Transportation and Communication

Adequate, reliable and economical facilities for the storage, handling and carrying of material and finished products are essential to every factory. Transport facilities are especially important in industries having heavy, perishable and weight-losing raw materials or finished products. This explains the location of jute industry on the banks of Hoogly river in India. In addition to transportation, business firms require efficient means of communication to remain in close touch with their environment. From the point of view transport, the ideal location is one of one of that is directly served by water, rail, road, and air transport and where the aggregate costs of transport per unit of finished product are the lowest possible one. The junction point of railways, roadways and waterways tend to become important industrial centers. Industrialists are reluctant to locate their plants in the rural areas due to the absence of improved means of transport and communication in such areas. Transport policy also affects location. The pre-independence policy of railways to stimulate traffic to port towns tended to make industries concentrate in port towns. This policy is no longer in force and consequently the significance of port has diminished.

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Exemptions and Privileges

A co-operative society enjoys several exemptions and privileges regarding income tax, stamp duty, etc. This is because the Government seeks to encourage the growth of the co-operative movement. No such exemptions, privileges and assistance is available to a public limited company. A private limited company, however, enjoys a number of exemptions and privileges under the Companies Act.

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Life Path Circumtances

Personal characteristics are relatively weak predictors of entrepreneurship. Circumstances seem to increase the probability that an individual will become an entrepreneur. Unsatisfactory job environment is one such circumstance. When an employee is satisfied with his job or supervisor, he may think of resigning and starting his own venture. This may also happen when the employer refuses to recognize the value of an innovative idea. Second life path circumstance is displacement or disruption in family life. Partition of the country forced many persons to flee from Pakistan and start their own small ventures in India. Death of the father, loss of job, death of husband, etc, are also examples of displacement. Career transitions like completing studies, being discharged from military service, etc. also help to generate entrepreneurs. Positive pull influences e.g. mentors, potential partners, investors, etc. urge an individual to start a business.

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Start and Sustain Relationships

Who do you go to when in doubt?
I'm sure there must be someone - a teacher, a sibling, a friend or a parent who act like a guiding star in your darkest moment.
Similarly in the corporate world, you will need a mentor, a friend, or a guide who can help you to understand the subtleties of this world. A strong network and support from people, within or outside your field, will give you the confidence to deal with the roller coaster ride of your profession.

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Leading And Managing

If you scored high on statements 5, 7, and 12, then you have a flair for leading and managing people & task. Have you noticed that students who demonstrate leadership skills are captains of school/college team or class representatives or monitors? Whether your position is formal or informal, leadership and management skills can be acquired with practice and knowledge.
Leadership and management are two different things altogether. If combined they make a great potential candidate for a good position. Imagine if you are skilled and technically sound at what you do and can manage other stuff as well; it will increase your visibility in the industry.

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Social Responsibility of Business in India

In India business by and large does not a good public image. A few leading business houses have made significant contributions to the economic and social well-being of the country. But instances of adulteration, hoarding, blackmarketing, exploitation of workers, tax evasion, and other anti-social practices are very common. In order to ensure freedom of enterprise businessmen need to be more responsible towards the society. The Government industrial policy states that if industry acquires an increasing sense of social responsibility government can concentrate more on measures to help industry rather that to control it. In a mixed economy like ours, social responsibilities of business assume special significance.

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Creation Of Customers

Business can earn profits only when it provides goods or services which people are able and willing to buy. Every business enterprise is conceived in terms of a product or service that meets the needs of public. A business enterprise cannot survive unless there are enough people to buy the products and services offered by it. Customer is the generator of revenue for business. By paying for goods and services, customers determine what shall be produced and how much? In the words of Drucker, "There is only one valid definition of business what a business is.......The customer is the foundation of business and keeps it in existence....and it is to supply the customer that society entrusts wealth producing resources to a business enterprise." Customers can be created only when business supplies them what they want and at the price, place and time they desire. Business earns profits by satisfying the needs of customers. Therefore, creation and satisfaction of customers is an important objective of business. Creating customers amounts to creating the market for goods and services.

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