A carefully crafted Business Plan is one of the most valuable tools in helping entrepreneurs reach their business goals by giving direction and defining objectives. A business plan is helpful in assessing the efficiency of strategies and helps the start-up to benefit from oncoming opportunities. Entrepreneurs can refer to the business plan as a guide that helps prevent and manage problems that may arise on the way to success.
Developing a business plan is a time-consuming process and it may be tempting for an entrepreneur to neglect planning altogether but the time spent in drafting the plan gives you an excellent opportunity to learn more about the industry and competitors. Although the time spent cannot be monetized upon, the benefits of a well devised business plan far outweigh any temporary financial losses.
Plenty of start-ups begin without a business plan relying on their optimism and confidence while others get so involved in operational tasks that they neglect the idea of planning itself. What these businessmen fail to understand is the fact that operating without a business plan is much more time consuming and less efficient than working as per a set plan of action.
One great thing about a business plan is, you may refer to it as a map which provides a reference point that you may need to return to just in case you go astray. The plan shall show you how far you have managed to come and even get you back on track if you drift away. Used as a management tool, the plan can ensure that the business is on track with set operational milestones, sales targets and meeting goals.
A business plan gives you a clear image of your company as of now and what it ideally should be over a set period of time. It describes your company, products or services offered and the factors affecting future growth in both directions. The business plan marks your starting point, evaluates where you stand now and helps you with a vision of tomorrow. Following a business plan makes it easier to adapt with market changes, trends and innovations and helps you reach your goals efficiently.
A self-descriptive business plan that clearly mentions statistics, facts and figures with detailed description of potential growth and profits, persuades investors and financial institutions to provide the necessary capital for an entrepreneurship.
A business plan is essential to attract executive level employees, business partners and helps in securing bonds with dealers, suppliers and retailers. It also designates titles and roles to each individual and by allocating a set of duties for each one to perform, simplifying the entire process.
For an entrepreneur, writing down ideas and concepts on paper is the first step to a successful entrepreneurship. By surveying the market, researching your competitor’s data and mentioning costs incurred and profits expected, you shall not only be compiling invaluable reference material but making yourself your very own ‘Business Bible.’
Excellence – is the word we strive for. It puts us above everyone else. EDII was awarded ‘Excellent Institute for Entrepreneurship Development in India’ at 11th National Education Summit & Award.
For EDII’s contribution towards developing entrepreneurial ecosystem, CMAI association of India awarded this prestigious award to the institute. Shri Rajesh Kumar Chaturvedi, Chairman CMAI & IAS presented the award to Dr. Sunil Shukla, Director, EDII.[Top]
Reading about great entrepreneurs is super inspiring and motivational yet how far we let its positivity affect us depends on us, the readers. By working on the crucial attributes of one’s personality, under the right guidance, the entrepreneur in you can emerge at any age and stage of life.
However, the best entrepreneurs share a few common characteristics, which are crucial in building and maintaining a successful business structure. While considering the fact that they come from different cultures and upbringing, income brackets, educational levels and a varied lifestyle, we cannot overlook that they all share a few common traits which are not only strong and positive but are the very pillars of their success.
- Tenacity: No matter how hard it gets, successful entrepreneurs have the ability to sustain. Persistence, perseverance and determination are the key ingredients of success.
- Passion: It is a common assumption that the sole purpose of all entrepreneurs is to make maximum profits. That is not true. Most of the entrepreneurs are actually quite passionate about their work. Challenges excite them whereas mistakes make them wiser. Money, although secondary, is not their purpose of business. The purpose is to follow their passion, which is excellence at work. Those who are not fully passionate about their work tend to slack at it and eventually lag behind.
- Risk-taking: Taking risks in business does not necessarily mean financial risks. It could be related to risking one’s reputation or social standing. It could be risking your time and energy while working on a project. Successful entrepreneurs are not scared of taking whatever risks that come their way. Starting a business with limited funding is not an issue for entrepreneurs who aim to be successful and take it up as a challenge but the same might seem to be a major issue for others who keep dwindling upon the pros and cons instead of taking action.
- Focus: Opportunities don’t just come to successful people. They exist all around us and it is up to us to spot them and that’s what makes us successful. All successful entrepreneurs are so focussed on their business that they develop this trait to spot an opportunity that others wouldn’t even dream of. It is this vision that aids the very success of great entrepreneurs.
- The Desire to Learn: Those who stick to the good old ways may last for a while but not beyond that. It is essential to learn new tricks of the trade, keep oneself updated with the latest innovations and follow the latest systems if you wish to be in the race. Education and experience does help us a lot but keeping pace with the industry and evolving along with the latest trends is absolutely necessary. Successful entrepreneurs do all they can to learn and absorb the latest information which helps them to stay ahead of the rest.
- Handling Failures: No success story is written without an eraser. Mistakes do happen but the wise learn from their mistakes and move on. Entrepreneurs who believe in themselves develop enough patience and persistence to rework or renew and deliver better results the next time. These entrepreneurs relate to such valuable experiences in their future as well.
- Money-management Skills: Being one of the most crucial aspects of every business, entrepreneurs need to be exceptionally good at money management. Be it using your own savings or large amounts of funds deposited by the investors, making every penny count is what successful entrepreneurs do. Correct financial decisions, calculated expenses, spending where it is essential and curbing where necessary is a trait all successful entrepreneurs share.
- Business Relationships: Building relationships and maintaining them is important for any business to flourish. Successful entrepreneurs know this very well and take extreme care in maintaining these business contacts because if not now, they shall soon transform from being contacts to becoming clients.
- Salesmanship: Believing in your own product is the first step of successful salesmanship. Every entrepreneur needs to understand that if they believe that their product is good, half the job is done. The other half rests on how they express themselves to the client. Successful entrepreneurs are good at this because if they as creators of the product are unable to explain this well then who will?!
- Planning Expertise: All successful entrepreneurs are excellent in planning strategies. They organise their time, money and efforts well in advance for efficient implementation. Their business strategies are based on thorough researches and surveys that aid the overall success of the business.
Are you the one? If you are, EDII is right institute for you![Top]
YES Bank makes its first institutional tie up for lending to start-ups, had joined hands with Gandhinagar-based Entrepreneurship Development Institute of India (EDII), a national resource Institute for entrepreneurship education, research, training & incubation. YES Bank provided Rs 50 lakh to EDII incubated startup – Green Ideology, maker of India’s first organic antimicrobial lingerie brand ‘Inner Sense’.
“Start-ups are critical to the growth of the economy. As an extension of our YES Head-Startup program, we have collaborate with EDII to help start-ups scale up and grow rapidly, thereby creating a multiplier effect on the Indian economy” said Rana Kapoor, Managing Director and CEO, YES Bank.
Founded by Abhishek Lodha and Neerja Lakhani in 2013, Green Ideology has introduced India’s first organic antimicrobial lingerie brand ‘Inner Sense’, claims EDII statement. Green Ideology had initially received a grant of Rs. 5 lakh from the Government of Gujarat acting through its nodal institute EDII, to commence its operations and launch its product range.
With the Rs 50 lakh debt funding from YES Bank, the start-up will now scale-up its operations. YES Bankis providing the loan under the CGTMSE program (Credit Guaratee Fund Trust for Micro and Small Enterprises) to the startups.
“EDII has been mentoring and supporting start-ups. But, our ability to lend to these start-ups was miniscule as we are an educational institute. Now, in association with YES Bank, EDII is in a position to provide debt to many of the start-ups whom we support in various ways” said Sunil Shukla, Director, EDII.
EDII’s recently set up technology business incubator, CrAdLE (Centre for Advancing & Launching Enterprises), headed by Infosys cofounder S Gopalakrishnan as its first chairman, is also nurturing start-ups in the fields of manufacturing, food & agri business, renewable energy and healthcare.[Top]
We know of entrepreneurs today who kicked their 9-5 job as they wanted to be their own boss! They had absolutely zero entrepreneurship background but still made a remarkable benchmark in their field of business. But there are individuals for whom it runs in their family. These individuals have decided to take up entrepreneurship because they have grown up seeing their family run a business of their own.
It shows that it is not impossible for family businesses to keep the entrepreneurial fire burning. While the next generation may not have the same spur in them as the founder of the business. The key is to keep EVOLVING.
Here are few factors that make it possible:
- Knowing the history of family business: When an Entrepreneurial Legacy is passed on, it is important to know for the current gen or the next gen handling the business to know where it started from and what their ancestors did to run the enterprise. A study conducted by King’s college in London where they studied 21 family businesses showed that lack of knowledge has actually proved to be a loss for the business. Whereas, the businesses who had proper understanding of the history, compared the past and present and accordingly innovated and hence they were able to make profit.
- Youngsters get started early: When the young generation is taking over the family business reigns, it is important to involve them early in key decisions. At the same time, it is important to give them a chance to make mistakes and learn from them. It gives them a room to innovate and explore their strengths and weaknesses.
- Making practical education mandatory: While there are individuals who have the entrepreneurial traits in their genes, it is important to get a global perspective of businesses which is only possible through education in a recognized B-school and on-the-job learning in other companies.
- Learning from the younger generation: As we mentioned, the key to a successful business is to evolve. The young generation will have ideas of their own. Allow them to explore and the current generation handling the business will have to learn with them. This helps the organization to keep up with the changing trends. Also, everyday is a new learning!
So, if you have an entrepreneur in the family, tell them the tales of your business and motivate them to take your legacy forward. For the next gen who are looking at taking over their family enterprise, get to the roots first and you will know how to take it forward!
Since the year 2009-10, EDII has created a special pool of resources in the name, ‘Students’ Resource Fund’ for providing Seed Capital support to needy students from financially and socially challenged background of PGDM-Business Entrepreneurship Programme on Merit-cum-Need basis.
EDII has broadened this fellowship / grant support to provide small financial assistance to the students of PGDM-Business Entrepreneurship for enabling them initiating/starting own ventures. Such support will be given to students having viable and feasible business ideas, and as recommended by the fellowship committee (consisting of faculty, bankers and other experts).
A Bankable Detailed Project Report (DPR) needs to be prepared by the participants with regard to their ventures after conducting a thorough market research and secondary data based research along with IT based applications. At the conclusion of the field study, students delivers a written business plan for a new venture or expansion of current business, which will include analysis of the market and industry in which the business will compete, a viable financial and organizational structure, risk assessment, a marketing strategy and as appropriate, explanation of an underlying technology, manufacturing process and service delivery system. The final project report is prepared in a competitive format and is assessed by panel of experts comprising of faculty, industry experts and bankers.
Students working on their DPRs can register their names for seed capital support once the information is announced from PGP office.
The steps required to be followed are:
• Student should be ready with business project and basic business snapshot.
• The submitted business projects will be analysed by panel of faculty members and then it will be recommended for seed capital support
• EDII will provide counselling, support and services related to market survey, creating prototype, financial forecasting, interaction with bankers etc.
Primary sector focuses are software/IT, web/e-commerce, service sector, agribusiness, manufacturing/textile, food processing, renewable/clean-tech energy, chemical/fertilizer, power/electricity, electrical/electronic etc.[Top]
The EDII or Entrepreneurship Development Institute of India is a not-for-profit institution and an autonomous body. Due to its excellence in the field of entrepreneurship and its contribution to the Start-up India programme, it has been declared as the nodal institute for start-ups by the Gujarat state government.
In its role as nodal institute for start-ups, the EDII will provide the required guidance and counselling sessions to entrepreneurs who are thinking of establishing their own companies. EDII’s pro entrepreneurship schemes vastly benefit those who want to innovate and experiment in the fields of biotechnology, manufacturing, plastics, agri-business, chemicals, and food processing.
EDII: A Class Apart
The Entrepreneurship Development Institute of India was established with a particular vision in mind which is to become a reputed national resource institution involved in research, training, institution building and entrepreneurship education.
The main aim of this institution is to send out smart, competent, logical and creative thinkers who will introduce fresh ideas into the entrepreneurial world along with young talent and deeply rooted ethics and morals. The EDII also has a duty towards overseeing the growth and development of small and medium enterprises (SMEs) and ensuring that they grow into the major corporations of tomorrow. The EDII provides institution building and research, management education and training.
Achievements of EDII
• A huge number of 1286 students who have graduated from PGPs.
• A large group of 12770 learners who are registered for Open Learning Programme.
• The institute has imbibed the entrepreneurial spirit in around 1090 youth and 1895 children.
• A large number of 12,900 students who are pursuing entrepreneurship.
• A total of 920 students from JGI, Bangalore who have pursued EDII’s course at graduate and post-graduate levels.
• EDII has around 4.5 lakh students who are interested in entrepreneurship and the institute has organised close to 6000 entrepreneurship awareness programmes.
Courses Offered at EDII
There are two post-graduate programmes available at the EDII. One of them is PGDM-BE and the other is PGDM-DS.
• PGDM-BE: The Post Graduate Diploma in Management- Business Entrepreneurship was specially designed to enable students to set up their own businesses and provide them with the necessary skills, knowledge and talent to expand and diversify their business enterprises. This course is also very helpful for those who are expected to take over their family business someday.
• PGDM-DS: The Post Graduate Diploma in Management- Development Studies is one of the flagship courses of the EDII and was specially created to provide students with proper analytical and conceptual skills needed for managers of tomorrow. Developing entrepreneurial solutions to poverty and low level of livelihood is also a part of the academic programme. This management programme also helps people to think of new initiatives for corporate social responsibility (CSR projects) and to help build up the economy through entrepreneurship.[Top]
The EDII or Entrepreneurship Development Institute of India is a not-for-profit organisation which was established in 1983. It was set up with a specific vision in mind- to become an acknowledged national resource institute engaged in entrepreneurship education, research, training and institution building.
At EDII, the main aim is to turn out students who are competent, first generation entrepreneurs with creative genius and a strong moral and ethical code. It also aims at developing existing small and medium enterprises (SMEs) into thriving future corporations through value added management education, training, institution building and research.
The PGDM-BE programme or Post Graduate Diploma in Management – Business Entrepreneurship is a full-time, residential management course with duration of two years. The EDII has been producing students specialised in entrepreneurship education for the past eighteen years.
To be eligible, graduates belonging to general category need to have scored at least 50 % marks in graduation and in case of reserved students, only 45% is required. The PGDM-BE programme has a regular intake of 120 students per batch.
Interaction and Networking
The best part of the course is that students get to interact with people from diverse fields and pursuing various passions. This helps in developing the outlook of the students and gives them a general overview of the prevailing scenario. Besides, EDII helps students connect with budding entrepreneurs from across the globe through international exchange programmes. Students also get to visit foreign universities which further helps to enhance their knowledge and also build vital contacts.
What makes this programme special?
• Association of Indian Universities (Certificate)
• Approved by AICTE (All India Council for Technical Education)- Certificate
• Awarded USASBE Outstanding Entrepreneurship Program Abroad Award 2014 (Category)
• Accredited by National Board of Accreditation (NBA)- Certificate
This post-graduate diploma in management- business entrepreneurship was specially designed for entrepreneurs and entrepreneurial managers to develop critical thinking, encourage their ambitions and business ventures, and provide students with an intellectually stimulating and invigorating management education.
EDII also helps students to get summer internships working with premier organisations in order to gain some practical experience in the field. Students interested in starting their own entrepreneurial venture can also avail of loans from financial institutions associated with the EDII.
Some of the well-known organisations which offered summer internships to EDII students:
2. Hindustan Unilever Foundation
4. Business Standard
5. Catalyst Constellations
6. Brand You
7. Light Microfinance
8. Adani Port and SEZ Ltd
9. Prakash Chemicals
10. Green Electrical Private Limited
11. Gokal Das Exports
13. Indusa Infotech
14. Unified Brainz Virtuoso Limited
15. NJ India Invest Ltd
17. Uber Health
18. Macro World
19. Newcastle University Business School
20. Sahajanand Laser Technology
The PGDM-BE course primarily aims at developing students’ entrepreneurial skills in order to enable them to initiate, expand and diversify business enterprises. It also helps to create managers for corporate entrepreneurial ventures. It also helps those inheriting family businesses to develop the skills and gain the knowledge required for them to run these businesses successfully.[Top]
In today’s vastly competitive business world, small family run businesses are struggling to compete and survive. For such businesses to develop and grow, the younger generation needs to step up and take control of the reins. For a youth entrusted with the task of managing his family business, opting for a management diploma in Business Entrepreneurship is an appropriate and helpful choice.
The EDII or Entrepreneurship Development Institute of India offers one such PGDM-BE course which is specially designed to help future entrepreneurs. The EDII is a national resource organisation that was established in the year 1983 with the aim of providing entrepreneurship education, research, training and development studies.
The PGDM-BE (Post Graduate Diploma in Management- Business Entrepreneurship) is a full time residential course which takes a duration of two years to complete. It has been successfully preparing students for setting up their own entrepreneurial ventures for the past eighteen years. This course is designed to encourage lateral thinking and creative problem solving, to nurture entrepreneurial ambitions and to provide valuable practical learning experience.
To be considered eligible for this post-graduate programme, you need to have secured at least 50% in your graduation exams. If you belong to a reserved category, this is lowered to 40%. You also need to have valid XAT/CMAT/CAT/ATMA/MAT scores.
How can you be sure about the quality of this course?
The PGDM-BE at EDII has the following:
1) Approval from AICTE (All India Council for Technical Education)
2) Certificate from the Association of Indian Universities
3) The USASBE Outstanding Entrepreneurship Program Abroad Award 2014
4) Accreditation from the NBA (National Board of Accreditation)
EDII Entrepreneurship Process
At EDII, students go through a process which boosts their creativity, problem-solving capability and refines their entrepreneurial ideas. They are given a chance to develop their own business ideas and taught how to calculate feasibility of such ideas. Our students are taught by specialists in the field and learn how to create a business plan carefully and thoroughly.
EDII gives students a platform to make their ideas and future business plans heard and then helps them to get the required funding from various financial institutions associated with it.
The EDII Entrepreneurship Process includes the following:
• Confidence Building through Entrepreneurial Lab
• Idea Lab and Industry Interface
• Opportunity Identification and Selection
• Mentoring and Guidance
• Business Plan: DPR/FYPP
• Enterprise Launching and Management
• Sustenance and Growth
EDII PGDM – BE course is the perfect launch pad for future entrepreneurs who want to make their family business succeed in a global business environment.[Top]
India has witnessed a recent boom in startups. It is due to the prevailing conditions of sufficient funding, latest technology and a market that is thirsting for something new that the arrival of startups in the business scene has come with a surprising force and it certainly seems like they are here to stay.
The Current Scene of Entrepreneurship in India
It was only after Independence that the business sector witnessed a major shift in its structure. Indian entrepreneurs were determined to pursue their entrepreneurial dreams and break the boundaries that they had been restrained by. The need for some kind of regional development, at that time, paved the path that would welcome startups into the business scene.
From a measly presence of just 3,100 back in 2014, the number of startups to grace India is expected to increase to about 11,500 by 2020. A constraining factor with India is that entrepreneurs are still looking to find investors for their various ventures. Once they are able to tap the capital markets for better growth prospects, India will certainly race ahead of other countries with regard to its GDP.
Fortunately, India currently has massive funding and access to technological resources making it one of the best moments for the development of the largest startup ecosystem. It is due to the favorable domestic markets and availability of resources, that an entrepreneur finds a conducive environment in India for his startup to emerge.
Education and Practical Exposure – Simple Path to Success
It certainly is no surprise that if you wish to succeed in the task of becoming an entrepreneur, you need both education and practical exposure to the outside world. While education can play a major role in influencing student’s attitudes and motivations toward entrepreneurship; by exposing yourself to the practical aspect of business, you will see its relevance in terms of economic welfare as well as in creating employment opportunities.
If You are a Budding Entrepreneur, This is How EDI Course will Help You Out…
Dedicated to entrepreneurship education and training, our Post Graduate Diploma in Management – Business Entrepreneurship will familiarize you with all the varied aspects of entrepreneurship. Since we are well aware that a pragmatic approach needs to be adopted when looking at the markets, we will provide you with all the necessary training and knowledge to do this so that you are able to discover the potential for entrepreneurship that lies within you. If you want to make a success of your business venture, training and research in entrepreneurship will certainly go a long way.
This course focuses on providing research and documentation so that you are exposed to the current market scene. With business research, you will also receive training in data analysis and understanding of the market. This way, through different strategies you will be able to gauge the intricacies of entrepreneurship before you venture onto this path. This full-time, two-year program will certainly leave you with a relevant and practical learning experience
So although startups are witnessing a booming growth in the current scheme, about 90 percent of them have not been able to succeed. However, given the increased growth that the presence of startups has brought to the Indian economy, the need for more startups is certainly present. So if you wish to guarantee success on your entrepreneurial journey, come join us and learn all you need to know about the world of entrepreneurs.