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7/31/2019 150 door
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AN
ASSIGNMENT
OF
ENTREPRENEURSHIP
Submitted To
Dr. Charu Shri.
Submitted By
Dharmesh Patel
150C.K. Prahalad.
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Can Hobby be converted into business?
It is really an important question that a hobby can be converted into a business or not. What I
think that it is absolutely possible to convert our hobby into a business. In fact such business hasa great chance to progress as since it is our hobby then we will give our 100 percent in the
progress and betterment of such business.
You start a business based on a hobby than something else, right out of the box, because you're
connected with it; you understand the vernacular, the concepts, the community, and the
psychographics and demographics of the market. As we all know any of the business requires a
great amount of effort and hard tough labor. Since the business we will be into is our hobby thatmeans we have a great amount of interest in it. Therefore we will be giving it time and efforts
with full of our dedication.
My Hobby: My hobby is playing various games like Chess, Table Tanis, Carom, Pull etc. The
thing for which I am passionate enough that can do almost anything for it. Now how can Iconvert it to a business?
I want to start a Sports Zone it includes playing of various indoor games and also watching live
international games (like cricket, football etc.) on big screen.
To convert hobby in to a business
Description of business
Business is all about sports through which we entertain the customers.
Marketing
Promotion-
The grand opening will be advertised in the local papers and on the radio. Once the
newness of the restaurant has subsided, Sports Zone will pursue an ongoing marketing
campaign targeted at the local market. We will place several large ads throughout the
month in newspaper to explain our concept to the local area.
Growth-
There is a good growth because people are crazy about of this type of games. And also
they want to play these games very frequently. Many people also come to watch a live
streaming of various games
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Target customer-
Age group between 15 to 30 years old.
Opportunities-
We can also expand our business in other location. After some time we also diversify our
business in fast foods because in Sports Zone we provide a fast food but this is not our
business but if people like it and demand for it increase then we can diversify our
business.
Competition-
Find the competitors and analyses their strategy and pricing. Here in this type of business
there are very less or few competitors.
Games in the Sports Zone
1. Chess
2.
Table Tanis3. Carom
4. Pull
Other Services
a. Live streaming of International games.
b. Sports Zone also provides a fast food.
Financing to Business
To start a sports Zone Some initial capital is required For that applied for the loan in bank
so, bank provide needed fund to start business.
Choose a Business Location
Select a customer-friendly location and comply with zoning laws. This type of business run
mostly based on location so, location will be such that people easily find and reach.
Khaghar Sector 7: In Khaghar there are many Colleges. Our target customers are more in this
area.
Register with the Office of Inspector, Shops, and Establishment Act (State/Municipal)
Time to complete: 2 days
Cost to complete: INR 6,500 (INR 2000 + 3 times registration fee for trade refuse charges)
Procedure:This information with application fees are sent to the local shop inspector within 30 days of the
opening of the business.
Manager Name – Dharmesh Patel
Employees Name - 1, 2, 3, 4.
Address of Sports Zone
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Application Fees
1 to 5 employees: INR 300
Sports Zone having a 5 Employee so registration fees are 300 INR
Obtain a Permanent Account Number (PAN) from an authorized franchise or agent appointed by
the National Securities Depository Ltd. (NSDL) as outsourced by the Income Tax Department
(National)
Time to complete: 7 days
Cost to complete: INR 67 (INR 60 application fee + 12.36% service tax + INR 5 for application
form, if not downloaded)
Obtain a Tax Account Number (TAN) for income taxes deducted at source from the Assessing
Office in the Mumbai Income Tax Department
Time to complete: 7 days
Cost to complete: INR 57 (INR 50 application fee + 12.36% service tax)
Determine the Legal Structure of Your Business
This business is sole proprietorship. There are a no partners or Shareholders.
Register for Profession Tax at the Profession Tax Office (State)
Time to complete: 2 days
Cost to complete: No cost
Procedure: According to section 5 of the Profession Tax Act, every employer (not being an
officer of the government) is liable to taxation and shall obtain a certificate of registration from
the prescribed authority. Sports Zone is required to apply to the registering authority using Form1.
The registration authority for the Mumbai area is located at Vikarikar Bhavan, Mazgaon in
Mumbai.
The application should be supported with such documents as proof of address, details of company
registration number under the Indian Companies Act (1956), details of the head office (if the
company is a branch of company registered outside the state), company deed, certificates under
any other act, and so forth.
Register with Employees’ Provident Fund Organization (National)
Time to complete: 12 days
Cost to complete: No costProcedure: The Employees Provident Funds and Miscellaneous Provisions Act (1952) applies to
an establishment, employing 20 or more persons and engaged in any of the 183 industries and
classes of business establishments, throughout India excluding the State of Jammu and Kashmir.
This is not applicable for our business because our business having a 5 employees.