Entrepreneurship_Post 3

(This article was published in the bimonthly newsletter of Electrical Technocrats Association - E.T.A)
A Business Idea is the one which generates the spark to initiate an enterprise. It is therefore essential to frame a business idea with utmost care and great examination. There are lot of techniques to generate an idea.
The simple way which I follow to generate idea is to find gaps (between need and demand) and think on how to fill a gap. This way, one will definitely be addressing a problem.
Let me put it this way. During summer, one can see a lot of fruit juice stalls along the road side with lot of people quenching their thirsts there. The vendor has actually understood the gap well i.e., there is no fruit juice shops nearby and people are definitely in need of some juice stall.
Taking this to a different level, a student of Electrical and Electronics Engineering can think of such gaps in the core field. Once the gaps are found, the gaps which can be filled up with one’s expertise can be found out.
The next process is to work on how this can be converted into an economically feasible one. The idea might be great solving the problems of target segments, but one should understand, cost is involved in everything one does. Hence the idea might solve the problem and at the same time, it should be affordable. Failure of doing this results in great failures leading to a loss.
To summarise, one find out what problem the target segment is facing, what expertise does one has to solve the problem, how it can be packaged into an affordable good or service.
There are several other techniques to generate a business idea. You can find lot of books related to that in a few public libraries as well in the Internet. One can follow whichever seems to be convenient.
Once the generation of business idea is done, the business idea has to be executed with a business model.
The business model plays a crucial role in the development of the business. These days organisations are coming out with a lot of different business models just to attract the customers.
Let us discuss the development of business model in the next article, till then keep your feedback posted.
The author is the Founder & C.E.O. of Ulaginoli Energy Solutions and can be reached at boniface@ulaginoli.com or +91 9884342050

Entrepreneurship_ Post 2

(This article was published in the bimonthly newsletter of Electrical Technocrats Association - E.T.A)
It is really essential to develop certain attribute to be an entrepreneur. Entrepreneurs may evolve by the following scenarios (i) Through family business (ii) Gaining fairly large experience in the industry (iii) People/Fresh graduates who have strong business idea, work it out and make it a commercial venture (Some even skip campus recruitment) (iv) People who have no option to earn their living.
Generally people who join the family business are not referred as entrepreneurs, as they just join an already existing organisation and they do not face much difficulty in business as they are easily guided, whereas people in the other categories may face lot of problems in the initial stages. The exception may be the second category, who may not face much difficulty as they would have gained lot of contacts during their career and can easily make out a clear plan. People in the fourth category may not stay in the business for a long time if they get a good scope of living through other options. However this can be argued.
I like to discuss in detail the fourth category for two simple reasons. The main reason being, the target audience of this newsletter might fall under this category and the second reason is I fall under this category and I can write about it from my personal experience
The entrepreneur should have
1. A clear focus on what the business is
2. Passion for what he is doing
3. Patience to allow mistakes, but also should tolerate risks
4. Ability to build a strong team
5. Perseverance and Resilience (Highly important)
In spite of possessing such traits, it may not be easy or the first generation entrepreneurs, to taste success. The targets might not be easy to set, the nuances of the business dealings should be learnt, enquiries have to be converted into sales. This only a sample of work and human resource might be a constraint. However, one should hang on and should not loose self confidence. If you have a strong business idea and a great passion for entrepreneurship, you should have the courage to skip your placements. Doing this may not guarantee you a regular income or huge pay packages as your peers who successfully get through campus recruitment, initially. However if you have the traits listed above and correct your mistakes at the right time, you will be very much ahead of your peers in reasonable time frame.
Let us look at how to generate a business idea in the next newsletter. Till then, keep your feedback posted.
The author is the Founder & C.E.O. of Ulaginoli Energy Solutions and can be reached at boniface@ulaginoli.com or +91 9884342050

Entrepreneurship_ Post 1

(This article was published in the bimonthly newsletter of Electrical Technocrats Association - ETA)

It is a nice feeling to be associated with my alma mater where I learnt very important lessons both academically and personally. I am happy to write about Entrepreneurship and share my experiences as a founder secretary of LIBA Entrepreneurship Cell and as a first generation entrepreneur.

This column will speak about entrepreneurship, various kinds of entrepreneurship, the basic qualities an entrepreneur should posses, the problems an entrepreneur will face, idea generation, business model development, legal aspects, the ways to raise funds (Venture Capital, Private Equity Funds, Angel funding), beta testing, branding, scalability, organizations supporting entrepreneurship, incubation facilities and so on. All these may look more technical and scary. I hope I can make things simpler. I hope the column will be a two way communication process and the content can be as per the reader’s preferences.

These topics would be delivered in such a way that it will cater to the needs of Engineering students who can create wonders with lot of innovative technology breakthroughs. With proper guidance and support, engineering students can innovate the technology they learn in the classroom through which they can open their door to the career of entrepreneurship.

To begin with let us explore what is an entrepreneurship. Though there are various definitions for entrepreneurship, let us look at the National Knowledge Commission (2008)’s report, ‘Entrepreneurship is the professional application of knowledge, skills and competencies and/or of monetizing a new idea, by an individual or a set of people by launching an enterprise de novo or diversifying from an existing one (distinct from seeking self employment as in a profession or trade), thus to pursue growth while generating wealth, employment and social good’.

I hope the definition is fairly clear enough. As far as an engineering student is concerned, how can he develop an idea or how can he monetize an idea developed should be a challenging, but interesting task. To see a positive result, not only the student should work, but the management and the faculty should facilitate the necessary infrastructure and the moral support to encourage idea development and idea monetizing.

Let us look at the key attributes an entrepreneur should posses in the next newsletter. Till then, keep your feedback posted.

The author is the Founder & CEO of Ulaginoli Energy Solutions and can be reached at boniface@ulaginoli.com or +91 9884342050

New Series

Hi,
I have started writing a series on Entrepreneurship in the Bimonthly Newsletter of "Electrical Technocrats Association"(Click here for details) . I will be posting my articles as and when it gets published.
I like to have your feedback on this.
C Ya
Boniface P.