Becoming a Successful Entrepreneur is dependent on a good Business

Becoming a Successful Entrepreneur is dependent on a good commerceOne who undertakes an enterprise-acting as intermediary between capital and labor.-Oxford English lexiconIntroductionBecoming a thriving enterpriser doesnt happen by accident or by chance. It is a keen-sighted process that involves unlike strategies, characteristics and whole tone of person who wants to become a booming entrepreneur. Madan Paliwal who is a flourishing entrepreneur in his state, says Becoming a successful entrepreneur is non an easy task There be certain qualities and strategies that argon utterly essential if you would like to become successful in your personal course credit line ventures. Madan Paliwals fashion model shows that how rough characteristics, qualities and strategies support to becoming a successful entrepreneur. He strongly believes in quality rather than quantities. According to Sharma ( two hundred9), It is essential to follow some strategies for the incurth and strong ly development of rail counselling line. An entrepreneur organizes different types of industries right from beginning has different approaches and c alone for an in-depth knowledge base. The importance is the entrepreneur starts and operates his own untested business.characteristic of An EntrepreneurKant (2000), All the entrepreneur were men of discipline, senior high integrity and with strong need for achievement. In India Mr. Madan Paliwal CMD of Miraj aggroup of Industries has following characteristics and qualities which is important foremost Mr. Madan Paliwal used resources and plan for his business. He started his business with Rs. 200 (3) capital. Now Miraj Group of Companies capital cross Rs. 1000 Crore (15000000). The following companies in Miraj Group of CompaniesMiraj harvest-tides Pvt. Ltd., Miraj multicolor, Miraj tube-shaped structure fittings, Miraj Hotels, Miraj Engineering, Eye view motion pictures, Miraj developers, Miraj realcon, Asia packs. (Group profile of miraj group) Miraj groups consumer harvests are tobacco, tea, soap, matches, plastic, stationary, pipes etc. therefore we force out say the entrepreneur should be initiative to use the procur equal resources and plan for all those who are involved in an enterprise.Goal An entrepreneur should be able to set realistic scarce challenging goals for himself as healthy as for others in the organization. At the time of beginning Madan Paliwal had figure out pass goal and he has achieved maximum goal.Involvement for long time Madan Paliwal started his business on 18th August 1987. He continues involve in his business. because commitment from the entrepreneur for longer period whitethorn be 5 to 15 years is necessary for ideaualization, building and running an enterprise.Capacity for difficulty solving In the initial phases of an enterprise many teething problems may happen and an entrepreneur should be a inventive problem convergent thinker to turn difficulties into advanta ges. Madan Paliwals life is full of struggle. He solved many problems in his business.Good police squad d birthday suit outor and motivator An entrepreneur builds up his team he should educate them, keep them on high take aim of motivating and as well as provide an environment for creativity and good work culture. Madan Paliwal started his business as a single person but now a days 1000 employees in his companies.Energetic Managing resources and running an enterprise calls for long hours of work for longer period of time and hence an entrepreneur is a man of high energy level. Madan Paliwal works 15-16 Hrs. daily. According to him -A labour is as well do tall(prenominal) work daily in his life but he earns only 100-200 Rs. per day, hence entrepreneur do work hard in right way. ( Paliwal, 2008)Good communication skills As a leader an entrepreneur communicates effectively with all concerned much(prenominal) as financiers, employees, customers, suppliers and all who are conce rned with the refreshful enterprise. Madan Paliwal is also good communicator.Mental ability Madan Paliwal born at Nathdwara, A small town in Rajasthan (India). He started small scale industries (Miraj industries), now it is converted into Miraj Products Pvt. Ltd. Sharma (2009) An entrepreneur leave behind be a man of high level intelligence, creative, positive thinking and determination maker with assoil objectives in mind.Good Human relation discerning and warm tender-hearted relation is an important factor which brings success to an entrepreneur. horny stability and keeping himself as a model to others. Motivates the employees to put their trump out performance at all levels in the organization. Madan Paliwal also follows good human relations.StrategiesKant (2000) Strategies are the way of performing the target i.e. how to do a cross work for the achievement of predetermined objectives.2.0 Business StrategiesThere are respective(a) strategies which are prepared in the business enterprise like-2.1. grocery StrategiesMarket Strategies includes the companys relationship with existing and potential customers, its knowledge of changing needs and opportunities in the market, the way it identifies and reaches its customers. Madan Paliwal started Real-estate business at Jaipur. He launched affordable homes, Villas, commercialized complex etc. His marketing strategies were very good. After getting success in Jaipur he started rising projects in Ajmer, Udaipur, Bhilwara, Mumbai other cities in India. He says that the of import strategies that are necessary for getting success in market is attract the market to us, Examine managements assumptions, perceptions, predis powers about the market, and determine to what extent they are valid. And lastly evaluate new opportunities in the market, new products, collaboration with others etc. (paliwal, 2008)2.2. musical arrangement StrategiesOrganization consists of the structures, governing bodys, policies, p rocedures and activities of a business, the manner in which it exercises consent, takes decisions, communicates, coordinates and integrates its activities. Madan Paliwal is good organizer. He manages more(prenominal) than 1000 employees in his group of companies. He says the main strategies that are necessary for success in organization strategies are Analyze the jobs of executives, managers, and supervisors to identify tasks that can be delegated to lower levels and the conditions necessary to make that delegation effective. Next rise clear job descriptions for any position, and create a system whereby the responsibilities and authority of each position are clear to other lot in the company. Furthermore determine whether we can innovate any new systems that will further ameliorate our performance. chequer if there are systems successfully use by other companies that could be used by our company. Finally pass judgment the effectiveness of important systems in the company (e .g. Accounting , Budgeting , Personnel information, think etc.) in terms of their speed, their personnel requirements, quality of work, cost of operations, and whether fully organism utilized.(paliwal 2008)2.3. Products, sells and go strategiesIt means the capacity of the company to deliver products and services. It includes the range and quality of products and services it markets, the technical knowledge and skill of sales and service staff, and the level of technology incorporated in its products and services and utilized to carry on business. Madan Paliwal launched affordable homes for middle lower class people in every project because affordable homes selling easily. After selling homes villas he launches commercial complex in project, hence commercial complex (very costly) become successful (interview with paliwal, 2010). He says that main strategies that are necessary for success in Products, sells and services strategies are Improve the technology of our products and ser vices by adding new place into it and Examine every technology in our company employs. And identify shipway to reduce cost. Then Match our products and services as closely as possible with the needs of the market. Next Identify and adapt new and juvenile technologies to better meet the needs of our customers. Furthermore Introduce new or improved technologies internally that will improve the functioning of our own organization. anyhow this Make improvement in our organization (structure, activities, systems, job positions, procedure, rules, regulations etc.) that will improve the development and operation of our technology. Finally continuously expand and upgrade the product and services knowledge and technical expertise of our people.2.4. Finance StrategiesThis component defines the way in which the company manages monitors and utilizes capital resources for its exploitation. It includes the quality of systems and skills for accounting, budgeting and financial management, cas h and credit management, control over purchasing and inventory, access to capital. Madan Paliwal started his business with only Rs. 200 capital. He follows following financial strategies to manage financial activities in his companiesA. Determine that our company is exploring and taking advantage of every conceivable source of finance to make our business grow.B. Determine how our company can utilize financial information as a positive instrument for tracking and observe performance on key activities.C. Determine what can be finished to improve accuracy and timeliness of accounting so that information on performance is available as soon as possible by and by the day, week, the month, or the job is over.D. Determine what type of indicators we can develop as positive motivating tools to help managers and employees evaluate their own performance.E. Determine what are the keys areas in which the company can save money by improve performance.2.5. Personnel strategiesThis component co vers the energies, abilities, skills, and attitudes of employees that can be harnessed for growth. People and companies grow together. Miraj Group of companies provides maximum opportunities for their people to grow, find maximum opportunities for their own growth (interview with paliwal, 2010). His Group follows the following personal strategiesA. Recruit people with a high level of energy, good health, highest possible level of education and experience and preserve type of personality to work well in our company and lend oneself its determine.B. Review wage and salary scale, and ensure that the compensation for every position is not only fair, but perceived as fair. Whenever necessary, educate people to understand the true value of the companys benefits package.C. Introduce profit-sharing or equity programs to make our people owners of company and develop the physical and technical skills of our people through formal training programs.D. Develop the managerial and psychologica l skills of our people through formal training, regular(a) and ongoing training, personal guidance and attention.E. Give great personal attention to the people you work with (not to their work) and encourage them to do likewise with their people.F. Recognize and reward individual efforts to improve the functioning of our organization.G. Maintain clear and effective two-way communication with all employeesH. Implement psychological values such as respect for the individual, personal growth, freedom, and harmony to the highest level.I. Give regular feedback to individuals on their performance and what they can do to improve.3.0. Other strategiesOther strategies drive been followed by Miraj Group of Companies are3.1 Stability dodgeMiraj Group has a stable environment, limited number of products, customers, suppliers and competitors, minimum need for skills and so on may follow what is called the Stability outline such an organization is at ease with its existing level of activitie s and wants the same to continue.3.2 Growth strategyAn organization that wants to farm its level of performance may adopt what is called the Growth schema. The following measures adoptive by Miraj Group of companiesDevelopment of new products for the existing markets.Creation of new uses for the existing products.Development of new products for new markets.3.3 Vertical Integration strategyA business enterprise itself may decide to produce the raw materials needed for production to ensure continuous supply. On the other hand, it may also decide to start its own sales outlets to serve its customers better. In either case, the strategy is cognise as the Vertical Integration Strategy.3.4 Product Elimination StrategyA business unit may also eliminate products that have become unpopular with the buyers and bring only losses. such(prenominal) unsuccessful products also damage the image of the business. Thus, the Product Elimination Strategy may be adopted by a firm to annul loss of pro fits as well as reputation.3.5 Merger StrategyIt is also possible that identical business units may combine to make out production and sales and thereby derive the benefits of economics of large-scale operations. This is what is known as the Merger Strategy.4.0 ConclusionIn the 21st century the concept of entrepreneurship is essentially related to innovative endeavors. It is through to be concerned with introducing something new in the environment of tough competition.Entrepreneur types of individuals who are highly determined, confident, creative and innovative, sales oriented personalities well in tune with trends and who are able to translate a vision into a real small business.They are encouraging young individual to form new business enterprises and providing such government supports as infrastructural facilities (like water, power, Transpiration, Industrial sheds or developed plots, Communication system and tax incentives, to facilitate this formation process.Madan paliwal su ccessfully followed all above credit rating strategies in his business since many years.All these strategies are very expeditiously and effectively followed by an enterprise for the success of his own as well as for the growth of business enterprise As good as the business strategies the well is the position of the business. It is impossible to become a successful entrepreneur without business strategy.All the strategies which are mention above should be followed by the person who wants to become a successful entrepreneur.Word bet (2183)