 Hello friends, I am Satish Pariani working as an assistant professor in Department of Mechanical, Vulture Institute of Technology, Sholapur. In this session, we are discussing the problems faced by entrepreneurs. Learning outcome, students will be able to once understand what are the basic problems and their typical solutions for the problems which are faced by the entrepreneurs. The three problems which we will be discussing and the content is first of all we have introduction and the three problems are the problems related to cash flow, the hiring employees and the time management specifically and finally the references used. Entrepreneurs these days face many challenges in today ultra competitive business world. Fortunately, contemporary times have also blessed entrepreneurs with more resources for tackling those problems than ever before. The problems can be from the technical world, the marketing, human or financial world. The problems can be from any world. Technical world means technical know-how, the marketing problems, the human relations problem, the human problems, HR related problems, then the financial, the big backbone is financial world. The first problem we will be discussing is the problem of cash flow. What is the challenge? Cash flow is essential to small business survival yet many entrepreneurs struggle to pay the bills that alone themselves while they are waiting for checks to arrive. Parts of the problems teams from delayed invoicing which is common in entrepreneurial world. You perform a job, send an invoice, then get paid hopefully 30 days later. This is called credit terms. In the meantime, you have to pay everything from your employees or contracts to your mortgage to your grocery bill. Waiting to get paid can make it difficult to get by and when the customer doesn't pay there is a risk. Simple, the simple way this cash flow is explained. You are a new startup, you are doing a new business, you are working with the companies let us say, you have started a industry, a packaging industry where you are supplying to the big names of LG Electronics, Samsung where their payment terms is 30 days or 45 days cycle term is 30 to 45 days. You have certain capital associated with it, when you are working with the big shards there is certain demand again I say during the period of peak period, the demand shoots up and you have limited capital available with you and the material you are doing with and the money is engaged with the raw materials and certain day to day needs. Once you supply, you are getting the payment after 30 days to 45 days. During that period, what you do? During that period, you have to provide electricity bills, you have to provide, give employees certain many times the advances, many times there are certain GSTs or something you need to pay and the money plus profit what you are getting as a, you will be getting the money after 30 to 45 days. So, this is the cash flow, the company is though the previous question what I asked the company though is in great cash flow problems need to have certain solutions. Now, we will be discussing that solution in the coming slide. Proper budgeting and planning are the critical to maintain cash flow, but even these won't always save you from stressing over bills. One way to improve the cash flow is to require down payment of your products and services. Many times loans are being also taken to utilize during this phase of cash flow problem. Another strategy for improving the cash flow is to require faster invoice payments, faster. Suppose let us take the example a company which I have started I am supposing supplying a packaging industry and I am supplying to LG Electronics and Samsung. LG Electronics is paying me in 20 days and Samsung is paying me in 45 days, but profit with LG is less, profit with Samsung is more. So, we need to carefully plan it and if we are facing the problem of cash flow definitely we will go with LG Electronics because the payment cycle is 20 days. The payment cycle is 20 days which will help to improve my cash flow and many times the cash flow problems can also be solved in another way. To whom we are supplying, suppose we are supplying to LG Electronics Samsung we will take the payments from 20 to 20 days and we take the raw materials from the raw material suppliers we take and we give them in 45 days. So this is one of the good strategy generally adopted in big organizations. They delay the payments to the raw materials and they pull the payments from units to whom they supply. Now I ask you one good question, will the company have good profit if they face the cash flow? As I told given you example recent can company can be a profitable if they are having a cash flow problems. The problem is the answer to this is yes cash flow problem is a problem and it is not related with the profit we can say. One company can have a good profit but they are even though they are facing the problem of cash flow to pay their employees to pay the bills. The second most important problem associated with organization is hiring of employees, a big problem HR related problem. The challenge is do you know who dreads job interview the most? It's not the prospective candidates it's entrepreneurs. The hiring process can take several days of your time reviewing resumes setting through the interviews shifting through from so unqualified candidate to find a diamonds in the rough then you only hope you can offer an attractive package to get the best people on the board and retain them. So this is the challenge we want as an entrepreneur I always want a best employee at a lower rate and at a very he should work maximum for me. So these are my will to have the problem. Many times I generally go to the different resumes I generally go through different sites and sees I ask some hiring to get people right people on me and that too a diamond kind of the jewel at a very attractive package. So this is the challenge what we are getting. Let us discuss what is the solution be exclusive far more help wanted ads are incredibly vague in terms of what qualification candidates must have what the job duties are what days and hours will be work and what wages and benefits will be paid. Once you have the pool of prospects arrange for the working interview in which the candidate on the two of their working environment take the time to seek real references. Now third most important problem is the time management the challenges time management might be the biggest problem faced by entrepreneurs who may wear and all hats if you want. If you had more time you could accomplish so much. Time management I see these are the new entrepreneurs new startups new entrepreneurs are facing this company because they do not believe at the bottom level. They want to check the small bills of their employees also they want to see each and everything they do not want to delegate their empowerment to the lower level. So it is empowerment which need to be delegated and we need to focus as a entrepreneur we need to focus on static decisions rather than small things. We need to set up themes we need to set up certain policies in this regard to what level if we start looking at small small things the day time is only 24 hours which cannot be moved out from where we cannot move it out what is the solution make time like money doesn't grow on trees of course so you have smart about your own spending here yes how create goal list you should have a list of lifetime goals broken down into annual goals broken down into monthly goals then broken down into weekly goals be very clear of your goal is today I will decide I will only focus on certain part the lower level part let I delegate to somebody else or otherwise I should believe start believing we cannot every time question question and have have question on the employees and then make them all down or a certain process we need to set up so that full-proof processes are set up so that there cannot be error if any task do not mesh with your goals eliminate them what are references I use I use from NPTEL DCMSC government in and project management and control by Narendra Singh of Himalaya Probation House thank you