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Many CRMs have their own built-in programs that mimic the functionality of other, often-used applications. When this is the case, then it is a simple matter for your system to sync together, so that any notes or appointments made throughout the system are automatically tracked through the rest of the CRM. However, for times when outside applications are necessary, be sure sync your CRM with whatever other programs are being utilized. The best CRMs will do this automatically, importing client-related appointments from your calendar, updating cancellations and other changes, and sending reminders when appropriate. Syncing everything together will help guarantee that you’re utilizing your CRM to its full ability.

Evaluate and improve.

Every business has its own unique challenges, and no CRM strategy — no matter how in-depth — will be able to accurately account for every possible contingency. Accept this fact, and be willing to reevaluate your approach should it become apparent that something isn’t working as well as it could be. Remember: Knowing what is ineffective can often be nearly as valuable as knowing what is effective, so be grateful for every chance you have to identify weaknesses in your system.

When all is said and done, CRM is nothing more than a highly-advanced tool. By itself, it is incapable of helping your business reach its goals. But when combined with a detailed-yet-flexible business strategy, CRM can help you place your customer in the forefront of your business focus. It may take time, effort, and a few trips back to the drawing board, but if you make it a point to develop the right strategy, you’ll find that CRM has the potential to perfect your relationships with those who keep you in business.

With a strategy, here is how to decide which CRM is right for you. Download the free e-book to find out. 

The entrepreneurs who undertake agricultural pursuits are called agricultural entrepreneurs. They cover a wide spectrum of agricultural activities like cultivation, marketing of agricultural produce, irrigation, mechanization, and technology.

Based on the Use of Technology:

1. Technical Entrepreneur:

The entrepreneurs who establish and run science and technology-based industries are called ‘technical entrepreneurs.’ Speaking alternatively, these are the entrepreneurs who make use of science and technology in their enterprises. Expectedly, they use new and innovative methods of production in their enterprises.

2. Non-Technical Entrepreneur:

Based on the use of technology, the entrepreneurs who are not technical entrepreneurs are non-technical entrepreneurs. The forte of their enterprises is not science and technology. They are concerned with the use of alternative and imitative methods of marketing and distribution strategies to make their business survive and thrive in the competitive market.

Based on Ownership:

1. Private Entrepreneur:

A private entrepreneur is one who as an individual sets up a business enterprise. He / she it’s the sole owner of the enterprise and bears the entire risk involved in it.

2. State Entrepreneur:

When the trading or industrial venture is undertaken by the State or the Government, it is called ‘state entrepreneur.’

3. Joint Entrepreneurs:

When a private entrepreneur and the Government jointly run a business enterprise, it is called ‘joint entrepreneurs.’

Based on Gender:

1.Men Entrepreneurs:

When business enterprises are owned, managed, and controlled by men, these are called ‘men entrepreneurs.’

2.Women Entrepreneurs:

Women entrepreneurs are defined as the enterprises owned and controlled by a woman or women having a minimum financial interest of 51 per cent of the capital and giving at least 51 per cent of employment generated in the enterprises to women.

Based on the Size of Enterprise:

1. Small-Scale Entrepreneur:

An entrepreneur who has made investment in plant and machinery up to Rs 1.00 crore is called ‘small-scale entrepreneur.’

2. Medium-Scale Entrepreneur:

The entrepreneur who has made investment in plant and machinery above Rs 1.00 crore but below Rs 5.00 crore is called ‘medium-scale entrepreneur.’

3. Large-Scale entrepreneur:

The entrepreneur who has made investment in plant and machinery more than Rs 5.00 crore is called ‘large-scale entrepreneur.’

Based on Clarence Danhof Classification:

Clarence Danhof (1949), on the basis of his study of the American Agriculture, classified entrepreneurs in the manner that at the initial stage of economic development, entrepreneurs have less initiative and drive and as economic development proceeds, they become more innovating and enthusiastic.

Based on this, he classified entrepreneurs into four types:

These are discussed in seriatim:

1. Innovating Entrepreneurs:

Innovating entrepreneurs are one who introduce new goods, inaugurate new method of production, discover new market and reorganise the enterprise. It is important to note that such entrepreneurs can work only when a certain level of development is already achieved, and people look forward to change and improvement.

2. Imitative Entrepreneurs:

These are characterised by readiness to adopt successful innovations inaugurated by innovating entrepreneurs. Imitative entrepreneurs do not innovate the changes themselves, they only imitate techniques and technology innovated by others. Such types of entrepreneurs are particularly suitable for the underdeveloped regions for bringing a mushroom drive of imitation of new combinations of factors of production already available in developed regions.

3. Fabian Entrepreneurs:

Fabian entrepreneurs are characterised by very great caution and skepticism in experimenting any change in their enterprises. They imitate only when it becomes perfectly clear that failure to do so would result in a loss of the relative position in the enterprise.

4. Drone Entrepreneurs:

These are characterised by a refusal to adopt opportunities to make changes in production formulae even at the cost of severely reduced returns relative to other like producers. Such entrepreneurs may even suffer from losses but they are not ready to make changes in their existing production methods.

Following are some more types of entrepreneurs listed by some other behavioural scientists:

1. Solo Operators:

These are the entrepreneurs who essentially work alone and, if needed at all, employ a few employees. In the beginning, most of the entrepreneurs start their enterprises like them.

2. Active Partners:

Active partners are those entrepreneurs who start/ carry on an enterprise as a joint venture. It is important that all of them actively participate in the operations of the business. Entrepreneurs who only contribute funds to the enterprise but do not actively participate in business activity are called simply ‘partners’.

3. Inventors:

Such entrepreneurs with their competence and inventiveness invent new products. Their basic interest lies in research and innovative activities.

4. Challengers:

These are the entrepreneurs who plunge into industry because of the challenges it presents. When one challenge seems to be met, they begin to look for new challenges.

5. Buyers:

These are those entrepreneurs who do not like to bear much risk. Hence, in order to reduce risk involved in setting up a new enterprise, they like to buy the ongoing one.

6. Life-Timers:

These entrepreneurs take business as an integral part to their life. Usually, the family enterprise and businesses which mainly depend on exercise of personal skill fall in this type/category of entrepreneurs.

3.             In upcoming economies across the world, interest in entrepreneurship is presently more than ever due to burgeoning youth population and a desire to move up the value chain.

Three major components are identified in this environment that community leaders need to address −

Culture − Acknowledgement of the importance of entrepreneurs to the local as well as national economy, appreciation of the values that entrepreneurs earn, welcoming entrepreneurs who often tend to beat off a different drummer, accepting failure as a part of the process and willingness to motivate and unconditional support to entrepreneurs when some of their ventures do not pan out.

Infrastructure − Moving beyond the traditional notion of layout to involve traditional and non-traditional leadership strategies. For example, educational institutions like community schools, colleges and regional universities, cultural and recreational resources, quality schools, and social enterprises that are different and stress on creativity.

Entrepreneurial support elements − Precise programs and initiatives created to facilitate a range of support to entrepreneurs of all types when and how they require it. This involves providing services like the Chamber and Small Business Development Centers, help centers, counseling office, networking organizations and opportunities, financing programs, business incubation services, mentoring and coaching, and youth entrepreneurship education in and outside the schools.

Having a complete knowledge about these components helps in building an entrepreneurial environment that facilitates our community to become more entrepreneurial.

We need to consider our readiness for entrepreneurship. How can we and should get started? We may wish to start by getting a sense of how supportive our community’s current environment is towards entrepreneurs.

Role of Family

A lot has been documented about the importance of the entrepreneur’s access to financial capital, as well as educational achievement and progress, to the enterprise’s ultimate success. The family background of an entrepreneur is often an unrecognized aspect of success. Few facts regarding the role of family for entrepreneurs are −

Two to three times more business is owned by the children of industrialists than those whose parents don’t own a business. So it is pretty clear that, business ownership runs within the family but the question here is does it lead to success?

Entrepreneurs working in their family business before starting a business of their own, tend to be 10 to 40 percent more successful than they would be otherwise.

The would-be entrepreneur gains valuable experience through informal learning and apprenticeship that occurs while working in a family business.

Who can teach us better than our own parents? A brilliant way of learning the “name of the game” of running an own business is first working in the family business.

Family business is a golden ticket for family members to hold human capital linked to operating a business. It is not necessary to gain this experience in the same industry, probably because basic business experience is what counts.

The major scope through which families shift their business success across generations is by working through experience. However, a major drawback is the cycle of low rates of business ownership could be easily broken and relatively worse business outcomes could be passed from one generation to the next. It is very important to address the lack of opportunities to work in family businesses.

Role of Society

The major role of the society in entrepreneurship is support. Entrepreneurs contribute to the society in the following ways −

Business yields and allots products and services to meet certain public requirements. Business has to be very flexible and frequent research on consumer demands should be done to increase profit.

Entrepreneurs create job opportunities. Income is ensured through entrepreneurship. It is a very important factor to consider.

Entrepreneurship has its own contribution in the national well-being. It ensures it in different ways, assisting the government to preserve and manage all kinds of public, social institutions and services, etc.

Entrepreneurs facilitate in enlightening and educating people and motivating their growth at a personal level. Due to high level of competition in the market, it is important for both businessmen as well as their employees to be involved in the constant process of learning and improving personal skills and abilities like creativity, determination, communication skills and vision for new business chances.

4.             Building Your Entrepreneurship everywhere is the necessity of all nations. There is recognition of the fact that the soft power of the future is in the country’s youth and moulding them is important to ensure overall progress of the society. Youth unemployment and absence of Your Entrepreneurship developmental programs creates not only economic problems in the society but leads to several social problems too.

Understanding the background and the Your Entrepreneurship culture in any society is a very complex subject. Lot of research has gone into studying the influence of cultural attitudes of a community, a society or an ethnic group and the national political as well as economic environment and their mutual interactions affecting the attitude of the youth towards Youth Entrepreneurship.

The study of growth potential of Your Entrepreneurship with reference to the environment in the society alone does not give a complete picture. It is important to understand in detail about the issues, approaches, barriers and factors affecting or inhibiting Youth Entrepreneurship in the country, for any initiative to develop Your Entrepreneurship would start by removing the barriers to growth of Your Entrepreneurship.

One of the significant studies on Youth Entrepreneurship and the influence of culture at the workplace and development of values among the Youth has been put forth by Hofstede. He has proposed a four point model that influences the Youth Entrepreneurship in the local work environment. As per him the cultural elements of ‘Uncertainty Avoidance’, ‘Individualism’, ‘Masculinity’ and ‘Power Distance’ influence the attitude and thinking of the Youth with reference to their personal goals and careers. It is seen that the youth’s behaviour and thinking pattern is shaped by these four factors. An individual’s attitude and approach towards achievement and pursuit of his goals and what he wants to be in life, risk taking ability and approach, as well as the acceptance of personal, family and social duties are shaped in accordance with his understanding and reactions to these four factors. In societies which are accepting uncertainties, the youth are more likely to be more risk taking and trying their hands at entrepreneurship and aim for higher achievement. History shows that American society is more open to risk taking and accepting un certainties as compared to Europeans who are averse to taking risks and facing uncertainties. They would prefer to have a stable and steady job than try their hand at new ventures. It is said that Americans are afraid of failure and the culture is such that they are not likely to accept failure at any cost and will do anything to make their ventures a success. A good example of power distance or hierarchies is evident amongst the Japanese, for it is embedded in all aspects of their culture. In communistic countries the approach to entrepreneurship is a lot different compared to other cultures. The societies have grown with the belief in the State providing for their welfare and such attitude can inhibit a aggressive entrepreneurial drive.

The individual’s perception of what his family and friends think or opine about entrepreneurship has a crucial role to play in his views. Besides, the view of the family, their support and the society with regard to failure is also a very important factor playing upon the young minds and framing their opinion. Family’s support is very essential because in most cases the Youth would need to borrow initial finances from the family and friends. The family’s attitude towards education and other careers in fields like medicine, engineering etc are also likely to dominate the Youth’s mindset towards entrepreneurship. It is quite likely that the families will be ready to take loan and fund the youth’s professional education rather than funding for a new business venture where risk is involved.

Surprising but true is the fact that the society’s views about business entrepreneurs as prospective bridge groom can also become a deciding factor promoting or inhibiting Your Entrepreneurship. In some societies people prefer to marry their daughters to persons holding Government jobs thinking that the jobs are secured and permanent as compared to a self employed individual. Normally professionals like lawyers, doctors and scientists are seen to be the most preferred as bridegrooms. Parents of eligible girls are likely to associate self employed youth with certain values like corruption, straight forwardness, honesty etc. These are but purely individualistic opinions but they are still relevant in terms of shaping the Your Entrepreneurship in the society.

5.              The entrepreneur can use several methods to help generate and test new ideas,  including focus groups,  brain storming and problem inventory analysis.

Focus groups:

Group of individuals providing information in a structured format is called a focus group. The group of 8 to 14  participants is simulated by comments form other group members in creatively conceptualizing and developing new  product idea  to fulfill  a market need.

Brainstorming:

A group method of obtaining new ideas and solutions is called brainstorming. The brainstorming method for generating new ideas  is based on the fact that people can be stimulated to greater creativity by meeting with others and participating with  organized group  experiences. Although most of the ideas generated from the group have no basis  for further development, often a good idea emerges.

Problem inventory analysis:

Problem inventory analysis uses individuals in a manner that is analogous to focus groups to generate new product ideas However instead  of generating new ideas themselves, consumers are provided with a list of problems in a general product  category.  They are then asked to identify and discuss products in this category that have the particular problem.  This method is often effective  since it is easier to relate known products to suggested problems and  arrive at a new product idea then to generate an entirely new idea  by itself.

CREATIVE PROBLEM SOLVING:

Creative problem solving is a method for obtaining new ideas focusing on the parameters.

Brainstorming:

The first technique, brainstorming, is probably the most well known and widely used for both creative problem solving and  idea generation.  It is an unstructured process for generating all possible ideas about a problem within a  limited time frame  through the spontaneous contribution of participants. All ideas, no matter how illogical,  must be recorded, with  participants  prohibited from criticizing or evaluating during the brainstorming session.

Reverse brainstorming:

Similar to brainstorming, but criticism is allowed and encouraged as a way to bring out possible problems with the ideas.

Synectics:

Synectics is a creative process that forces individuals to solve problems through one of four analogy mechanisms: personal, direct,  symbolic and fantasy. This forces participants to consciously apply preconscious mechanisms through the  use of analogies  in order to solve problems.

Gordon method:

Gordon method is a method of developing new ideas when the individuals are unaware of the problem. In this method the entrepreneur   starts by mentioning a general concept associated with the problem. The group responds with expressing  a number of ideas.

Checklist method:

Developing a new idea through a list of related issues is checklist method of problem solving.

Free association method

Developing a new idea through a chain of word association is free association method of problem.

Forced relationship

Forced relationship is the process of forcing relationship among some product combination. It is technique that asks questions  about objects or ideas in an effort to develop a new idea.

Collective notebook method

It is method in which ideas are generated by group members regularly recording ideas.

Heuristics

It is method of developing a new idea through a thought process progression.

Scientific method

This is a more structured method of problem solving, including principles and rules for concept formation, making observations and  experiments, and  finally validating the hypothesis.

Value analysis

Value analysis is developing a new idea by evaluating the worth of aspects of ideas.

Attribute listing

This is an idea finding technique that requires the entrepreneur to list the attributes of an item or problem and then look at each  from a variety of viewpoints.

Matrix charting

Matrix charting is a systematic method of searching for new opportunities by listing important elements for  the product area along  two axis of chart and  then asking questions regarding each of these elements.

Big dream approach

Developing a new idea by thinking about constraints is big-dream approach of problem solving.

Parameter analysis

Parameter analysis is developing a new idea by focusing on parameter identification and creative synthesis

6.             Capital structure determines a firm’s fiscal and organizational and health. Financial executives create optimal capital structure by diversifying company debts and outstanding shares. Business analysts evaluate capital structure by reviewing several corporate characteristics – such as long-term financial assets, executive control, planning fluidity and historical performance. Optimal capital structure is the key to decreasing expenses and increasing profits for stakeholders.

Capital structure optimization is crucial for short- and long-term growth. Financial analysts review the following 8 factors, among others, to evaluate capital structure.

Factor 1: Controlling Interest: Among publicly held companies, the elected organizational directors represent equity investors. Equity shareholder votes carry more leverage than preference stockholder votes or debenture holder votes. Preference shareholders have significantly less voting privileges, while debenture holders have no voting rights.
Firms desiring to retain company decision-making rights secure funds mostly through debenture holders rather than equity holders. Additionally, firms typically issue a mix of securities to cater to varying risk tolerances. Equity investors assume substantial risk, while loan and debenture holders trade lower returns for safer investments.

Factor 2: Emergency Preparedness: Responsive financial planning factors into preparing a firm for market changes, such as revenue fluctuations and financing availability, to ensure timely loan repayments. Equity capital is not liquid. Therefore, firms issues securities such as debentures to improve corporate financial responsiveness.

Factor 3: Economic Conditions: The economy influences stock prices. When the financial market is low, companies form debenture and loan capital structures. During market highs, firms maintain equity capital structures.

Firms secure short-term loans from banks and other lending institutions and long-term loans by issuing stocks and debentures. The cost of money, as dictated by economic conditions, affects capital structure when a firm raises funds with securities. Debenture instruments are more beneficial for firms relative to equity share disbursements, which garner higher returns and therefore result in higher corporate expenses.

Factor 4: Solid Fiscal Performance: Consistent historical revenue indicates that a firm can cover expenses over time. Firms must pay some securities, such as debentures, regardless of profits. Therefore, healthy sales indicate an enterprise’s ability to meet financial obligations. When revenue is down, organizations seek equity financing for flexible repayment terms.
Smaller firms typically procure bank loans and organizational profits for operations, while larger firms issue shares in combination with commercial loans.

Factor 5: Financial, Business and Operational Risk: Expense consistency affects capital structure. How expenses fluctuate due to unforeseen circumstances is important. Natural disasters, for instance, stunt short-term revenue by hampering sales and long-term revenue with productions blockages.

The economy where a firm conducts business is also subject to unforeseen risks. In the contemporary business world, size no longer assures economic survival. Therefore, finance executives attempt to consider every possibility imaginable to mitigate negative economic events.

Factor 6: Cash Flow and Debt: Cash flow to debt analysis during high and low revenue cycles determines an organization’s borrowing capacity. A firm’s ability to pay expenses and loans determines debt capacity. Some firms operate in volatile financial environments affecting their ability to meet financial obligations. These firms typically operate with minimal debt to ensure continued operations.

Startup companies normally borrow in excess, anticipating financial needs before the firm breaks even in the future. While these firms often finance operations with equity, future fundraising proves difficult. Other startups secure loans using physical company assets.

Factor 7: Interest Rate Changes: Interest rate changes affect company profits. [3] Firms secure loans with different terms, such as fixed or floating interest rates. If a firm operates successfully, but overlooks potential interest rate changes, the firm may fall behind in payments.

The Federal Reserve determines rate changes based on the country’s economic circumstances. They lower rates when they want to stimulate economic activity, such as consumer spending. This also makes it easier, and more cost-effective, for businesses to secure loans. During low interest rate cycles, enterprises borrow finances for research, development and expansion. When the Federal Reserve raises rates, businesses curtail borrowing, because it is difficult to realize a return-on-investment with high interest rate loans.

Factor 8: Debt and Equity Financing: Substantial equity capital, as opposed to debt capital normally indicates optimal overall financial performance. [3] However, firms benefit from both instruments, depending on their circumstances.

With debt financing, company founders retain ownership and management control. For smaller businesses, debt instruments allow greater financial latitude. Once the business owner pays the loan, they are no longer obligated to the lender, and loan instruments do not require complex reporting.

Determining Capital Structure: While analysts cannot predict future events, these factors indicate whether a firm can survive changing financial circumstances. [2] Myriad factors affect an organization’s financial performance. However, financial analyses help stakeholders evaluate risk using quantifiable factors.

There are certain important types of feasibility study which are as follow

Technical Feasibility Study: The engineering feasibility of the project in viewed in the technical feasibility. Certain important engineering aspects are covered which are necessary for the designing of the project like civil, structural and other relevant aspects. Technical capability of the projected technologies and the capabilities of the personnel to be employed in the project are considered. In certain examples especially when projects are in third world countries, technology transfer between cultures and geographical areas should be analyzed. By doing so productivity gain (or loss) and other implications are understood due to the differences in fuel availability, geography, topography, infrastructure support and other problems.

Managerial Feasibility Study: Managerial feasibility is ascertained by certain key elements like employee involvement, demonstrated management availability & capability and commitment. The managerial and organizational structure of the project is addressed by this feasibility which ensures that the proponent’s structure mentioned in the submittal is feasible to the kind of operation undertaken.

Economic Feasibility Study: Economic feasibility refers to the feasibility of the considered project to produce economic benefits. A benefit-cost analysis is needed. Furthermore the economic feasibility of a project can also be evaluated by a breakeven analysis. In order to facilitate the consistent basis for the evaluation, the tangible and intangible facet of a project must be translated into the economic terms. Economic feasibility is critical even when the project is non-profit in nature.

Financial Feasibility: Financial feasibility must be differentiated from economic feasibility. The ability of the project management to raise sufficient funds required to implement the proposed project is included in the financial feasibility. Additional investors and other sources of funds are considered by the project proponents for their projects in many cases.

Cultural Feasibility Study: The compatibility of the proposed project with the cultural environment of the project is included in the cultural feasibility. Planned operations should be integrated with the local cultural beliefs and practices in labor intensive projects. For example what a person is willing to perform or not perform is influenced by his religious beliefs.

Social Feasibility Study: The affect that a proposed project may have on the social system in the project environment is addressed in the social feasibility. It may happen that particular category of employees may be short or not available as a result of ambient social structure. The influence on the social status of the participants by the project should be evaluated in order to guarantee compatibility. It must be identified that employees in the particular industries may have specific status symbols within the society.

Safety Feasibility Study: Another important aspect that must be considered in the project planning is the safety feasibility. Safety feasibility involves the analysis of the project in order to ascertain its capacity to implement & operate safely with least unfavorable effects on the environment. Mostly in complex projects, environmental impact assessment is not properly addressed.

Political Feasibility Study: The directions for the proposed project are mostly dictated by the political considerations. This is certainly correct for large projects with potential visibility that may have important political implications and government inputs. For example, regardless of the merit of project, the political necessity may be a source of assistance for a project. On the other hand because of political factors, value able projects may face uncontrollable opposition.

Environmental Feasibility Study: Environmental aspect is very crucial in making any potential project successful or failed. In the very early stages of the project, this aspect should be considered. All the environmental concerns raised or forecasted should be addressed in environmental feasibility so that proper actions can be taken to cover relevant issues of the environment.

Market Feasibility Study: Market feasibility must not be mixed up with the economic feasibility. The potential influence of market demand, competitive activities and available market share should be considered in the market feasibility analysis. During the start up, ramp up and commercial start up phases of the project, possible competitive activities (local, regional, national and international) should be analyzed for early contingency funding and impacts on the operating costs.

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