AN ASSIGNMENT OF ENTREPRENEURSHIP

Submitted To Dr. Charu Shri.

Submitted By Dharmesh Patel 150 C.K. Prahalad.

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 has a 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 that means 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 I convert 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 PromotionThe 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. GrowthThere 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

Target customerAge group between 15 to 30 years old. OpportunitiesWe 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. CompetitionFind 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 Tanis 3. 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

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 Form 1. 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 cost Procedure: 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.