SVERI’s COLLEGE OF ENGINEERING (POLYTECHNIC), PANDHARPUR.

This is to certify that the Project report entitled

“Prepare report on Electrical and Hybrid Vehicles”
Submitted by

Roll no Name of Student Enrollment no

54 Aniket Ankush Sutar 2210740394

It is a bonafide work carried out by above students, under the guidance of MR.C.N.Misal and it
is submitted towards the fulfillment of requirement of MSBTE, Mumbai for the award of Diploma in
MECHANICAL ENGINEERING at SVERI’s COE (Polytechnic), Pandharpur during the academic year 2024-
2025.

(Mr. C.N.Misal)
Guide

( Mr. A. D. Sapkal) (Dr. N. D. Misal.)

HOD Principal

Place: Pandharpur

Date- / /
 A
Micro project report On

“Prepare report on Electrical and Hybrid Vehicles”

SUBMITTED TO M.S.B.T.E., Mumbai
For the Award of
DIPLOMA IN MECHANICAL ENGINEERING BY

Roll no. Name of Student Enrollment no.

Aniket Ankush Sutar 2210740394

54

UNDER THE GUIDANCE OF

(Mr.C.N.Misal)

DEPARTMENT OF MECHANICAL ENGINEERING

NBA ACCREDIATED

SVERI’s College of Engineering (Polytechnic), Pandharpur

Gopalpur Pandharpur-413304
2024-25
AFFILIATED TO

M.S.B.T.E.
Evolution sheet for Micro Project

Academic Year:- 2024-25 Name of Faculty:- Mr. C.N.Misal

Course:- MECHANICAL ENGINEERING Course code:- ME6I

Subject:- Entrepreneurship Development Subject Code: (22032)

Semester:- 6 Scheme:- I

Title of Project:- “Prepare report on Electrical &

Hybrid Vehicles”

Comments/Suggestions about team work/leadership/inter-personal communication (if any)

Marks out of
Marks out of 6 4for Total
Roll No Name of students for
performance Out
performancein
In oral/ of 10
group activity
Presentation

54 Aniket Ankush Sutar

( Mr.C.N.Misal
Name and
Signatureof )
faculty
 Table of Contents

Sr.no Title Page no

Introduction
1 2

Objectives
2 3

3 What is Entrepreneurship? 4
Importance of Entrepreneurs in the
4
Economy 5

Skills Required for Entrepreneurship

5 5

Types of Entrepreneurs
6 5

Challenges Faced by Entrepreneurs

7 6

Steps to Becoming an Entrepreneur

8 7&8

Advantages and Disadvantages of

Entrepreneurship
9 9

Conclusion
10 10

1
  Introduction
Entrepreneurship has emerged as one of the most dynamic and influential career paths in
today's rapidly evolving global economy. As individuals become increasingly motivated by
the desire for autonomy, creativity, and innovation, many are turning to entrepreneurship as a
viable career choice. An entrepreneur is typically defined as someone who identifies a market
need, develops a solution, and organizes the necessary resources to create and manage a new
business venture. This may involve launching a startup, developing a unique product or
service, or introducing a novel business model.

The world of entrepreneurship is multifaceted, encompassing a wide range of industries, from

traditional sectors like retail and manufacturing to more modern fields such as technology,
healthcare, and green energy. Entrepreneurs can be found leading small businesses or running
large-scale, high-growth startups with the potential to reshape industries and drive significant
economic change. At the core of entrepreneurship is a mindset focused on innovation,
problem-solving, and risk-taking.

Unlike traditional career paths, entrepreneurship is inherently riskier and less predictable. It
requires a strong vision, a deep understanding of market dynamics, and the ability to navigate
challenges with resilience and adaptability. The journey of an entrepreneur is often marked
by failures and setbacks, but it is also a career of significant personal growth and potential
financial reward. It requires a broad skill set, including leadership, financial management,
marketing, sales, negotiation, and strategic planning.

The role of entrepreneurs in society extends beyond their own businesses. They are often
seen as drivers of innovation and economic development, contributing to job creation,
technological advancement, and social change. Successful entrepreneurs can have far-
reaching impacts, not only within their own companies but also on entire communities,
economies, and industries. As a result, entrepreneurship is a career that is not only personally
fulfilling but also contributes to the broader socio-economic fabric.

In this report, we will explore the entrepreneurial career in detail. We will examine what it
takes to become an entrepreneur, the skills required, the benefits and challenges of pursuing
this career path, and the broader impact of entrepreneurship on the economy. Whether
considering starting a business or simply understanding the entrepreneurial landscape, this
report aims to provide a comprehensive overview of what it means to embark on a career in
entrepreneurship.

2
  Objectives

The primary objectives of this report on "Entrepreneurship as a Career" are as follows:

1. Define Entrepreneurship: To provide a clear and concise understanding of what

entrepreneurship is, including the role and responsibilities of an entrepreneur in
various business contexts.
2. Identify Key Characteristics of Successful Entrepreneurs: To outline the personal
attributes and qualities that contribute to the success of entrepreneurs, such as vision,
risk-taking ability, creativity, and leadership.
3. Explore the Benefits of Entrepreneurship: To highlight the advantages and rewards
that come with pursuing a career in entrepreneurship, including financial
independence, personal growth, and the opportunity to create societal impact.
4. Examine the Challenges Faced by Entrepreneurs: To discuss the potential
obstacles and risks that entrepreneurs face, such as financial instability, competition,
time constraints, and the mental strain of running a business.
5. Assess the Skills and Competencies Required: To identify and describe the
essential skills needed to succeed as an entrepreneur, including financial literacy,
marketing, leadership, problem-solving, and adaptability.
6. Understand the Impact of Entrepreneurship on the Economy: To explore how
entrepreneurship contributes to economic development, job creation, innovation, and
the overall growth of markets and industries.
7. Provide Insight into the Career Outlook for Entrepreneurs: To discuss the current
trends, opportunities, and challenges in the field of entrepreneurship and offer a
glimpse into the future of this career path.
8. Inspire Aspiring Entrepreneurs: To motivate individuals who are considering
entrepreneurship as a career by offering a comprehensive understanding of the field
and providing a framework for success.

3
  What is Entrepreneurship?
Entrepreneurship is the process of identifying, creating, and developing new business
opportunities, with the aim of launching and managing a business venture. An entrepreneur is
someone who takes the initiative to start a new business or organization, takes on financial
risks, and seeks to innovate by offering unique products, services, or solutions that meet a
specific market need.

Entrepreneurship involves various stages, from the initial idea or concept to the establishment
of a fully operational business. It requires a combination of creativity, strategic planning,
financial management, and market knowledge to successfully turn a business idea into a
reality.

Key components of entrepreneurship include:

1. Opportunity Identification: Entrepreneurs spot gaps or needs in the market that have
not yet been fully addressed. This may involve identifying a problem that needs
solving or discovering new ways to deliver value to customers.
2. Innovation: Entrepreneurs often bring new ideas, products, services, or business
models that challenge existing ways of doing things. Innovation is a cornerstone of
entrepreneurship, driving differentiation and competitive advantage.
3. Risk-taking: Starting a new business venture involves a certain level of risk.
Entrepreneurs are willing to invest their time, money, and resources into their ideas,
despite the uncertainties of success. They take calculated risks to achieve the potential
for high rewards.
4. Resource Management: Entrepreneurs must gather and manage resources such as
capital, people, technology, and time to successfully build and grow their businesses.
This may involve raising funds through investors, loans, or personal savings.
5. Business Development: After launching a business, entrepreneurs focus on growing
and scaling the venture, often managing teams, marketing, sales, and operations to
ensure long-term sustainability and profitability.
6. Economic Contribution: Entrepreneurship drives economic growth by creating jobs,
contributing to the economy's diversification, and often introducing innovative
products and services that disrupt existing industries.

4
  Importance of Entrepreneurs in the Economy

Entrepreneurs play a significant role in the economy by:

 Creating Jobs: Entrepreneurs provide employment opportunities for others, reducing

unemployment in society.
 Fostering Innovation: By introducing new products, services, or processes,
entrepreneurs drive technological advancements and industry improvements.
 Promoting Competition: Entrepreneurs encourage healthy competition, which leads
to better quality products and services at competitive prices.
 Economic Growth: By starting and expanding businesses, entrepreneurs contribute
to the overall growth of the economy, generating tax revenue and fostering
development in various sectors.

 Skills Required for Entrepreneurship

To become a successful entrepreneur, an individual must possess a variety of skills,

including:

 Leadership Skills: The ability to lead a team, inspire employees, and make important
decisions.
 Financial Management: Understanding of budgeting, financial planning, and
managing resources effectively.
 Problem-solving Ability: Ability to think creatively and find solutions to business
challenges.
 Risk Management: Entrepreneurs need to take calculated risks and manage
uncertainties effectively.
 Communication Skills: The ability to communicate clearly with investors,
customers, suppliers, and employees is essential for success.

 Types of Entrepreneurs

Entrepreneurs can be categorized into several types based on their business approach and
market focus:

 Innovative Entrepreneurs: These entrepreneurs bring new ideas and inventions to

the market.
 Imitative Entrepreneurs: They adopt existing business models and improve them to
create a competitive edge.
 Social Entrepreneurs: Focus on solving social, cultural, or environmental issues
through sustainable business practices.
 Scalable Start-Up Entrepreneurs: Aim for rapid growth, often seeking venture
capital and building businesses that have the potential to expand on a large scale.

5
  Challenges Faced by Entrepreneurs
Starting and running a business is exciting but comes with many challenges. Entrepreneurs
often face several hurdles that can make their journey tough. Here are some of the main
challenges:

1. Money Problems

 Funding: It's hard to get money to start a business, especially without a good
track record. Many entrepreneurs struggle to find investors or get loans.
 Cash Flow Issues: In the early stages, businesses may not earn enough to cover
expenses, leading to cash flow problems. Managing money is crucial to keep the
business running.

2. Competition

 Established Businesses: Big companies with more resources and loyal customers
make it hard for new businesses to stand out.
 New Start ups: New businesses are always popping up. Entrepreneurs need to be
creative to stay ahead of the competition.

3. Lack of Experience

 Business Knowledge: Many entrepreneurs are new to running a business and

may not have all the necessary skills. They have to learn fast and make smart
decisions.
 Leadership: Managing a team is a new challenge for many entrepreneurs. If they
can't lead well, it can affect the business.

4. Time and Work-Life Balance

 Overworking: Entrepreneurs often work long hours, leaving little time for
themselves or their families. This can lead to stress and burnout.
 Delegating Tasks: Entrepreneurs may find it hard to trust others with important
tasks, which can make things even harder.

5. Hiring and Managing Employees

 Finding the Right People: It’s difficult to find the right people to join the business,
especially when you’re just starting.
 Managing a Team: As the business grows, entrepreneurs need to build and
manage a team. Bad leadership or high turnover can hurt the business.

6
  Steps to Becoming an Entrepreneur

Becoming an entrepreneur involves several key steps. While the journey can vary based on
the industry and personal circumstances, the following steps provide a general roadmap to
starting a business:

1. Identify a Business Idea

The first step is to come up with a business idea. This could be something new, or it could be
an improvement on an existing product or service. Consider your skills, interests, and market
needs when brainstorming ideas. Some sources of inspiration include:

2. Conduct Market Research

Before jumping into the business, it’s crucial to understand the market. Market research helps
you:This research will help you refine your business idea and ensure there's a viable market
for it.

3. Develop a Business Plan

 Executive Summary: A brief overview of your business idea

 Market Analysis: An understanding of the industry, market, and competition
 Business Model: How you’ll make money (e.g., selling products, providing services)
 Financial Plan: Projections of income, expenses, and profits
 Marketing Strategy: How you plan to attract and retain customers

4. Secure Funding

 Personal savings: Using your own money to fund the business

 Loans: Borrowing money from a bank or financial institution
 Investors: Seeking funding from angel investors or venture capitalists
 Crowd funding: Raising money from a large number of people, typically online

5. Register Your Business

Once you have a business idea and funding in place, it's time to legally register your business.
This involves choosing a legal structure (e.g., sole proprietorship, partnership, corporation)
and completing the necessary paperwork. You'll also need to:

 Choose a business name that reflects your brand

 Register for taxes with the appropriate government agencies
 Obtain necessary permits or licenses depending on your industry

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6. Create Your Brand Identity

 A logo and brand colors that represent your business

 A website to establish an online presence
 Social media profiles to engage with customers and promote your brand

7. Launch Your Business.

 Marketing: Use online and offline marketing methods to spread the word about your
business. This could include social media campaigns, email marketing, local
advertising, or attending networking events.
 Sales: Start selling your product or service to your target audience. Focus on
delivering excellent customer service to build trust and loyalty.

8. Monitor and Adjust

After launching your business, it’s important to monitor its performance regularly. This
means tracking sales, customer feedback, and financial performance to ensure you’re meeting
your goals.

 Evaluate the results: Is the business performing as expected? If not, consider making
adjustments.
 Adapt: Be open to change, and don't be afraid to pivot your business model,
marketing strategies, or product offerings based on what works and what doesn’t.

9. Scale and Grow

Once your business is stable, the next step is to scale and grow. Scaling involves expanding
your business to reach more customers, increase revenue, and possibly expand your product
line or services.

 Hiring employees: As your business grows, you may need to hire more people to
handle different tasks.
 Expanding your marketing efforts: Reach new customers through broader
marketing campaigns or by entering new markets.
 Streamlining operations: Use technology and improved processes to run your
business more efficiently.

8
  Advantages and Disadvantages of Entrepreneurship

Advantages:

 Independence: Entrepreneurs have the freedom to make decisions and control their
business direction.
 Financial Rewards: Successful entrepreneurs can earn significant profits and build
wealth.
 Flexibility: Entrepreneurs can set their own schedule and work environment.
 Personal Growth: Entrepreneurship promotes learning and self-improvement.

Disadvantages:

 Financial Risk: Entrepreneurs bear the financial risk of their business, and failure can
result in loss of capital.
 Uncertainty: The success of a business is not guaranteed, and entrepreneurs must
deal with market volatility.
 Workload: Running a business can be time-consuming, requiring long hours and a
significant commitment.
 Stress: The pressure to succeed and the responsibility of managing a business can be
overwhelming.

References:

 Kuratko, D. F. (2017). Entrepreneurship: Theory, Process, and Practice. Cengage

Learning.= A book that explains the key concepts and steps to becoming an entrepreneur.

 Schwartz, B. (2017). The Art of the Start 2.0. Penguin.=A practical guide by Guy
Kawasaki on how to start and grow a business.

 Hisrich, R. D., Peters, M. P., & Shepherd, D. A. (2016). Entrepreneurship. McGraw-Hill

Education.

 A textbook covering the basics of entrepreneurship, from theory to real-world

practices.

 Mullins, J. W., & Komisar, R. (2009). Business Model Generation. Wiley.

 A book about creating and managing new and innovative business ideas.

9
10. Conclusion

Becoming an entrepreneur is an exciting and rewarding journey, but it comes with its fair
share of challenges. It requires creativity, determination, and the ability to take risks. By
identifying a business idea, conducting market research, creating a solid business plan,
securing funding, and taking steps to legally set up the business, entrepreneurs can lay a
strong foundation for success.

However, the road to entrepreneurship is not without obstacles such as financial challenges,
competition, and the pressures of time management. Entrepreneurs must be adaptable,
constantly learning from their experiences, and adjusting strategies as necessary to stay
ahead.

With the right mindset, skills, and support, entrepreneurship offers the opportunity to
innovate, create value, and make a lasting impact on the economy and society. By
understanding the steps and challenges involved, aspiring entrepreneurs can approach their
ventures with a clear sense of direction and be better prepared to navigate the complexities of
the business world.

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