|Date and Time||29th September, 2018 on 11.00 a.m. to 1.00 p.m.
|Theme||MESA-AESA organised Guest Lecture
|Venue||Seminar Hall, 3rd Floor, Architecture Building
|Department||Automobile and Mechanical Engineering
|Target Audience||All Mechanical and Automobile Students
|Speaker Profile|| Dr. Ajit Panicker
Designation: CEO and Partner of NOVA Group of Companies, India
Entrepreneurship Development is the process of improving the skills and knowledge of entrepreneurs through various training and classroom programs. The whole point of entrepreneurship development is to increase the number of entrepreneurs. By doing this, the pace at which new businesses or ventures are made gets better. On a wider level, this makes room for employment and improves the economy of a business or country. The steps below will explain how to create an effective entrepreneurship development program and how to go about enhancing it.
Inauguration of Guest Lecture and welcome speech by Prof. Pravin Dahalke
Felicitation of Guest Mr. Ajit Panicker sir By HOD. Dr. G. V. Patil sir and Senior Prof. Dr. M. D. Nadar sir
Mr. Ajit Panicker sir Guiding Students on Entrepreneurship Development
Faculty and students attending the guest lecture
How to be an Entrepreneur:
- Make Sure Entrepreneurship Is What You Really Want
If you are thinking of starting a business because you lost your job and are having trouble finding a new one, then think about doing a better job search. Hire a career coach or get some training. Starting a business is much harder than getting a job, so it’s worth the extra effort to look for employment in a better way, if that’s your true preference. Also, think about whether you have what it takes to start a business in these terms: No one will tell you what to do (except your customers). You have to be self-motivated, willing to make many sacrifices, and be able to last for the long term while your business goes from startup to maturity.
- Decide What Kind of Business You Want
Franchise or independent? Service or manufacturing? Brick-and-mortal retail or online? Consumer or business-to-business? There are dozens of different types of businesses, each with its own benefits and drawbacks. Like to work with the public? A retail store might be right for you, but you will face the tradeoff of having a lot of overhead (rent and utilities for example). Want to keep your business small with low overhead, and sell your expertise? Being a consultant might suit you, but there are only 24 hours in a day and that could limit your income.
- Research Your Idea
The most important thing to remember if you are considering starting a business is this: It’s not a race. People who rush get penalized in the marketplace much more severely than people who take their time. You may hear the words “first-mover advantage” – the idea that you get a big head start by being out with a product before anyone else. But that idea is overblown, especially for small businesses. Emerge too soon and you could squander precious resources.
It’s far better to methodically, diligently research your idea. Is anyone else doing it? What’s the competition like? Do consumers and businesses have viable substitutes if they don’t choose your product? Does your product really solve a pesky problem? Is the demand going to be great enough in the future, not just for a year or two? Once you’re completely convinced you have the virtual better mousetrap, then you can proceed.
- Write a Business Plan
With the dozens of business-plan-in-a-box resources available online, there is no longer an excuse not to write (not think, write) a business plan before you launch your business. Why write a plan even if you are the only person who works in the business? Because it forces you to answer critical questions that you must not ignore if you want to have a strong chance of success. It doesn’t have to be long. Make it a single page if you don’t have the patience to do more. But it should answer these questions:
- What is the purpose of the business?
- Who are my customers?
- What problem does my product / service solve?
- Who is my competition and why is my product / service’s advantage?
- How will I price, position, market and support my product?
- What are my financial projections for the business for the next 3-5 years?
- Choose a Business Structure
According to small business CPA Michael Hanley, “The foundation for tax planning begins even before your first day of business operations. Of all the decisions a business owner will make, very few will have as great an impact as entity selection.
Deciding whether to become a Sole Proprietorship, a Partnership, a traditional Corporation, an S-Corporation, or a Limited Liability Company (LLC) will have a long-lasting effect on the future tax implications of your business. You can learn about the benefits and tradeoffs of each plan in a number of places and there are excellent, brief books on the subject, too.
- Assemble Your Team
While your team consists mainly of employees, think more broadly. You will need trusted advisors including an attorney, a tax accountant, an insurance advisor / agent. You may want to consider hiring a Virtual Assistant who’s experienced in startups to handle the administrative tasks that come with launching a business.
- Handle the Paperwork
Along with starting a business come a variety of paperwork requirements that can’t be overlooked, including:
- Filing for applicable licenses and registrations from your state’s government. Get guidance from your state’s Office of Taxation website on which forms you will need to complete.
- If you form a minority or women-owned business, you may qualify for special government programs that can provide startup capital.
- Purchase appropriate business insurance before you begin operations.