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EXPERIENTIAL LEARNING An experience to become an Entrepreneur Dr. A.Sharada Devi Dean of Home Science ANGRAU, Hyderabad.

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Presentation on theme: "EXPERIENTIAL LEARNING An experience to become an Entrepreneur Dr. A.Sharada Devi Dean of Home Science ANGRAU, Hyderabad."— Presentation transcript:

1 EXPERIENTIAL LEARNING An experience to become an Entrepreneur Dr. A.Sharada Devi Dean of Home Science ANGRAU, Hyderabad

2 Experiential Learning Experiential learning is inductive, learner centered, and activity oriented Personalized reflection about an experience and the formulation of plans to apply learning to other contexts are critical factors in effective experiential learning The emphasis in experiential learning is on the process of learning and not on the product

3 Experiential Learning Cycle Experiencing Sharing Publishing Analysing/ Processing Inferring/ Generalising Applying

4 Experiential Learning Basic instruction on what student will be learning Delivery of critical content of the chosen subject of learning Hands on training or learning by doing Integration of what is accomplished during hands on training including marketing

5 Methods for Experiential Learning Field trips Narratives Conducting Experiments Simulations Games Storytelling Focused Imaging Field Observations Role-playing Model Building Surveys

6 Objectives of EL Programme To promote advanced professional skills and knowledge through meaningful hands on experience To build confidence and competence to deal with real life situations To acquire enterprise management capabilities

7 S. NoEL ActivityCredits 1 Developing a Business Plan/ Project proposal 1 i Identification of the product to be manufactured; market Survey ii Analysis of the existing status of the identified product and targeted market and customer iiiInnovativeness and Creativity ivPreparation of the project proposal with supply chain of inputs, personnel plan, production plan, finance plan etc. and its preparation DISTRIBUTION OF CREDITS

8 2Plan for the Production1 iOrganization of resources iiOrganizing Utility iiiSequential grouping of activities ivPackaging and storage v Product pricing – physical inputs, man hours, depreciation etc. viTime management

9 3 Production15 iRegularity in production iiAdhering to production plan iiiProduct quality assessment ivMaintenance of production records vTeam work 4Sales2 iSales strategy iiSales volumes iii Assessment of Sales performance & Break even ivProfit generated including C/B ratio, and pay back period, etc

10 6 Documentation and Report presentation & Evaluation 1 i Personnel Management ii Preparation of final report iiiOral performance Total20

11 Duration – 1 Semester Attendance – 85% Eligibility – Should Pass Second year Complete registering all III year courses Discipline – Strict discipline Student Advisory Committee EL Manager of the unit General Student Advisor

12 Organizational set up of the EL Unit MANAGING DIRECTOR (Head of the Department) CHIEF EXECUTIVE OFFICER (Associate Dean) UNIT MANAGER (In-charge Faculty)

13 Concept of EL Objectives Organizational aspects Plan of work Records to be maintained Reports to be submitted Attendance requirement Discipline Orientation

14 Programme of Work S. NoEL ActivityNo.of Days 1Orientation3 2Developing a business plan10 3Training in advanced skills10 4Plan for the Production10 5Production & Sales80 6Documentation and Reports05 7Presentation and Oral Examination 2 Total120

15 Profit & Loss The profit will be shared by the students, department and the faculty involved in the programme. The profit share will be as follows: Students – 75% Department– 15% Unit Manager –10% If loss is registered, thorough planning should follow

16 The students will be evaluated regularly throughout the process by the Unit Manager Internal evaluation will be done by the respective Unit Managers while external evaluation team consists of HOD and other identified Entrepreneur With a weightage of 10 marks for each credit, student will be evaluated for 200 marks for 20 (0+20) credits.

17 S.NoDescriptionMarks 1Business planning and designing10 2Planning for production10 3Organization of production, quality & schedule adherence and sales 120 4Sales20 5Student performance ( class assessment, regularity etc) 10 6Report writing and records10 6Oral Examination (External)20 Total200 Evaluation Pattern

18 What is a Business Plan? A business plan is a complete description of a business, giving information on the product or service, marketing and finances. The plan brings your main ideas into focus, helps you work out what you want to achieve and how you are going to do it.

19 Why a Business Plan? An effective business plan can: Identify if there is a market for your product/service Determine your competition and identify advantages Estimate start-up costs, income, expenses and profit Show if your business idea is worth pursuing

20 Business Details Aims of the Business What do you see in the future Will the business just provide a living for your family or do you see yourself employing people in the future, or running a chain of businesses?

21 The Business Product/Service A detailed description of your product or service What makes your product or service different? Advantages & Disadvantages. What new products and services are being developed?

22 The Market Demonstrate the need for your product or service and the research you have undertaken into your chosen market. Have you talked to anyone other than family and friends? You should explain in detail the particular sector you are going to be targeting and trends within that market. What is the size of the market and do you specialize in any part of it? Who are your target customers and how many are there? Type of research undertaken -Primary and Secondary Research You should demonstrate what your potential customers want and may wish to include some of the following: Customer questionnaires. Telephone surveys. Expected market share. Details of potential customers

23 Competition Here you should list your competitors and show what products and services they offer. Examine how your business is different to that of others. A SWOT analysis of your competitors is also advisable. Explain why your potential customers will no longer use their existing suppliers and buy from you instead.

24 The Environment Are business conditions healthy at the moment? Are there any political issues, which you may need to address? Will technological changes affect your business? E.g. is your product likely to be out of date quickly?

25 Suppliers Information Researching your suppliers is vitally important, as is a comparison of different suppliers so that prices, delivery times, reliability, credit and any possible discounts can be assessed. Advise which suppliers you have decided to use and the reasons why. Will you have to pay cash or can you get an account? This effects your cash flow.

26 Marketing Strategy Outline your unique selling point (USP) and how you intend to sell your product or service to potential customers Consider the 5 Ps of marketing: Product – Price – Promotion – Place - People Highlight your strengths and weanesses.

27 Branding Does the business name reflect a professional image? Have you checked whether anyone else is using it? Are you using a logo, image or particular font in all of your literature and is it consistent?

28 Advertising & Promotion What forms of promotion will you be using? Will you be advertising in local papers, Yellow Pages, trade directories, etc? What literature will be produced – business cards, leaflets, brochures, posters, mailshots, etc? Will you be producing regular press releases or any other form of public relations?

29 Internet Strategy Do you need a website? Would your customers expect you to have one for your type of business? Do you need a full e-commerce site with the ability to trade on-line? Who will complete the design for you? How much will it cost? Is a suitable web address available? How often will you update the site?

30 Pricing Strategy This may change once you look at your costs. This is all part of the process of finding out if your business will be profitable. The competitive environment – What do your competitors charge for similar products and services? Your competitive advantage – Do the products or services provide advantages that warrant a price premium? The economic and market environment – What is the level of demand in your industry?

31 Management Who will manage the business? What skills and experience do they have? How will they cope with the key areas of production, marketing, sales, finance and administration? How much time and money will the management team invest? What share of the business will each have? Include CVs in the appendices.

32 Staff Resources How many staff are needed to run the business? What skills are required? How will they be recruited? Consider contracts of employment, HR policies, future staffing requirements and any other HR issues.

33 Premises Here you need to address where the business will operate from and why. Does this give you any competitive advantages? What type of lease will you be signing? Will you need somewhere larger/smaller in the future? Why are you in this location? If working from home have you informed your insurers? Do you need planning permission?

34 Regulations Here you need to list all statutory regulations which will affect your new business, examples are health and safety legislation, planning permission or employment legislation. Have you considered what insurance policies you may need e.g. employers liability, professional indemnity, public liability or equipment cover? Do you need to be aware of patents or copyrights? Will you comply with minimum wage legislation?

35 The Future Include a brief outline of where you expect the business to be when it is expanded How many staff will you have? When will you recruit them? Where will the business be based? What do you expect the turnover to be?

36 Finance Survival Budget Start-up Costs Overheads Costing/Pricing Min sales per annum Overheads + Depreciation + Survival budget x 100 Gross profit Break even



39 Developing a Business Plan/ Project proposal Background – Purpose of entering the business and what will drive to succeed in the business – Specific goals and objectives of the business SWOT Analysis Product / Service – Product / service description – Product / service competitiveness – Development schedule – Differentiation – Price point Market overview – Nature of opportunity identified – Type of market targeted – Market structure – Future prospects

40 Key customers identified Product / service competitiveness Distribution

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