Navigating Solutions and Darkness

Entrepreneurship:  The process of making money, earning profits and increasing wealth while posing characteristics such as risk taking, management, leadership and innovation. Elements: Innovation Risk Taking Vision Organising skills  Attaining economic development within the shortest possible time. Characteristics of an entrepreneur: Mental Ability  Business Secrecy Clear Objectives Human Relations Communication Ability Intrapreneurship:  A person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk taking and innovation. Involves a combination of entrepreneurship and management skills. Environment Scanning:   Careful monitoring of an organization's internal and external environments for detecting early signs of opportunities and threats that may influence its current and future plans.  Types of Environmental Scanning: Passive scanning:...

Ideally speaking, a business organization ought to have the following characteristics: Ease of formation Adequacy of capital - when raising capital from the public, the conditions involved are  safety of investment, fair return on investment and transferability of holding. Limited liability Direct relationship between ownership, control and management. Continuity and stability  Flexibility of operations Distinct ownership Lawful business Separate legal personality Dealing in goods and services  Forms of business organization: Sole Proprietorship -  single ownership, no sharing of either profit or loss, unlimited liability, minimal formality. HUF - Hindu Undivided Family, unique to India  - All members (co-parceners) own the business jointly, and it is managed by the " karta" , or head of the family. Governed by Hindu inheritance laws. Partnership  - 2-20 members; governed by the  Indian Partnership Act, 1932 .  Unlimited liabi...