Risk taking

An entrepreneur assumes the responsibility for loss that may arise due to unforeseen contingencies in future. He guarantees interest to creditors, wages to labor and rent to the landlord. After making payment to these persons little or nothing may be left for him.

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Anticipation and Adaptation

At the next level are the business concerns which take a some what intelligent interest in the environment. They continuously anticipate and monitor changes in the environment and take necessary action before environment becomes a threat. they analyses the impact of environment changes on their operations and adopt ways and means to maintain a dynamic equilibrium with the external environment. For instance, Doordarshan launched channel 3 to meet the threat from private channels.

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The Subscription or Association Clause

This clause contains the names and addresses of subscribers to the memorandum. the subscribers make a declaration under their signatures duly attested by a witness that they desire to be formed into a company and agree to take qualification shares, if any. There must be at least seven signatories in case of a public company and at least two in case of a private company.

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Introduction of new Products

Before starting the production of a new product on commercial scale, it is always desirable to customers and management are uncertain and unknown. Therefore, operations are usually carried one small scale when new products or ideas are being introduced in the market. This also helps to reduce the risk.

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Separation of Ownership and management

The number of member in a public company is generally very large so that all of them or most of them cannot take active part in the day-to-day management of the company. Therefore, they elect their representatives, known as directors, to manage the company on their behalf. Representative control is thus an important feature of a company.

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Security Standards

The security standard should be integral part of the entire business continuity planning process. During a disaster, security becomes very important due to potential change in the working environment, personnel, and equipment. Consequently, different security risks will emerge that should be considered during the risk assessment process. Ultimately, mitigating strategies should incorporate the various risks identified to ensure that adequate security control are in place if an event triggers the implementation of the BCP. Additionally, security standard should be incorporated into the BCP training and testing program me.

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Sources Of Revenue

Depending on the business model, several revenue sources may be available to an e-business organisation. If one studies the existing e-business models, one will find that most of the organisations will have three to four of these revenue sources. A mix of revenue sources is often referred  to as a revenue model.

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Append Queries

The Append query allows to add records to a selected table on the basis of select query. If one wants to add the details of all MBA student to one of the existing Old student table, then write a select query on students table to select MBA student on Qualification field and execute the Append query and select Old student table. This will add all the MBA student from the students table to old student table.

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Data protection

data confidentiality of consumers. In many of  instances, the actual storage location is not disclosed, adding onto the security concerns of organisations. In the existing models. firewalls across data centers protects this sensitive information. In the cloud model,service providers are responsible for maintaining data security and enterprises would have to rely on them.

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System Management Programs

These are programs that manage the application software, computer hardware, and data resources of the computer system. These programs include operating system, operating environment programs, database management programs, and telecommunications monitor programs. Among these, the most important system management programs are operating systems. The operating system are needed to be studies in more details. There are two reason-first, users need to know their functions first, and second, there are many kind of operating systems available. The telecommunications monitor programs are additions of the operating systems of microcomputers. These programs provide the extra logic for the computer system to control class of communications devices.

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Opening of Global Marketing

This Led to more business opportunities and more competition. In order to take advantages of globalization, it is essential for organisations to maximize efficiency and collaborate with partners and suppliers around the world. Further in order to remain competitive in the global marketplace, organisations started integrating technological solutions into their business processes. For example they started integrating concept like global work group and delivery systems by tapping the cost-effective resources across the world. The introduction of these concepts led to the emergence and popularization of the concept of  'Outsourcing' , which led to serious need for business iteration using information technology solutions.

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Public Reporting

The reporting and publicity of public under-takings helps to ensure public accountability. Public reporting takes place in the putting up of annual reports on the table of parliament, reports on parliament discussions, reports of various committees of parliament, etc. Annual reports of the public undertaking are included in the reports of ministers. Lokudyog and other periodicals also provide information on public undertaking to the public. In some cases, the reports of state undertaking included in the annual reports of the ministers concerned are too short and general.

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Independent Management

Management in small business is independent in the sense that owners themselves at as managers. There is little divorced between ownership and control. In the words of Kaplan, "Simplicity of organisation that marks an enterprises as small is reflected in the identity of ownership and management." The management structure is simple not complex, as number of employees is limited. Due to proprietory ownership and management, success of these enterprises depends upon the initiative, skills and judgement of the owner.

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Surplus for Economic Growth

In order to meet its economic and social obligations, the government requires hug amount of funds. Taxation alone cannot always provide such funds. 'By active participation in business the state has sought to tap the gold mines of industry and commerce for the funds needed to discharge the new and heavier burden it now shoulders. The surplus generated by public enterprises can be ploughed bach for further economic development.

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Climate and Topography

Soil and topography (hill and rocky surface) influence cost of transportation. Climate influences the capacity to work on the part of workers. Particular temperature and humidity are required in certain industries. For example, flour mills require a climate  while cotton textile mills need a humid climate. Development of artificial humidification and air conditioning has reduce the importance of climate to some extent. Therefore, the cotton textile industry originally development in Mumbai and Ahmadabad has gradually spread up in South India. Regions which are subject to frequent floods, earthquakes, droughts and extreme temperature do not attract industries. Natural factors are particularly important in extraction industrial like plantations, finishing agriculture, etc.

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Balanced Regional Development

Small scale industries promote decentralized development and help to remove regional disparities in industrialization. The development of small scale industries leads to industrialization in rural area. Decentralized development contributes to the process of self-sustained growth and avoids concentration of industries in particular areas. By providing employment in rural areas, they help to check migration and overcrowding in urban areas. Small scale firms can be a useful means of rural reconstruction and development. Development of decentralized sector also improve the standard of living of people in backward regions.

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Ownership Organisation Decision

Choice of a suitable from of business ownership is a very crucial decision which has to be taken by every entrepreneur while launching a new enterprises. This decision effects the success of a business firm because the division of profits, the extent of liability, the available of finance, the tax burden and the degree of control all depend upon the form of ownership. It is a long term commitment which cannot be changed easily. As such, the form of business ownership should be chosen very carefully. Selection of the proper form is a matter of careful deliberation and judgement as mistakes committed in the choice may prove very costly later on. A comparative evaluation of different form is, therefor,required to make an appropriate choice. The form of ownership organisation should be adapted to the requirements of the business.

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Research and Development

As most of the public enterprises are engaged in high technology and heavy industries, they have undertaken research and development programmes in a big way. public sector has laid a strong and wide base for self-reliance in the fired of technical know how, maintenance and repair of sophisticated industrial plants, machinery and equipment in the country. Thought the development of technological skill, public enterprises have reduced dependent on foreign know how. With the help of the technology capability, public sector undertakings have successfully competed in the international market and they have secured many key project in several countries of the world.

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Concept of Business Combination

An outstanding feature of modern industry is business combinations. In almost every sphere of business activity, some from of combination exists between different units. The term combination has been derived from "combine" which mean joining together. In the word of Haney.
"To combine is simply to become common purpose." A business combination occurs when two or more business firms co-operate with one another formally or informally for the purpose of attaining some common objective, e.g., to stabilise price and increase profits. A business combination is a compound combination as against partnership, companies and corporations which are "simple combinations" of natural persons. McGregor has defined an industrial combination as "a method of economic organisation by which a common control of greater or less completeness is exercised over a number of firms which either have operated hitherto or cloud operate, independently, This control may be either temporary or permanent, for all or only for some purposes." According to Dr. kothari  "combination by whatever name called, refers to any informal or formal combination of two or more industrial units, producing similar or different articles or engaged in the successive processes of manufacturing of an article with a view to earn maximum profit on the capital employed."

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The dial-up connection

The dial-up connection uses the regular telephone line to access the internet thought ISP. Besides the telephone line, you need a piece of equipment called the modem (Modulator Demodulator), Which is installed between the computer and the telephone line. Many PCs may already have a built-in telephone modem, and in that case you may not need any additional hardware, except a cablr to connect the PC to the telephone line. Current telephone modem have the maximum speed of 56 kilobits/sec.

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Improved Understanding

The conversation required for conflict resolution helps in expanding people's responsiveness about the situation, giving them an insight into achieving their own goals without undermining those of other people.

Enhance group Cohesion: Improved and stronger bond is established among members of the team when conflict is resolved. Mutual respect and a renewed faith in each other's ability is acknowledged and appreciated.

Management

In a partnership, all the partners can take active part in the management of the firm. But in a company, every member does not participate actively in the day to day management. The company is managed by a Board of Directors consisting of elected representatives/nominees of the members. There is divorce between ownership and management of a company but there is no such divorce in a partnership.

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Democratic Management

The office bearers of a co-operative are elected by the members on the basis of 'one member one vote'. As the membership of a co-operative is generally drawn from a local area, there is continuous and effective interaction between the members and the office bearers of the society. Meetings are well attended and voting by proxy is not allowed. As such the management of the society is democratic.

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Environmental Factors

Favorable environmental conditions help to create entrepreneurs. Adequate finance, technical skills, availability of cheap land, accessibility to new markets, availability of supporting services, etc. are examples of s favorable environment.
Even when personal characteristics, life path circumstances and environmental conditions are either pushing or pulling individuals towards entrepreneurship, such individuals are unlikely to become entrepreneurs unless they perceive creation of new venture both desirable and feasible. In this process support of family members, peers, teachers, relatives and friends is very useful. In assessing feasibility, presence of successful role models, availability of advice and financial support are important.

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Respect For Space

It is important to keep in mind the 'space dynamics' during a conversation. It is essential to maintain a distance of at least 2 feet to avoid intimidating the person. The distance increase to 3 feet when dealing with acquaintances or people you meet for the first time.
Having understood the useful phrases that can help us in developing as a good conversationalist, let us learn important etiquette required to be followed by a successful corporate professional.

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What We Have To Do?

What if instead of becoming a doctor, you turn out to be an IAS officer or a general manager in one of the world class MNC's or renewed artist, or a famous actor or be your own boss by developing yourself as an entrepreneur. Will your parents not be happy? Will their aspiration of seeing their child living happy won't get fulfilled?
Of course, they will not only be happy but feel proud to have a child like you. They will not get tired of praising you before your relatives, friends, or other member of the society.
So, my objectives is to awaken you from from the fallacy and help you think about what you want to do, to find the right direction for yourself, to design your own career path.
All of us have some or the other skills, talents. hobbies, and intelligence that make us successful at the jobs that tap these talents.
Thus, the objective of this chapter is to find a focus and a direction in which you can channelize your talent and realize your true potential for professional and personal success.
Let's now begin by finding the right direction.

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Innovation

Modern business is highly dynamic and an enterprise can continue to be successful only by adapting itself to changes in its environment. A successful firm has not only to adjust itself to changing environment, it must on its own create conditions favorably to survival and growth. The highly competitive nature of modern business puts a premium on innovation and creativity which implies the introduction of new and better products, improved means of production and distribution, new technology, new methods and procedures of management, etc. To resist change is to court disaster. Profits are the result of efficient performance in marketing, innovation and productivity. Innovation results in better and cheaper products and more employment for the society. Innovation is essential for the survival and growth of business. It is through innovations that business firms perform dynamic functions of growth, diversification and change in the economy. the most progressive or excellent companies allocate large amounts of money on research and development for achieving the objective of innovation.

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To Avoid Government Intervention

In case the business fails to respond to social needs and aspirations voluntarily, the Government may force businessmen to discharge their social obligations through legislation. Legislative regulation will reduce the freedom and flexibility of business. Hence, it is in the interest of business community to voluntarily fulfill its obligations to the society.

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Real Vs. Perceived

Worker's thoughts about their workload and the time they have to complete their assigned tasks may differ greatly from what managers or other co-workers think of their workloads.
You receive a mail from a friend at 1 a.m. on Friday asking you to go for a movie tomorrow. You respond you your affirmation and wait at the cinemas for the afternoon show. No one turns up and you call your friend. He tells you that the mail was sent at 1, therefore "tomorrow" means "Saturday".
So, his reality is different from your reality and it is imperative to communicate with clarity to avoid inconvenience for both the sender and the receiver.
Reality may actually be somewhere in between, but leaders and managers should take time to survey employees in a non-forceful way and allow them to feel that their responses are valuable. Many employees feel rushed or overwhelmed at work, but a little communication, reorganization, and delegation can go a long way in changing this perception.
Perception is 90% of the battle in a work context. The reality is the exact opposite and making simple alterations can deliver real tangible benefits. One of the greatest roadblocks to clear rational thinking is faulty perception. We often make the assumption that our perception of events is the same as what is actually happening. In reality humans tens to filter out as much information as they take in. Or as one writer put it, "it is not so much that we believe what we see, but that we see what we already believe."
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Supply of Capital

Even though capital is a very mobile factor of production, the availability of adequate finance at cheap rates is an important consideration in industrial location. New and technocrat entrepreneurs who have limited funds are attracted towards the areas where they can get cheap supply of finance. In some states, state financial or industrial development corporations offer loans at low rates of interest to the entrepreneurs who set up plants in the specified areas.

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Life Path circumstances

Personal characteristics are relatively weak predictors of entrepreneurship. Circumstances seem to increase the probability that an individual will become an entrepreneur. Unsatisfactory job environment is one such circumstance. When an employee is dissatisfied with his job or supervisor, he may think of resigning and starting his own venture. This may also happen when the employee refuses to recognise the value of an innovative idea. Second life path circumstance is displacement or an disruption on family life. Partition of the country forced many persons to flee from pakistan and start their own small ventures in India. Death of the father, loss of job, death of husband, etc., are also examples of displacement. Career transitions like competing studies, being discharged from military service, etc. also help to generate entrepreneurs. Positive pull influences e.g. mentors, potential partner, investors, customers, etc. urge an individual to start business.

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Role of Board of Directions

An independent and effective board is essential  for good corporate governance. The overall responsibility of the board is to guide the management and to oversee  the operations of the company to subserve the interests of stakeholders. The operations of the company to ensure that the management complies with the legal and ethical stands. Board is also responsible for ensuring information and control system which can guide the top management in meeting the corporate objectives.

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Seeing in the now

The human being does not realize that one does not need time in one's life, because life really happens in the present moment. It is our mistaken notion, reinforced by the religions and evolutionary pundits, that we need time to evolve and evolutionary pundits, that we need time to evolve and fulfill ourselves, to change from "what~is" to 'what~should~be'.

   Time is certainly necessary in the realm of learning achieving, and to earn a living by becoming proficient in some profession. But in the wold of the psyche, we follow the old traditional pattern, and become frustrated and miserable when the hope of fulfillment is not achieved.

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