Workshop on “Entrepreneurship and Innovation as a Career”

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Mr. Vishal Thakkar, conducted a session on the topic ‘TREE OF ENTREPRENEURSHIP’ on 22nd November, 2022. The objective of the session was to motivate students to think of Entrepreneurship as a career. He explained that Entrepreneurship is both the toughest and easiest way to success and quoted examples of Steve Jobs, J.P Morgan to Bill Gates and Mark Zuckerberg. He further explained the various steps of entrepreneurship and gave the analogy of a tree to explain it. The seed of Entrepreneurship is the “Idea” or a thought or suggestion as to a possible course of action. It is the process of coming up with new and creative ways to engage the audience and drive growth. No venture can become established and grow without a “Market” which is the Ground of Entrepreneurship. Market is a platform wherein we put our ideas or thoughts, forces us to specify goals, develop strategies to reach them and encourages us to research on markets and competition. After this comes water and fertilizers which is merely “Money” and “Support” which we acquire and the intelligence which we use. Money plays a vital role as it allows people and businesses to obtain what they need to live and thrive. When all these combine, a sapling is formed which is called the “Proof of Concept (POP)” or “Minimal Viable Product (MVP)”. A proof of concept is meant to determine the feasibility of the idea or to verify that the idea will function as conceived. A minimum viable product (MVP) is the release of a new product (or a major new feature) that is used to validate customer needs and demands prior to developing a more fully featured product. In any field “Customers” are important because they drive revenues without them businesses cannot continue to exist, thus it’s called the Trunk of Entrepreneurship. Positive reputation leads to higher growth. That goes a long way in a business. It attracts customers, investors, partnerships, and employees. When seeking to improve reputation, it starts with excellent customer service. The leaves are the “Employees” of Entrepreneurship, the ones who contributes effectively towards the successful functioning of an organization. Every entrepreneur undertakes business activities primarily to earn “Profits” therefore they are flowers of entrepreneurship. Profit is the driving force before and after entering into the business field. It acts as an index of performance for business, if the business firms are earning profits; it shows that the country is progressing satisfactorily. After a lot of nourishment comes the fruits that is “Return on Investment (ROI)”. It is a popular profitability metric used to evaluate how well an investment has performed. It calculates the financial benefit of a decision made. To conclude entrepreneurship is a mind-set, an attitude, it is taking a particular approach to doing things. The main key points to become an entrepreneur is that one has to be ambition and self-confidence, willingness to take a leap of faith, ability to learn from mistakes, trust in and respect for the team. The students were highly motivated by the session and the seed of entrepreneurship was sown in their minds. 180 students and 14 faculty attended the event.