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ROLE OF SUPPORT FUNCTIONS OF AN ENTREPRENEUR

Vinay Agnani - 08 703 Anuj Choudhary – 08 7 Nupur Khanna – 08 733 Sanjukta Mukherjee – 08 740 Reemis Rodrigues - 08749. ROLE OF SUPPORT FUNCTIONS OF AN ENTREPRENEUR. Administration and IT support. Customer services. Marketing and sales. Operations. The main functional areas. Finance.

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ROLE OF SUPPORT FUNCTIONS OF AN ENTREPRENEUR

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  1. Vinay Agnani - 08 703 Anuj Choudhary – 08 7 Nupur Khanna – 08 733 Sanjukta Mukherjee – 08 740 Reemis Rodrigues - 08749 ROLE OF SUPPORT FUNCTIONS OF AN ENTREPRENEUR

  2. Administration and IT support Customer services Marketing and sales Operations The main functional areas Finance Human resources Research and development Key functions in Business

  3. Delivering key functions • In a small business, key functions will be done by individuals • In a medium/large business, it will be done by individuals working infunctional areas or departments

  4. Links between functions R & D HR • All functional areas must link together to achieve the overall aims and objectives • This means cooperation and good communications Ops Admin Sales IT Marketing CS Finance

  5. Recruitment, retention and dismissal Working conditions Health and safety The main responsibilities of the human resources function Employee organizations and unions Training, development and promotion Human resources Includes the legal rights and responsibilities of employer and employees

  6. Finance Concerned with money and future plans • Preparing accounts example: invoices, management accounts, financial accounts for shareholders and Inland Revenue • Preparing wages and salaries • Obtaining capital and resources example: money for expansion or to pay for resources such as equipment and materials.

  7. Clerical work, eg mail, record keeping Cleaning and maintenance Health and safety The role of administration and ICT function Security Support for software applications, electronic communications and electronic transactions Administration and IT support

  8. Operations • Concerned with the main business activities • Obtains and converts resources of the business into goods/services, i.e. • Buildings and land • Equipment • People • Materials

  9. Market research Activities include Promotion Sales Marketing and Sales Both are concerned with customer needs

  10. Customer service Concerned with customer relationships Activities include: • Providing information • Giving advice • Providing credit facilities • Delivering goods • Providing after-sales service

  11. Research and development Concerned with developing new goods/services and updating old ones Activities include: • Technological developments • Scientific research • Design features • Performance of product

  12. The use of IT Relates to all functional areas: • Electronic communications (eg: email) • Data sharing (eg: databases) • Security systems (eg: virus protection) • External communications (eg: Internet) • Online support for customers (eg: order tracking) • Electronic transactions (eg: EFT)

  13. Functional variations No two businesses are the same! Functions will vary because of: • Size and scale of business • Activities of business • Type(s) of customers • Needs of customers • Preferences of owner(s)

  14. Case studies • VIT • India Infoline

  15. Vidyalankar Institute of Technology Background: Entrepreneur – Mr. Vishwas Deshpande Year – 1999 Course – Engineering (Electronics, Computer & IT)

  16. Finance Budget allocation for each activity ………………….. (plz include some other pts  cudnt think)

  17. Human Resources • Recruiting the employees • Inducting the employees • Orienting the employee • Streamlining the process of the organization • Setting the policies and guidelines • Deciding the pay and increment structure • Manpower planning

  18. Marketing • Promotional Strategies • Increasing the visibility of the college

  19. Operations • Primary Activities : Providing education • Lectures • Labs • Tutorials • Allied Activities : • Examination cell • Placement cell • Re-creational cell (cultural events, sports, college magazine & trips) • Operations with university

  20. Administration & IT • Board of Governors • Academic Advisory Council • Systems for tracking • Employee attendance • Working hours • Intranet & internet • Security • Vidyalankar ERP

  21. Founder- Nirmal Jain, CA & Cost accountant, IIM grad • His work experience • Philosophy- Opportunity is about putting 2+2 together • In 1991, financial services sector became more dynamic

  22. CONT… • In 1994 joined hands with Motilal Oswal & Ramdev Agarwal to set up “Inquire” • Year & Half later he started his own research company “Probity research & Services Pvt Ltd” • In 99, as internet became very popular, he uploaded his research on the net(India Infoline)

  23. CONT… • Changed business model from info services to transaction services • Building an exclusive internet based trading platform • Raised money from angel investors, VC’s, & friends • In 2003, started the trading terminal

  24. Support function • Finance • HR • Technology • R&D

  25. It’s a game of probabilities. You have to be sporting.. However good you may be, you may get out for a duck Entrepreneurship is risky, you should be prepared to fail. If you cant handle failure , then its not your cup of tea. What you do” is not so important, “how you do it” is what matters

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