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We have learned so far, C is a language where programs are composed of functions. Basically, a problem is broken into small pieces or modules and each small piece corresponds to a function. This was the top-down structured programming approach. We have already discussed few rules of structured programming, which are still valid and will [...]

Elevator Development before the Tower While power-driven hoists and elevators in many forms had been used since the early years of the 19th century, the ever-present possibility of breakage of the hoisting rope restricted their use almost entirely to the handling of goods in mills and warehouses.[3] Not until the invention of a device which [...]

Entrepreneurship is that ability in which an individual tries to find the opportunity, take risk and avail these opportunities. Who are Entrepreneurs? People have more entrepreneurial abilities who: Have aspiration Have more practical strategies to be implement Have the vision Understanding the environment Being visionary and flexible Creating management options Encourage teamwork while employing a multi‐disciplined approach Encouraging open discussion 6. Building a coalition of supporters. Characteristics of Entrepreneurs Personal Interest This personal interest can be of two common types: Interest for their own personality development Interest of their financial growth at market place Customer Relationship building There can be two types of customer relation ship building as under: Transactional MarketingThis type of marketing is based on only one transaction, just to get the financials & provide products in return to customers. (Its some how a traditional approach of customer relationship management) Relationship MarketingThis type of marketing based on long term service provision for the customer, to get order once from your customer, fulfill that order in best possible manners, provide after sales services in order to retain that customer for longer period of time (it is based on modern customer relationship management techniques) Entrepreneurs strongly follow the second type of relationship building with this customer to get long run benefit in order to enhance their business. Simple E.g. can of of Doctors in a specific community, Mechanics, Hair dresser etc. Desire to establish own business Some persons have strong & dominant personality traits & they want to establish their own business instead of working under supervision of any one else so this leads them towards entrepreneurship establishment. They have strong decision making power & risk taking ability which helps them a lot to be an entrepreneur. Need of control Some people want them to be involved in every decision making of their business prospects so this aspect leads them be an entrepreneur. Ability to deal with uncertainties Some persons are daring enough in their professional attitude; they feel they can easily deal with uncertainties while designing best strategies for crunch situations so they move for entrepreneurship. BUSINESS PLAN FOR ENTREPRENEURS Business plan is a written document which contains the objectives of the business and the ways to achieve these objectives. A good business plan must be developed in order to exploit the opportunity defined. A good business plan is important in developing the opportunity and in determining the resources required, obtaining those resources and successfully managing the venture. The term business plan is made of two words “business” and “plan”. By understanding each we will try to arrive at some usable definition of business plan Business: “Any economic activity undertaken on regular basis to earn profit by combining resources and delivering value to society/market in response of whose unmet need it is started and run”. Plan: “Simply it is the product or result of planning or it can be defined as it is a document or piece of thought which answers the basic questions of planning”. If plan is so then what is planning? Situations for Entrepreneurial business There are two situations: Buying a business Starting from the scratch Most of the entrepreneurs always like to start their business right from scratch & develop their own strategies to run the business so our discussion will move around those entrepreneurs who start their businesses from scratch. COMPONENTS OF BUSINESS PLAN Since every business organization either small medium or large always have business plan so same is true for entrepreneurial business as well. Basic theme of business plans is always “ways to go & how to go”. All areas of SWOT analysis are also covered in the business plan. Objectives of the business The basic purpose of any business plan is to answer following questions: Name of the business Name should indicate the type of business Name should be simple Uniqueness of name Location of the business Legal considerations Avoid the names not encouraged by the law. e.g. National Heroes, religious personalities etc. Marketing Component of the business This part of business plan covers following aspects: Who will be the target customers for those products Where are they located? Inspection [...]

Introduction The term ‘Islamic Investment Fund’ means a joint pool wherein the investors contribute their surplus money for the purpose of its investment to earn halal profit in strict conformity with the precepts of Islamic Shariah. The subscribers of the Fund may receive a document certifying their subscription and entitling them to the pro-rata profit [...]

Introduction: Most of the Islamic banks and financial institutions are using “Murabahah” as an Islamic mode of financing, and most of their financing operations are based on “Murabahah”. That is why this term has been taken in the economic circles today as a method of banking operations, while the original concept of “Murabahah” is different [...]

COMBINATION OF MUSHARAKAH AND MUDARABAH BY MUHAMMAD TAQI USMANI PROJECT FINANCING Introduction: A contract of mudarabah normally presumes that the mudarib has not invested anything to the mudarabah. He is responsible for the management only, while all the investment comes from rabbul-mal. But there may be situations where mudarib also wants to invest some of [...]

RIBA IN THE QUR’AN 1. First Revelation (Surah al-Rum, verse 39) “That which you give as interest to increase the peoples’ wealth increases not with God; but that which you give in charity, seeking the goodwill of God, multiplies manifold.” (30: 39) 2. Second Revelation (Surah al-Nisa’, verse 161) “And for their taking interest even [...]

Learning Objectives: After going through this lecture, you would be able to have a better understanding of the following concepts. Analysis of Financial Statements Key Financial Ratios Limitation of Financial Statements Analysis Market value added & Economic value added. You have studied in previous lecture Objective of Economics: The objective of economics is profit maximization, [...]

Obtained from analysis of changes in the balance sheet accounts during the current year:- Cash & Cash equivalents at beginning of the year Rs.40, 000 at end of the year Rs.75, 000 Other additional information classified into the three categories i.e. Operating, Investing and Financing Activities, was as follows:- Additional Information relating to Operating Activities [...]

Preparing Cash Flows Ledgers are maintained on accrual basis; not on cash basis. Preparing Cash Flow involves converting accrual-based accounts into cash-based. In small business, cash flow statement is prepared directly from special journals for cash receipts and cash payments. For most businesses, such statement is prepared by analyzing Income Statement and balance sheet. Analyzing [...]