Assignment on Questions on Video Session Course Title: Entrepreneurship & Project Development Course Code: FIN – 4104
Submitted To: SK. Alamgir Hossain Assistant Professor Department of Finance, Jagannath University Submitted By: Group 13 BBA, 13th Batch 4th Year, 1st Semester Department of Finance, Jagannath University Members of Group 13: SL. NO. Name ID NO. 01 Puja Roy B180203001 02 Utsha Saha B180203044 03 Priya Saha B180203063 04 Nayan Saha B180203071 05 Dawn Argho Mondol B180203104 1. Why volunteering activities is important to become an entrepreneur?
It is essentially unpaid work; providing a service for the benefit of others and helping a community to thrive. The range of volunteering work is endless. Entrepreneurs usually have their plates full. While some balance entrepreneurship with another job, others balance it with family, and others find themselves working 80+ hour weeks. Volunteering can prove to be highly beneficial for entrepreneurs. Studies have found that volunteering helps relieve stress, improves health–and indirectly your job performance as you feel more energized and inspired–and can help you hone your professional skills.
2. What you should know before becoming an entrepreneur?
Perseverance. Self Confidence. Competitiveness. Take some alternative initiative. Do not give any complain or excuse. Shall be unique in pricing, customer care. A strong need to achieve.
3. Write down some basic skills that are important to become an
entrepreneur or business man?
Frequently speaking in Bengali.
Communication The ability to inspire others Consumer focus Stress management Leadership Time management Ability to write both English & Bangla Digital Marketing knowledge Have proper email account or Facebook account
4. What are the 7 mistakes must be avoided in business?
Do not start business without gathering knowledge about the business Do not start business seeing others success Don’t help other providing own capital at the start of business Do not share business tricks Must be aware about the business’s rights in partnership business Do not make any transaction through private account Make difference between private cost and company cost
5. Name some business ideas.
Jute and related products; Leather business; Mobile parts business; Online book sell; Refining rainwater; Bottle recycling, Cosmetics; Handicrafts; Tea; Fish; Bricks; Flower; Homemade foods; Fresh juice; Baby care products; Auto car wash; Interior business; Parlor; Furniture; One time plate; Travel & Tourism; Food cart; Export vegetables, fruits, fish; Make apps to get foreign doctor’s appointment easily.
6. Name 15 slogans to succeed in life.
Make a story about life to share with others and make others motivated too Start and hang-up Don’t think what others will say Make passion to fulfill dream Spend some of years alone to ensure success in life Good health, happiness, wealth, education Be positive Be honest & keep commitment Take time Think about solution with problem Rain is for everybody but you want to get wet in it or not, it’s your decision Don’t get upset after fail
7. What to do to improve product marketing?
11 tips for product marketing is given below: The target group of customer should be aware about the new product. Build product branding with the help of more networking and advertisement. Product marketing should be done in the form of stories that make a mark in the mind. In digital marketing, various content constantly help to reach out more customer like write-up content, graphics content, and virtual content. Backup of website marketing must be ready. Improved product quality which helps to increase reference customer or repeat customer Customer service, customer care is also important for retain repeat customer. Customer database should be maintained for email marketing, sms marketing or inbox marketing. Word of mouth about the quality is continues marketing of product. Sales location be it is a showroom or page or web site should be decorated, clean that attract more customer. Have a mindset attitude to be a salesman.
8. What is the most important thing we need for success?
Prayer of parents. Sometimes in spite of working hard, we can’t reach the success. In that time we most need the prayer and love of our parents. As much fortune or miracle as we say in life, all those can come from parents’ prayers and additional prayers. As an entrepreneur or jobholder or any person all we need success in our field but this success also depends in our own. Sometimes success can’t come and we blame our fate but this fate depends on the prayers of many person. So as a good person, we should love our presents, spend time with them and keep them happy. 9. Why the online marketing is important nowadays? Now a days are the days of ecommerce. Digital marketing helps to reach a larger audience than could through traditional methods and target the prospects who are most likely to buy product or service. If people work for a small business with a limited budget, they might try investing in social media, online business etc. By online advertisement we can reach most customer, increase sales and revenue. If we find the website is so costly, can start with Facebook page. Global reach, richness, customization, ubiquity are features of online business.in Bangladesh, traffic problem is one the problem for which online marketing is a solution. And every large companies or brand also have their online pages like Bata, Apex etc. So digital marketing plays vital rule for nowadays.
10.“An entrepreneur learns from his mistakes and finds the way to move forward by correcting his mistakes.”- Do you agree?
“Yes,” I am agree with the statement.
A mistake is an error in judgment, misunderstanding, or misguided action. An entrepreneur learns several things from his mistakes. Some of them are: Acknowledge mistakes. Reframe and analyze the mistake. Ask yourself the hard questions. Put the lessons you have learned into practice. Review your progress. Recognize that it’s okay to feel vulnerable. Remember that one can’t avoid making mistakes. It is important to see mistakes as learning experiences.
Mistakes are one of the wisest teachers for entrepreneurs. Employing mistakes and failures to make future decisions about businesses could be a good strategy that most entrepreneurs can implement. 11.How does an entrepreneur reach the customers of his service or products by proper marketing and profit can be earned?
Various methods can be used by an entrepreneur to ensure proper marketing
of his products and profit can be earned. Some of them are: Study your competition. Target the ideal customer. Define marketing strategy and tactics with all of the employees and workers. Test the concept and marketing approach. Know the product’s lifecycle. Be more strategic about marketing spend. Use of social media including the use of Facebook ads, LinkedIn, email marketing sequences.
12.How can an entrepreneur transform his venture into success?
An entrepreneur transforms his venture into success by following methods:
Come up with an innovative idea. Build a team of pioneers. Early market research and validation of the business idea. Promote a culture of innovation. Commitment and teamwork. Believe in owns’ product. Accept failures.
13.Is repeat customer important to business? Explain.
Yes, repeat customer is important in a business. The main reason is they expand the business. A repeat customer is a customer who has purchased from a company multiple times. In a business a repeat customer continuously consumes from a company. Repeat customer is important to a business because the saves the marketing cost of a company. When a business targets the repeat customers, they don’t need to attract the new customers to the business. The business holder gains the trust of the repeat customers. They insure the best product/service for the consumers. They treat the customers specially. As a result the customer always comes back. A business always needs new customers to increase the profit. They take help of different strategy to gain more customers. The repeat customers also bring new customers with them. As a result they help the business to expend very fast. The most important for a customer is trust. Business holders try to use it as strength. If they can gain the trust, then the customers stays with the business. In the competitive market, the businessman holds their customers by selling trust to them. The tries to be loyal to the customers and as a result the customers returns every time.
14.What are the steps to be a successful entrepreneur?
For success, an entrepreneur must follow some basic principles. The steps an entrepreneur should follow are: 1. Business goal: An entrepreneur must fix a goal for his business. Without a fixed goal he will not be able to keep focus. He must decide what he wants to establish.
2. Business funding: For starting the business he must sort out his source of funds. An entrepreneur can take loan or may invest his own savings, but he must have clear knowledge of the funds.
3. Business Summary: An entrepreneur have to write down his business summary.
He must have a long term plan for his business. He should analyses the company market value, cost of capital and should also sort out his works. 4. Scope creating in market: for creating scope, an entrepreneur must analyses the market. He have to fix a target. He should analyses the market demand. An entrepreneur also must analyses the risk in the market scope. This way he will be able to find the scope. 5. Competitors: For an entrepreneur he may have to face Competitors. No one wants outsider in their business market. For success, the entrepreneurs have to analyses their competitors. So that they can be prepared for the market. If they can serve better than their competitors, they will gain more customers. 6. Team player: An entrepreneur must work with his team. He should know his team very well. He should have knowledge of his workers pros and cons. 7. Long term analysis: For success, an entrepreneur must calculate his goal. He should calculate the future of his company. 8. Relevant and Realistic: The plans of an entrepreneur must me relevant and realistic. Otherwise the result will be zero.
15.How to pitch for a business fund?
Sometimes entrepreneurs search for funds for their business ideas. But when the get opportunities, they cannot present their idea. An entrepreneur must be prepared for this kind of opportunities. The way an entrepreneur can pitch: 1. Find the problem: At the very beginning the entrepreneur must find out the problem. He will discuss about it firstly. 2. Solve the problem: He will discuss the solutions here. He will also add his activities here. 3. Market analysis: Entrepreneurs will discuss the market they want to participate in this part. 4. Funds: Entrepreneurs must have a clear plan, what he wants to do with his funds. 5. Financial analysis: Entrepreneurs usually misses the financial analysis. But it’s very important because the fund provider always follow it. If an entrepreneur doesn't have a good financial analysis a good business plan may reject.
