Understand Business Principles for Success

Business principles play major role in defining your success. Entrepreneurs should have sound knowledge about principles to run business successfully. In other words, one must understand the core principles of business and reflect those in practice.

Doing business with proper management is an art - that majority of the entrepreneurs fail to put into action.Once you have started without required ground work, then the venture might land you in hurdles. Not only that, this would lead to a complicated situation, where hardly do any undo button would work for you.

While doing business one must learn the basic principles of business. In the arena of small business, entrepreneurs of concerned unit are the sole performers. And, they should possess sound knowledge about the nature of the business and their target customers.

Understanding business is the core when it comes to making a venture successful. Most us do feel that success would come to us in due course of time, but that is not the complete truth or fact. When you started a business, it requires basic and  core principles, without those it can be successful in all aspects. A perfect foundation is required for business and to reach market - target audience.

In order to know the business principles, one must not get into b-schools rather they need to have proper plan for their venture - they should fix a time frame to achieve success or goal setting. Experts say "doing business is everybody's cup of tea", that says one can achieve success with proper dedication and planning. Moreover, one need to follow basic principles to achieve success. 

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Entrepreneurship Education Conclave

Wadhwani Foundation and National Entrepreneurship Network organize a First of its Kind ''Entrepreneurship Education Conclave'

With an aim to promote entrepreneurship education in the country, National Entrepreneurship Network (NEN), the flagship Initiative of Wadhwani Foundation today organized the ‘Entrepreneurship Education Conclave’ at India Habitat Centre, New Delhi.

The primary objective of the conclave was to foster, promote and support innovators and leaders with entrepreneurial talent and to provide recognition and endorsement to budding entrepreneurs. The conclave succeeded in providing a platform for open dialogue amongst the leaders of academia to mainstream entrepreneurship education by providing training and support to entrepreneurship educators and demonstrated effective global s of entrepreneurship development, the challenges faced and the outcomes. It also highlighted s of emerging excellence and introduced a recognition channel for the growing entrepreneurship community of educators, mentors and program managers.

The conclave was graced by Shri Rajiv Pratap Rudy, Hon’ble Minister of State (I/C) for Skill Development and Entrepreneurship who gave the keynote address said, “One of Ministry’s initiatives is to collaborate with strategic partners in the public and private sphere by expanding the existing entrepreneurship education program and creating a pedagogy resource pool. I see this conclave as a great opportunity for churning and distilling original ideas that have practical application in promoting entrepreneurship culture and entrepreneurship education ecosystem amongst the students of our country. I look forward for a visionary co-operation of leaders in academia, policy makers, practicing mentors and the industry fraternity to join this mission as our moral responsibility that we owe to our aspiring youths of young India.”

Other dignitaries included Shri Sunil Arora, IAS, Secretary, Ministry of Skill Development and Entrepreneurship, Shri Pawan Agarwal, IAS, Joint Secretary, Ministry of Skill Development and Entrepreneurship and Ms. Jyotsna Sitling, IFS, Joint Secretary, Ministry of Skill Development and Entrepreneurship.

Dr. Ajay Kela, President & CEO, Wadhwani Foundation said, “India needs to create 10-12 million jobs a year for the next two decades to realize its demographic dividend. A culture of widespread entrepreneurship creating cross-sector high-potential startups is one solution to this challenge. Wadhwani Foundation’s flagship initiative, National Entrepreneurship Network, for over a decade has been creating high potential entrepreneurs in colleges/universities across India who in turn create meaningful companies and jobs. It gives me great pleasure that NEN has organized this first-of-its-kind ‘Entrepreneurship Education Conclave’ to promote entrepreneurship education. I hope the support and recognition given to educators, entrepreneurs and leaders through this conclave will catalyze our efforts in entrepreneurial development and create new avenues for economic growth.”

The conclave partners have been known for their commitment to entrepreneurship development. Ministry of Skill Development and Entrepreneurship is striving to make broad policies and catalyze existing and new skill development and entrepreneurship initiatives in the country. British Council (through policy dialogues) connects people to debate the challenges and opportunities facing International Higher Education. Intel (through its higher education program in India) works closely with premier engineering universities, research institutions and the Government, to build a more skilled workforce and an enabling ecosystem that supports innovation and entrepreneurship. Entrepreneurship Development Institute of India is focused to become a catalyst in facilitating emergence of competent first generation entrepreneurs and transition of existing MSMEs into growth oriented enterprises through entrepreneurship education, training, research and institution building.

Some of the seasoned panelists of the conclave included Shri Pawan Agarwal, IAS, Joint Secretary, Ministry of Skill Development and Entrepreneurship, Ms. Jyotsna Sitling, IFS, Joint Secretary, Ministry of Skill Development and Entrepreneurship, Prof. Sunil Shukla (EDII), Prof. Ernest Cadotte (University of Tennessee), Ms Swati Samaddar (Intel), Ms Parul Soni (E&Y), Prof. Jay Bal (Course Leader for Innovation and Entrepreneurship, Warwick manufacturing group, Warwick University) and Sunita Singh, co -founder NEN and VP-Wadhwani Foundation.

Speaking about the conclave, Sashi Chimala, Executive Vice President, National Entrepreneurship Network (NEN) said, “Educational Institutes have a vital role to play in grooming the next generation of entrepreneurs in India. Wadhwani Foundation and National Entrepreneurship Network (NEN) are delighted to bring together the key stakeholders, including the policy makers and educators, to shape the future of entrepreneurship education in India. ‘Entrepreneurship Education Conclave’ is the first ever event to recognize the best educators of entrepreneurship in India. We are proud of our long standing partnership with these institutes in pioneering entrepreneurship education in India."

The conclave culminated with the announcement of awards under the categories of Emerging Entrepreneurship Educator,Entrepreneurship Education ChampionEntrepreneurship Educator & MentorBest E Cell Entrepreneurship Eco-System BuilderandHigh Impact Entrepreneurship Campus. These awards designed to honor faculty members who have exemplified the highest levels of excellence in the pursuit of the entrepreneurial mission to develop entrepreneurs. These awards will go a long way in creating s of excellence for fellow faculty members and encouraging them to improve the entrepreneurial pursuits through their teaching, mentoring and scholarly activities.

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Sona Group bets big on entrepreneurship in India

 

New Delhi:  Recognising the potential of the Indian entrepreneurial spirit and to provide a thrust to same; the Sona Group, India’s leading automotive components manufacturers, has launched ‘Masterpreneur India’ season one with CNBC Awaaz.

This annual series is a five year property and will search for budding entrepreneurs across the Micro, Small and Medium Enterprises (MSMEs) in India to challenge them to come and drive innovative thinking into their businesses. Supported by the Ministry of Micro, Small and Medium Enterprises, and Trade India.com the entrepreneurial business growth partner, Masterpreneur has received a total of 830 entries at the initial round.

Any business ranging between Rs. 25 lakh to Rs. 10 crore with at least two years in existence and a business model that is innovative, scalable and not easy to replicate have qualified to present their case in this reality business show.

Sunjay Kapur, Vice Chairman and Managing Director Sona Koyo commented, “Masterpreneur is a platform to recognize the spirit of entrepreneurship in you. As often seen, inadequate finance, limitations in resources and even the right counsel can be a hindrance to pursuing one’s business ambition. We strongly believe that with the support of our partners, we can provide a fillip to deserving entrepreneurs. I am extremely excited and overwhelmed by the response we have received; the quality of entries made it extremely challenging for us to shortlist them. This is going to be exciting”.

MSMEs in India play a significant role in the growth story of the nation. With about 3.6 crore such enterprises in the market today, it contributes over 8% to the Gross Domestic Product (GDP) and provides for employment opportunities to over 8 crore people.

However, only 34% of these have access to banks and financial institutions, while the rest raise money through informal channels. With a debt demand in the market of Rs. 32 lakh crore today, only 6 lakh crore is financed through the formal sector, chiefly by Public Sector Banks. In addition to this, lack of proper knowledge and skill development, advisory support and little or no access to adequate technologies and an uncertain market make it difficult to survive or even venture out for some of these entrepreneurs. The sector has been witnessing a slow growth with its share of exports falling from 40 per cent to 36 per cent lately as per news reports.

Masterpreneur will be one such platform where these shortlisted candidates will get an opportunity to be mentored by industry luminaries. They will also get a life time opportunity to be trained by experts as well as meet with venture capitalists and angel investors. This would help to provide them with a holistic perspective and guidance on how their business case can be strengthened.

While the semifinal rounds for Masterpreneur scheduled for November 15th to November 16th, 2013 in New Delhi, the show is expected to be aired on 30th November with the North-West regional rounds and then progress into the other regional rounds. Three semi-finalists from each region will be selected from each region that will be flown to Delhi where they will undergo the mentorship programme. Subsequently, four contestants will be shortlisted for the national finals which will be held in New Delhi.

The show will culminate with the awards night on 29th November’2013, a gala evening that will also see the release the dossier containing the 48 shortlisted cases from each region for the season. This will be circulated to select members among the business community from among venture capitalists, angel investors, business houses and other members of the business community.

As the name suggests, this reality show promises to be exciting and will be a significant step in bringing together India’s best and aspiring talent and encourage them to present their business acumen in front of established business luminaries. This is a small yet critical initiative from Sona to encourage Indian entrepreneurship and help drive inclusive economic growth.

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Women Entrepreneurship on rise in India

Press Release

New Delhi: For the past two decades, women in India are playing an increasingly important role then merely being a quiet supportive half of the society. Despite facing financial, social and economic challenges the number of women starting their own businesses is on rise in the country. Federation of Indian Women Entrepreneurs (FIWE) is committed to provide impetus to Indian women entrepreneurs to promote their businesses; increase trade by creating better business environments; and empower them to become voices of change in their communities.



FIWE will host the 12th Global Conference and Exhibition on “Trade Liberalization and its Global Impact on Women Entrepreneurs” from 3rd till 5th September 2012 in New Delhi. The three day event will focus on common issues and challenges facing women owned business and create a networking opportunity to bring rural & urban women entrepreneurs and village artisans together on an interactive platform. Prior to this, FIWE hosted the “7th Global Conference on Women Entrepreneurs” in India in the year 2000, which was attended by more than 900 participants representing 43 countries.



The prestigious “Priyadarshini Awards” will be announced during the conference, felicitating the success of women entrepreneurs who have achieved a mile stone in their respective field of work. Some of the earlier recipients of Priyadarshini Awards are Ms Jennet from Srilanka, Ms Martha Thiller of Indonesia and Shahnaz Hussain of India, who are well known entrepreneurs and role models for the new generation in their respective countries.



According to Dr. Rajni Aggarwal, President, FIWE “Women today are more ambitious, independent and confident. Today we have more women talking about building businesses rather than earning a supplementary income for the household. We at FIWE, provide business counseling, networking opportunities and skill development programs for aspirant women start ups as well as for those interested in growing their business further. We work closely with policymakers to highlight and address the issues pertaining to women entrepreneurs in India”.



The event will connect female founders, CEOs and leaders of high-growth businesses in the world’s developing markets to share best practices and challenges, and to celebrate the impact women-owned businesses have on the global economy. During three days, the participating women will develop business partnerships, go for factory visits and learn best business practices to build their women-owned small and medium enterprises (SMEs). More than 800 delegates are expected to visit the conference and exhibition from all over the world this year.


About FIWE:

Federation of Indian Women Entrepreneurs (FIWE), which is a National-level organization, founded in 1993, is today, one of India’s Premier Institution for Women thoroughly devoted towards Entrepreneurship Development, having a large membership base of 15,000 individual members/professionals and 28 member associations spread throughout the country. The objective of the organization is to foster the Economic Empowerment of Women, particularly the SME segment, by helping them to become successful entrepreneurs and become a part of the mainstream industry.

FIWE endeavors to provide: Networking platform for women, Technical know-how, Industry research & expertise, Skill development & training and brings the businesswomen on a Common Forum; and ensures that their opinions, ideas and visions are collectively and effectively taken up with policy makers and various other agencies respectively for the development of Enterprise in Women.

The organization is a formation of an umbrella group of local organizations around India with a growing member base of 15,000 including those from 28 local affiliated associations in India. Small-Scale entrepreneurs account for approximately 60 percent of FIWE combined membership, with large firms representing 5 percent and micro-enterprises the remainder. Thanks to the distribution on the territory of the target group, FIWE’s activity of assembling and representing business associations and enterprises of All economic sectors, is articulated all India.


For further information, please contact:
Atul Malikram
9827092823

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