really do enjoy sleeping in late.
o As a woman myself, I believe that at least 1 parent should be around
during children’s formative years. The flexibility to manage my own
timing when I eventually have children is very attractive and
important to me.
 Potential to significantly increase my income
o You have to realistic if you want to start your own business. Do a
projection to estimate when you’ll start to earn sufficiently and don’t
even start if you’re not comfortable with the timeline.
o If I were to continue on my corporate path, I would be able to safely
gauge my comfortable future earnings. But I know that if I
can manage my business(es) well, I’ll be able to earn many times
more, in addition to doing things I truly love and with the freedom to
do it my way.

 Excitement & Challenges

o I thrive on challenges; constant learning and growth is paramount to
my mental health.
o We excel in whatever we’re passionate about. I knew that if I were to
start a business, it’ll be build around my passion and be my baby. I
was sure that I’ll experience satisfaction in the process of learning all
the aspects of running a business.

 Support
o The support from my family members and boyfriend definitely gave
me peace of mind. Both my paternal and maternal grandfathers (and
my father) are businesses owner and this may have helped. My
boyfriend have been ever so encouraging and is still helping me out
whenever he can spare the time.
o For those of you who are thinking of starting your business, do speak
with your loved ones and share your plans. It’ll save you the headache
to manage any conflicts to on top of your business and
financial challenges.

 Timing
o I don’t want to live with the thought of “What if?” for the rest of my
life. Since I have not much of obligations currently and had gain some
work experience, I felt that the timing was right to pursue my dreams.
o Finding the right partner is of great importance to the survival of any
business. It was just the right timing when my good friend brought up
this idea when we were both ready.
Inspiration
Inspiration for Business is growing in the minds of business and professional
thinkers, planners, organizers and communicators alike.

With Inspiration for Business, users express and demonstrate clear thinking,
analytical depth, and creative approaches to problem solving that accelerate their
business, professional, and personal results.

Inspiration for business includes three separate visual arrangements. Beyond the
award winning reciprocal Outline and Diagram Views, now Inspiration for
Business includes multi-branching mind mapping capabilities with the same
integrated one-click to Outline View.

- Flow Charts

- Mind Maps

- Visual Planning

- Storyboards

For process mapping, brainstorming, visual planning, mind mapping, teaching,

writing and more, Inspiration Software for Business captures and enhances the
ability to easily conceive, design, organize, develop or modify ideas, plans,
projects, processes and possibilities.
Why he selected this business (Retail Store)
The dream of starting a retail business can easily become a reality. It may take a lot
of initial work as you start your own business, but with the right planning anyone
can achieve their goals. The following steps to starting a retail business should be
used as a guide before you open a store.

Choosing the proper legal organizational structure for your business is one of the
most important decisions you will make. While it is possible to change your
structure at a later date, it can be a difficult and expensive process. Therefore it's
better to make the right decision before you start your own business.

Initial preparation
1. Choose a Name for Your Retail Business

Dreaming up a moniker may come easy for some, but others struggle with the task.
Here are some do's and don'ts for naming your own retail business.

2. Apply for an EIN

An Employer Identification Number (EIN) is also known as a Federal Tax

Identification Number, and is used to identify a business entity. Here's why you
need one and how to apply online for an EIN before you start your own business.

3. Decide What Products to Sell

Finding a product for your retail business to sell may very well be the most
difficult decision you will need to make when starting a retail business. Before you
commit to a product or product line, consider these factors while deciding what to
resell.

4. Write a Business Plan

Whether it is formal or informal, on paper or on disk, the process of creating a

business plan will only help your business become successful. It is one of the most
crucial steps in starting a retail business. Learn how to write a business plan for
your retail store, why writing a business plan is necessary, purchase business plan
software and view free sample retail business plans.
5. Learn the Laws

Understand what business licenses and permits you need to obtain by contacting
your city, county and state government offices. Before you start your own
business, find out what laws govern your type of retail store. Consider consulting
with both a lawyer and an accountant, as each will help you properly organize your
business.

6. Find a Location

Where you choose to locate your retail business will have a major impact on
everything your shop does. The difference between selecting the wrong location
and the right site could be the difference between business failure and success.

7. Buy Wholesale Products to Resell

A successful retail business depends greatly on offering the right product, at the
right price, at the right time. Therefore, it is paramount to the success of your
business to be able to locate the best sources for those products. As you take this
step to starting a retail business and decide what products or product lines you
would like to sell, it's then time to find places to buy those items at wholesale.

8. Establish Store Policies

The best time to establish policies and procedures for your retail business is during
the planning stages. By anticipating problems before you open your doors, you can
choose how you'll handle special situations, as well as the normal day to day
operations. This helps avoid making mistakes once you're faced with customers.

9. Spread the Word

Before you open a retail store, start spreading the word. Create a retail marketing
plan, brainstorm sales promotion ideas, begin branding and advertising your retail
store. Learn how to use loss leaders, media buys and sales events to the benefit of
your retail shop.
Resourcing
Cooperative major National Agricultural and Cooperative Marketing Federation
(Nafed) has drawn up plans to set up retail grocery outlets through franchise
model. At present, the company operates ten company-owned outlets under the
name of Nafed Bazaar -- eight in Delhi and two in Shimla. Outlets under the
franchise model will also be named Nafed Bazaar.

Nafed is a central government agency engaged in procurement, processing,

distribution, export and import of various agricultural commodities. The federation
is also the central nodal agency for undertaking price support operations in pulses
and oilseeds and market intervention operations for other agricultural commodities
such as jute, cotton and copra.

Initial condition of business and financial condition

Retail commercial enterprises "going out" is a necessary requirement for
Development of the times, retail businesses go out and participate in international
competition, the impact of China's WTO entry is a strategic choice, but also an
inevitable choice to expand their own survival. To this end, retail and commercial
enterprises should be based on long-term, global, scientific development,
flexibility in the implementation of "going out" strategy.
 Retail and commercial enterprises "going out" strategy refers to the elements of
China's retail enterprises, as well as enterprises themselves into the international
market, to invest abroad, shop, to carry out their competition and cooperation, also
known as cross-border business strategy and global business strategy. In general,
the retail commercial enterprises "going out" strategy can be divided into three
levels: first level is the export of commodities refers to goods and services output,
namely, international trade in goods and services. The second level is the export of
capital is defined as foreign direct investment, that is, to take or hold shares in
overseas Investment in the form of wholly-owned shop. If an overseas investment
reached a certain size (in two or more countries have enterprises), this becomes a
commercial retail enterprises multinational corporations. The third level is the
brand output, mainly refers to the brand licensing business, which is "going out"
strategy at the highest level.
Workers & employee
A happy retail workplace is more likely to be a more successful retail workplace.
Retail business owners and their managers can facilitate a happier workplace by
investing time and some money in pursuit of this.

The most important factor in a happy workplace is the employee mix. It all comes
back to hiring decisions. Hire the wrong people and you could find yourself with a
disrupted and unhappy workplace. So, taking time to hire right for the business and
the existing can pay good dividends.

Involving an employee or two in the process of vetting potential employees can

help the business owner and manger to a right decision.

Outside of better hiring, happiness in the workplace itself can be facilitated by the
business investing time in this. Here are several strategies which could be used to
develop a happier workplace:

Listen. Regularly seek out opinions from employees, listen to them and discuss
their business ideas. Act on those which make business sense.

Talk. Retail business owners and managers should share their ideas about the
business. This builds trust and demonstrates openness.
Celebrate. Create a tradition around birthdays and take a moment out of the day to
celebrate an employees birthday with a cake or a coffee for everyone.

Socialize. An occasional team dinner or social event can give people a chance to
get to know each other better and create a depth of connection which can enhance
the harmony in the business.

Appreciate. Develop a process through which everyone working the business can
appreciate others. This could be at a team meeting or a praise board. Find a way
which works for the team to acknowledge the good things people do to help the
business and their co-workers.

Treats. Spring occasional and unexpected treats on people. Make the workplace
different to other workplaces. Give them something to brag about.

Marketing strategies adopted

As an owner of a small retail business your Marketing Strategy must be ongoing
and current. If not, your business will not be successful. This kind of intense
advertising can be very expensive but not always.Although you do have to allocate
at least 3% of your gross sales for marketing (and this may not seem to be a lot), as
a small business you have many ways to increase your sales without spending a lot.
Before you begin constructing your marketing strategy, review the basic definition
of retail.Retail is defined as the sale of many different goods in small quantities
directly to the consumer. You have to reach many, many people with your ads and
promos in order to increase sales. This is true no matter what your target market is
(women, teens, or a mixture). You also see these customers on a daily basis and
this, too, has to be considered in your plans.

Production/ acquisition process

The rain jackets are machine-made garments. They are generally prepared with the
help of computer-aided manufacturing system. This machine is controlled and
regulated by computer. The process of the first and most important manufacturing
is to waterproof the impregnation of the fabric.In the first phase, the materials used
to pass through many roles in half, then in a large tank with chemicals that would
make the fabric water-resistant black filled. In textiles, chemicals have soaked
properly, they are out of the container are removed and subsequently treated with
heating method, which makes absorption even pass. Then again, materials are
organized for many rolls. It will then be down to seal what chemicals cooled
permanently affixed to the fabric.This wire fabric treated bolts and rolled back,
transferred to producers.

The raw materials for the production of raincoats are falling in the corresponding
models in various sizes, with the cutter, electric or computer operated cutting. Then
the lining is sewn into the desired part as a collar down, hats, bags, etc., and then
the fusion machine that uses heat to run to put the right food in the tissue.
Thereafter, several parts of theThe rain jackets are sewn with industrial sewing
machines. The button holes (on request) are prepared in rain coats and buttons are
sewn, this process is automatic. Quality control of the final product is covered by
quality control unit to rain coats to ensure that no deficiencies. Finally, day of
testing will be assembled by workers on rain coats and packed in poly bags using
automatic excavators.

Achievements during the business

The awards will be split into four categories covering the entire retail spectrum and
include 'Mall of the Year', an award aimed at recognising excellence in mall
management. The key criteria will be concept, location, supporting services,
customer relations, transport links, as well as marketing and sales.

'Most Innovative Retailer of the Year' is intended to recognise innovation and

originality in terms of product mix, retail ambience, customer service and design
creativity. Retailers must demonstrate how their new initiatives have translated into
increased sales or a superior customer experience.

The special award for 'Corporate Social Responsibility' is designed to celebrate

responsible retailing from ethical sourcing and product safety to environmental
initiatives for the local community.

Finally, 'New Retailer of the Year' will be awarded for new retail concepts that
have specifically shown entrepreneurial spirit, combined with sound commercial
strategies for long-term growth
Problems & challenges faced
Visions of grandeur can become cloudy once reality sets in for some entrepreneurs.
The aspect that may lure you to your business concept in the first place, may
become the thing you despise. If you are considering opening a retail store, the
following highlights some advantages and disadvantages of retailing and can help
you make an informed decision of whether or not retail ownership is right for you.
Here are a few pros and cons of retail ownership.

Disadvantages:

Because of the ease and flexibility of getting started, there can be a lot of
competition in a particular area for a certain type of customer. Every business
decision rests on the owner(s). There is no branding, no preset guidelines and a
great deal of risk in this business model.
Support:
Other than small business resources online, in print or sponsored by the various
government and trade organizations, there isn't much in the way of support for the
independent retailer.

Comprehensive Awareness

Successful entrepreneurs can comprehend complex situations that may include

planning, making strategic decisions, and working on multiple business ideas
simultaneously. They are farsighted and aware of important details, and they will
continuously review all possibilities to achieve their business objectives. At the
same time, they devote their energy to completing the tasks immediately before
them.

Realism
Entrepreneurs accept things as they are and deal with them accordingly. They may
or may not be idealistic, but they are seldom unrealistic. They will change their
direction when they see that change will improve their prospects for achieving
their goals. They want to know the status of a given situation at all times. News
interests them if it is timely, and factual, and provides them with information they
need. They will verify any information they receive before they use it in making a
decision. Entrepreneurs say what they mean and assume that everyone else does
too. They tend to be too trusting and may not be sufficiently suspicious in their
business dealings with other people.

Conceptual Ability

Entrepreneurs possess the ability to identify relationships quickly in the midst of

complex situations. They identify problems and begin working on their solution
faster than other people. They are not troubled by ambiguity and uncertainty
because they are used to solving problems. Entrepreneurs are natural leaders and
are usually the first to identify a problem to be overcome. If it is pointed out to
them that their solution to a problem will not work for some valid reason, they will
quickly identify an alternative problem-solving approach.

Status Requirements

Entrepreneurs find satisfaction in symbols of success that are external to

themselves. They like the business they have built to be praised, but they are often
embarrassed by praise directed at them personally. Their egos do not prevent them
from seeking facts, data, and guidance. When they need help, they will not hesitate
to admit it especially in areas that are outside of their expertise. During tough
business periods, entrepreneurs will concentrate their resources and energies on
essential business operations. They want to be where the action is and will not stay
in the office for extended periods of time.

Interpersonal Relationships.

Entrepreneurs are more concerned with people's accomplishments than with their
feelings. They generally avoid becoming personally involved and will not hesitate
to sever relationships that could hinder the progress of their business. During the
business-building period, when resources are scarce, they seldom devote time to
dealing with satisfying people's feelings beyond what is essential to achieving their
goals.

Their lack of sensitivity to people's feelings can cause turmoil and turnover in their
organization. Entrepreneurs are impatient and drive themselves and everyone
around them. They don't have the tolerance or empathy necessary for team building
unless it's their team, and they will delegate very few key decisions.
Emotional Stability

Entrepreneurs have a considerable amount of self-control and can handle business

pressures. They are comfortable in stress situations and are challenged rather than
discouraged by setbacks or failures. Entrepreneurs are uncomfortable when things
are going well. They'll frequently find some new activity on which to vent their
pent-up energy. They are not content to leave well enough alone. Entrepreneurs
tend to handle people problems with action plans without empathy. Their moderate
interpersonal skills are often inadequate to provide for stable relationships.
However, the divorce rate among entrepreneurs is about average.

Satisfaction as an entrepreneur
In small businesses, where there is no depth of management, the leader must be
there. You may not be able to afford a support staff to cover all business functions,
and therefore you will need to work long hours. We all know people who use part
of their sick leave each year when they are not sick. Entrepreneurs are not found in
this group. At the end of the eight-hour day, when everyone else leaves for home,
the entrepreneur will often continue to work into the evening, developing new
business ideas.

Self-Control
Entrepreneurs do not function well in structured organizations and do not like
someone having authority over them. Most believe they can do the job better than
anyone else and will strive for maximum responsibility and accountability. They
enjoy creating business strategies and thrive on the process of achieving their
goals. Once they achieve a goal, they quickly replace it with a greater goal. They
strive to exert whatever influence they can over future events.

In large, structured organizations, entrepreneurs are easy to recognize by the

statements they make: "If they wanted that job done right, they should have given
it to me." A dominant characteristic of entrepreneurs is their belief that they are
smarter than their peers and superiors. They have a compelling need to do their
own thing in their own way. They need the freedom to choose and to act according
to their own perception of what actions will result in success.

Self-Confidence
Entrepreneurs are self-confident when they are in control of what they're doing and
working alone. They tackle problems immediately with confidence and are
persistent in their pursuit of their objectives. Most are at their best in the face of
adversity, since they thrive on their own self-confidence.

Sense of Urgency

Entrepreneurs have a never-ending sense of urgency to develop their ideas.

Inactivity makes them impatient, tense, and uneasy. They thrive on activity and are
not likely to be found sitting on a bank fishing unless the fish are biting. When they
are in the entrepreneurial mode, they are more likely to be found getting things
done instead of fishing.

Entrepreneurs prefer individual sports, such as golf, skiing, or tennis, over team
sports. They prefer games in which their own brawn and brain directly influence
the outcome and pace of the game. They have drive and high energy levels, they
are achievement-oriented, and they are tireless in the pursuit of their goals.

People behind the success of business

1. They take action. I have never seen anyone being successful by doing nothing.
By default, doing something has to be a move forward. Doing a lot means that the
law of averages will ensure that success falls your way. 95% of the population
“can’t be bothered”. To jump into the 5% of the population who are successful
isn’t hard. It’s just a genuine decision to do something and persevere. Successful
people work on improving their time management by learning how time works and
what it means to you.
2. They mix with the right people. You can mix with the right people and you can
mix with wrong people. The choice is yours. You either fall into those groups or
you seek them. Because successful people don’t gloat because of the Australian tall
poppy syndrome, you need to do your homework and ask people about their
success. They are more than willing to tell you because if they initiated the
conversation, that might have been construed as gloating. Look for a business
coach and/or a mentor. Surround yourself with the best accountants and lawyers.

3. They are great networkers. Successful people go out of their way and meet as
many people as they can because they know that the more people they know, the
more opportunities come their way. Staying in your business or at home most of
the time produces little results.

His strength and weakness

Pros of Retailing and Business Ownership

1. Holiday sales figures

2. Research and assistance from trade associations
3. Satisfaction of building something from the ground up
4. Attending trade shows and buying events
5. Meeting new people
6. Having on hand exactly what your customers want
7. Cash transactions
8. You get to set all the rules
9. Selling merchandise you love and have an interest in
 10.Creating a pleasant atmosphere and receiving compliments about your shop
11.Hiring and training wonderful employees

Cons of Retailing and Business Ownership

1. January sales figures

2. Large cash investment at startup
3. Long hours and little (or no) pay to start
4. Only vacation is attending trade shows and buying events
5. Meeting difficult customers
6. Not having what your customers want
7. Bounced checks
8. Having to do it all (marketing, buying, bookkeeping) yourself
9. Too little profit on the merchandise you love to sell
10.Finding damaged merchandise, empty packages and open food on your
shelves
11.Firing and disciplining lazy or rude employees

His future for growth and expansion

Retail is clearly the sector that is poised to show the highest growth in the next five
years. The sector is set for a revolution, as both the present players and new
entrants are gearing up to explore the market. This sector contributes 10% of
India's GDP and the current growth rate is 8.5%. The present size of the organized
retailing sector is approximately 3% and is expected to grow to 25-30% by the year
2010. There are about 300 new malls, 1500 supermarkets and 325 departmental
stores currently under construction. Many players are coming up with huge
investments, due to which the present 12 million mom-and-pop shops and kirana
stores fear losing their business. Most predictions say that the sector might reach to
US$ 400-600 billion by the year 2010.
Global retail giants such as Wal-Mart, Tesco, Germany's Metro AG and many
others are ready to enter the retail markets. The rising demand of branded products
and increase in purchasing power have lured these companies to enter the market.
 Conclusion
An independent retailer is one who builds his/her business from the ground up.
From the business planning stage to opening day, the independent retail owner
does it all. He/she may hire consultants, staff and others to assist in the business
endeavor. The opportunities are endless.
There are no restrictions on who, how or where an entrepreneur should set up
his/her business. The freedom to do what one wants to do is the biggest advantage
in this form of business. It can be extremely fulfilling.