Business Organization Unit 3 BBA 1st Year

Unit 3 BBA 1st Year–In this comprehensive notes, we delve deep into the intricacies of Business Organization Unit 3 BBA, a critical subject for both BBA students and M.Com 1st Year candidates. 📚Discover the essential insights, tips, and strategies that will set you on the path to success in your academic journey. Whether you’re a BBA student or pursuing your M.Com 1st Year.

Unit -3

 Entrepreneurship Concept

• Entrepreneurship refers to the concept of developing and managing a business venture in order to gain profit by taking several risks in the corporate world. Simple put, entrepreneurship is the willingness to start a new business.

Nature of Entrepreneurship

• Entrepreneurship is a dynamic activity which helps the entrepreneur to bring changes in the process of production, innovation in production, new usage of materials creator of market etc.
• It is a metal attitude to foresee risk and uncertainty and do something new in an effective manner to achieve certain goals.

Entrepreneurial opportunities in contemporary business environment

Business environment

• Business environment is sum or collection of all internal and external factors such as employees, customers needs and expectations, supply and demand, management, clients, suppliers, owners, activities by government, innovation in technology, social trends, market trends, economic changes, etc.

Opportunities

1. Niche marketing

• In this strategy entrepreneur can use the understanding of the environment so as to create a small corner for himself.
• If could be done by providing personal services and convenience to customers.

2. Service sector:

• By providing service rather then product because they come with less investment.

3. Franchising

• Where owners of a product allow another person to use their brand name

4. Tourism:

5. Entertainment

6. Green Entrepreneurship:

• Green entrepreneurship is the activity of consciously addressing an environmental/social problem/need through the realization of entrepreneurial ideas with a high level of risk.
• Which has a net positive effect on the natural environment and at the same time is financially sustainable.

Process of setting up an business enterprise

• Identification of business opportunity
• Generation of business idea
• Feasibility study.
• Preparation of a business plan.
• Launching the enterprise

Factors affecting choices of suitable business organization

• Nature of business activity
• Scale of operations
• Capital requirements
• Degree of control and management
• Degree of risk and liability
• Stability of business
• Flexibility of administration
• Division of profit

Feasibility and preparation of a business plan

• Both feasibility and business plan are important for starting an business.
• Conducting a feasibility study
• Product demand
• Market condition
• Pricing
• Risk
  

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Writing a business plan

• Executive summary, Briefly tell your reader what your company is and why it will be successful.
• Company description
• Market analysis
• Organization and management
• Service or product line
• Marketing and sales.
• Funding request.
• Appendix

FAQ

Question: What is business environment?

Answer: Business environment is the surrounding where a business operates. Among these factors are economy, competition, government policies, and social trends.

Question: what is business Plan?

Answer: A business plan is a blueprint that define the goals, strategies, and operations of the business