The Spirit of Entrepreneurship In the modern competitive business environment, not all graduates of various disciplines like engineering, management and the like can aspire for white collar jobs. The recent global recession has made the prospective job seekers think twice about working in foreign countries. Self employment has become the order of the day. Being your own boss is truly inspiring and motivating at least in theory. When it comes to reality, we need to know exactly what does it take to become an entrepreneur by starting a small business or taking over the business run by your predecessors. Why we need more entrepreneurs? Various avenues have been opened up thanks to communication and transportation that has brought the world under a single huge umbrella. Also small industries face minimum risk as the investments are marginal and they have the liberty to try a number of innovations like combination of new products new materials new methods of production new markets new sources of materials and even New forms of organization. Being a competitor in an open market, minimum profit and constant revenue inflow are assured and also they can enjoy the benefit of minimum fluctuation in the product price as it is determined by the market and not by individuals. Want to know 10 Daily Habits of Most Successful Entrepreneurs? Scope of entrepreneurial activity: Either you can be a subsidiary to large scale business or you can engage yourself in supply of repair services with small engineering establishments or you can go for small cottage industry businesses like cutlery, furniture, jewelry, fruit canning, soap making etc., Being fairly labor intensive, you can provide economic solution by creating employment and income opportunities in urban and rural areas with relatively low cost of capital investment. Business process outsourcing has been in recent times the magic happening in countries like India, China etc., where the foreign investors take advantage of cheap labor, time and efficient communication skills of the population. Knowledge process outsourcing has also become popular and it stands as a testimony of the rising power of Asian countries over the west. “Small is beautiful” and you can make it big in the small scale business industry if you are Innovative and productive Provide personalized services to the customers Identify and target the right markets This ensures “WINNING THE GAME OF BUSINESS“. An economy grows only when it has large number of enterprises accelerating the economic growth prospects of that particular country. The export policies of all nations have become more flexible owing to globalization, liberalization and...

Design of an Ideal Plant Layout Approach to proper layout: When a new plant is erected, a good deal of expertise is used by management for executing the design of an ideal plant layout. A comprehensive approach with regard to the placement of machineries, location of stores, inspection cabins, tool rooms, maintenance wings, receiving and shipping departments, toilets, canteens and other handling equipments, is necessary for achieving quick and smooth production at the least cost. There is no set pattern of layout for all plants. What is suitable for a giant plant will not be fit for a small factory. What goes well with a processing industry may not match a job industry. But, the basic principles governing a plant layout are more or less the same.   Cost of Production: The all time concern of big industries is the ever rising cost of production. Their priority would be mass production or continuous production to factorise the economy of scale. This is possible where industries are involved in producing highly standardized products. Industries involved in the production of customized or specialized products, catering to premium customers, cannot go for mass production since it is not a feasible option. They have to dedicate separate lines of production for different products. Invariable of the type of production, all industries need to cut down their costs wherever possible. The only possible solution is to design a suitable layout that facilitates uniform and minimum movement of materials thus avoiding wastage, minimization of production delays and avoidance of bottlenecks. An ideally laid plant layout reduces manufacturing costs through reduced materials handling, reduced personnel and equipment requirements and reduced in-process inventory. It is amazing how industries in Japan have mastered the art of employing Just-in-time concept, which focuses on continuous improvement and increases the rate of return on investment by reducing the in-process inventory and associated costs. The importance of plant layout would be better appreciated if one understands the influence of an efficient layout on the manufacturing function. An efficient plant layout would definitely incorporate the following aspects: Economies in handling-cut down material handling costs that account for 30-40 percent of the manufacturing cost Effective use of available space-especially in urban areas, where every inch of available space is an asset. Minimization of production delays-on time delivery schedules and speedy execution will help. Improved quality control-to reach expected standards of production Minimum equipment investment-by planned machine balance and location Identification and rectification of bottlenecks-don’t allow materials to pile up at any place of production, don’t allow workers to be lethargic, keep the machines in the best of condition to speed up operations. Better production control-facilitated by a planned layout Better supervision-a good plant layout enables the supervisor to have a hawks eye on the entire shop floor Improved utilization of labor-process flow should be planned in such a way that workers should be equipped all the time without any lull Improved employee morale-by providing better working conditions, employee facilities, increased earnings, reduced accidents etc. , Scope for Expansion: A good plant layout must also have scope for expansion or revision in future. Even best layouts become obsolete over a period of time, so revisions ranging from minor alterations to a complete dismantling of the existing structure and installation of a new layout become necessary from time to time. Manufacturers, who are keen to survive the global competition, must consider revising their layouts which should fall in line with technological and market...

Organizational change is concerned with making things different and change agent is a person or group of persons who act as catalysts to bring about change. Say, managers and outside expert consultants can be called as change agents. What is Organizational Change? This is how you have to Strategise in order to Win Organizational development refers to the overall development of an organization in terms of improving the ability of that organization in tandem with the needs of the external environment and involves a system oriented approach to change. Recommended: Resourceful Guide on Organizational Development from Maryville University titled ” Organizational Development Guide: Definition, Process & Development Models “ Organizational change: All the elements of a social system like people, formal organization, informal organization, operational environment, communication, decision making and patterns of co-operation are bound to change when there is change in the external environment but this gives rise to a positive pressure which acts like a self-correcting mechanism to modify and set right the bottle-necks or loop-holes in the working system. Causes For Change Work force: The increasing awareness and educational qualification among the workforce is responsible for the attitude change. You can expect loyalty from workers above fifty but not workers who fall under the age category thirty. This is because their loyalty is oriented towards their career and not to the employer. Technology change: Internet, telecommunication systems, computers, robotics, flexible manufacturing operations have created a great impact on the working style of firms and necessitated the work force to be tech-savvy in order to survive in the job market. Economic, social, political, and physical environmental changes: Economic– Business cycles, inflation, recession, stock market crashSocial– Changing life styles and preferences of customers is the keyPhysical– Consumers, suppliers, employees, union, shareholders and the governmentPolitical– Political decisions affecting the market, pressure, legal hassles:- all these affect the working of a firm. Changes in competition: Global economy has brought big players from countries like USA, Japan, Germany and the like to compete in the same market and successful organizational are those who have adapted to competitive environment. When we talk about organizational change, we emphasize on “PLANNED CHANGE OR DELIBERATE CHANGE” in order to suit ourselves to the changing environment. Otherwise, according to Darwin’s theory of “Survival of the fittest” you will fade away in due course of evolution. This Infographic clearly reveals the fact that “It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to...

Economic Growth Strategies A Purview on Economic Growth Strategies for Developing Countries A developing country is one where the per capita income is low relative to that of fully developed countries. In human terms developing countries typically have major population percentage with poor health, low levels of literacy, inadequate dwellings and meager diets. The key to development rests on four fundamental factors namely human resources, natural resources, capital formation and technology. Human resources: A lot of poor countries are forever running hard just to stay in place. Even as a developing nation’s GDP rises, so does its population. So it becomes a mammoth task for such nations to overcome poverty with birth rates so high. Equitable distribution of wealth cannot happen in an economy unless and until it becomes self sufficient. One strategy will be to curb the population, even if such actions run against prevailing religious norms. Strategies for Developement Economic planners in developing countries lay great emphasis on the following strategies of development with regard to human capital: Control disease and improve health and nutrition Improve education, reduce illiteracy and train workers Above all, do not underestimate the importance of human resources. Literate people are knowledgeable and resourceful; their analytical skills help them to weigh the pros and cons of specific social situations that affect their standards of living. Asian countries like India and China with exploding population figures are in a situation to invest their human capital for productive purposes. Pinning Your Way to Profit With Pinterest Natural Resources: Some developing nations with meager endowments of natural resources such as land and minerals have to divide the available resources among the dense population. Perhaps the most valuable of all the resources would be arable land, as most of the people in developing countries employ themselves in farming, which is the primary economic activity. Hence the productive use of land with appropriate conservation, fertilizers and tillage will go- far in increasing a poor nation’s output. More over land ownership patterns are a key to providing farmers with strong incentives to invest in capital land’s yield. When farmers own land, they are more willing to make improvements, such as irrigation systems and undertake appropriate conservation practices. The governments have to think in these lines if their economy is based on agricultural activity: Farmers should be appraised about modern farming techniques and provided with farming equipments and fertilizers at subsidized rates. Note:-nothing should be given as free as freebies make them lethargic and unmotivated. Much of cultivable lands are being destroyed for commercial purposes which have to be checked. Power generation and supply should be copious and uninterrupted as farming, solely is dependent on availability and usage of ground water. Pumping of water is done through jet pumps and electric motors. Budding population can make a marked difference in the field of farming, as it is impossible for a nation to generate white collar jobs for everyone and it definitely elevates the capacity of youth from being mere employees to that of owners. Organic farming has found a place for itself in international market and human capital of developing nations can be employed in research and development of new strains that will facilitate to capture the global market. Capital formation: Rates of productive capital formation are low in developing countries because of deprived income; little can be saved for the future. The financing of growth in poor countries has always been an unstable link in the productive mechanism. Countries should definitely have a balanced and cautious approach when they plan to finance ambitious development programmes as they will be forced to borrow heavily from other developed countries or the World Bank. Technological change and innovations: This is...