The figure of alumni from public and private advanced educational institutions with the intention to link with the profession market rise every year, moreover, regrettably, this propagation go above the existing demand intended for their services. In detail, some situations occurred where, on the reason for financial modifications, the abilities of fresh graduates are negatively equivalent for the need by employers. While, the graduates being without a job has turn out to be a countrywide question in Malaysia. The matter of joblessness surrounded by graduates, desires in the direction of sensibly tackled which result to expert employees is not wasted. At present, educational credentials are capable of no longer assurance instant services leading graduation, as well as alternative alumni's are essential headed for screening an optimistic approach on the way to the varying job market (Morshidi et al. 2008). Within this perspective, it has been projected to facilitate graduates to extend their professional extent through examining private enterprise seeing that as a feasible beginning meant for livelihood.
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Entrepreneurship would assist the fresh graduates to build up their personal profession as well as in addition relieve the existing joblessness problem with mounting the job market (Norasmah 2004). Entrepreneurship has been recognized with the majority entrepreneurial researchers seeing that a way out to the crisis of jobless graduates (Kamariah et al. 2004; Salmah 2006).
Enlargement in entrepreneurship has had prominent consequences happening within the business world these days. The government have at all times specifically considered towards embryonic prospects entrepreneurs who are flexible as well as spirited within the worldwide market. The above mentioned situations are able to be observed within the variety of program and actions inside each nationwide improvement programme, which comprise of affording infrastructure on the way to enlarge the figure of entrepreneurs, particularly with Bumiputeras which is a huge vision that must not be squandered. Therefore, graduates require on the way to exploit the chance in order to discover the huge area of entrepreneurship, moreover compose it to be an extra favoured professional preference (Collins and Jones 2004; Morshidi et al. 2004; Nor Aishah 2002; Quince and Whittaker 2003). An ideal change in the graduates is essential, because their assistances towards entrepreneurship that may assist the national economic development moreover facilitate it to be in motion in the direction of flattering an urbanized nation by 2020. This is particularly significant, for the cause to facilitate that graduates who are educational scholars in addition to this they are comprise of ability which is placed towards move on the upcoming national economy (Collins et al. 2004; Lüthje and Franke 2002; Norfadilah 2003; Nor Aishah et al. 2005).
The method of desiring a profession which is significantly manipulated with few issues, as well as entails building a compound, complicated, and time overwhelming result (Nevill 1997; Olsson 2002). Profession preference is through extra difficult with unremitting competition, non-judgmental attitude on the way to correctness intended for a number one profession, as well as persistence within the preferred profession (Ainon and Sidek 2000; Sidek 2006). As a result, the method of selecting a profession is habitually a most vital faltering obstruct meant for a person (Ainon and Sidek 2000).
This growth is exclusive inside the implementation of different actions towards fabricating a fresh invention or provision, result to not directly to make an investigative attempt which comprise of individuals, group, and communities (Baron and Shane 2005; Hisrich et al. 2008; Shane 2003). This circumstance covers numerous issues with the aim of leading the selection for entrepreneurship that include with preceding research studies, which be able to be separated addicted to push and pull issues. The recognized push issues comprise of redundancy, job disappointment, not obtaining success in a way to get hold of an endorsement, individual fired up, financial recession, and endurance heaviness (Alstete 2002; Mohd Salleh et al. 2005; Nor Aishah et al. 2006). Pull issues comprise of the requirement of independence, annoying fresh possessions, experience, accessibility of resources, ability and commercial ability, being a character replica, financial state of affairs, and an personal early homework at the same time as employing (Alstete 2002; Bird 1988; Mohd Salleh et al. 2005; Nor Aishah et al. 2006; Robertson et al. 2003). A number of precedent studies have in addition examined with the aim of demographic, family unit, education, and inspiration backdrop contains a circuitous pressure going on selecting entrepreneurship to be a profession (Davidsson 1995; Kuratko and Hodgetts 2004; Niittykangas and Tervo 2002)
Entrepreneurship - a snap shot
Always on Time
Marked to Standard
(Anon, 2004)It might have been renowned so as Entrepreneurship is the action of recognizing or producing market chances through passing jointly possessions within a course of action along with performing in the direction of utilize openings ensuing within the formation of latest assessment
This is able to be educated by some of us, but we desire towards being inspired in the direction of by individuals in the region of US - customs! Be bright on the way to perform innovatively.
But if a character desires this to occur subsequently he ought to encompass a proposal in the direction to begin with, look at the feasibility of the alternative, perform a mart study and put exposed towards objective of a specific collection of consumers.
How can it be possible?
This is able to take place in the course of
This comprises of concerning chances and individual ambitions and Understanding the robust among thoughts and individual ambitions. This in revolve is feasible by means of
Discovering and functioning on business information
Going away commencing thought in the direction of chance
Outlining undertaking team
Opportunity centred entrepreneurship
This is a procedure by which natives gain knowledge even as searching and functioning on opportunity.
It comprises of fours bunch of actions
Private enterprise - concerning opportunity through aims and distinctiveness
Generating & searching opportunities
Setting up to understand opportunities
Performing on opportunities
How can one make it happen
If one is looking for a business to make it as a career option then the following must be considered.
For whom is it applicable to?
What are the long term results and how are they benefitted from it?
What is your position in the near future?
Do you have the command to do it?
Does it meet the requirements of the market?
Are there any unique features which make it special?
Recurring problems and unsolved troubles or desires mush cashed upon and turned into their opportunities.
Products which are unavailable. Servicing or giving information regarding them.
Introducing a service which saves both time and money.
Creating awareness about proper utilisation of resources.
Introduce something which people would like to have
Catching the unsolved desires of the society.
Also consider your goal in life, interests, public relations and surroundings.
Finding the resources required to exploit opportunities
Normally successful running of a business is considered to be a good fortune for the efforts and the discipline put in to make use of the readily available resources or resources which can be found easily.
Whether the resources are readily available or unavailable, a committed and a devoted person do not let the opportunity go by itself. The non-availability will not discourage the person who can however collect the resources through begging, borrowing or stealing. (Mr. M Z Alam)' as I already got a good stakeholder who is already a web developer, the resource to exploit the opportunity has become very convenient for me to become an entrepreneur.'
Making a good networking
One cannot make good business when they are limited to the resources which are only readily available. So as to overcome this, business people innovate new ideas, expand their social network in order to get the right orders and deals. Successful business people believe there are enough opportunities in the society to be cashed upon and for this people need to be alert. In this perspective the advices from the people of our network and community need to be considered. One needs to be extra careful in choosing a right partner for the development of the business.
Keeping in mind "know-how" and "know-who" (a theory by Gibb, 1998)
In order to be a good business man it should be kept in mind that the resources needed are in plenty and are easily available.
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Gaining raw materials, improving the value and expanding the network of users comprise the firm's main capital which helps in forming others such as social and financial capital.
Business however is interlinked with certain risks, but to be taken in a positive way. In order to be unique one need to take risks. If the risk is analysed then it can be easily managed. No business runs so smooth without any risks. Here in this context the risk can be huge investments in business and when the project is not related to people etc. It is better that all the entrepreneurs are mentally prepared in advance that they may face the same risks or other in the near future.
Involving creativity and innovation
Successful business includes the sense of uniqueness and imagination in its routine. Business activities should be in a way such that it is an act of learning and can be implemented to bring changes in a totally different way. This may help the business to reach the high expectations of the people and compete with the new technologies which are booming around
Why a Restaurant
Keeping the guidelines to be followed my learning's I have come up with an idea of opening a Restaurant that offers homemade food. I had to go with implementing this thought as the people
The Restaurant industry is an extremely lucrative business and also very competitive one .One of the main reasons for it to have such a strong impetus is the changing lifestyle of people which reads out aloud that there is no time for cooking. Keeping in mind such trends and also that fact that young adults like eating out, this concept for business has been chosen
Future Trends & Strategic Opportunities
The predicted trend in terms of short term goals and long term are extremely positive. This is because as per the a survey conducted more and more people are moving away from their birthplace in search of employment or for further studies, this calls for more and more people eating out due to lack of time, enjoyment or as matter of fact just a necessity
The Food service industry forecasted a few things. These are listed here under
Money will be spent on food not to be cooked at home but to be bought outside
There will be an influx of entrepreneurs who will engage in this sort of business
Prime emphasis will be on the nutritional value of the food, service and hygienic conditions
Flavours will also be emphasized upon
Issues regard the environment will also be stressed upon
The Target Market
As discussed earlier the target market will be working professions. Especially the IT personnel. This is because it is usually they who move out to various locations in search of their jobs. The restraints would be set up close to various IT parks in the various metropolis of India so as to target the intended audience. Apart from the working IT professionals the Restaurant intends to cover a larger sphere.
The customer base will come from 3 major segments;
Local population- The location close to the IT hubs will be ideal locations because residential areas are also close by which means the locals of that place will also enjoy the cuisine offered, thereby increasing the profits.
Colleges and Universities- Close to the IT hubs are located the corporate colleges .Thus by serving light snacks and soft drinks, this group of customers will also be served
Local businesses- Small local firms and businesses are set up in and around the IT firms, the needs of such customers will also be met
Three different Customer Profiles
The student - Students are increasingly becoming health conscious and as result desire fresh food. This need shall be catered to by providing Fruit juices, squashes etc.
The health conscious person of any age or sex -- This category comprises of people on diet, be itself imposed or as a result of clinical advise
Curious and open-minded - "Try it and you will like it." Such a marketing prospect will induce customers to try out and experiment with new food and then discover that new food items can be tasty and nutritious as well.
Market Trends & The Future
The Indian market is fast changing and is becoming extremely health conscious. Also the fast paced lifestyle is creating an increasingly conscious environment where healthy food is the top priority. Tourism and local businesses are increasing at such as at an alarming rate.
The concept of good health via awareness of the nutritional requirements and changes in the diet has been pacing up over the last 7 years. Government studies on new Food Guide Pyramid have introduced to everybody new meaning of a balanced, healthy diet. This is not a fashion statement but a true dietary statement. This is supported by scientific research and medical diagnosis. Huge food manufacturers are supporting this cause. Another study has revealed that people wish to stay at home and not cook. This has led us to devise a strategy wherein food is delivered on a monthly or a weekly basis. Thus by looking at all these concepts of restaurants is really going to sell
Marketing Plan & Sales Strategy
(Bhide, 2004)Making a way into the market is an easy task as there are many opportunities available. It is an added advantage if the store is with good elevation and with many pedestrians throughout the day. It is no doubt that the people around ad the young support the new food stores and however the tourists are like bonus to this business. Prior advertising and campaigning would be a better option as people get to know it very sooner.
Focusing on the unique aspect of the product theme (healthy, tasty foods) a mix of marketing maintaining a unique feature will help our presence felt in the market. This may be done through print media via newspapers, magazines and student editorials or through televising in local channels and special shows. A good feedback can be obtained through introducing free services such as free door delivery etc.
A public relations firm has been appointed to conduct special events and request for print and broadcast coverage during the opening.
The marketing effort will be split into 3 phases
1) Opening -- A superior note (press packet) forward by means of the PR firm to all media and printed announcement ads in key places with a budget of $10,000.
2) Ongoing -A regular awareness campaign during the ongoing business for improvement of sales with a budget of $10,000.
3) Point of sale - Right person on the right place would be a key point in satisfying customer's needs. This improves customers overall experience through maintaining good relations with them.
Future plans and Strategic Opportunities
Catering to parties and offices would add up to the sales and hiring a sales manager at this point of time would add to customer's satisfaction. It is better if it is implemented after the store gains a good brand name.
.Though Entrepreneurship is an exciting career it has its own set of challenges and draw backs which may at times serve as a deterrent in ones progress
(NOELBAR, 2000)In general, business some situations may perhaps link to, the bank loan principle which is outdated while measured within relative towards the features of individuals at present looking for starting business or go through self employment.
Issues coupled through accessing finance intended for business development which experience in the direction being slightly not as sharper than that of linked by means of begin finance. It has in addition found exposed through way if a variety of review those immature entrepreneurs express extensively superior issues admitting finance intended for enlargement than performing undersized businesses in common. Single evidence seeing that why issues might be come into rise through immature entrepreneurs is recommended experience that immature entrepreneurs express a few type of unfairness on the branch of contributors of finance. At the same time issues within lifting up exterior finance is a problem which sometimes is relevant in common headed for the small business sector as in one piece, six sustained organisations experience with the intention of immature entrepreneurs features extra inequity taking place the fraction of finance providers.
Data representing the % of Entrepreneurs experiencing problems in different fields
Note: No respondents judged that 'adaptation to quality standards' or language problems were greater than for small businesses in general
A few Economists are of the view that Entrepreneurship a requisite which will be a boot to the economy. Be it developed or a developing one. What Entrepreneurs do is that they bring new businesses into the economy which generates jobs which in turn generates revenue and thus shows positive signs of an upward economy. This also enhances productivity and brings about technological advancement.
(programs, 2007)Innovation and Economic growth are the main advantages of Entrepreneurship .According to Peter Drucker 'The business man is always in search of some sort of change and reciprocates, exploits opportunities". These people are responsible for the introduction of products in many ways especially from the commercial point of view. History is witness that most of the recent innovations were because of Entrepreneurship these changed and revolutionized the way people worked and lived. The spectrum is large ranging from commercials vehicles to automobile to airplanes. Individuals with determination and a dream for change have made it possible.
Small organisations are most likely to make and deliver goods and services based on customer demand. According to Schramm Businessmen give customers or introduce new and innovative products which the consumers were not even aware .This comes as a pleasant surprise to them.
A survey by the Summary Results of the Global Entrepreneurship Monitor (GEM) project in 2006 said that "irrespective of the development level and how big a firm is the behaviour of an Entrepreneur remains as a fundamental driving force for the expansion of the organisation and growth of the economy especially for independent firms because by nature they are ever willing to make the best of the available options and take advantage in the situations that are yet to be exploited."
Entrepreneurship is such a field that with the right amount of determination, ideas and a strategic approach one can bring forth a successful venture. One needs to conduct a good market analysis, select the right customer spectrum and apply the apt techniques. Though at times it becomes very challenging and disheartening, it is one of the few professions that are path breakers for those who diligently pursue it