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Entreprenuership Awareness Program- Day 4

We started off Day-4 by discussing some of the important aspects to be considered for starting an industry. I would like to list down some of the points here: Capital, Man-Skill, Management, Product- Choice of prodcut. Later on there was a discussion on “Opportunity”.  Mr Bannerjee gave examples of different opportunities which were missed by very well known companies/entrepreneures. One has to break out of fixed ways and think of New and better routes. The entrepreneur should have more of Lateral thinking. What exactly is Opportunity? Opportunity is a course of action which at first sight may not appear possible but with focussed thinking possiblity should increase. Opportunity is as real as raw materials, labour, finance. It exists only when u see it.

How to look for opportunities?

Opportunities can be:

Starting Point- Checklist for thinking for Opportunities

Next there was a discussion on “Marketing“. In marketing we were told that “Customer” is the main player. He is the “King” and not “God” its because God can forgive but “Customer” never.  One has to think of customer’s needs and comfort. Choice of product should be such that there is competitive advantage before starting a unit. Various factors which can be considered for choosing a product are:

There is no marketing required when there is

After this we discussed about “Segmentation“. Segmentation can be –

After lunch there was a talk on the financial aspects and were told about the different loan schemes available. We were told about Capacity, factors effecting capacity, importance of capacity assessment, capacity assessment methods. After a small break there was a talk on Inventory Management, cost pricing, loans. As all these were a bit banking related terms i found them difficult to understand.

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