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  Entrepreneurial personality      Entrepreneurial personality is a combination of characteristics or qualities of an entrepreneur that can be developed and utilised for the benefit of the business.  Types of Entrepreneurial personality  1.The improver 2.The adviser 3.The superstar 4.The artist  5.The visionary 6.The analyst 7.The fireball 8.The hero. 9.The healer. Entrepreneurship as a Career    Entrepreneurship cannot be selected as a random career, like an office job.It is a good career for those who are self driven, ambitious, Creative, and have a burning passion for doing innovative.  Importance/ Need of Entrepreneurship as a Career.  1.Employment Creation 2.Independence 3. Opportunity to create one's own destiny. 4.Opportunity to make a difference.  5.Opportunity to reach one's full potential.  6.Opportunuity to reap impressive profits. 7.Opportunity to contribute to the society.  8.Capital formation.   ...

Entrepreneurship Meaning and Definition . Meaning       The term ' Entrepreneurship ' has an array of meanings which include, adventurism, risk taking, thrill seeking and innovative skill.  Entrepreneurship is a set of activities performed by an entrepreneur to establish,develop and carry on his business in a noval and better way. Definition     Entrepreneurship is the purposeful activity of an individual or a group of associated individuals undertaken to initiate, maintain and maximise profit by production or distribution of economic goods and services.  Characteristics of Entrepreneurship  1.Dynamic process 2.Innovation 3.Risk taking 4.Decision making 5.Organisation building function  6.Economic Activity  7.Gap filling function  8.A function of high achievement  9.Accepting challenges.  10.Skilful Management.         

 CENTRALISED PURCHASING    Centralised purchasing is the system of purchasing, where all purchases are made through one department or one office or one person specialised in purchasing.  Advantages of centralised purchasing  1.More trade discount  2.Reduced transportation cost 3.Maintenance of quality of materials  4.Avoidance of unnecessary purchase. 5.Less capital investment.  6.Avoidance of obsolescence.  Disadvantages of Centralised purchasing  1.High cost of maintaining the department.  2.Losing the benefit of local purchasing.  3.Delay in procurement.  4.Not suitable for all concerns. 5.Chance of wrong purchase. DECENTRALISED PURCHASING             Decentralised purchasing is a system of purchasing, where the purchases are made by the respective production departments to meet their material requirements.  Advantages of  Decentralised purchasing  1.Low cost of purchasi...

 PURCHASE CONTROL    Control of cost of materials through systematic purchase of materials, so that , right quality materials are made available at right quantity at right time.  PURCHASING DEPARTMENT     Purchasing department is an important department which entrusted with the duty of Purchasing materials.  Functions or Duties of Purchasing department/ Purchase manager 1.preparation of purchase budget 2.Receiving purchase requisition 3.Ascertaining the source of materials  4.Selecting the supplier 5.Issue of purchase order 6.Economic purchase  7.Minimum investment in materials.  8.purchase of quality materials.  9.Better supplier relationship. 10.Develop alternate sources of supply.

  INVENTORY MANAGEMENT and its Techniques       It is that part of materials management, where optimum level of raw materials, work in progress, finished goods, consumables, spares and supplies are maintained, so that, regular supply of materials is assured for continuous flow of production and other activities.    Techniques of inventory management  1.Fixation of ECONOMIC ORDERING QUANTITY( EOQ) -  It consists of  * ordering cost,  *inventory carrying cost and  *Annual consumption of materials.  2.Stock levels of Materials - It consists of various stock levels like-   *minimum stock level,   *maximum stock level,   *Reorder stock level,   *Average stock level,   *Danger stock level 3.Stock/ Inventory Turn over Ratio  It indicates the rate of speed at which materials are consumed. * It is calculated by dividing value of materials consumed with average value of materials kept. 4.Selective Inventory ...

 Smithsonian Agreement (1971-1973)     A revision the Bretton Woods Accord, was signed at the Smithsonian Institution in Washington, D.C., in December 1971.   This agreement aimed to maintain fixed Exchange rates, but without using gold, and allowed greater fluctuation between currencies. While Bretton Woods allowed the dollar to float in a range of 1 percent, the Smithsonian Agreement proposed a range of 2.25 percent.   The system set out by the Smithsonian Agreement did not work for long and the foreign exchange markets were forced to close in 1972, and when they reopened in 1973 they were no longer bound by the Smithsonian Agreement. 

Meaning and Definition of material cost control        Material cost control is control of the cost of materials by eliminating wastages in purchasing, storing and pricing the issue of materials to the departments or cost centers.    Materials include: 1.Direct material- easily identified and traced. 2.Indirect materials-not easily identified and traced.       Objectives/Need/Advantages of Material Accounting and control 1. Ensure regular supply of         materials. 2.Availability of quality materials. 3.prevents over stocking 4.purchase at lowest cost 5.purchase of quality materials 6.Reduces storage. 7.provides information to the management.  Stages or steps in material control      I.PURCHASE CONTROL-controls cost of materials through systematic purchase of materials.      II.STORES CONTROL- controls cost of materials by eliminating all wastages in storing.    III.PROPE...

 Entrepreneurial competency         Entrepreneurial competency refers to the underlying characteristics possessed by a person, which results in new venture creation , its development and realisation of its goals.           Categories   of   Entrepreneurial Competencies I .Behavioral/ personal Competency- These are basic competencies.They are * Initiative *Systematic Planning  *Creativity and innovation  *Risk taking and risk management  *problem solving * persistence *Quality performance  *Information management   II. Enterprise launching competencies- These are knowledge, skills, motives, attitudes and habits.It requires *Understanding the nature of business  *Utilisation of existing opportunities  *Conversation of adversities into opportunities.  *Developing business plan. III.Enterprise Managing Conptencies- It means competency to manage all the resources employed in the business....

 Bretton Woods SYSTEM (1944-1971)    At the end of  world war II , there emerged a consensus among the major countries of the world that an orderly global monetary system that ensured stability in exchange rates between currencies was necessary.     At a major conference at Bretton Woods , New Hampshire,USA, two international financial institutions namely the International Monetary Fund(IMF), and WORLD BANK were established. A new exchange rate regime was negotiated and approved.     The primary objective was to avoid the situation of monetary chaos that prevailed during the inter war days.At Bretton Woods conference, an attempt was made to establish a fully negotiated monetary order intended to govern currency relations among sovereign states.          The system worked  fairly well till the beginning of the 1960s , slowly pressure began to build on the US Dollar from mid 1960s and the confidence in the US ...

 The rate at which the currency of one country is exchanged for the currency of another country is termed as Exchange rate .  Gold standard/Mint parity theory/mint Exchange rate.(1870 - 1944)       Three phases can be identified in the evolution of money: * First phase-Commodity money phase or barter system *Second phase-Representative money phase or metals phase gold or silver phase. Third phase-Fiat money phase or paper currencies phase              As commodity money was inconvenient, metals were used to represent money. Silver was the first metal to be used to represent money. Later gold was replaced as Representative 💰.    In the beginning gold coins 🪙 were used to be exchanged for goods and services. The value of the coin was determined on the basis of the weight of gold in coin 🪙 . Later on the exact correspondence between the value of the coin and its weight was relaxed and gold coins became Representative ...

 

 IMPORTANCE OF PANCHABOOTHAM OR FIVE VITAL ELEMENTS OF HUMAN LIFE IN ECO SYSTEM       Mahabhratham war depicts the importance of panchabootham. If we decode the war one may understand the importance of five elements or five sense organs related to life of panchali, To attain balance in ECO system 5 elements are needed which is depicted as 5 sons of kunthi mata considered as pandu puthras. Air,water,fire,earth and sky are the five natural resources which helps our life to survive in this world. Each one's life begins and ends with this five elements called panchabootham which balances panchendriyas of living organisms.If any of this nature's five element is severely damaged or effected then it will definitely effects the survival of life in this world  that's what we are witnessing today 😥😥😥. What ever be the reason we are consumers and destroyers of this five elements not the creators of this elements.so be careful while using this elements and every one...

 

 Investing on Tourisim vs hospital         Economic development really means which kind of investment?     For some peoples temples and historical places are treated as sacred places of God's and reminds nations culture and  for some people temples and historical places are income generating institutions of tourism through which they earn income.                    Whatever be the reason whether  it is a Sacred place or institution ,these places generate income and helps  many of them to have their livelihood so that some families can survive through this income.                                                          Investing in hospitals or historical places have the same objective profit earning through service ,but the servic...

In india in  some states Navarathri Celebration or Dussehra Celebration are considered as a Celebration of Durga mata victory over demon 😈 mahisasura or considered as a victory of Rama defeating Ravana but if we analyse the 10 days Celebration one may understand the importance of girl child or women's role in a family in past years.A Girl child through his life process performs different roles .A girl child  is considered as an asset of his family by creating happiness in their family and plays  role of  shilaputri after marriage she creates happiness in his Husband’s family and plays role of mata  lakshmi and parvathy mata by performing  a role of wife and mother's role karthiyayini. mother  is the first teacher of his child and she performs the role of Saraswathi mata. For self protection and to survive from demons like mahisasura she  performs the role of kali matha and Durga mata.               A role of wom...