Futuristic vision, confidence and passion towards business idea, willingness to adopt technology and an innovative mind are the basic ingredients to be a start up. Indian entrepreneurs face first challenge from within their families.
Parents, uncle and aunts discourage them to become entrepreneur. A good mentor is like GPS system which shows path and helps you to reach your destination.
These and many more lessons were taught at a Smart Class organised here on Tuesday at Hotel lake View Ashok by PHD Chamber of Commerce and Industries. The daylong session was addressed by PHD Chamber’s Interventions In Startup Coaching and Mentoring Cell head Jatinder Singh; PHD Chamber Innovation Committee, co-chairman, VK Mishra, Madhya Pradesh Venture Finance limited, managing director, Sandeep Kadwe; MANIT Start Up Cell coordinator Arvind Kumar, entrepreneur Pradeep Karambelkar; Youth Connect organiser Pawan Dubey and others. A website and free consultancy service meant for start ups ‘Chalo Start Karen’ was also dedicated on the occasion. PHD Chamber, Madhya Pradesh, Regional Director RG Dwivedi conducted the session.
Jatinder Singh said more than 3500 start ups take shape in India every year. Madhya Pradesh leads in India with more than 500 start ups whereas Indore produces maximum number of start ups. Out of these 90 per cent start ups fail to take off on various counts such as inability to adopt technology, lack of innovation, mismatch between consumer needs and product or service offerings etc. Therefore an entrepreneur should do a thorough study before taking a plunge.
Talking about three key stages of start ups – formation, validation and growth- VK Mishra said Indian families lay more emphasis on a job rather than becoming an entrepreneur. This kind of thinking needs to be changed.
He said Madhya Pradesh has abundance of opportunities in horticulture, floriculture and herb farming. Entrepreneurs should explore these areas to make a successful venture.
Sandeep Kadwe informed that his Corporation has allocated a fund worth Rs 100 crore for start ups and this will be raised to Rs 1,000 crore in coming years. He talked about three kind of funding-angel, venture and public- for start ups. He said any start up which is less than 5 year old may apply to get funded.