The much awaited rail budget of the new government was presented by Mr. Suresh Prabhu in his maiden budget speech on 26th February. Rail budget is of much importance to many as almost 23 million people travel through Indian Railways on a daily basis which makes up the population of few countries like North Korea & Taiwan (Republic of China). And hence everyone was curious to know what Mr. Prabhu has in bag to offer.
PM’s Swachh Bharat campaign echoed in the Rail Budget too with announcement of 17,000 toilets being replaced with bio toilets & a creation of dedicated department for cleanliness. Moreover, there is no hike in passenger fares which sums up the railway budget for a common man here itself.
But if you move on to look at the budget then one thing that is very clear & evident from the Railway Ministers’ speech was – His efforts were in lines to make Railway a self-sustainable entity with lower dependence on government for its functioning. A new paradigm shift in the budget was visible as no new train was announced unlike each of his predecessors did & the budget had the audacity to talk more than just new trains, coaches & fares.
In order to promote self-employment, products made by self-help groups especially by women & youth will be promoted. New jobs will be created for the masses as the total predicted investment is of Rs. 850,000 Crore for over the next 5 years.
For the first time someone has stressed upon employee productivity & discussed about imparting Yoga training to the employees. Human resource is the strength of Indian Railways as over 1 million people are employed under it making it one of the largest employer in world.
In order to modernize travelling through trains & digitize railways, Wi-Fi at 400 stations & mobile phone charging facilities in all train compartments will be made available. In addition to this, surveillance cameras in select coaches and ladies compartments for women’s safety without compromising on privacy will be installed.
Services like train protection warning system and train collision avoiding system will be introduced in trains in wake of the recent train mishaps that took a tall on lives of many.
Facilities like online ticket booking before 120 days & online booking of wheelchair for senior citizen will be launched for a hassle free & user friendly approach. Also a new 24*7 helpline will be launched with effect from 1st March 2015 to deal with public grievances on train delays & train reservations. An all India toll free no. 182 for security purpose will also be started.
All in all it was a fair budget by the Railway Ministry, answering the long pending issues of common man’s daily problem of security & modernization. We wish them luck in achieving their desired goal.
Do you think the budget is lacking something? Or are you completely satisfied? Share with us.
While entrepreneurship is being taken as a career by many, the only way you can differentiate from your competitors & give them a fitting reply is through ‘Creativity’. Undoubtedly much research has been done in this field but to our surprise many of them contradict to each other. So let’s ponder upon what exactly it means & how you can practice it.
1. Limit yourself: Many of you won’t agree upon this but research has shown that if we put on restrictions to available resources then it will actually make you think more & you tend to discover newer options, which you may not have discovered otherwise.
Example : Twitter, the social network allows you only 140 characters to express your idea as compared to other social media platforms. But it has to be noted that Twitter has become the most preferred social network by intellectuals as compared to Facebook or any other social media. And the quality of content is just superb. Had it been possible, if there were no such restrictions on writing? Ofcourse not.
2. Re-conceptualize the problem: Einstein once said “You can’t solve the problem at the same level on which it was created”, which means, you should try looking at things from different perspective. Sometimes thinking too much logically doesn’t help, as the solution itself is very simple.
Example : Everyone had seen the apple falling from the tree but no one saw it like Newton did. Well, falling of an apple wasn’t a problem but the way people looked at it was.
3. Distance yourself: When things aren’t working the way they should, may be it is time for some coffee, a walk or a short nap. Experts suggest that daydreaming at work for a while & then getting back to your work, helps streamlining things & as a result something more constructive is delivered.
Example : Writers/Authors often prefer distancing themselves if they get stuck upon on something. As they know very well that sitting & pondering upon the same thing for longer period of time won’t help. So they opt for taking a short break. This method is widely practiced in creative fields like advertising, script writing etc.
Write to us if you have more points to add or something to say about it.
Talking about creativity, we are happy to tell you that PGDM-BE course at EDI also has creativity & innovation in first year of its course curriculum.
As they say – A man without aim is like a ship without captain. The essence here is – you should be well aware about where you are heading or what exactly you want to do.
Many of us have a great business idea, but the lack of correct information/knowledge on how to leverage the project idea or how to make it commercially viable is the real DEVIL.
As entrepreneurs come from varied backgrounds, they do lack upon certain important aspects of how businesses actually work on ground zero. Ofcourse the passion & determination of an entrepreneur is always there in full swings but rather than learning things by trial & error, it is recommended that you learn it much before the execution stage.
Primarily the business idea you are working upon should fit in to following parameters:
1. The business should run without you: Essentially it means that all things should be on paper. It should not happen that in your absence, things go haywire. All things should be clearly mentioned on paper, reflecting the standard operating procedure required to follow it. So that even if people leave, quality or deliverable do not get hampered.
2. Everything should be measurable: Even if your idea is very artistic or hard to measure in numbers, you should figure out a way to convert everything into measurable piece as that will help you knowing whether you are moving northwards or southwards.
3. Room for growth: You should not confine or limit yourself; expand your horizon and discover newer markets to cater.
4. Product Evolution/Innovation: Your product should constantly evolve with time & customer feedback. It should not become redundant or a rigid project idea.
5. Should serve a purpose: The business idea you are working upon should solve a problem or should serve a purpose. If it is not, then you should rethink upon it once again.
6. Sustainable Business: The business idea should generate enough revenues over a period of time & should be self-sustainable. It should not be the case that your business constantly requires external funding or loan to survive.
Do you have more points to add or something to say about it? Let us know.
It has been almost a year now to the iconic event of yester year – ‘Empresario 2014 – A Innovator’s fair’. And here we are back with Empresario-2015, a one of its kind event meant to bring budding entrepreneurs, investors & industry experts on the same platform.
(During inauguration of Empresario-2014 by Shri D. J. Pandian, IAS, Additional Chief Secretary, Govt. of Gujarat, Energy and Petrochemicals & Dr. Dinesh Awasthi, Director EDI)
Empresario happens annually on the guidelines of Innovation Promotion Scheme (IPS) introduced by AICTE. EDI, through its constant efforts has successfully hosted series of annual entrepreneurship summit ‘Empresario’ since its inception in 2012. The objective & vision is very clear – to bridge the gap between investors & entrepreneur community. The event is full of activities like Seminars, InnoExperience, Workshops, Marketing Challenge round & B-Plan to name a few.
Who should attend this event?
Innovator/Patentees: Those projects which are very innovative & need a business plan to go to the market or products which need to be patented before going commercial.
Startups: Companies looking for seed fund or venture capitalists for their business.
Students: Those who seek placement opportunity or training
Venture Capitalists: Those who are looking for new ideas to park their funds.
A lot of the activities carry prize money to be won. Students from leading colleges & institutions from across the country take part in Empresario.
This time too, leading industry magnets are going to share the dais to address the entrepreneur community. Few of the prominent speakers on the list are Mr. Anurag Batra (Chairman, Business World Magazine), Dr. Rahul Mirchandani (Director, Aries Agro), and Jyotirmoy Bose (Founder, White Spaces Consulting)
The Empresario 2015 is scheduled for February 20th & 21st at EDI, Ahmedabad. Interested candidates can register themselves for the event here: http://bit.ly/1KgQNtr[Top]
After successfully launching your business idea, the very next step is to scale it, and that happens only when you are able to convince those mighty brains sitting on the other side of the table, who are going to fund your business idea (only if it makes a lot of sense to them).
Last year in 2014, India’s IT hub ‘Bangalore’ was ranked 5th globally, after San Francisco, Beijing, New York & Palo Alto in terms of attracting maximum funds from venture capitalists. Technology startups these days are getting a lot of momentum, reason being the current generation is digitally evolving by leaps & bounds.
Moreover, the startup culture is prevalent very much amongst youngsters due to its unique attribute of having work autonomy & decision making processes, unlike in jobs these days.
They say – if you are looking for funding then never ever send your business plan to any investor before you speak to them in person. When you get their interest, only then is the right time to do so. Irrespective of the nature of business they are in, every startup has one thing on mind that is to get funded by big houses (i.e. venture capitalists, angel investors, etc.)
There are various terms in fundraising which everyone of us get wrong or use it interchangeably, knowingly or unknowingly. We try here to explain it to you one by one:
1) Seed Money: The initial money that you need, just to check if your business has the wings to fly or not. Generally not so large money is involved in it & it is used for basic pilot project or research job.
2) Startup Capital: The money needed to finance a proven business idea, which is already in application. It carries a low risk attached to it in comparison to seed money.
3) Later-round financing: Few businesses raise money in phases i.e. for setting up manufacturing facilities, for developing marketing channels, for infrastructure etc.
4) Bridge Capital: The money required to run the business, before it goes public. As generally, it takes a lot of time for completing the formalities to launch an IPO.
VCs tend to invest in companies which showcase fast growth, having ability to pay back their money in short period & those that are going to be acquired by giants in near future.
Do you have anything insightful to share about startup funding? Please do comment and let us know.
The reason behind the sudden shift in policy making with respect to small & medium enterprises in country is a thoughtfully taken decision by government to nurture a long term & robust growth plan for the country. As India predominantly is a country dependent majorly on entrepreneurs & small business houses for employment generation, which has evolved significantly with support from IT industry & latest technological advancement.
This shift in policy making is supported by entrepreneurship & post graduate oriented courses in India to enhance the talent & skill development further. In a recent study by ‘Small Enterprise’ magazine it has been observed that Entrepreneurship Development Institute of India, Ahmedabad features amongst the few prominent institutes in this area.
In view of Shyam Sekar, Chief Mentor & Strategist at Startup Xperts (which supports startups & SMEs in India & abroad), ‘’Entrepreneurship is not about having higher IQ. It is about taking right step, failing early, standing up quickly, and moving forward’’. He also says that to succeed entrepreneurs must have following skill set
-Presentation skills &
-Strong execution skills
Mr. Shyam list down the ‘Ivy League’ institutes throughout the world, which offers course on entrepreneurship. EDI, Ahmedabad is the dedicated college in India that offers the full time courses on Business Management, which is designed for entrepreneur & entrepreneurship managers.
Over a period of time several private institutes have come up offering courses on entrepreneurship but the quality & deliverables promised is always questionable. However, EDI, Ahmedabad on the other hand is consistently fuelling the growth story of several enterprises through its dedicated efforts of over 3 decades. It has stood by its core value of promoting entrepreneurship amongst the youth of country.
What are your views about EDI? Tell us.[Top]
Entrepreneurship as a profession is surely going to fetch high momentum in coming years as the government too is focusing on it, with its ‘Make in India’ program inviting entrepreneurs & innovators to contribute in the growth story of India.
Entrepreneurship Development Institute of India is among the few prominent institutions of India that caters to the talent grooming of future entrepreneurs with its unique 2 year programme of Post Graduate Diploma in Management – Business Entrepreneurship (PGDM-BE).
The course objective is very much dynamic in its approach & application to groom entrepreneurs to:
- Develop skills in successfully initiating, expanding and diversifying a business enterprise in new, up-coming areas.
- Create entrepreneurial managers for corporate
- Develop family business successors as enterprising and knowledgeable owners of the business of their predecessors
To achieve the above said objectives, the students are imparted rigorous training & mentoring by industry experts & leaders. The students at EDI get trained in a systematic manner, right from their day one on campus.
The unique feature of PGDM-BE programme is that it also caters sector specific courses for students, to which they are inclined to. These are known as ‘Seminar Courses’ and covers wide domains/areas from the industry, which gives a fair glimpse & first hand experiences to the students.
- Automobiles and Ancillaries
- Communication and Media
- Design and Fashion
- Education and Training
- Electricals and Electronics
- Mechanical Engineering
- Environment and Green Business
- Financial Services
- Food Processing
- Healthcare and Life-sciences
- Information Technology Enabled Services
- Logistics and Supply Chain
- Plastics and Chemicals
- Real Estate and Construction
- SME Consultancy
- Textiles and Garments
- Tourism and Hospitality
While the students enter into the 2nd year of their course study at EDI, they are now trained on the business policies & strategies which are common to all the businesses at par in India. They are offered dual electives in Entrepreneurship i.e New Enterprise Creation (NEC) & Family Business Management (FBM) and & specialization in Functional Areas to pursue i.e Finance, International Business, Marketing, Human Resource Management, Information System and Language & Communication.
Experimental Learning also forms a major part of EDI’s grooming process, which give the students a live on industry exposure through Summer Training, Projects: DPR/FYPP, Independent Study, Business Simulation, Entrepreneur Interactions & Industry Visit.
For further information on the course, kindly visit: http://bit.ly/1xwP1w4[Top]
EDI received a lot of media coverage recently. We are happy to share them all with you.
Find a compilation below:
1. An Alumna of EDI, now a known face in the jewellery industry was featured in Ahmedabad Mirror for her achievement.
2. Any student who have studied at EDI can ever forget him. Shilu Tewari, the maggi wala who stands outside our campus has a story behind him. He recently got featured in TOI who shared his inspiring story.
3. Carpool – The newer version of telling ‘Sharing is Caring’. Four of EDI students, Deesha Bakshi, Abhishek Acharya, Rahul Gonsalves & Harshvardhan Subrewal got featured inAhmedabad Mirror for carpooling 50 Kms every day which helps them save Rs. 3,500/- each.
EDI hopes to give out more creative minds to the world in the coming years.[Top]
1. Keep yourself happy. Do not let stress or failures get to you. Keep your calm and stay positive.
2. Focus more. Try and focus on a niche. Become an expert in your own field. Research and meet new people who can guide you well.
3. Make networking your priority. More people you meet, more knowledge you get. Make it a point to meet 2 new people every day. See your business network grow.
4. Ditch the internet once in a week. Spend quality time with family and friends. Share new things that you have learnt. Strike an interesting conversation with people around you. Reserve one day of your week just for yourself.
5. Be passionate towards your goals. Give your 100% and put in all your efforts. Concentrate well and make all the possible moves to achieve it.
6. Keep earning money as your least priority. Don’t work to earn; work to make a difference.
7. Always follow the ethics. Never break a rule to get your work done easily. Achieve it with hard work and you will go home happy.
8. Keep that famous saying in mind – “Entrepreneurship is a journey, not a destination.” So stop looking for the end of it and just enjoy every part of your entrepreneurial trip.
9. Read more books. Not only related to your field but also other fields. Read magazines and newspapers regularly to keep a tab about the world. Never limit yourself to a specific kind of book. Switch between self-help books, novels, fictional and non-fictional books.
10. Most importantly, be patient and learn to forgive. Entrepreneurship comes with a lot of challenges and being patient will only help you grow and be a better human personally and professionally.[Top]
Entrepreneurship by definition is the setting up or owning of an ‘independent’ business started by a single/group of individuals. The term of family business entrepreneurship seems to sound like an oxymoron. But the reality remains that in India and many other nations there are 3rd or 4th generation of businessmen emerging who wish to handle their family heirloom in the 21st century way, which is quite different and more innovative than their forefathers. However, in most cases the entrepreneurship is not encouraged and even frowned upon as the primary job of the posterity on family business is to maintain and grow the inherited legacy.
But in today’s competitive times, family businesses have little of a choice but to promote entrepreneurship inside and outside the business. Managers inside your core business who think like entrepreneurs (we call them intrapreneurs) can identify opportunities that move your family company into new lines of business, rejuvenate the founder’s legacy, and put the enterprise on a new growth path. Entrepreneurs (typically family members) working outside the business but with family financial support can keep talented kin inside a broader “family enterprise,” diversify business activities and build assets (Forbes,2014).
The entrepreneur/founder has to understand and accept that planning for succession is necessity for survival. In case of small businesses, probably it would make better sense to have one person with general management skills and few others for special skills. Whatever is the case, advance action in selecting and grooming management successor is necessary. Once successor is identified, the succession plan has to be developed keeping in view the specifics of the firm, implemented and monitored carefully with scope for necessary changes.
The entrepreneurial qualities of risk-taking, lean operations and seeing trends and opportunities can be utilized by the family businesses to adapt and change according to the prevailing and ready themselves for the future as well through entrepreneurial insights.
There are plenty of examples of family business entrepreneurs in India like the Ambani, Birla or the Wagh Bakri family as well who have managed to stay relevant today. The education of the generations from the correct institute is imperative and can do wonders to take their family businesses to another level.
The below infographic explains the family business topography in the Indian subcontinent, about its spread, economic activities in the various sectors that they are involved in. It also tells us about the ownership, percentage and the age of the family business in India.
EDI’s PGDM BE provides Family Business Management specialization where students learn how to leverage the strengths of family business management and successfully implement practices that drive high performance, shareholder loyalty and healthy family relationships. Here the issues, problems and concerns of the family business are dealt with great details so that students have an ambitious growth plan for their family business.[Top]