AUDIT COURSE

Name –XYZ

PRN – 71901852J
Roll No. - METEC20328
Seat No. - T150080999
A) Assess yourself- are you an entrepreneur?
By evaluating such personal traits as business skills, experience, and knowledge,
financial goals, likes and dislikes, willingness to expend effort, and ability to meet
challenges, entrepreneurs may be able to identify the business opportunities for
which they are best suited.

Discipline
To be successfully self-employed, you need to have the discipline to set work
hours, meet deadlines, pursue new clients and avoid tempting distractions.

Frugality
To prevent yourself from going broke when your business is new or times are
slow, you must be willing to cut back, sometimes way back, on your spending.
Remaining self-employed has to be a top priority above buying new clothes or
other niceties. It's a good idea to be frugal not just in slow months, but in the good
ones as well to give yourself a well-padded savings account to tide you over when
your business isn't generating income.

Self-Confidence
To successfully sell yourself to others, you have to be your own biggest fan. If you
don't believe you're one of the best at what you do, no one else will either.
Business will rarely just fall into your lap, so you'll need to be willing to promote
yourself and ask for work whenever and wherever possible

Good Communication Skills

Clients won't always make their expectations clear. Rather than guessing what they
want, you must not be afraid to ask lots of questions. It's also a good idea to ask for
feedback during and after assignments to make sure you're meeting your clients'
expectations.
Humility, Honesty and Integrity
Few clients will expect you to be perfect, but if you can't fess up and apologize when
you make a mistake, you'll get crossed off their lists. When you're self-employed,
your reputation is crucial. You don't have the image of a company to fall back on or
make up for the occasional bad employee. You are the company and you are the
employee. Everything you do needs to reflect well on your business

Superb Record-Keeping Skills

It's very important to know when you sent out invoices, when you were paid, who
still owes you money, how much money your business has, how much you have
made and how much you need to make. Detailed, accurate records are critical to
the financial health of your business and are indispensable for tax purposes.

Motivation
You won't become a successful business person by watching TV all day. Even
when you think you have a day to relax, don't put your assignments off until the
last minute. It's better to get as much done as you can when things appear to be
slow because you never know what the next day will bring. Also, forget about
turning all your work in on the due date and plan to turn some work in early
instead. The faster you complete an assignment, the faster you can move on to the
next one, which means more money in your pocket. Beating the occasional
deadline also instills confidence in your clients that you can be relied upon. It
probably goes without saying that missing a deadline is not acceptable except in
the most extreme circumstances.

Flexibility
Sometimes will be busier than others, and assignments will arise unexpectedly.
You have to be willing to rearrange both your business and personal schedule to
accommodate your clients' requests.
Ability to Set Boundaries
While it is a good idea to maintain some degree of flexibility, you also must set
boundaries and realistic expectations with your clients. These things don't need to
be done explicitly, but rather will become the norm as you teach people how to
treat you. Don't answer your phone or email after business hours, don't accept
unreasonable deadlines or insurmountable workloads and don't let clients negotiate
your invoices down or refuse to pay after the work is done.

Ability to Create Balance

For workaholic types, working at home means it's difficult to know when to stop
and take a break. For those who are better at relaxing, it's equally challenging to
get out of lounge mode and start working. Regardless of which category you fall
into, when you work for yourself, you'll have to push yourself outside of your
comfort zone to keep your work life and personal life in balance.

Optimism
You won't always have a lot of work and you won't get all the assignments or clients
you want. You have to keep pursuing work, maintain a positive mindset and not take
the rejections personally or you'll soon find yourself in a cubicle filling out a W-4.
B) Prepare a Project Report for starting a small-scale business.

FOOD PACKAGING COMPANY

Market Research

Secure intellectual property

Branding

Incorporate

Choosing a co-founder

Writing a business plan

Picking a workplace

Finding a mentor

Apply for an accelerator program

Raising capital
1. Market Research
Conducting market research is the first step to determine if we really do have
an idea worth pursuing. Finding out the problems related to same product
type available in the market and checking whether our idea is better than the
available product.

2. Secure intellectual property

Intellectual property (IP) refers to the process by which an individual or
company can own the rights to a created product. Examples include patents,
copyright, and trademarks.

3. Branding
Branding is about more than just choosing a name; it's about deciding on an
identity for idea. The brand name should be more related to its functionality
and the problems that our product solves. So, I’ll choose name for my
company as ‘Volume’.

4. Incorporate
Incorporating is the process of turning our business into a legal entity and
deciding how it will be structured.

5. Choosing a Co-founder
Not having the proper support for even the best of ideas can kill your
execution. I’ll may join to well-known famous co-founder to my company,
so that investors will invest in my company. It is about trust development in
investors and customers.

6. Writing a business plan

I’ll plan all my steps for future and the goals, achievements that I want to
achieve from my business.

7. Picking a Workplace
I’ll choose a workplace for my bottle company at a place where I’ll get all
the raw materials easily.
8. Finding Mentor
I’ll find a mentor from the same business stream so that he/she can guide me
or can provide deep industry insight and wisdom to help you navigate some
of the challenges that come your way.

9. Applying for a accelerator program

By applying to accelerator program, I’ll be able to speed up company growth
and can also get small investments from it.

10. Raising Capital

I’ll take proper decision to raise the capital amount by means of investors
and by other means like business loans and Government schemes.
C) An interview with an entrepreneur.

A3. The interview details are shared from an interview

of entrepreneur and businessman “Ratan Tata”,
founder-CEO of TATA group . The insights shared are
in form of bullet pointers.

1. It’s high time we

understand that the
concept of growth
which the Indian
society is following in
terms of being successful neds to be changed.
3. The Indian society should be less status driven and
wealth driven society.
4. The idea of comparison is the biggest threat to
Indian community in general. One should make
sure that growth can take place only when a group
of people move in certain direction together.
Become wealthy by also making others wealthy.

pg. 9
 5. The concept of understanding money is never
taught in Indian schools and society, the
concept of understanding profit loss, credit and
debit, interest rate and stock market is way
more important than the conventional.

6. It’s a boon that most of kids are been taught

that stock market is like a gamble. What we
never teach the upcoming generation that how
stock market can affect the overall development
of company and social wealth in society.
7. We never understand that for such a large
population such like India, if we understand the
concept of investing, we can generate a large
pool of money to build resources. For a country
where only 3.2% of overall population invest in
the stock market, we need to understand the
concept of money and how to grow it.
8. The concept of saving is good and inherited in us
for long time, but to grow we should teach the
next generations that savings in important but
investing those savings in various securities is even
more important.

pg. 10
8. For a nation with such creative and smart minds, we
should encourage the youth generation to not leave
the country and stay back to build the nation with
their ideas and innovations.
9. Yes, getting a job is good! But the youth should be
more pro-active in building more and more
startups. Hence, to create more jobs and
opportunity is very important.
10. Yes, referring and preaching what our ancestors
(mighty king and ruler and war story) is important.
But for modern day problem we can’t go back in
time for references, just chanting old stories won’t
solve problems. We should understand that what
our ancestors did was with a thought to make the
coming future generation’s life much simpler and
better. So, we should look up and forward.