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kathmandu
Saturday, January 8, 2011
third year project work bbs
Introduction
Meaning of Entrepreneurship.
Entrepreneurship is the the process of creating new ventures. It begins with an
innovative idea. It identifies opportunities. It mobilizes and invests resources to
exploit those opportunities. It involves innovation. It assumes risks to reap
rewards. It creates employment for self and others. It is key to the success of
small business.
According to Joseph Schumer, Entrepreneurship is based on purposeful and
systematic innovation.. it essentially consists in doing things that case not
generally done in the ordinary course of business routine.
According to Hisrich and Peter, Entrepreneurship is the process of creating
something different with value by devoting the necessary time and effort,
assuming the accompanying risks, and receiving the resulting rewards.
This above various writer definitions of entrepreneur ship point view is:
Thus, Entrepreneurship is the process of exploiting opportunities by
creating new venture through resource pulling risk talking innovation andmanaging for rewards. Entrepreneur ship results in the creation and
management of new business for growth and profit. It focuses on start-up
process. It is the capacity to create new opportunities for innovation, investment
and expansion in new markets, products and technology.
The entreprenetial process consists of the following elements:
Creation of
New venture
Reaping of Reward Entrepreneurship
Devotion of time
& effort
Assumption of Risks.
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Figure-1: Elements of Entrepreneurial Process
1.2. Meaning of Entrepreneur
The words Entrepreneur is derived from the French work which means
between takers or go between. Entrepreneur refers to an individual.
Entrepreneur performs the functions of entrepreneurship. They are creative
individuals. They have vision & inspiration to create new ventures. They identify
new business opportunity & takes advantage of it. They take risks; they are
better informed & possess greater experience. About all, they are achievement-
oriented individuals driven to seek new challenges & accomplishment.
Thus, we can know that the entrepreneur is a creative person and
innovator, a risk-bearer, a leader, an organizer, a self-motivator, a visionary & a
good imitator.
According to Richard cantilena,An entrepreneur is a risk-bearing agent
of production.
Thus, an entrepreneur defines simply as a risk bears.
According to ILO (International labor Organization), Entrepreneurs are
people who have the ability to see and evaluate business opportunities, together
with the necessary resources to take advantage of them & them ensure
appropriate action to ensure success.
According to David Holt, An entrepreneur is a person who starts a new
venture taking the initiative an risk associated with it and does so by creating
something new to provide value to consumers.
Thus, An Entrepreneur is a visionary individual who take risks by starting
something new though assembling and coordinating various resources for the
sake of uncertain rewards.
1.3 Description of Organization for study
Naso Gift collection is a small gift shop which is small business-related.
It is a sole-proprietorship business organization established with the authorized
capital of Rs 80000 in 2055/11/12 Mr. Sanjay Maharjan is a proprietor of the
business. The shop is registered after seven years of starting as private firm act
with Registration No. 2062/11/15. The shop is situated at the way of Nardevi to
pyaphat. The shop is placed at Yetkha, the house of Guthi. The shop is operating
by him and his wife. So nobody can be employing beside them. The shop is
dealing with gift items & greetings especially.
1.4. Description of subject for Study
1.4. A. Accounting Records for small Business.
Accounting is recording, classifying & summarizing financial transations
in a systematic way. It provides financial information to find out profit & loss of
small business. It provides records of changes in financial position. Small
business should have a simple accounting system. It helps them to make
business decisions well.
1.4.B. Importance of Accounting records to small business
1. It provides information about profit & loss, sales & changes in financial
position.
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2. It help day-to-day decision making.
3. It helps correct financial problems.
4. It provide comparative performance of the business.
5. It Provide financial statements for banks creditors & other purposes.
6. Its (having) Taxation problems can be effectively dealt with.
7. Its (having) fraud & theft by employee are revealed .
1.5. Objectives of Study
The main objective of the study has been pointed below:
1. To find out the accounting system of the small business as single entry
system.
2. To evaluate the accounting records of the small business.
3. To find out the composition of the income & expenditure of the small
business the like gift shop.
1.6 Significance of study:
The report has great significance for each & every persons. Some of
significance of study as follows:
1. It will be helpful the new entrepreneur who is thinking of starting new small
business.
2. It will be useful for the new entrepreneur who is trying to find out the
accounting procedures of the small business, like gift shop.
3. By studying this report, the students of the entrepreneurship & small
business management can get the practical knowledge of the small
business.
4. Similarly this report will be helpful for the coming bachelor students of the
management.
1.7. Limitation of study.
Though lots of efforts have been done to prepare this report, these are certain
limitations which are:
The study is concentrated on the accounting records & system as single
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entry data of the NASO gift collection of gift items business only.
These are different subject matters to be study in the entrepreneurship &small business management but only the accounting system has been
concentrated in this study.
Under the small business accounting, there are lots of subjects, titles &issues to be discussed but only the stocks, income & expenditure of the
business has been made the subject for study. The data are completely
historical & rigid.
1.8. Methodology:
1.8.A. Research design:
The study is designed in order to evaluate the product line of the N.G.C.
The study especially deals with the dept analysis will be descriptive and analysis
in order to answer the problem identified. Similarly, it will be guideline for future
researcher.
1.8.B. Source of data.
The data of primary in nature are gathered by personal interview. The
secondary data is collected from the N.G.C., Kathmandu. Annual reports of
Handicraft Association Nepal &
:www.nepalhandicraft.org
1.8.C. Data collection Methods
v First of all various relevant data and information collected from N.G.C.and reviewed.
v Interview with Mr. Sanjay Maharajan about related subject matter . (Forsome primary data) . It is completely F.G.D. (Focus Group Discussion).
1.8.D. Data processing Techniques
The collected data have been processed and tabulated in the forms of table.Similarly graphs and diagrams are presented after the data are processed
(managed).
1.8.E. Tools used.
Mainly the statistical & mathematical tools have been used to analyze & present
the data collected.
Chapter 2
2. Presentation & Analysis of data.
2.1 Purchase of different types of goods (Amount In Rs)
F/Y Creamier GiftItems
(Rs)
Handicraft gift
items (Rs)
Greeting
(Rs)
Other Items
(Rs)
058/59 20700 12000 2500 11000
059/60 22430 9525 2800 23000
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060/61 26575 25000 5000 36000
061/62 19156 7350 11000 28400
062/63
063/064
10110
11345
8450 12000 18000
Table No.1: Presentation of data
Figure No.1:Position of Purchase of different types of goods
Finding:- The N.G.C has been keeping the proper records of every types of
goods since past five years, By maintaining the stock book by the business it
has been easier to know which types of goods were purchased at what the
amounted-quantity for the particular period.
2.2: Sales of different types of goods (Amount In Rs)
F/Y Creamier Gift Handicraft Greeting Other items
058/59 20000 9975 2600 6000
059/60 18000 11750 2700 4500
060/61 19550 14050 4800 5700
061/62 9060 11000 5,500 4950
062/63 6425 10500 9600 6705
Table.No:-2 Presentation of Data of Sales
Fighter .3:- Positions of sales of different types of goods
Finding:-The N.G.C. has been keeping the records of every type of goods sincepast five years. By Maintains the stock book by the business it has been easier
to know which types of goods were sold at what the amounted quantity for a
particular period. This made easier to find out the remaining stock in shop and
easy to find damage or loss that took place while presenting the gift to decorate.
The difference on stock of the goods purchase & sold recorded in the stock
book made easier in sales planning & stock planning.
2.3. Net Income by sale of different types of goods.
F/Y Ceramic &
Handicraft
items
Greetings Other Items Total
Amount
057/58 44962.5 4340 1300 50602.5
058/59 44625 4500 8000 57125
59/60 44400 8000 11200 63600
060/61 30090 965 7700 46955
061/62 25387.5 16000 8905 5029.25
Table. No: 3:- Presentation of Net income
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less
Other 14000 14570 14600 12044 13385
Total 64800 75620 77790 87964 102990
Table.5:- Presentation of data of Expenditure
Figure.7:- Position of Total Expenditure
2.5. Findings:It is really good to see that the small business has kept each & every
detail records of the expenditure occurred in the operation of the business
activities. By keeping props accounting by these types of the small business it
will be easier for the department of the tax for estimating & learning taxes to
them. These will be the fairness in the operation of the day to day activities also.
These will also be less changes of being fraud & embezzlement by the workers
in the business.
2.6. Ratio of Expenditure in different heads to the Total
Expenditure
Particular 058/59 059/60 060/61 061/62 062/63
Personal
overheads46.29% 51.57% 39.85% 33.15% 36.37%
Rent 7.72% 6.62% 6.42% 4.87% 5.68%
Electricity 3.70% 3.17% 3.08% 2.34% 2.77%
Material
used2.77% 4.62% 3.44% 2.05% 3.06%
Office &
Stationery2.46% 1.52% 1.58% 1.64% 1.61%
Interest on
Lean- - 13.88% 33.15% 24.46%
Prevision forless
15.43% 13.22% 12.85% 9.75% 12.36%
Other 21.60% 19.26% 18.87% 13.05% 13.69%
Table.no.6:- presentation of Ratio of Expenditure
Figuer.no.8:- Present of Ratio of expenditure in column diagram
2.6 Findings:
It has been easier to find out how much amount of the different F/Y of thetotal place expenditure that took place, owners expenses has taken place most.
Then the expenditure for others expenses occurred more. Similarly the rent has
also covered important proportion in the competition of total expenditure. The
interest of loan is paid starting from F/Y 2059/60 because the loan is taken
before one year. From these historical each expenditures data, the proprietor of
N.G.C. can predict the feasible expenditure that might take place in the gift
items. This has been easier by the place in the accounting records that were
kept by the shop.
2.7. Major Findings.
The N.G.C. has been keeping props records of the stocks they are
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dealing with
The N.G.C has kept the props records of the sale of gift and greetingitems.
It has also maintained the records of income from the sale of gift items,Greeting and Other for the last five years. From this we can say the
business has kept proper
Accounting without which income of the business couldnt be calculated. As from the above presentation, we see that N.G.C has been not paying
tax to government because the firm is resisted in 2062. This cant justify
that business has been keeping clean & proper of accounting recordsbut as per the norms & principles of a Accounting is used for planning
future.
The N.G.C has also kept the proper accounts & records of the each &every expenditure for easiness of owners dedication for shop that took
place during operation of the business.
The N.G.C. has been following the Nepalese government fiscal year forkeeping the records of their each & every financial transaction, now.
2.8. SWOT Analysis:-
2.8.1. Strength:
1. Management independence is an important strength.
2. There is a quick decision mechanism.
3. The process of record keeping is easier & cost-effective than that of large
business
4. These small businesses have flexibility in operation
5. They are responsive to the customers i.e. customer oriented marketing
6. They are employment opportunity creator
7. Put on keeping good financial performance
8. Large businesses are also interdependence.
9. The location of the organization is also one of its strengths.
2.8.2 Weakness:-
1. There is a high risk of failure.
2. There is a lack of inadequate management skills.
3. Small businesses face different kinds of accounting & taxation problems.
4. There is a lack of sufficient fund.
5. There is a lack of up-date technology.
6. They are facing from good credit facilities.
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7. They face a lack of sufficient man-power.
8. Segregation of the different account heads is not possible in the small
business accounting system.
2.8.3 Opportunity:-
1. There is a chance of technology entrancement.
2. They can use professional & technical workers.
3. There is an opportunities for the women & ethnic group.
4. They can easily shift to occupational & industrial activates.
5. There is an option of practicing different product line decision.
6. There is a chance of adding further outlets in the process of growth.
2.8.4 Threat:-
1. There will be a lack of sufficient capital.
2. There is a lack of props government regulations which protect the copy
right of the goods produced by the small business.
3. Leaving of unnecessary taxes would increase the burden to the small
business.
4. Staying informed is another great challenge for the small business.
5. Lack of proper time management is seen as the owners they have to
perform the managerial activities.
6. There is a lack of managerial know how among the small business men.
7. Similarly, the domestic products have to compete with the foreign
products at present as Nepal has becomes the member of the WTO.
Strength
Threat SWOT Analysis
Weakness
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Opportunities
Finger:-10. SWOT Analysis
Chapter 33.1 Summary:
Nepal is one of the worlds developing countries. These are large
numbers of small business operating in the country. These businesses have
been playing a vital role in economic development of the country. So we can not
neglect its importance in our economy. Similarly the small business &
entrepreneurship development has the great importance in the developing
country as well as Nepal. These businesses will help in the boost up in the
national income of the country also. They can also provide quality services &
products by doing the franchise business to the public of the developing countyas like Nepal.
Under the gift & greetings business, they can verify into many kinds of
products. These products are come from production which is the way to laborite
the different classes of labor from skilled to semi skilled labor. So the small
business like gift shop as gift & greetings business also gives the job opportunity
to different types of labors. Thought the small businesses have the less
economic activities, they are also bounded for keeping proper accounting
system. It will be plus point for them by keeping proper accounting records
because it will be easier for the owners to know the actual financial position of
the business in the required time. It will be easier for the follow up for the
collection of goods in credits as well as own liabilities.
3.2. Conclusion
In the present context, the business houses of the Nepal whether in the
large or small are going through the worst situation? The economy of the country
has been badly affected by uncertain political & economic situation. They
problems are either internal or external. Even the big business with the large
investment & expensive technology are facing problem in operating smoothly,
we can predict how tough will be for the small business. There are lots of threats
& challenges in front of the small business entrepreneurs.
Its lot of hard work & struggle has to be done by the small business
entrepreneurs to just sustain in the market. The position of getting profitability is
the distant option, so, the small business entrepreneurs should highly creative &
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skillful. They have to think very carefully & analyze the market before starting
their business. As, by name also, small business the entrepreneur starts the
business with small fund in their hands. So he/she should be careful in
choosing & starting which types of small business & what types of products &
services they are going to introduce in the market.
In the context of the the accounting system of small business, they
should also keep proper records of each and every transactions. It will be easier
to know the actual financial position of the business simply. These accounting
records would be the supportive tools & feedback for over all financial
management of small business. It would help very well on comparative
performance study & financial problems facing by the business. Accounting
records in the small kind of business will be helpful for the future planning. So it
helps in prediction of the cost of fund, capital level of profitability in the business.
As each every transaction is recorded properly, important financial ratios for the
management control will be easier.
3.3 Workable Suggestion.
1. As the government has made the compulsion of taking the PAN by
the every scale of the business. It would be really a troublesome job
for the tax clearance & other paper works if the business has not
kept proper accounting records.
2. The gift shop should be capable in changing decoration as
presentation according to the market.
3. Cost effective accounting should be adopted by the small business
with good result.
4. The accounting should be kept at the time they occurred. As the
record keeping jobs goes on pending. It will be difficult for
accessing the tax to be paid to the local government.
5. Modern affordable technology should be adopted by the small
business to reduce the cost of employees just for keeping records
of the transactions. This will be feasible by installing suitable
accounting software to record the transactions.
6. Lots of afford should be done by the small business like gift shop to
exist strongly in the market.
7. The gift business should keep every types of labors skilled, semi-
skilled, etc for the production of good quality, quantity and verify of
products as Ceramics gift items, Handicraft gift items, Glasses gift
items, etc up to its feasibility of fund they can afford.
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Posted by sadan at 5:51 AM
Bibliography
1. Agrawal,
Govinda Ram Dr.
(2005) Entrepreneurship and small business management in
Nepal, M.K. Publisher & Distributors. Bhotahity, Kathmandu, Nepal.
2. Agrawal,
Govinda Ram Dr
(2005) Entrepreneurship Development in Nepal, M.K. Publishers
& Distributors. Bhotahity Kathmandu, Nepal.
3. Bajracharya,
Bhanu Chandra Dr
(2054) Business Statistics & Mathematics, M.k. Publishers &
Distributors. Bhotahiy, Kathmandu, Nepal.
4. Federation of Nepal Cottage & Small Industries (FNCSI) Several
volumes, cottage & Small Industries News. Central office, Bijuli
Bazaar, Kathmandu.
5. Pant, G.d. Prof. & Chaudhary, A.K. (2055) 3rd Edition Business
Statistics & Mathematics for BBS Bhudipuran Prakashan,
kathmandu, Nepal
6. Sharma Narendra (1998) 2nd Edition (Revised) A test book of
Accountancy And Audifing, Ekata Books Distributors Pvt.Ltd.
Thapathali, Kathmandu, Nepal.
7. Sharma, Narendra & Pradhan, Gopal Man (2002) Reprindted, A
testbook of book-keeping And Government Accountiong, Ekta
Books, Kathmandu, Nepal.
8. Sharma, Pushkar & Silwal, Dhurba, (2004) First Edition BusinessMathematics & Statistics, Taleju Prakashan Kathmandu.
Shresetha, Sunity & Amatya Sunil, (2004) First Edition Business Statistics
Boudh
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