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

EXPERIENTIAL LEARNING

An experience to become an Entrepreneur

Dr. A.Sharada DeviDean of Home Science

ANGRAU, Hyderabad

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

Experiential Learning Cycle

Sharing Publishing

Analysing/ Processing

Inferring/ Generalising

Applying

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

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

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

S. No EL Activity Credits1 Developing a Business Plan/ Project

proposal1

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

iii Innovativeness and Creativityiv Preparation of the project proposal with

supply chain of inputs, personnel plan, production plan, finance plan etc. and its preparation

DISTRIBUTION OF CREDITS

2 Plan for the Production 1

i Organization of resources

ii Organizing Utility

iii Sequential grouping of activities

iv Packaging and storage

v Product pricing – physical inputs, man hours, depreciation etc.

vi Time management

3 Production 15

i Regularity in production

ii Adhering to production plan

iii Product quality assessment

iv Maintenance of production records

v Team work

4 Sales 2

i Sales strategy

ii Sales volumes

iii Assessment of Sales performance & Break even

iv Profit generated including C/B ratio, and pay back period, etc

6 Documentation and Report presentation & Evaluation

1

i Personnel Management

ii Preparation of final report

iii Oral performance

Total 20

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

Organizational set up of the EL Unit

MANAGING DIRECTOR

(Head of the Department)

CHIEF EXECUTIVE OFFICER

(Associate Dean)

UNIT MANAGER

(In-charge Faculty)

Concept of EL

Objectives

Organizational aspects

Plan of work

Records to be maintained

Reports to be submitted

Attendance requirement

Discipline

Orientation

Programme of Work

S. No EL Activity No.of Days

1 Orientation 3

2 Developing a business plan 10

3 Training in advanced skills 10

4 Plan for the Production 10

5 Production & Sales 80

6 Documentation and Reports 05

7 Presentation and Oral Examination

2

Total 120

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

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.

S.No Description Marks

1 Business planning and designing 102 Planning for production 10

3 Organization of production, quality & schedule adherence and sales

120

4 Sales 20

5 Student performance ( class assessment, regularity etc)

10

6 Report writing and records 106 Oral Examination (External) 20

Total 200

Evaluation Pattern

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.

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

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?

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?

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

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.

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?

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.

Marketing Strategy

• Outline your unique selling point (USP) and how you intend to sell your product or service to potential customers

• Consider the 5 P’s of marketing: Product – Price – Promotion – Place - People Highlight your strengths and weanesses.

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?

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?

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?

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?

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 CV’s in the appendices.

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.

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?

Regulations• Here you need to list all statutory regulations which will

affect your new business, examples are health and safetylegislation, 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?

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?

Finance• Survival Budget• Start-up Costs• Overheads• Costing/PricingMin sales per annum Overheads + Depreciation + Survival budget x 100

Gross profit

• Break even

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

• Key customers identified • Product / service competitiveness• Distribution