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.
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]
Times are changing rapidly among the youth of today, gone are the days of the daily 9-5 grind and taking insults of your boss for not meeting your tight deadlines. Today more and more youngsters are adopting entrepreneurship as a career. Most interestingly, a sizeable number actually start their ventures much before they complete their formal education.
According to a study conducted by International School of Entrepreneurship Education and Development (ISEED), revealed that more than 87% students surveyed aspire to become an entrepreneur at one point of time in life, while about 90% believe that the country is full of entrepreneurship opportunities. And, about 22% want to start immediately after completing studies, while 32% want to start within five years of completion of their studies. About 12% have already started their ventures during their student life in the areas related to education, entertainment and mobile apps, the study revealed.
Today , with the unstable and precarious circumstances under which the professionals with degrees are hired and fired every day is a frightening figure indeed, hence the youth understand that nothing is promised in the professional world of today , no matter how qualified you actually are. Therefore it is much easier to go after their wildest dreams and aspirations by starting out on their own. Notable examples of Indian and global entrepreneurs like Sachin and Binny Bansal of Flipkart, Mukesh Bansal of Myntra, Kunal Bahl of Snapdeal and Mark Zuckerberg of Facebook continue to fuel their ambitions.
The study — ISEED-Indian Students Entrepreneurship Aspirations Survey was conducted among 1117 students in more than 50 cities across the country. Of them, 1,029 respondents were validated. It also stated that only 53% of girls would like to start their own ventures within five years of completion of their studies, as compared with 72% of the boys. There are also very select institutes in the country that offer the time tested and respected courses for entrepreneurship in the country.
The Entrepreneurship Development Institute Of India is well known to nurture and educate the budding entrepreneurs and propel them to launching their own individual businesses.
EDI offers PGDM-BE program for those who aspire to be successful in their future ventures and emerge as quality entrepreneurs.
For more information on the course and enrollment details log on to: http://www.ediindia.ac.in/PGDM-BE.asp[Top]
Entrepreneurship Development Institute of India is organizing the Annual Alumni Meet from 19th-21st December, 2014. The institute aims of fostering a lasting relationship with you and to facilitate you in strengthening your association with your Alma matter
Our guest speakers, Atika Dhandhia and Mr. Prasad M. Kumar will address the students.
Profile of guests is as follows:
A jeweller and Image Consultant by profession, Atika is a graduate from the Gemological Institute of America (GIA), Santa Monica. After GIA, she went to Tokyo to study the Japanese jewellery market. While in Japan, she was offered a chance to work for the prestigious Radio Japan as a News Broadcaster for their Foreign Services. She became actively involved with the broadcasting services and anchored two live radio programs, which became highly popular.
Atika has been a constant source of inspiration to the thousands of youth and adults across the world. Apart from the workshops at Art of Living She has hosted several programs nationally and internationally on enhancing ones outer Image through grooming, etiquettes, communication skills and Dressing up right according to ones roles and goals. A fitness and travel freak, one can frequently spot her at a Pilate’s session or on a demanding Yoga class.
She has travelled all across the world conducting various sessions as a Life coach, an Image Consultant and a soft skill Corporate Trainer. A bookstore can easily pass as a second home for the intellectual in her, while her artistic bent makes her appreciate arts and paintings. Also, whenever free, she loves to catch up on the latest movies.
For the last 15 years, Atika has also been closely associated with the world’s largest volunteer based NGO, The Art of Living Foundation, which is engaged in stress management and service initiatives. This NGO through its breathing techniques, yoga and meditation has reached out to 3 million people across 152 countries.
Atika is the Director – Training for The Art of Living Foundation and has been conducting workshops globally to train the future trainers of this NGO through the Teachers Training Course. She has conducted AOL programs for varied sections of the society – from the reigning Bollywood Stars to the Naxals in the remote areas of India helping them to join mainstream.
Few of her accomplishments:
– Board Member – World Youth Forum for Ethics in Business, their last conference was held at the European Parliament, Brussels 2013.
– Key Note speaker at the ‘World Peace Youth Summit’ 2005, where 4000+ youth congregated to make way for peaceful conflict resolution.
-Trained 3000+ trainees in countries such as Argentina, China, Germany, South East Asia and Russia.
– Has trained and empowered 50,000+ youth through the Youth Empowerment & Skills workshop across 15 countries and in prestigious educational institutes such as the IITs and the IIMs.
– Conducted Leadership training program for youth representing 123 countries at the World Youth Forum at the European Parliament, Brussels, 2011
– Recipient of the Vishalakshi award, felicitated by the Art of Living for excellence in teaching.
– Speaker at various TEDx forums
Mr. Prasad M. Kumar
Business Chairman – Institution Building & Governance, GMR Group
-A Post Graduate in Management, Prasad M Kumar brings over 40 years of experience in several leading and diverse organizations in senior leadership and consulting positions.
-He specializes in Family Business, Organization Development, Institution Building and Organization Behaviour. He holds key international accreditations in Process Facilitation.
-As Business Chairman – Institution Building & Governance and Member of the GMR Group Holding Board, he is responsible for providing Strategic direction to Institution Building, Corporate Governance, Human Resources, Information Technology, Corporate Communications, Homeland Security, Sustainability and the Family Office.
-Prior to his current role, Mr. Prasad M Kumar served as the Business Chairman Emerging business & Governance.
A brief on the topic Family Business Management:
This session will be taken by Mr. Prasad M. Kumar on 20th Dec’2014 from 10.00 am to 1.00 pm at the Auditorium, EDI Campus.
Family and partnership businesses are run with core competence, traditional wisdom and available resources. The pace, temperament, views, managing styles and the risk appetite among individuals active in business vary greatly and difference in opinions many a times result in disharmony or discord. The association among the members active in business, sees various phases from failure to flourishing. For the growth, the harmony and cordial relations are essential and need to be restored.
An enterprise passes through various stages and experiences crisis of leadership, autonomy, control, red tape and innovation. For the enterprise to grow consistently there could be a pressing need to introduce some practices which are adopted by other successful businesses.
All businesses, whether partnership or family run, must have their constitution written so that the governance become smooth and the business runs irrespective of individual opinions.
We, cordially invite you to use this as an opportunity to catch up with old friends, share your business experience and motivate the current batch students.
You can register your presence here : https://docs.google.com/a/digitalupstarts.com/forms/d/1kpb2a2m7-oV9zl6mlYae4eXv4mMCEKU-kKq_cL38YIo/viewform
Looking forward for your presence.