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INNOVATION, ETHICS & ENTERPRISE LAUNCHING

Understand the concepts of innovation and ethics in entrepreneurship, consumer protection laws in India, and outline a business plan. Useful links for prospective entrepreneurs.

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INNOVATION, ETHICS & ENTERPRISE LAUNCHING

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  1. INNOVATION,ETHICS & ENTERPRISE LAUNCHING

  2. STRUCTURE OF THE UNIT • Understand the concept of Innovation in Entrepreneurship • Understand the concept of Ethics in Entrepreneurship • Enlist the various consumer protection laws in India • Outline of a business plan • Useful links for prospective entrepreneurs

  3. INNOVATION IN ENTREPRENEURSHIP What is Innovation? “The ability to apply creative solutions to those problems and opportunities in order to enhance people’s lives and to enrich society is called Innovation.”

  4. IMPORTANCE AND ADVANTAGES OF INNOVATION IN ENTERPRISES

  5. STEPS TO PROMOTE INNOVATION IN ENTERPRISES:

  6. IN THE ABSENCE OF INNOVATION, YOU MAY FACE THE FOLLOWING CHALLENGES: Lose Market Share Fall In Productivity & Efficiency Lose Key Staff Reduced Profits

  7. Activity • Divide into groups of 4. Each group can choose one kitchen product. Discuss how you can use innovation to make that product more effective/ popular.

  8. ETHICS OF ENTREPRENEURSHIP The fundamental moral values and behavioral standards that form the foundation for the people of an organization as they make decisions and interact with stakeholders is referred to as Entrepreneurial Ethics. WHAT ARE ETHICS? “A set of principles prescribing a behavioral code that explains what is good and right or bad and wrong; ethics may outline moral duty and obligations.”

  9. IMPORTANCE OF ETHICS IN ENTREPRENEURSHIP:

  10. COMMON MISCONDUCT IN ORGANISATIONS • Dishonesty • Unprofessional Environment • Lack of Team Spirit • Misuse of Organizational Assets ETHICAL TIPS FOR ORGANIZATIONS: • Develop A Code of Ethics • Treat Ethics as a process • Open lines of Communication • Educate Employees

  11. Customer Satisfaction

  12. CONSUMER PROTECTION LAW IN INDIA “On 24 December 1986 Government of India Enacted the Consumer Protection Act 1986 to ensure rights of Consumers and Provide Remedies to Deceived Consumers.” OBJECTIVES OF THE ACT

  13. CONSUMER’S RIGHTS UNDER THE CONSUMER PROTECTION ACT: • Right to Safety • Right to be Informed • Right to Choose • Right to be heard • Right to Seek Redressal • Right to Consumer Education HOW TO FILE A CASE IN CONSUMER COURT

  14. HOW TO FILE A CASE IN CONSUMER COURT • Documents Required • Submit 3 copies of complaint • An invoice or bill for the purchase • Details of consumer • Warranty card for products and SLA for services • Proof of payment • Any other communication or record from the company • The registered address of the company THE CONSUMER COURTS IN INDIA ARE DIVIDED INTO 3 LEVELS • District Consumer Dispute Redressal Forum • State Consumer Dispute Redressal Forum • National Consumer Dispute Redressal Forum

  15. OUTLINE OF A BUSINESS PLAN • Introductory page • Name and address of business • Name(s) and address(s) of principal(s) • Nature of business • Statement of financing needed • Statement of confidentiality of report Executive summary – Three to four pages summarizing the complete business plan • Description of venture • Product(s) • Service(s) • Size of business • Office equipment and personnel • Background of entrepreneurs • Industry analysis • Future outlook and trends • Analysis of competitors • Market segmentation • Industry and market forecasts • Production plan • Manufacturing process • Physical plant (amount subcontracted) • Machinery and equipment • Names of suppliers of raw materials •  Operational plan • Description of company's operation • Flow of orders for goods and/or services • Technology utilization • Marketing plan • Pricing • Distribution • Promotion • Product forecasts • Controls • Organizational plan • Form of ownership • Identification of partners or principal shareholders

  16. Important information • More information about SIDBI is available at https://www.udyamimitra.in/ • Prospective entrepreneurs may register themselves on https://site.udyamimitra.in/Login/Register • For more information on Certified Credit Counsellors for MSMEs, visit https://udyamimitra.in/DocumentRepository/Hanbook%20of%20CCC_15_02_2018.pdf • You can register as both buyer or seller on Government e Marketplace (GeM) website at https://gem.gov.in/ • SC/ST and women entrepreneurs can borrow loans between Rs. 10 lakh and Rs. 1 Crore to start a manufacturing, trading or service unit under Stand Up India. Details are available at https://www.standupmitra.in/

  17. THANK YOU

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