SMU MBA ASSIGNMENTS

Answer:- Role of entrepreneurs – Entrepreneurs occupy a central position in a market economy. For it’s the entrepreneurs who serve as the spark plug in the economy’s engine, activating and stimulating all economic activity. The economic success of nations worldwide is the result of encouraging and rewarding the entrepreneurial instinct.A society is prosperous only to the degree to which it rewards and encourages entrepreneurial activity because it is the entrepreneurs and their activities that are the critical determinant of the level of success, prosperity, growth and opportunity in any economy. The most dynamic societies in the world are the ones that have the most entrepreneurs, plus the economic and legal structure to encourage and motivate entrepreneurs to greater activities.

Entrepreneurs seek disequilibrium–a gap between the wants and needs of customers and the products and services that are currently available. The entrepreneur then brings together the factors of production necessary to produce, offer and sell desired products and services. They invest and risk their money–and other people’s money–to produce a product or service that can be sold at a profit.More than any other member of our society, entrepreneurs are unique because they’re capable of bringing together the money, raw materials, manufacturing facilities, skilled labor and land or buildings required to produce a product or service. And they’re capable of arranging the marketing, sales and distribution of that product or service.

What opportunities exist today for you to create or bring new products or services to your market that people want, need and are willing to pay for? What are your three best opportunities?

• Identify the steps you could take immediately to operate your business more efficiently, especially regarding internal operating systems.
• Tell yourself continually “Failure is not an option.” Be willing to move out of your comfort zone, to take risks if necessary to build your business.
• Use your creativity rather than your money to find new, better, cheaper ways to sell your products or reduce your costs of operation. What could you do immediately in one or both of these areas?
• Imagine starting over. Is there anything you’re doing today that, knowing what you now know, you wouldn’t get into or start up again?
• Imagine reinventing your business. If your business burned to the ground today, and you had to start over, what would you not get into again? What would you do differently?

Reason for government to help the entrepreneurs – Entrepreneurial governments support competition between service providers. They empower citizens by shifting control of the bureaucracy into communities. Performance of their agencies is measured on the basis of outputs produced rather than inputs expended. Clear mission and goals drive every organization. Rules and regulations are of little importance. Citizens are treated as customers and they can legitimately expect the delivery of quality service. Anticipating problems and preventing them is the norm, instead of offering redress after the problem arises. Authority is decentralized and everybody is encouraged to participate. They are highly market-oriented and shun bureaucracy in all forms. They encourage and involve the public, private and voluntary sectors, to solve community problems instead of merely engaging only themselves in providing public services.

      Explanation on how Government can help – The government provides lots of support for entrepreneurs who are wishing to set up their own business or who already have one. The government provides grant to businesses that are located in areas that have low employment and very little growth By the promotion and maintenance of competitive markets. Governments will prevent companies from abusing their power by taking action against monopolistic activities. This benefits businesses that are not in a monopolistic position, as well as safeguarding the consumer.

After India got its independence, the kind of governments that have developed leave little scope for appreciation. They have been nothing but lethargic centralized bureaucracies, obsessed with rules and regulations, with strict adherence to hierarchical chains of command. These governments have accomplished a few laudable things, but somewhere down the line have become pretentious, reckless and ineffective. As authors David Osborne and Ted Gaebler point out in their pioneering publication, “Reinventing Government — How the Entrepreneurial Spirit is Transforming the Public Sector”, the world is going through a sea change, but governments in our country at various levels have by and large failed to change with it. In this hand book, we have drawn on the work of David Osborne and Ted Gaebler.

The key approaches to transforming bureaucratic government organizations to entrepreneurial organizations have been touched upon in Chapter 3. Having adopted these approaches, countries in the West have been successful in reinventing their governments to a startling degree. Keeping in mind that the political, social and economic conditions prevalent in our country largely differ from those in the West, governments can initiate some, if not all, of the mentioned strategies in reforming the public sector.

Q2.A comprehensive market analysis requires in-depth investigation and analysis of the competition. What questions need to be considered before analysing the competition? Explain the steps for conducting competitive analysis.

Answer:- Every business is different, so each company’s business plan is a unique document. However, most business plans do follow a fairly standard format that includes several key sections discussing the company’s management, finances, industry, operations, marketing, and competition.