Significance of project report for small scale entrepreneur

Significance of project report for small scale entrepreneur

The significance of the project report for small scale entrepreneur

A project report or a business plan is a written statement of what an entrepreneur proposes to take up. It is a kind of guide frost or course at action what the entrepreneur hopes to achieve in his business and how is he going to achieve it. A project report serves as a kind of big roadmap to teaching the destination determined by an entrepreneur. Hence a project report can be defined as wealth, an evolved course of action devices to achieve the specifies objectives within a specified period of time. It is like an operating document. Project Report for Small Scale Industry helps in identifying the product line and target market of the sector, besides evaluating the level of skill and accuracy.

An entrepreneur is a person who creates something new and assumes the risks and rewards associated with that innovation. The entrepreneur is usually seen as an innovator, a source of new ideas, goods, services, and business/or procedures. Small businesses are either services or retail operations like grocery stores, medical stores, tradespeople, bakeries and small manufacturing units.

The preparation of the project report is of great significance for an entrepreneur. The project report serves to essential purposes. The first is the project report is likely a roadmap, it describes the direction the enterprise is going in, what its goal is where it wants to be and how is it get there. While preparing the project report for small scale industry always keep in mind that the arithmetical figures are not discouraging for the promoters. The project valuation should encourage a sense of practicality among them.