Question

As a student of BBA imagine you have decided to become entrepreneur. You came up with a great ideas in your business plan to start your own company.

1. Identify the key decisions you need to be a successful entrepreneur and the information you need for the business processes.
2. Apply the value chain concept to your business and explain how it would perform the various primary and support activities.

Answer 1

Answer:

a)

Entrepreneur:

An individual who composes and works a business or businesses,taking on more noteworthy than normal fiscal risks so as to do as such

Objective:

• It is critical to choose what the main objective of the business and by what means should we accomplish the objectives.

Financing :

• Funds and accounting can be one of the most dull and threatening parts of maintaining your business .It is essential to conclude how to finance your business

Examine your space:

• It is fundamental to discover best place for our business

The all essential services are must accessible in our chosen place

Legal formalities:

• The business person must mindful of all the legal formalities before he start his business.And he ought to satisfy all lawful formalities before doing his operations.

Find your crew:

You are going to require a strong team of individuals around you with the goal that this journey is charming and to assist you with continuing accomplishing your goals.So before beginning the business find a good crew.

Things you have to know before beginning a business are :

• Marketability of our business item
• Rivalry we need to face in the market
• Future demand of our business item
• Must discover barriers we need to confront while doing the business
• Find out whether the idea is gainful or not

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b)

Value chain concept:

A value chain is a lot of activities that a firm working in a particular industry acts so as to deliver an important item or administration for the market

The value chain orders business activities in to two classes : Primary and support

Primary activities

In bound logistics:

• Incorporates all procedures engaged with requesting ,accepting ,and incidentally putting away product that will be offered to the business.

Outbound logistics:

• Incorporates delivering the items to the client

Sales and marketing:

• Incorporates ringing up and handling all business transactions and promoting items to increase sales
• Services incorporates repairs ,periodic maintenance and all other post-sales services offered to clients

Support activities:

Firm framework:

• Incorporates the accounting ,account ,legal,and general organization capacities required to begin and maintain a business

Human resource management:

• Incorporates selecting hiring,training,evaluating, compensating and rejecting workers

Innovation :

• Remembers all investments for PC innovation and different input/output gadgets, ,for example, point - of-sales scanners.It additionally incorporates all support activities for the innovation or technology.

Buying:

• Incorporates all procedures associated with recognizing and choosing merchants to supply goods and negotiating the best costs ,terms,and support from those providers.