Entrepreneurship Development A4

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~ ~ ~ INDEX ~ ~ ~
Chapter CHAPTER 1: ENTREPRENEURSHIP 1.1 Concept 1.2 Meaning 1.3 Need 1.4 Competencies/Qualities of an Entrepreneur 1.5 Current Scenario CHAPTER 2: ENTREPRENEURIAL SUPPORT SYSTEM 2.1 District Industry Centres (DICs) 2.2 Commercial Banks 2.3 State Financial Corporations CHAPTER 3: MARKET SURVEY AND OPPORTUNITY/ IDENTIFICATION (BUSINESS PLANNING) 3.1 How to Start a Small Scale Industry 3.2 Procedure for Registration of Small Scale Industry 3.3 Assessment of Demand and Supply in Potential Areas of Growth 3.4 Considerations in Product Selection 3.5 Data Collection for Setting up Small Ventures CHAPTER 4: PROJECT REPORT PREPARATION 4.1 Introduction 4.2 Project Viability
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ENTREPRENEURSHIP DEVELOPMENT
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CHAPTER 5: MANAGERIAL ASPECTS OF SMALL BUSINESS 5.1 Principles of Management 5.2 Operational Aspects of Production 5.3 Inventory Management 5.4 Physical Stock Verification (Stock Verification) 5.5 Basic Principles of Financial Management 5.6 Marketing Management 5.7 Objectives of Marketing Research and its Benefits 5.8 The Elements of the Marketing Mix 5.9 Personnel Management 5.10 Sources of Manpower 5.11 Recruitment and Selection Procedure 5.12 Importance of Communication in Business CHAPTER 6: LEGAL ASPECTS OFO SMALL BUSINESS 6.1 Income Tax 6.2 Sales Tax Registration 6.3 How to Calculate DVAT 6.4 Patent Rules 6.5 Factory Act 6.6 Minimum Wages Act, 1936 (Amended up to 1957) CHAPTER 7: BUSINESS ORGANIZATION 7.1 Introduction 7.2 Individual Ownership/Proprietorship 7.3 Authority and Responsibility 7.4 Types of Organization CHAPTER 8: MISCELLANEOUS 8.1 Human Relations and Performance in Organization 8.2 Industrial Relations and Disputes 8.3 Relations with Subordinates, Peers and Superiors 8.4 Wages and Incentives 8.5 Leadership 8.6 Labour Welfare 8.7 Workers Participation in Management
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ENTREPRENEURSHIP
1.1 CONCEPT
The concept of the entrepreneur is to make a person to establish his own unit/industry for the benefit of his own and to give jobs to various persons employed in industry. The term entrepreneur itself indicates that the person can start his business by spending his own money along with the money from the contribution from various sources. The person, whosoever, starts business is known as an entrepreneur.
1.2 MEANING
The person who wants to establish industry for the manufacture of any product by investing any amount by his own source or by collecting finance from financial corporations or by any other means is called as an entrepreneur.
1.3 NEED
In the present scenario, there is a severe need of an entrepreneur to establish different kinds of industries to strengthen the hands of the Government. Day by day, the prices of the commodities are increasing without any control of the Government. Therefore, once different kinds of industri es are established in our country, the rates of the commodities can be controlled as the big manufacturers, charge more for the same commodity, which is being manufactured by the small-scale manufacturers. Due to this problem also, there is the need of various industries, which can provide jobs in various sectors and to reduce the unemployment, which is very essential for our country.
1.4 COMPETENCIES/QUALITY OF AN ENTREPRENEUR 1. An entrepreneur must be able to understand the problems, which may 2. 3. 4. 5. 6. 7. 8.
arise in the development of an industry easily and make up his mind to make the changes required. The decision must be perfect and without any doubt. The system dynamics gives an overall picture of the set up to be started. The entrepreneur must know that everything affects everything. Any change in the industry or business may affect the overall solution. System dynamics is a tool to understand all kinds of problems and to find out the solution. An entrepreneur must be frank everywhere while dealing with customers, suppliers, and all the Government organizations. He must be able to decide, understand, and take decision as per the situation of the problem. He must be competent enough to solve all kinds of problems by negotiation. He must be a qualified person having industrial experience. An entrepreneur must handle all the problems related to the industry while starting the business. He must know how to set up an industry and to decide various factors, which may affect the production programme as per the requirement. He should know how to make the project while considering all the factors like raw materials, preliminary expenses, and
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sources of manpower, machinery, land and building and how to run the industry. For this purpose, the entrepreneur must strengthen himself so that there should not arise any problem while producing any item in the industry. He should have a trading experience before starting any kind of business. He must know about the market because production of any item is easy in production hall but to market the product is very difficult. Therefore, he should have a market survey before starting any kind of production. He should know about the requirements in the market otherwise the product whatever is being manufactured may be affected and the losses may occur at later stage.
1.5 CURRENT SCENARIO

On April 6, 2005, an advertisement appeared in the newspaper, The Hindustan Times. Dr. A.P.J. Abdul Kalam, the President of India recommended that entrepreneurship be made a subject in schools colleges to orient students towards setting up enterprises that would provide them with creativity, freedom and the ability to generate wealth. Inaugurating a three-day international conference on Employment and Income Security, Dr. Kalam said: Banks must be proactive in supporting innovative products that enable wealth generation by young entrepreneurs.
ENTREPRENEURIAL SUPPORT SYSTEM

2.1 DISTRICT INDUSTRY CENTERS (DICs)
The District Industry Centers are meant for the development of various industries in different states. The Government has given lot of powers to District Industry Centers. These are looking after the industrial sectors at various places. The General Managers of the District Industry Centers arc appointed to look after the industries running in their particular areas. The District Industry Center provides complete detail about the industries running at the particular location along with the guide which provides complete knowledge about the industries and helps the entrepreneurs to find out the type of work to be started. The DICs help entrepreneurs by guiding them in all the matters related to industries. The Government gives full support to DICs as with these centers complete information is provided to the entrepreneurs to start their industries.
2.2 COMMERCIAL BANKS

The Government has approved many banks in various sectors like agriculture sector, commercial sector, industrial sector and the other development program.
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The different banks are running under the direction of the Government and there are many banks which are running under the direct control of their own i.e., private banks. The banks like State Bank of India, Indian Bank, Syndicate Bank, United Commercial Bank, Agricultural Bank, etc. give financial support to the industries for their development program. The entrepreneurs who are willing to set up their own industries can approach these Commercial Banks to get loans by submitting their project report along with their progress report in this connection.
2.3 STATE FINANCIAL CORPORATIONS

The Government has provided different financial corporations within all the states. The entrepreneurs submit their project reports along with their financial position in various banks and the banks depute the representatives to visit their premises to go through their requirements and after going through the project reports the bank finances about 90 percent of the amount and the 10 percent is invested by the entrepreneurs themselves.
(a) Small Industries Service Institutes (SISIs)

These institutes help the industrialists in the sector of development and provide various information about various fields. These service institutes are guided by the Government Department to help the entrepreneurs to get the more output by investing less amount of capital.
(b) Small Industries Development Bank of India (SIDBI)

This development bank gives finance to the small scale sectors for starting small scale industries which manufacture the components ranging up to 10 lakhs. The loan provided by the bank ranges from 10 to 15 lakhs to the small-scale sectors. The banks give finance with a concession (subsidy) up to 10 percent for the various development program.
(c) National Bank for Agriculture and Rural Development (NABARD)

This bank helps the agriculturists with the projects of agricultural equipments and to meet the urgent requirement which is essential for any agriculturist. At present India is number one in the whole world in the field of agriculture sector and is the biggest grower of various crops which help the nation to run our industries and the development program. Different Indian Institutes of Technology (IlTs) of our country are doing lot of efforts to help the rural sector where a lot of problems exist. IITs are providing research and development program to meet the requirement of the agriculturists along with the knowledge about how to develop their sector. NABARD has developed many projects for the agricultural and rural development program, which is under the control of Ministry of Agriculture of our country. (d) National Small Industries Corporation (NSIC) The function of the National Small Scale Industries Corporation is to guide the entrepreneurs about how to start/set up their industry as per the requirement. It provides complete technical know-how of the project in various sectors. This gives a lot of encouragement to the entrepreneurs for the development of their own industries.
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COMMERCIAL BANKS
State Bank of India United Commercial Bank Syndicate Bank Agricultural Banks State Financial Corporation Industrial Development Bank of India Fig. 2.4 NSIC Banks Consultants
DIC
Entrepreneurial Support System
Industries
Librarys Udhyog Bhavan Fig. 2.5
Environment
In brief, National Small Industries Corporation (NSIC) provides the under mentioned information: 1. Technical knowledge, how to set up an industry? 2. To provide loan at a concessional rate to the entrepreneur. 3. To guide entrepreneur about how to set up an industry. 4. To provide training to the entrepreneurs in the field of their desires by giving training for a period of six months or one year as per the need. 5. Providing loan against the hypothecation of land, building plant & machinery.
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MARKET SURVEY AND OPPORTUNITY IDENTIFICATION (BUSINESS PLANNING)

3.1 HOW TO START A SMALL SCALE INDUSTRY
The person who is willing to start a small scale industry should have a knowledge, qualification and experience in the field of industry along with the financial capability to run a business. He should go through the under mentioned points to set up a small scale industry: 1. Procurement of land & building on rental basis or purchase of land as per the requirements of the industry. 2. Plant & Machinery required for the industry. 3. Electricity Connection. 4. Pre-operative expenses. 5. Escalation and contingencies. 6. Manpower. To start any small scale industry the person should start with trading of the product in which he is willing to start the industry. First of all, the entrepreneur must go through the market position of the product in which he wants to manufacture by having the market survey through his own sources. To start with, first of all the entrepreneur has to prepare a detailed project report in which the complete detail of the land & building, plant & machinery, pre-operative expenses, escalation, contingencies, manpower required are to be given along with the fixed capital and the working capital which is required to run the business. There are certain points which are to be considered while selecting a place of production where all kinds of things are available. Some of them are: 1. Market of the Product. 2. Industrial Area. 3. The Suppliers availability. 4. Manpower availability. 5. Electricity. 6. Water. 7. Transport facility. Transport Facility Consumer / Market
Man Power
Production Unit
Supplier
Raw Material
Electricity & Water
Fig. 3.1 Factor Effecting Production Process

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All the above factors are the essential factors, which are to be considered before starting any small-scale industry. The small-scale industrialists always face many problems while starting the business. If one considers all the above factors before starting the business, there will be no problem at all in future. To start any business is easy but to sell the product in the market is difficult without having experience in the field. The market survey is must, which gives the idea to tackle the market position by supplying the material of good quality at a cheaper rate in the competitive environment.
3.2 PROCEDURE for REGISTRATION of SMALL SCALE INDUSTRY

The under mentioned procedures are adopted for the registration of small-scale industry: 1. The entrepreneur must select the name of the industry in which he wants to start his business as the name itself plays a very important role for any industry. Therefore, the name must be selected which can give the overall view about the type of industry. 2. The prescribed form is to be filled up for the registration of firm in whatever the name. The entrepreneur can register his firm at the office of the Registrar of firms. 3. The entrepreneur has to decide whether he would like to start a. Individual Ownership/Proprietorship Firm. b. Partnership c. Private Ltd Company. d. Public Ltd. Company. 4. The prescribed form for the registration of small scale industry can be submitted in the office of the Director of Industries in various States for example at Delhi, the application of registration of the small scale industry can be submitted in office of the Director of Industries at Kashmiri Gate, New Delhi. 5. The prescribed form is to be filled up in which the complete details of the entrepreneur is to be submitted along with the project report of the industry to be started. 6. Inspection by the Inspector of the office of the Director of Industries is required thereafter. As per point number one the entrepreneur must decide the name of the industry by going through several factors. The name must give the overall idea of the product to be manufactured. The decision is to be taken after consultation with the family members. He submits his report to the Director of Industries for giving registration in smallscale industry. This registration helps the entrepreneur to appear in any Government tender without submitting the earnest money required for obtaining any tender. The entrepreneur gets exemption to appear in the tender and with this certificate different kinds of connections can be obtained by the entrepreneur for his own industrial benefit. This is also an essential requirement for obtaining loan from any Commercial Bank, as while applying for loan in any bank the entrepreneur has to submit the copies of the registration of the firm.
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After the registration with the Director of Industries project report along with the security deposits is forwarded for the sanction of loan in his favor. The banks finance 90 percent of the amount and the balance of 10 is to be paid by the entrepreneur as a security. All these loans are provided against the hypothecation of stock, land & building, plant & machinery etc.
3.3 ASSESSMENT of DEMAND and SUPPLY in POTENTIAL AREAS of GROWTH

There are various stages like introduction, growth, maturity and the decline. These stages occur in any kind of business to be started. The graph of the product life cycle is shown in figure.
Y
Output
PRODUCT LIFE CYCLEE

Introductory Stage Growth Stage Maturity Stage Decline Stage
O X
Time Fig. 3.2 In any industry, the entrepreneur must have the knowledge of demand and supply. The steps are as follow: 1. To assess the demand the questionnaires are required to be prepared and brought to the notice of consumer by asking the questions like why, where, how, when, terms and by showing the comparative statement of the other manufacturers. 2. This demand can also be assessed by the entrepreneur by visiting various industries manufacturing the goods in the field of interest of the entrepreneur. 3. To go through the economic report available in the list of industries at Udyog Bhawan, New Delhi. 4. To assess the requirement of demand the entrepreneur must have the survey report of the various organizations dealing in the line of providing literatures and manuals, which help the entrepreneur to set up his own
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industry. As the supply is concerned once, the demand is known in the market as per product life cycle. The items can be manufactured at the site of the industrialist. The demand and supply affects as per the 4 Ps. a. Product b. Price c. Promotion d. Place. As per the marketing management, first of all for start any product its demand should be known in the market, then the price should be decided by going through various factors, after it promotion of the product should be launched in the market. Lastly, the place where the product is to be sold should be decided.
3.4 CONSIDERATION IN PRODUCT SELECTION

While selecting the product the entrepreneur must go through the market survey to know about the product in which he would like to start his own business or industry as per his financial capability. The under mentioned points should be considered: 1. The demand of the product in the market: To assess the demand of the product in the market, the entrepreneur has to visit various industries in which he is having interest to start the production to know the demand in the market, while having a survey of various industries by means of using questionnaires and visiting various industries about the demand of that particular product. 2. To assess the demand the entrepreneur must start trading business: By purchasing the same product and selling it in market to have the contact with various consumers who can ultimately become the members of the industry in his field of interest. The trading is must for starting any kind of business. Just to invest the amount for manufacturing any product at the site may lead to failure. Unless the demand is known in the market the selection of product is a crucial decision which is to be taken only after going through several factors which may affect the product as the product whatever is to be selected should be decided only by going through the details of product which is already available in the market before starting the product selection. 3. The entrepreneur must decide what type of industry he wants to start: a. Manufacturing Business b. Trading Business c. Consultancy Business d. Assembly of the components to make the product. 4. Decision consideration: The decision is to be taken on all the above points. Only then the product is to be selected as in case the entrepreneur starts producing a component in his industry in which he is not having any knowledge may lead to failure in future. Due to this reason, the demand of the product in the market is to be known by going through survey either by literatures by using questionnaires by visiting various industries by
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consulting different consultants to decide about the product before starting any business, entrepreneur must decide the place of his business at which place he wants to start his industry because the place itself plays a very important role for the product selection. 5. Steps to decide selection of product: As in the marketing management, the under mentioned four points are considered: a. Product b. Price c. Promotion d. Place. From all the above points First of all product to be manufactured, must be decided by the entrepreneur only by going though several factors which may affect the sale in future. Therefore, the selection of the product is the crucial decision which is to be taken by the entrepreneur. Secondly, the price of the component is to be decided as in case the entrepreneur is manufacturing a component which is having a monopoly in the market, can be sold easily. In case the same component is also manufactured by various industries then it will be difficult to survive in the market. Therefore, the price decision is also to be taken after going through the market survey to decide about the cost of the product to sell the component at competitive price in the market. Thirdly, in the promotion of the product the entrepreneur has to decide how to promote the product in the market as there are different ways to promote the product in the market: by giving advertisement in a newspaper, by using electronic media, by using questionnaires and by visiting various industries. Lastly, the place itself plays a very important role.
3.5 DATA COLLECTION FOR SETTING UP SMALL VENTURES

The collection of data for setting up small ventures can be done by the market survey: by using the technique of questionnaires, by going through literatures and by going through the know-how which is available at various industries for example the project reports are available at Indian Investment Centre, Parliament Street, New Delhi, Udyog Bhawan, New Delhi, Libraries and by visiting different small scale industries. They are manufacturing different components as per the desire of the entrepreneur in which he wants to start his business. After visiting various industries the entrepreneur can assess the requirement in the market. On one side he is going to get the idea of the demand and on the other side he will be having knowledge in the particular industry. At present the small scale industries are helping the nation in all fields because the big manufacturers/industries are charging more for the component which is being manufactured by the small scale industries. Due to this, the 80% of the supply is done by the small-scale sector and 20% by the big industries due to the competitive cost in the market.
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PROJECT REPORT PREPARATION

4.1 INTRODUCTION
To establish any project the complete information about marketing, finance and technological aspects are scrutinized carefully. The market survey is done to know about the latest development in the technique and the information is to be collected from various sources. first of all the objective/goal/target is to be decided and then the further study are to be done. The flow diagram of the project is shown as under: Input Work in Progress Feed Back Fig. 4.1 Flow Diagram of a Project Land Building Plant & Machinery Raw Material Pre-Operative Expenses Escalation and Contingencies Electricity & Water Labor Output (Finished Product)
4.2 PROJECT VIABILITY

The pre-planning is done before starting any project and the under mentioned points should be checked very carefully. 1. Financial Aspects. 2. Break Even Point. 3. Net Present Value. 4. Marketing Aspects. 5. Technological Aspects. 6. Profit & Loss. 7. National Aspects. Investment Criteria There are a number of investment criteria in use. Some of the accepted criteria are given below: 1. Traditional Criteria a. Pay Back Period. b. Accounting Rate of Return. 2. Discounted Cash Flow Criteria a. Net Present Value. b. Internal Rate of Return.
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c. Profitability Index or Benefit Cost Ratio. It may be noted that different firms may use different methods. A large company may use more than one technique to appraise each of its investment projects, while a small firm may contend with using only one technique, which involves minimum funds and time. Pay Back Period Pay-back period is one of the most popular and widely recognized traditional methods of evaluating investment proposals. It is defined as the number of years required to recover the original cash outlay invested in a project. Cash Outlay (Investment) Pay Back Period = Annual Cash (Inflow) Accounting Rate of Return Method The accounting rate of return method uses accounting information as revealed by financial statements, to measure the profitability of the investment proposals. The accounting rate of return is found out by dividing the average income after taxes by the average investment. The average investment would be equal to the original investment plus salvage value if any divided by two.
A.R.R. = Average Income Average Investment
The Net Present Value The net present value method is the classic economic method of evaluating the investment proposals. It is one of the discounted cash flow techniques explicitly recognizing the time value of the money. It correctly postulates that cash flows arising at different time period differ in value and all are comparable only when their present values are found out. The steps involved in the Net Present Value Method are - first an appropriate rate of interest should be selected to discount cash flows. Generally the appropriate rate of interest is the firms cost of capital which is equal to the minimum rate of return expected by the firm on its investment proposals. Second, the present value of investment outlay i.e. cash outflows should be computed by using cost of capital as the discounting rate if all the cash flows are made in the initial year then their present value will be equal to the amount of cash actually spent. Thirdly, the net present value should be found out by subtracting the present value of cash outflows from the present value of cash inflows. Thus, the Net Present Value Method is a process of calculating the present value of cash flows-inflows and outflows of an investment proposals, using the cost of capital as the appropriate discounting rate and finding out the present value by subtracting the present value of cash outflows from the present value of cash inflows.
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MANAGERIAL ASPECTS OF SMALL BUSINESS

5.1 PRINCIPLES OF MANAGEMENT
Definition Management coordinates all the activities of the man, machine and materials. 1. Management is an on-going activity consisting of various functions. 2. Management is executive functions which actively direct human effort towards common goal. 3. Management is the complex of continuously coordinated activities by means of which any undertaking or any administration or any other service, public or private conducts its business. This definition is stated by I.L.O. 4. Management involves getting things done through and with the people in formally organized groups. This definition is stated by Koortz. 5. Art of directing human activities. This definition is stated by Urwick. 6. Management is the art of coordinating activity of man, material and meeting. Functions of Management Planning Organizing Directing Motivating Coordinating Control Fig. 5.1 Of these, the above two are generally known as Management in preparation and the last four as Management in action. The aim of management is: First, plan your work, and then work your plan. If the proper planning is not done all the other efforts made will go waste and if every step is taken and control is not done then also everything goes waste. Planning Planning means thinking before doing, before actual work is started, in planning it is decided what is to be produced, how is to be produced, when is to be produced, and who are to produce it etc. Organization When complete planning is done, rest step is to arrange material, men and money for actual execution of manufacture. The main function consists of two divisions namely:
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a. Material Organization. b. Human Organization.

It is the human organization which forms an important function of management. The purpose of organization is the delegation of authority and responsibility. Directing Directing means the system of directing the plan into operation. Only giving orders is no directing. The person who directs must have dynamic leadership. This work is done by the directors or Managing Directors/Chairman. He issues the instructions to his staff. These instructions must be simple, clear, complete and reasonable in all respect and as far as possible must be written and simple. Motivating Suppose a person is highly qualified, technically and physically sound, but he is not willing to work hard his output will be much less. So the function of motivating is to find out the motive of work in a man and then he should encourage to do work by keeping his moral high. Motivating is the skill of Manager and is linked with coordination. Coordinating In an enterprise, there may be large number of workers, altogether with the object of producing particular product. This is the task of coordination to integrate and harmonize them to achieve a common object. Control The function of control is to match actual performance with the plans and to point out defective work to rectify them and prevent re-occurrence. The various forms of control are quality control, cost control, material control and production control etc.
5.2 OPERATIONAL ASPECTS OF PRODUCTION

In any production process the various inputs are given like manpower, machinery, raw material, electricity & power, pre-operative expenses, escalation and contingencies.. The flow diagram of the operational aspects of production is shown in figure given below: Input Production Unit Output Finished Product
Feed Back Fig. 5.2 Operational Control Land & Building Manpower Machinery Raw Material Escalation and Contingencies Pre-Operative Expenses Electricity & Water Drinking Water
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Raw Material As per the above flow diagram the raw material is required as per the requirement of the industry either the trading unit, manufacturing unit or assembly unit. In all these units the raw material is purchased according to the product being manufactured in the production hall. Pre-operative Expenses The expenses utilized before starting any kind of production are called the preoperative expenses. Escalation & Contingencies This is the amount kept for the hike in prices of the raw material at the time of emergency. Land and Building In any kind of production unit either the constructed unit or on rent can be taken or the land to be purchased and the building is to be constructed as per the requirement of the production unit. In all kinds of operations the production plays a very important role as the quality of the product itself speaks the value of the item sold in the market.
5.3 INVENTORY MANAGEMENT

The scope of the store function is to look after effectively and efficiently the physical custody of material, after their acquisition until these are issued for production/use. Functions 1. Receiving and inspection. 2. Storage. 3. Retrieval and issue. 4. Stock accounting. 5. Physical stock verification. Performance Criteria for Store Management Effectiveness 1. Stores efficiently index pending indents at retrieval time. 2. Handling loss index. 3. Storage loss index. 4. Space utilization and house-keeping. 5. Incoming material inspection effectiveness. Important Decisions Associated with Design and Operation of Storage and Retrieval Systems 1. Storage location - centralized vs. decentralized storage. 2. Stores layout planning objectives and guidelines. 3. Storage methods - bins, racks, platforms, shelves, buckets. 4. Storage systems - open, closed, and dedicated to random access. 5. Material identification code and store address systems. 6. Documentation - forms procedures: for example (bin card). 7. Issue policies - LIFO, FIFO, Grouping market competition units of issue items vs. bulk control.
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8. Store accounting system - FIFO, LIFO, approx. cost, stand cost. 9. Physical stock verification - need method period in perpetual, law
inventory method, had to handle discrepancy export - unjust by inspection.
5.4 PHYSICAL STOCK VERIFICATION (STOCK VERIFICATION)

Need and Rationale Storekeeper performs the custodial job or how carefully inventory records are maintained. Some discrepancy between the actual and the book value of inventory is bound to occur. Systems are operated by people and people can make mistakes. For this reason every inventory item should be physically counted, measured or weighed and checked against book balance at least once a year. Thus, physical stock verification is a systematic process with the following objectives: 1. To reconcile the book records and documents for their accuracy and usefulness. 2. To identify the areas which require more disciplined documentary control. 3. To back-up the balance sheet stock figures. 4. To minimize pilferage and fraudulent practiser. 5. Suggest preventive and corrective follow-up measures. Who does it? Normally material audit or internal audit does it. One person is given exclusive responsibility and authority. Process of Verification Y Stock Maximum Stock
Usage Procurem ent Time a
Standard Order
REVERSE STOCK
Minimum Stock
a
X Time Y Fig. 5.3
1. Must involve store people who know the physical location and can advise
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on the right method of measurement.
2. Must rectify omissions by discussion before reporting. Major discrepancies

should be re-verified. Possible Sources of Discrepancy 1. Large scale pilferage. It may be true for valuable items in short supply in the market due to lack of adequate security check. 2. Wrong posting of records 3. Loose document control. 4. Evaporation losses due to poor storage matter Applications 1. Safety Margin. 2. Improve Profit. 3. Machinery Selection. 4. Product Addition. 5. Economic Strength.
5.5 BASIC PRINCIPLES OF FINANCIAL MANAGEMENT

The Nature of Financial Management Financial management is the managerial activity which is concerned with the planning and controlling of the firms financial resources. The three important activities of the business firm are finance, production and marketing. The firm secures capital it needs and employs it (finance activity) and generates returns on the invested capital (production and marketing activities). A business firm, therefore, is an entity that engages in activities to perform the functions of finance, production and marketing. The firm acquires funds from the sources called investors. The funds to secure when invested are called investments. As to run any business finance is required and for collecting finance different sources are required, but to utilize funds at different points the pre-planning is required as without planning for the investment to be made will go waste. Therefore, to manage the amount in right time at right place is essential and for the purpose, finance management is required. The Objective of Financial Management 1. Where to invest funds and in what amount? 2. How much to pay in dividends? 3. Where to raise funds and in what amount? These decisions relate to the firms investment and financing policies 5.6 MARKETING MANAGEMENT Marketing Research - Role of marketing research in marketing Marketing research is a systematic gathering, recording and analyzing the data about marketing problems to facilitate decision making. Curdiff and Still Marketing Research is a systematic problem analysis, model building, and fact finding for the purpose of improved decision making and control in the marketing of goods and services.
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Phillip Kotler The main object of Marketing Research is to frame new policy or modify the existing marketing policies, strategies, and programs. Marketing research reduces the risks involved in marketing research and decisions. Fact got from research can form the basis of planning, selling, sales promotion, and advertising. Marketing Research helps in reducing the risks involved in the marketing decisions in two ways: 1. Current information for marketing to take decision. 2. Generalized knowledge about the marketing process. Scope of Marketing Research The scope of marketing research is very wide and it is ever expanding. Marketing research includes various subsidizing types of research like: 1. Market Analysis. 2. Sales Analysis. 3. Customer Research. 4. Advertising Research.
5.7 OBJECTIVES OF MARKETING RESEARCH AND ITS BENEFITS

Valuable Information about Customers Their needs, their ability to pay potential buyers, locations etc. Production of New Items An entrepreneur gets information about customers habits and preferences and makes improvement in his products or develops new products. New Uses of Products An entrepreneur widely publicizes the alternative uses of his product and creates demand of the product in the market. Selection of Channel of Distribution Marketing research helps in selecting the best channel of distribution to meet the needs of customers effectively. Knowledge of Demand An entrepreneur studies the nature of product demand. Discovery of potential Markets Potential markets are discovered where companies product can be sold. Existence in Competitive Situations An entrepreneur studies the marketing policies and strategies of its competitors through marketing research. Planned Production He facilitates the production of product in a planned way which results in maintaining the equilibrium in demand and supply in the market. Thus, marketing research is very useful for the planning and developing the marketing activities in the right direction. Channel of Distribution Types of Channel of Distribution
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1. Direct Distribution. 2. Indirect Distribution.

In direct distribution, manufacturer sells his product direct to consumers. a. Manufacturer Retailers Consumers In indirect distribution, products reach from manufacturer to the consumers through intermediaries. b. Manufacturer Wholesalers Retailers Consumers The following figure shows the relationship between manufacturer and customer in modern industry. CHANNEL OF DISTRIBUTION Manufacturer Wholesalers Distributors Sub. Distributors Retailers Consumers Fig. 5.4 Production Research Sales Dealer Customer
Fig. 5.5 Manufacturer and Customer Relation Undertaking Market Research For undertaking marketing research the process of market research is divided into four general groups described below: 1. Product Analysis: Product Analysis is used for finding out customers for the product and will fulfill the present requirement of the market. Check List of Questions: a. Whether the product fulfills market requirement? b. Whether the product is competitive in character, performance and price? c. Whether the product permits efficient distribution? d. Whether the product can be sold at handsome profit? e. Whether the reductions of selling prices have effects on demands?
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Market Analysis: Its objective is to find the location of market, scope of sales and buying habit of customers. Check List of Questions: a. Who purchases the product? b. Where are the markets? c. What is the volume of sales during a particular time? d. On what factors does buyer pays stress? e. Whether demand is seasonal? f. What discount and credit terms are prevailing? 3. Distribution Analysis: This consists of the study of the Channels of Distribution, Methods of Pricing, Resale Price, Maintenance, Selling Methods, Sales Promotion, Sales Training, Warehousing and Distribution Cost Analysis. 4. Competition Analysis: It is generally included as a part of marketing analysis. It makes study to recent or proposed production sales and pricing policies of the competition. Technique of Market Research 1. Collection of Data. 2. Interviews. 3. Market Survey. 4. Statistical Method. Functions of Market Research 1. Helps in knowing who and where the customer is and what he wants. 2. Helps in knowing the sales trend, market potential and its shares in market. 3. Helps in knowing the defects in the products and then rectify them in function. 4. Studies the distribution channel and its effectiveness. 5. Exploits new markets and helps in developing new products. 6. Safeguards the market interest of the company against changes in the market in future. 7. Keeps the business in touch with its market and thus helps the sales promotion effects. Four Ps in Marketing 1. Product: Marketing managers plan and develop the right product or services in the terms of quality, packing, branding and design for the market segment. This planning includes determining the product line and product mix of the firm. 2. Price: Marketing managers determine a competitive fair price for products which would earn fair profits. 3. Promotion: Marketing managers inform customers about their products or services by means of such marketing functions as personnel selling and advertising.
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4. Place: Marketing managers make products or services available to

customers by distributing goods through channels of distribution. It provides place and time utility to the products. Product Mix It has the marketing plan that satisfies the desires of consumers identified in the marketing segment. The knowledge of utmost importance for guiding marketing decision in product planning. Break Even Point Break-even point is the point where there is no profit and no loss. Fixed Cost B.E.P.. = Selling Price Variable Cost
Applications 1. Safety Margin. 2. Improve Profit. 3. Machinery Selection. 4. Product Addition. 5. Economic Strength.
5.8 THE ELEMENTS OF THE MARKETING MIX

Product Activities Product, service or idea may be defined as something which is given to consumers in exchange for a price. Activities related to a product service or idea includes the following: 1. Quality 2. Features 3. Style
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Brand Name Packaging Sizes Services Warranties Returns Pricing Activities Target Customershow much they will buy at various places, in other words, price elasticity of demand. Costhow much it costs to produce and market the product, i.e. both production and distribution costs. Competitionsevere competition may indicate a lower price than when there is monopoly or little competition. The LawGovernment authorities place numerous restrictions on pricing activities. Promotional Activities Advertising, Personal Selling, Sales Promotion, Publicity and Public Relations. Place or Distribution Related Activities Basically place or distribution related activities are used to transfer ownership to consumers and to place products, services and ideas at the right time and place. Distribution is made up of two components, i.e. 1. Physical Distribution. 2. Channel of Distribution. Physical Distribution consists of the activities involved in moving products or services from producer to consumer, for example, 1. Transportation. 2. Warehousing and storage. 3. Order Processing. 4. Inventory Control. 5. Location. Identification of Problems and Opportunities Here the marketer has to identify the strength and weaknesses as well as the opportunities and threats which exist in the environment in relation to the company product. The data required to be collected in respect of the current marketing situation should help him in identifying major strength, weaknesses, opportunities and threats.
4. 5. 6. 7. 8. 9.
5.9 PERSONNEL MANAGEMENT

Introduction The need of personnel department arise due to the problems faced by the organizations/industries because of large workers working in an organization require someone who can look after their welfare measures and to solve the problems within the industry as it is impossible for single person to look after all the work, therefore, it becomes essential to have personnel management
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department due to this the top management gets more time to spend on other matters, as the number of persons working in an organization are increasing day by day and it also made it essential for all the companies to run separate department which can look for the personnel and the development work of all workers. The person, who takes care of all these matters, is called as the Head of the Department (Personnel) or Personnel Officer. Duties and Responsibilities of Personnel Department The Personnel Officer has to look after the under mentioned points: 1. To provide proper training and education to the staff which include workers and others? 2. To maintain good industrial relations between industries. 3. To look after the welfare and employees services. 4. To arrange labors/workers for the industries well in time to avoid any delay in production programme. 5. Providing safe place for doing their work and this is being done by making proper layout diagram of machines to be kept at various places in working production hall. 6. Maintaining employees health 7. Maintenance of employees safety, safety standards, safety guards and inspection of safety equipments, fire protection and accident, investigation, safety records and workmen compensation for injuries. 8. Employees welfare group, insurance, profit sharing, pension, legal assistance, housing programme, company stores and restaurants. Planning of manpower is done by making a layout of all the machinery. It is finalized by counting machine in numbers and the steps required to complete the process at the earliest and the delay period of work etc.
5.10 SOURCES OF MANPOWER. 1. Through Existing Workers

As the workers working in a family can suggest better, workers for industry as they know what kind of experienced workers are required to run a particular machine, these workers can be controlled by the organization because the existing workers can give guarantee for the new workers discipline, etc. 2. Employment Exchange Government employment exchange receives letters from persons requiring jobs in various organizations by sending their bio-data i.e. educational qualifications and experience etc. The exchange goes through their experience and qualifications and recommends their name to the Government organizations as well as Pvt. Companies so that they can select the candidate for their organization as per their requirement.. 3. Advertisement The advertisement is given in different leading newspapers for the manpower required for the organization by mentioning the qualifications and experience required for particular organization, like schools, colleges
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and technical institutions. The manpower can be arranged from schools, colleges and technical institutions by the visit of the companys representative/area executive/human relation officer at different places and can have the preliminary interview at the premises of the schools, colleges and technical institutions and the interviewer can select the suitable candidate by going through a test at the premises as well as by asking questions on the topic related to their field. 4. School, College and Technical Institutions The man power is also available at various educational institutions. Companys representative visits various colleges as per the interest of the company in fields like electronics engineering, mechanical engineering, computer science, electrical engineering in which field the men power is required. The company candidates interview at the company itself and select the candidates as per his choice.. 5. Through Contractors There are some of the workers or the agencies providing men power as per the requirement of industry. The men power can be selected through these companies. 6. Notice on Factory Gate This is the best way. When few numbers of skilled, unskilled workers are required for factory, the factory owner fixes notice on the main gate of the factory and mentions the number of persons required. The workers searching for job go through the requirement of factory and can meet the supervisor/ production manager for job. 7. Through Consultants By this way the suitable candidate can be selected as the consultants usually collect the bio-data of different candidates desirous of employment in various organizations. The consultants suggest the name of the employees required as per the companys requirement. By this way company saves money in spending on advertisement for workers required for their company. At present so many consultant organizations are doing this business only. 8. Through Trade Associations The trade associations register the names of different organizations running different types of business and they are in touch with different industries all the time. Therefore they can suggest suitable kind of skilled/unskilled workers/managers etc. for companies as per their requirement. 9. As Recommended by Professional Bodies and Societies There are some of the professional organizations/societies those are working for the welfare of the employees. They can reclaim there name for the similar opportunities in industries. As these peoples are already working as the line these have their expertize knowledge. 10. Former Employees who had good service records when they left the Organizations
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In the case the senior employees those have already worked in the same organization and have good service record can provide workers as they now about the organization report.
5.11 RECRUITMENT AND SELECTION PROCEDURE

Recruitment is the process or means by which a suitable candidate is selected as per the requirement of an organization. By this process, a right person is selected in right time without any bias. This is the work of personnel department and he usually gives the under mentioned details in newspapers. 1. Details of the organization work in their field, its branches, their turnover, and scope etc. 2. Name of the Post. 3. The educational qualification and experience required for the said post. 4. Number of persons required in different trades like general numbers/ SC/ST/BC etc. 5. Pay scale and other allowances like DA, CCA, HRA, TA and total emoluments and any other terms and conditions for the job. 6. Cost of application form if any for applying the job and the last date of submission by registered post etc. Now the interested candidate will apply in typed paper or in the form prescribed by the organization if any obtainable from the employer and for this purpose the details are given as under: a. Name of the Candidate. b. Fathers Name. c. Permanent Address. d. Present Address. e. Mother Tongue. f. Nationality. g. Religion. h. Date of Birth. i. Educational Qualifications. j. Service experience from the starting job in chronological order. k. Minimum Salary Acceptable, if any Selection U.P.S.C. gives advertisement in newspapers by giving the Performa of the form to be submitted. The applications received up to the last date of submission are collected. The summary sheet on the basis of qualification and experience are made by giving suitable weight age to qualification and experience etc. The sheet is prepared and the suitable candidates are then called for interview. The persons scrutinized during the recruitment procedure are called for interview for selection. The test of selection is done for selecting a suitable candidate required for the particular post and to reject the unsatisfactory candidates Need of Scientific Selection
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The need of scientific selection arises because in previous days the person who was running his business felt that he knew each and every thing 1. Trade Test: This test gives the idea to the employer about the knowledge of the candidate for doing work on a particular machine. 2. Medical Test: This test helps the employer to know about the candidates suitability for the required post. By going through medical test the suitable candidate can be found and to know whether the candidate is suffering from any disease or not etc. 3. Interview: In an interview the person is selected by going through the educational qualification and experience and his ability to work under the environment of the industry etc. As in interview there is a face to face discussion, the interviewer can judge about the candidates real willingness for the job and his personality and by asking questions on the relevant topics. The knowledge of the candidate can be known as in teaching job the candidate is asked to explain some topic in the presence of all the students which gives an idea about his way of teaching. Thus, interview is an additional point for the interviewer. 4. Aptitude Test: By this test the persons interest towards the job is checked. As the person may be interested in different line but he likes the job because of unemployment. Aptitude can be categorized as under: a. Mental Abilities. b. Visual Skill. c. Specialized Aptitude. 5. Personality Test: By this test the persons characteristics like leadership in work, appearance, sociability, the way of representing the fact etc., can be judged. 6. Psychological Test: This test shows the general knowledge ability of the topic given. In this test generally the set of questions are prepared by computer set or on typewriter and about 200-250 questions are given in all fields like General Knowledge questions, Mathematics questions, and English questions like paragraph and find out the correct answers from the paragraph given. The marks secured by the candidate show his intelligence level.
5.12 IMPORTANCE OFCOMMUNICATION IN BUSINESS

In business, the term communication itself speaks the truth of the persons ability to communicate the message (1) verbally, (2) in writing (3) by consultation/by discussion (4) by sending letters (5) by mutual understanding. The flow diagram is shown below: Input SystemA Output
Feed Back Fig. 5.2 Communication Process

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The under mentioned points should be considered while having any kind of discussion in any process. 1. The entrepreneur must be good in spoken English. 2. The entrepreneur must talk politely and try to adjust with the environment, which may help him to give the better result in communication process. 3. Entrepreneur must write different letters to different consumers those are willing to purchase the product by giving the idea of the product to be manufactured. 4. The entrepreneur must remember while speaking (a) what to speak (b) Why to speak (c) how to speak (d) where to speak (e) when speak. As all the above points may help the entrepreneur to have good result while doing any kind of business.
LEGAL ASPECTS OF SMALL BUSINESS

6.1 INCOMETAX
Income tax is the tax paid by the individual from his own salary or other income. The tax is utilized by the Government in various sector development program. Every year the budget is prepared by the Government in which the financial allocation is given to various sectors. As per the budget for the Assessment Year 2005-06, the Government has announced the under mentioned points: Government Finances Fiscal deficit pegged at Rs. 1, 51,144 crore or 4.3 % of GDP during 200506. Plan expenditure is estimated at Rs. 1, 72,500 crore for 2005-06. Non-planned expenditure is Rs. 370.85 crore for 2005-06. Personal Tax Income up to Rs. 1, 00,000 per annum is exempted from tax. 10% tax on Rs. 1-1.5 lakh income. Rs. 1.5-2.5 lakh income to be taxed at 20%. Income above Rs. 2.5 lakh to be taxed at 30%. Exemption level for women: Rs. 1.25 lakh. Exemption level for senior citizens at Rs. 1.5 lakh. Corporate Tax Domestic companies to pay 30% corporate income tax and 10% surcharge. Service tax to remain at 10%. Capital Market Securities transaction tax hiked to 0.02% on all trade categories.
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Proposal to permit FIls to submit collateral when trading in derivatives on the domestic market. Commodities To go cheaper: ACs, cell phones, imported fabric, cakes and pastries, tea, vanaspati, edible oils, imitation jewellery, polyster imports. To get expensive: Petrol/diesel, branded jewellery, tobacco products, steel, cement, IT hardware, imported cut flowers, mosaic tiles, road tractors. 6.2 SALES TAX REGISTRATION Any kind of business where the sales/purchase is being made the sales tax is to be charged by the party (seller). The tax is to be paid by the buyer and for this purpose the sales tax registration is must. To deduct sales tax from the invoice the sales tax number is required. This number is given by the Sales Tax Department Types of Sales Tax 1. Central Sales Tax: Central Sales Tax is charged by the party when interstate sales are made i.e., from one state to another state and this tax is charged according to the tax to be imposed on a particular item given in list available at the sales tax office/govt. budget of each year. 2. Local Sales Tax: This is the local tax charged by the party in case of sales made locally. Here in this case how much tax is to be charged on a particular item can be seen from the book of sales tax procedure.
6.3 HOW TO CALCULATE DVAT

Calculation is simple, hassle free. For any given tax period, first calculate total output tax by multiplying the turnover for each sale of goods by the tax rate applicable to those goods. You then calculate your total input tax for the period by adding up all the DVAT amounts charged by your suppliers on purchases made by you during the period. Your net tax is the difference of the two amounts. If the difference is positive (+), you pay this amount to the Government. If the difference is negative (-), you can apply the excess credits against your CST liability, and claim a refund for any remaining balance. Alternatively, the excess credits can be carried forward to the next period. Important Points Output Tax is the tax that you charge on your sales that are subject to tax. The tax is calculated by multiplying the sales turnover (defined as the sale price excluding the amount of DVAT) by the applicable tax rate. Input Tax is the tax (DVAT) that you pay on your local purchases of business inputs, which include the goods that you buy for resale, raw materials, capital goods, as well as other inputs for use directly or indirectly in your business. Tax Credit is the amount of input tax for which you are allowed to claim a credit. It is also referred to as Input Tax Credit.
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Net Tax is the difference between your Output Tax and Tax Credits you are allowed to claim in a given tax period. It could be a positive (+) or a negative (-) amount. The negative amount represents tax credits in excess of output tax for a given period. Types of Sales Under DVAT, Sales fall under the following distinguishable categories: Taxable Sales are sales on which you have to charge tax and you will be able to claim input tax credits on purchases of inputs for use in making these sales. Exempt Sales are those sales that are exempted from tax, and no tax credits are allowable for purchases or use in making these sales. Non-Taxed Sales are sales that are not subject to DVAT, but you may claim tax credits on purchases related to these sales. They consist of inter-state and export sales from Delhi. Types of Sale Taxable Exempt Non-taxed VAT Payable Yes No No Input Tax Credit Allowed Yes No Yes
Taxable sales include all sales of goods in Delhi by registered dealers (including those required to be registered), except those which are specified to be exempted or non-taxed. Exempt sales Include Sale of goods specified in the first schedule, such as books, periodicals, newspapers, and maps, coarse grains other than paddy, rice and wheat, fresh vegetables and fruits, fresh plants, saplings and fresh flowers, and meat, fish eggs, and livestock. Resale of capital goods used exclusively for purposes other than making non-taxed sales, provided no tax credit has been claimed. Non-taxed sales are Sales in the course of the inter-state trade or commerce; and Sales in the course of import or export from India. What is Input Tax Credit? An important point to remember is that tax credits are allowed only in respect of the DVAT paid or payable on your inputs, and for which you have a valid tax invoice. Another point to remember is that tax credits are allowed in respect of the DVAT paid on those of your purchases that are for use in making taxable or non-taxed sales. Tax Identification Number (TIN) Under VAT every registered dealer (except those opting to pay tax under the composition scheme) is required under the law to issue a Tax invoice to the purchasers. This Tax invoice contains the details of the registered selling dealer and also his registration number which is the Tax Identification Number (T.I.N.)
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6.4 PATENT RULES

The patent is meant for the protection of the product manufactured by the company as the manufacturer invests a lot of amount for the product and decides to give some name to the product and market his product by the particular name. After selling the product in the market by his brand name some other manufacturer tries to bring down his brand name by selling the same brands duplicate product in the market. Therefore, to save the brand name patent is registered. Once the trade mark is patented no one else can use the same name for his own product. Patents run for 17 years and are not reversible. After 17 years they are in the public domain. In effect, though, they can often be extended beyond 17 years through the use of patented improvements. By the time the basic patents run market, mainly patented improvements make competitors use the basic patent but not, without permission.
6.5 FACTORY ACT

The Indian Factories Act, 1948 This Act safeguards the interest of the labour engaged in the factories. This Act is now applicable throughout India. It came first into force from 1st April, 1949, and was extended to the Union Territories of Goa, Daman and Diu in 1963 and to the State of Jammu and Kashmir in 1970. Definitions 1. Adult: A person who has completed the age of 18 years. 2. Adolescent: A person who has completed 15th year but not completed 18th year. 3. Child: A person who has not completed his 15th year of age. 4. Calendar Year: A period of 12 months from 1st January. 5. Young Person: Either a child or an adolescent. 6. Week: A period of 7 days beginning at midnight on Saturday night. 7. Power: Electrical energy or any other form of energy, which is mechanically transmitted and is not generated by human or animal agency. 8. Prime Movers: Any engine, motor or other appliance, which generates or otherwise provides power. 9. Transmission machinery: Any shaft, wheel, drum, pulley, system of pulleys, coupling clutch, driving belt or any other device by which the motion of a prime mover is transmitted to or received by any machinery or appliance. 10. Worker: A person employed directly or through any agency, whether for wages or not, in any manufacturing process or premises used for manufacturing process or in any other kind of work incidental to or connected with the manufacturing process. Latest Amendment in Factories Act 1948 by the Government In a bid to extend its pro-women agenda further, the Government will soon enact a law to provide for flexibility in their employment during night hours.
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Currently, the law does not permit women to work in any factory except between 06:00 a.m. to 07:00 p.m. The Government intends to amend Section 66 of the Factories Act 1948 to ensure employment of women during night shifts. Empowerment Government intends to amend Factories Act 1948 to ensure employment of women during night shifts. Currently, women are allowed to work only in between 06:00 a.m. to 07:00 p.m. Amendment will benefit women in special economic zones, IT sector. Other cabinet decisions included the conversion of Manipur University into a central university through an act to be passed in Parliament and the promulgation of the Daman and Diu VAT Regulation 2005 and Dadra and Nagar Haveli VAT Regulation 2005 by the President.
6.6 MINIMUM WAGES ACT, 1936 (AMENDED UPTO 1957)

Under this Act, State Government can fix the minimum rate of wages payable to employees in the establishment i.e., woolen carpet making, rice mills, flour mills, tobacco manufacturing, plantation, oil mill, local authority, construction or maintenance of roads and buildings, stone breaking, mico-works, public transport, agriculture; dairy etc. Workers should not suffer from with-holding or delays in the payment of wages and checks the malpractices of the employers. Wages Wages means all remuneration expressed in terms of money payable to persons while in employment, and it will include: 1. Basic Wages. 2. Dearness Allowance. 3. Bonus. 4. Payments under any award. 5. Settlement or order of a court. It will not include: 1. The value of any house accommodation, supply of light, water, medical facilities and other amenities of life specified by the State Government. 2. Travelling allowances. 3. Employers contribution of pension or Provident Fund. 4. Gratuity etc. Methods of Payment 1. A factory employing 1000 or less workers must make payment of wages within 7 days after completion of the month. 2. In case a worker is discharged, his claim must be settled within 2 days. 3. Wages must be paid in current coin and currency notes and not in other kind. 4. The employers can, however, with-hold the payment of wages in the event of stay in or sit-down strikes.
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Deductions The following deductions from the wages are permitted by this Act. 1. Fines. 2. Absence from duty. 3. Damage or loss of any factory property. 4. House accommodations and for amenities and services supplied by the employer. 5. Recovery of advances of over-payment of wages. 6. Income-tax, contributions to provident fund etc. 7. Insurance premium. 8. On account of penalties under the service rules.
BUSINESS ORGANIZATION
7.1 INTRODUCTION
In broad sense, business includes industry, commerce, and trade. Its main aim is to increase wealth. Industry means a place where materials are converted into finished or semi finished products. Trade means a process of buying and selling of commodities, while commerce is a process that relates to financing, transportation, insuring and allied activities. The form of organization to be selected will be decided by the factors such as: 1. Size and nature of the business to be started. 2. Technical difficulties. 3. Market conditions (i.e., competition and scope of the article in market). 4. Capital required starting the business and the means to collect the funds. 5. Limitations and restrictions put forth by the government (i.e., grant of loans; foreign exchange and other such things). After considering the above factors a suitable type of organization is discussed below. Various types of Business Organisations: 1. Individual ownership or Sole trade or Proprietorship. 2. Partnership. 3. Joint Stock Companies. 4. Cooperative Organization. 5. State owned or in Government ownership. 6. Joint Sector Management.
7.2 INDIVIDUAL OWNERSHIP/PROPRIETORSHIP

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As the name suggests, such type of business is owned by one man. The businessman invests capital, employs labour and implants machines. This is the oldest and the simplest form of business organization. In such business the owner supplies all the capital needed to run the organization and produces only with the help of his own land, capital and labour. Hence, the owner alone enjoys profit or suffers loss in his business. Therefore, he is the supreme authority to decide into different matters concerning his business and has unlimited freedom of action under legal jurisdiction. Overall control in single hand helps him in taking quick decision, efficient administration and working. In this type of organization, owner may or may not obtain valuable advice and guidance from other sources. In such organizations owner himself is responsible for all the liabilities. Hence, debtors can collect the money even from his personal property. Therefore, to have this type of business it is not the money alone necessary to start but also the zeal, enthusiasm, courage and faith of the person. Application This form of organization is most satisfactory in the following cases: 1. In small enterprises requiring small capital which can be spread by one man (owner). 2. Where risk covered is not too heavy because in this type of system risk involved is very high. 3. Where management by one man is possible. He may have 16 workers. In practice the ratio is therefore, kept between 3 to 5 and in exceptional cases six. Generally where the work is of routine nature the number is more. Chain of Command It has been felt for different working employees that they should receive the orders only from their superior boss. If an employee has more bosses, his work may suffer and it creates discipline problem. Chain of command shows that under which boss, an employee should be so that he may obey the orders and instructions of his boss. It is essential to have a uniform working. As regards to this consideration line organization superior exercises a direct authority over his subordinates, who become entirely responsible for their performance to the commanding superior.
7.3 AUTHORITY AND RESPONSIBILITY

Authority means one who has right to act, decide and command. The delegate will not be in position to perform his task properly unless he is given necessary powers i.e., authority. Hence, whenever a task is assigned to a person, he must be given sufficient powers to exercise his control to achieve this task. Responsibility is the obligation of a subordinate for the performance of any job allotted by the superior. As explained earlier a superior officer cannot perform all the activities himself and hence certain responsibilities and authorities are delegated to his assistants. He must check that the task assigned by him is carried out properly and he must hold his delegates responsible for proper working of job and utilization of powers as the delegate himself is also responsible to his superiors. Thus the authority and responsibility both go hand
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in hand unless a man is given necessary authority to perform certain duties he cannot be held responsible. Centralization of Authority Centralization means systematic reservation of authority at central points in an organization. Hence, the majority of the decisions regarding the work are taken up at higher levels and not by those who actually do it. Decentralization of Authority Decentralization is the systematic delegation of authority in an organization. Decentralization is said to be complete only when the fullest possible delegation is made to the persons who are delegated with any kind of responsibility.
7.4 TYPES OF ORGANIZATION

Organizational structure is the network of relationship between the various positions in an organization. In this structure different tasks and authorities are distributed. According to different methods of distributing, the authorities and responsibilities in an organizational structure are of the following types: Line or Scalar Organization This type of organization is also known as departmental or military type of organization. In this type of organization business activities are divided into three groups namely finance i.e., accounts, production and sales. Each of these departments is subdivided into certain self-contained departments i.e., section. Each departmental head is in sole control over his section and has full authority to select his labour staff purchase of raw materials, stores and to set the standards of output etc. Foreman of each shop trains new men and supervises the quality of output. This is known as military type of organization, because in military discipline is of high order. Orders and instructions issued from the top have to be followed by the lowers. In this organization, the flow of authority moves from top to bottom in vertical lines, therefore this is also called lined or scalar organization. Table 7.1 Line or Scalar Organization GENERAL MANAGER Sales Manager Salesmanship Foreman Workers Production Superintend *Line relation Foreman Workers Foreman Workers Accountant Office Staff
Advantages 1. A clear cut division of authority and responsibility, hence no scope of shifting the responsibility. 2. Strong in discipline. 3. It permits the quick decision. 4. As responsibility of each individual is fixed, hence faults can be easily and quickly known.
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5. Everybody from top to bottom remains busy like a machine and hence
total cost of product will be less.
6. It is simple to understand. 7. Flexible and able to extend the contract.

Disadvantages 1. It requires different departmental heads to be expert in various functions, hence lack of specialization. 2. Departmental heads are over burdened with various routine jobs hence no time to think for further expansion and planning. 3. Certain people become key points and they are loaded with maximum work. 4. Chances of accidents, wastage of material and labour are more because of insufficient knowledge of all the work by one man. 5. Chances of delaying the orders of General Manager or any other departmental head are up to the workers and therefore possibility of distortion, due to long channel. 6. Over-burdened foreman can give orders twice for the same job and will cause wastage and error. 7. It has no means of rewarding good workers. Applications 1. Such organization is suitable for factory of small and medium size in which subordinate and operational staff is not too much. 2. Suitable for continuous process in industries such as sugar, paper, oil refining, spinning and weaving etc. 3. Suitable where labour problems are not difficult to solve. 4. Suitable where automatic plants are used. Functional Organization The difficulties in finding the man all round qualified to be foreman in the old line organization are overcome with this organization. He is replaced by various functionalized people. This system is advantageous because each will be specialized in a particular field and workers will be controlled by him. He attends to one factor in all the departments. Below is its layout. GENERAL MANAGER
SPEED BOSS INSPECTOR REPAIR BOSS WORKMEN This is a short and simplified form, showing the structure of functional type of organization. In the same way in some of the organizations there are different experts and the bosses/foremenall have the responsibility to do the job of all experts and the experts can also have direct contact with the foreman in this
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case. Due to more bosses the work suffers and the other side as all can have direct contact with different bosses/foreman their work also moves smoothly. Line and Staff Organization In the firm of larger size operating on big scale, a single manager cannot give careful attention to every part of the management. Individual staff is unable to think and plan. They are busy with ordinary task of production and selling. Hence, some staff is deputed to do the other work of investigation, research, recording and advertising to managers. Thus, staff brings specialization by assisting the line officer. The line maintains discipline and stability. Staff provides expert information and helps to improve the overall efficiency, thus the members of staff are thinkers and the lines are doers.
Table 7.3 Line and Staff Organization Line Staff and Functional Organization Due to scientific methods, there are more competition in the market and complications in the business. To obtain a sound system the combination of line a staff and functional type of organization is required. In this system as regards the discipline and output are concerned, the workers are kept under the direct control of foreman. Committee Organization A committee is a group of persons formed for the purpose of giving advice on certain important problems, which cannot usually be solved by an individual. It helps by pulling the thoughts of several persons on problems involving several functions and offered for criticism. Therefore, now-a-days many large companies have a network of committees to the line and staff organization. These committees may be either permanent sometimes referred to as a standing committee or they may be organized to serve a temporary function only. Various committees may be such Research Committee, Co-ordination and Advisory Committee, Purchase Committee and Educational Committee etc.
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MISCELLANEOUS
8.1 HUMAN RELATIONS AND PERFORMANCE IN ORGANIZATION
The human relation is the relation between the employer and employees working in any kind of organization. The organization may be the manufacturing unit, trading unit, consultancy unit, assembly unit or any other kind of business. The relation of employees and employer plays a very important role to give better output by minimum investment. The human relation itself shows the performance of any kind of organization as in an organization different types of persons visit for their various purposes. The performance may be for the purchase, sale or for any kind of administrative work. The human relation plays a very important role therefore, the relation between the employer and employees can only speak the truth of the organization.
8.2 INDUSTRIAL RELATIONS AND DISPUTES A. Industrial Relations

Introduction: Industrial relations are also called employee relations, labour relations and personnel relations. They represent the relationship that exists between the employers and the employees in an industrial undertaking. If these relations are strained, industrial disputes occur and industrial progress suffers. The employers suffer losses, the workers do not get wages and there is shortage of goods and services for community. Here it is in the interest of both the employers and employees as well as of society, in general the industrial relations should be cordial and harmonious. B. Industrial Disputes Strike: A common form of industrial dispute is the strike which means workers abstaining from work until their demands are met or a compromise is affected.
8.3 RELATIONS WITH SUBORDINATES, PEERS AND SUPERIORS

The functioning of an organization depends on the working/relations of the subordinates peers and superiors. The organization works with the coordination of all just like the captain in a team manages all the players of the team by having good coordination. The superiors relation with the subordinates is concerned both must have a proper understanding to run any organization to achieve the goal/objective of the organization. It can be met only by having good relations between the subordinates, superiors and peers. All kinds of conflicts can be shorted out by negotiations, consultations, discussions and by the workers participation in the management. The relation of all the members helps the management to achieve the target decided by the board.
8.4 WAGES & INCENTIVES

Wages: These are the payments made by the employer for the efforts put in by the worker in production. These are the payments made for the services rendered by the labour. As the wages determine the standard of living of the worker and his dependents, it is necessary that they should represent a fair return for the efforts of the worker. But above all wages should be sufficient to
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satisfy his ordinary needs and necessity. They should be enough provide him some comforts of life and help him in maintaining his standard of living. Normal Wages: It is the amount of money paid to a worker in cash for the efforts put in by him in an industry and no other advantages to the worker is made. This is also called money wages. The rate of wages at different places may differ from each other as per the availability of the workers and necessities of life. The amount of payment is so calculated that every worker should get actual worth for his services. Real Wages: It refers to the amount of necessaries, comforts, luxuries and cash payments which a worker can get in return for his effort and work. For example, uniforms, essential commodities, housing with free water and electric supplies, conveyance and other such facilities are generally provided by the factory in addition to the money in cash. If all this amount as a whole is considered for wages, these incomes become real wages. Living Wages: When the rates of wages are such that can meet some of the requirements of a social family like education, food, clothes and some insurance against the more important misfortunes along with prime necessities of life are called living wages. Fair Wages: It is actually the wages which must be fair for the work of a worker and should provide him with other necessities of life in addition of food for his family. The rates for the fair wages range between these two ranges, the actual wages will depend on production capacity of worker, rates in the surrounding areas, the level of the national income and its distribution, the place of industry in the economy of the country and the bargaining power of employer and employee. Minimum Wages: Wages cannot be raised beyond the capacity of industry to pay. The productivity of an industry is the source from which wages are paid at the same time it cannot be forgotten that labour is a human being, and from humanitarian point of view he is to be protected. Hence there is the problem of fixing minimum wages for the workers. This minimum should be sufficient for allowing the worker to maintain himself according to his needs. Minimum wages may be deputed as the wage, which provides not only for bare subsistence but something more than this. It must be sufficient for the preservation of the efficiency of the worker. It must also provide some measure of education, medical requirements and other amenities of life. Thus, in fixing a minimum wage we have to take into consideration the cost of living. To ensure this in India, Minimum Wages Act 1948 has been in force where wages have been fixed for different parts of the country and this has forced employers to give not less than this fixed minimum wages to any of their workers. The main objectives of the minimum wages are: 1. To protect those sections of the working population whose wages are very low and whose conditions are materially unsatisfactory. 2. To prevent exploitation of workers and to secure wages according to the values of the work done. 3. To promote peace in industry.
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4. To improve the normal standard of living. The factors which influence wages are: 1. The condition of demand and supply. 2. The respective bargaining capacity of employers and employees. 3. Cost of living which may vary from time to time according to industrial situation of each industrial district. 4. Economic capacity of the industry to pay wages. 5. Level of wage rates ruling in each industrial area for the same class of industry and same grade of workers. 6. The workers skill training and experience. 7. Nature of task involved i.e., risky, noisy, requiring high concentration, heavy or light work, heat work etc. 8. Economic outlook of the employer. 9. The regularity in service. 10. Extra earning on the job. 11. Prospective of future promotions. Characteristics of a Good Wage or Incentive System: 1. This should guarantee an adequate minimum day wage. 2. It must have the free consent of the worker. 3. It must reward the worker according to his capacity and merit. 4. It must be simple in its working. 5. It must not involve heavy clerical work and thereby increase of ultimate cost. 6. It should aim at increasing production, without adversely affecting its quality. 7. It should reduce wastage of material and careless use of plant, tools and equipments. 8. It should have effective supervision but it should not be too heavy. 9. Incentive, bonus, etc., should be paid with the wages, and not put off for future. 10. The system should be fair both to the employer and the employees. Methods of Wage Payments Time or day rate system. This is the most common system found in practice. Under this the worker is paid hourly, daily or weekly rate of wages. Thus, his remuneration depends upon the number of hours for which he is employed and not upon the amount of his production. Advantages 1. There is no dispute about the amount of payment, because it has been fixed from the very beginning and the worker knows in advance what he is going to get. 2. It possesses security from the stand point of the workers because they are sure to receive their wages irrespective of temporary reductions in
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personnel efficiency, which may result from unavoidable accident or sickness or fatigue from outside activities. 3. The interruptions to work due to breakdown of machinery of some other part of the organization will not make workers suffer from the loss of wages. 4. The quality of the work can be raised very easily, as there is no need of hurrying about the things to be done. 5. There is no rough handling of machinery due to slow and steady working of workers. 6. There are no difficult calculations to be made. If there are many calculations to be made to arrive at the remuneration of a worker, it is possible that an illiterate worker may doubt the exactness of his remuneration from time to time. Disadvantages 1. The employer bears the losses resulting from slow and sluggish workers as they are paid the same wages irrespective of their output. 2. This system tends to reduce production unless a strict supervision is managed. Therefore, a well qualified and strict foreman is required to obtain satisfactory production. 3. This system tends to give higher production cost. 4. This system is not suitable in case of lazy workers. Straight Piece Work Rate System This is an improvement on the time rate system. Under this system a fixed rate of wage is paid for each piece or unit produced. Advantages 1. It is simple in its working and the workmen can easily calculate their wages. 2. An inducement is given to the workers to increase their production and thus the overhead expenses are reduced per unit of production and the margin of profit is increased and scope for reduction of selling price is therefore, increased. 3. The relations of the workers and employers improve and no dispute takes place for wages as the workers get satisfactory reward for their work. 4. The employer is enabled to know his labour cost per unit of job. 5. Workers are paid on their merits. 6. The work and time spent on preparing pay rolls and bills are eliminated. 7. Wasted time is not paid as is done in time rate system. 8. There is no need of keeping strict supervision and workers are taught self reliance and responsibility. 9. In this method the production will improve as workers demand material and machinery is free from defects and under perfect working condition. Disadvantages 1. It is difficult to fix accurate piece work rate.
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2. When the wages earned by workers are high, the employer may be
induced to reduce the rate, which will cause friction between the employer and the employees. 3. The workers put maximum efforts to earn more and more which results suffering with their health. 4. This causes displacement of labour as with increase in production, the number of workers engaged will be reduced. It will cause an increase in the wastage of materials because the worker will always try to obtain the maximum output. 5. Accidents occur frequently due to hasty work and improper use of machines and tools in order to give more production. It also damages machines earlier. 6. Mis-utilization of costly machines and tools. 7. The quality of work may deteriorate. This can be checked if a rigid system of inspection is enforced. 8. It may cause over production and may result in losses if there is only a limited demand for the product in the market. 9. The entire benefit of the extra wages earned goes to the workmen and there is no direct benefit to employer. Suitability Hence this system is only suitable when the worker repeats regularly a definite operation or produces the same type of products constantly. Many employers in India have introduced this system and it has been found efficient, easy and economical. Combination of Day Rate and Piece Rate System Under this system a minimum weekly wage is fixed for every worker, which shall be paid to him irrespective of his output during the work provided he has worked for the full working hours required in a week. If a worker is absent for some length of time during a week, his wages will be deducted proportionately.
8.5 LEADERSHIP
Quality of Leadership The following are some of the qualities which a good administrative leader must possess: Intelligence and Technical Knowledge: A good leader must have intelligence which is more than that of his followers. He must be able to understand and solve the problems in accordance with the prevailing situation. He must also be technically sound, i.e. skilled in planning, organization, coordination and control. Initiative: He must initiate good activities and must be capable of taking the initiative. Persuasiveness: Pursuance is also a good quality of a leader. It also helps him in implementing his decisions or order. Decisiveness: A leader must be able to make proper decision at proper time and must stick to it, as lack of decisiveness results in the losses of efficiency. Generally ability to decide comes from self- confidence.
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Responsibility: He must be able to know and feel his responsibilities. He must not shrink from his responsibilities and must be in a position to take the burden of decisions on his shoulders. Ability to Inspire: A leader cannot do whole of the work himself. He has to inspire his men so as to get the work done by them. Generally, the best inspiration is from the conduct and personality of the leader and the standards set by him. Social Consciousness: He must always have to realize that he is dealing with human beings, who have feelings of social status and a sense of respect. Positive Attitude: He should always have a positive attitude towards the problems of the industry or workers. Types of Leadership There are relatively two distinct leadership styles: 1. Authoritarian Leadership. 2. Democratic Leadership. Authoritarian Leadership: In such leadership: a. The leader makes all the decisions on every matter whether it is right or wrong. He demands obedience from the people he supervises. b. The leader decides the particular work for a person. c. All policies are determined by the leader without consulting his subordinates. d. Decisions can be taken quickly. e. Authoritarian leadership succeeds where subordinates do not want to take initiative. Democratic Leadership: In such cases: a. A democratic leader promotes participation of subordinates and develops strong team work. b. The leader gives decisions only after consulting his subordinates. c. Subordinates know the long term plans on which they are supposed to work. d. It promotes good relations between workers and management.
8.6 LABOUR WELFARE

Labour welfare means the workers who are working in any industry would like to have the facility, which can help them in their society. Different industries provide different kinds of facilities to their workers like housing facility or accommodation, water facility, transport facility, childrens educational facility, medical facility. All these terms denote the welfare work done by different kinds of organizations.
8.7 WORKERS PARTICIPATION IN MANAGEMENT

The workers participation in management plays an important role by giving the valuable and constructive ideas to the management. The management collects all kinds of information from their workers as it is necessary for any system. The feedback is the essential requirement to meet the demand of the product in the market, if the workers participation is given in various fields. The workers can
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help to give good production and more output by which the things can be improved at the earliest as per the management.
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Entrepreneurship Development A4

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Entrepreneurship Development A4

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Module 8

Pages 1-2 1 1 1 1 2 2-4 2 2 3

1.5 CURRENT SCENARIO

ENTREPRENEURIAL SUPPORT SYSTEM

2.2 COMMERCIAL BANKS

2.3 STATE FINANCIAL CORPORATIONS

(a) Small Industries Service Institutes (SISIs)

(b) Small Industries Development Bank of India (SIDBI)

(c) National Bank for Agriculture and Rural Development (NABARD)

Entrepreneurial Support System

Librarys Udhyog Bhavan Fig. 2.5

MARKET SURVEY AND OPPORTUNITY IDENTIFICATION (BUSINESS PLANNING)

Electricity & Water

Fig. 3.1 Factor Effecting Production Process

3.2 PROCEDURE for REGISTRATION of SMALL SCALE INDUSTRY

3.3 ASSESSMENT of DEMAND and SUPPLY in POTENTIAL AREAS of GROWTH

PRODUCT LIFE CYCLEE

3.4 CONSIDERATION IN PRODUCT SELECTION

3.5 DATA COLLECTION FOR SETTING UP SMALL VENTURES

PROJECT REPORT PREPARATION

4.2 PROJECT VIABILITY

MANAGERIAL ASPECTS OF SMALL BUSINESS

a. Material Organization. b. Human Organization.

5.2 OPERATIONAL ASPECTS OF PRODUCTION

5.3 INVENTORY MANAGEMENT

5.4 PHYSICAL STOCK VERIFICATION (STOCK VERIFICATION)

Usage Procurem ent Time a

X Time Y Fig. 5.3

on the right method of measurement.

2. Must rectify omissions by discussion before reporting. Major discrepancies

5.5 BASIC PRINCIPLES OF FINANCIAL MANAGEMENT

5.7 OBJECTIVES OF MARKETING RESEARCH AND ITS BENEFITS

1. Direct Distribution. 2. Indirect Distribution.

4. Place: Marketing managers make products or services available to

5.8 THE ELEMENTS OF THE MARKETING MIX

5.9 PERSONNEL MANAGEMENT

5.10 SOURCES OF MANPOWER. 1. Through Existing Workers

5.11 RECRUITMENT AND SELECTION PROCEDURE

5.12 IMPORTANCE OFCOMMUNICATION IN BUSINESS

Feed Back Fig. 5.2 Communication Process

LEGAL ASPECTS OF SMALL BUSINESS

6.3 HOW TO CALCULATE DVAT

6.4 PATENT RULES

6.5 FACTORY ACT

6.6 MINIMUM WAGES ACT, 1936 (AMENDED UPTO 1957)

7.2 INDIVIDUAL OWNERSHIP/PROPRIETORSHIP

7.3 AUTHORITY AND RESPONSIBILITY

7.4 TYPES OF ORGANIZATION

6. It is simple to understand. 7. Flexible and able to extend the contract.

8.2 INDUSTRIAL RELATIONS AND DISPUTES A. Industrial Relations

8.3 RELATIONS WITH SUBORDINATES, PEERS AND SUPERIORS

8.4 WAGES & INCENTIVES

8.6 LABOUR WELFARE

8.7 WORKERS PARTICIPATION IN MANAGEMENT

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