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.’
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]
Technological brains garner skills to establish knowledge based enterprise
It is now widely accepted that women make promising managers. Slowly but steadily women are also emerging strong in the field of science and technology. Innovative business ideas need support from science and technology to survive and sustain in the global market. Thus the unprecedented need for entrepreneurs with sound technical knowledge has emerged in the recent times. EDII thought that women with sound technical knowledge can make the most of opportunity and that is why launched a five-day national programme on Entrepreneurship Development & Management for Women Scientists & Technologists working with the government sector.
The programme conducted during 2 to 6 February this year, received overwhelming response from the participants. 14 women scientists and technologists working in various departments and ministries of Central Government, Public Sector Units and Research institutes supported by Central or State Government participated in the programme. Some academicians engaged in R&D also registered for the programme. The programme was sponsored by Department of Science and Technology, Government of India. The chief aim of the programme was to sensitize women scientists and technologists towards embracing entrepreneurship as career.
Till now, there is little done in the area of knowledge based entrepreneurship. This programme helped the participants understand the importance of owning knowledge based innovative business ventures. The curriculum covered core aspects of entrepreneurship such as process of business idea generation, project formulation and screening for feasibility.
It has been observed that even if women have basic knowledge of entrepreneurship, they are unable to identify and develop market for this. Though there are national and international institutions that support these kinds of endeavours, women hardly have information about these institutions. The participants received all the necessary information about garnering support from such institutions.
The scientists and researchers also learned about how to use basic and applied research as a tool for business planning.
The participants were very happy to garner skills of identifying business opportunities. One of the participants shared her experience by saying, “I never knew that I can be an entrepreneur. Now that I have learned about new enterprise creation, business plan preparation and everything about establishing and managing a new enterprise, I am sure I am going to come up with my own knowledge based enterprise.” The curriculum also touched upon gender issues at the workplace.
The programme was conducted by Mr. P. Ganesh, Associate Senior Faculty at EDII. The programme included intensive group discussions, role plays, and simulation exercises hence demanded constant involvement from the participants. The Course Director Mr. P. Ganesh expressing his contentment said, “I used audio-visual medium to make participants understand key issues of entrepreneurship development and management. The participants also got an opportunity to interact with subject experts and successful entrepreneurs.” Towards the end of the programme, the participants were motivated to establish their own knowledge based enterprise. The programme supported institute’s belief that women empowerment is essential to bring much needed change in society.[Top]
Growth of tourism will lead to growth of art and craft industry Tourism has a great role to play in the expansion of art and craft business of the state. Gujarat, known for Patolas from Patan and Kutchi craftwork across the globe is one the finest manufacturer of art and craft products in India. Sensing the opportunity for the growth of art and craft industry through tourism, the institute in association with Tourism Corporation of Gujarat Ltd (TCGL) conducted Skill and Entrepreneurship Development Program for artisans in which total 161 artisans across the state took part.
During the ten-day program, participants learned how to promote traditional Gujarati art work in modern times. They were also taught not to limit themselves to traditional artwork and develop innovative products to attract tourists. The participants received practical training on how to develop innovative products. Crucial components of business development such as developing communication skills for selling art and craft products and keeping books of accounts were also covered.
Following areas were covered:
• Tour Operators / Travel Agents (100 trainees)
• Art & Craft (161 trainees)
• Eating Outlet Service (119 trainees)
• Defensive Driving & Grooming of Taxi / Auto Drivers (120 trainees)
Director, Dr. Sunil Shukla said, “Gujarat is rapidly growing in the tourism sector. Just like Madhubani art from Bihar and Terracotta from Uttar Pradesh, arts and crafts products from Gujarat too have potential to attract tourists. Value addition to the products and effective use of technology are two areas where artisans should focus to expand their business.”[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]
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.