Entrepreneurship is neither a science nor an art. It is a
Practice. â€” Peter Drucker
Entrepreneurship- Unleashing new pathways of success for the new generation Innovators In this era of increased youth unemployment, entrepreneurship has evolved with a greater significance. In the light of this, it is imperative to nurture the entrepreneurial mindset of the budding leaders and convert their ideas into successful business ventures. To transform this vision into reality, the governments along with business houses should assume a vital role in evolving the aspiring entrepreneurs. In other words it is high time that governments across the globe should come up with the innovative idea of entrepreneurial funding. Over the years, entrepreneurship has evolved giving itself different meanings and modes of operation. During earlier times entrepreneurs were go-betweens or managers and there was lesser risk associated with their job roles. But as time passed, risk taking attitude has become an essential attribute for entrepreneurs. Modern day entrepreneurs should have an instinct to innovate rather than manage to survive in this competitive world. To succeed in this structured economic crisis, one must foster the attitude of taking risks- a trait that would help in realizing the dream of generating new dimensions of employment. I believe that to motivate youngsters in initiating an entrepreneurial venture, the nurturing needs to be done right at the onset. They should be inducted on how they can convert their ideas into viable business solutions. In many countries the importance of entrepreneurship is well recognized and it is a fact that initiatives to support entrepreneurs are getting geared up in recent times. In order to support youngsters who enter into the field of business we should have innovative funding platforms and end-to-end mentoring to guide them with best practices and make them well acquainted with the do's and don'ts. Business incubators, entrepreneur clubs and associations are helpful in providing a handholding support to the new generation innovators. By understanding the fact that the present generation of entrepreneurs needs more support, government and funding organizations should motivate them with targets and also speed up funding. Tax incentives for small business investment and simplified regulatory system may help in promoting the entrepreneurial funding and excessive tax burden to be avoided. It is also essential for the society to change its perception about small start-ups and be tolerant to failures. In the days to come I hope that schools and colleges will orient students towards how to make the right career choice and unlock their entrepreneurial potential. If today we germinate the seeds of entrepreneurship in our youngsters with proper nourishment, tomorrow it will surely evolve as a tree of success and prosperity.
Dr. Dhanya Pramod Director-SCIT
Whatâ€™s In Store
1Out of the BOX Entrepreneurial ideas -Mentor, iTELF Cell
Young Entrepreneurs Mature Ideas
3 Candid Talk with Entrepreneur -Mrs Pranjal Gundesha
5 CEO Facts Recent trends in Entrepreneurship
6What matters is the Idea alone, not the Capital anymore
Out of the BOX Entrepreneurial ideas We always admire when we talk to entrepreneurs with innovative ideas. Many a times thinking outside of the proverbial box is what takes you far in today's global economy. With this idea in mind, I am trying to share some out-of-the-box business ideas that may seem rather strange at first glance, but have been quite successful.
Apoorva Kulkarni Mentor iTELF Cell
SCIT We all know how most men(of course with a few exceptions) react to the idea of shopping...The answer is obviously a big NO! And most guys end up with socks that are mismatched with holes and rips in them before they reluctantly venture out to buy replacements. Samy Liechti was inspired to come up with a solution to this when an embarrassing moment at a Japanese teahouse provided him with an unlikely wake-up call. He decided that in an ideal world, the “easiest interface between men and socks” would be for new pairs to just magically appear whenever they were needed. The Solution? In 1999 he created BlackSocks, an online “sockscription” service that has expanded from Europe to the United States and gives men an easy way to fulfill their 'socks needs' on a specific schedule. The BlackSocks concept is simple: Men choose which style of socks they want and how often they want them delivered, then log on and set up their sock delivery schedule with a few clicks.
4Recycled Clothes You just never know when that “AHA!” moment of inspiration will hit you. Jeremy Litchfield was jogging on a hot, humid day when he was inspired to quit his job and start an athletic apparel company – that made clothes from recycled, environment friendly materials. The idea clicked during an eight-mile jog one fine morning in a 90 percent humid atmosphere. When he finished, he realized that he hadn't been the only one running. The red dye in his shirt had run down the lower half of his body, staining his shorts, socks and shoes. Solution? He created Atayne, a company that makes athletic clothing using recycled materials, ranging from recycled cotton to Chitosan, a material made up of snow crab shells, to recycled polyester that comes from recycled plastic bottles. So you see, being an entrepreneur can also mean taking up an unusual idea and turning it into something people will want, even though they do not need what you are selling. In addition to creating, it is something that truly solves a problem and is of great benefit to the consumer. What you may initially think is a total off the wall idea may just turn out to be a brilliant new million-dollar business! So the moral of the story is – Next time you have an idea ,don't automatically throw it out maybe because it is an unusual one – check it out first. “The intellect has little to do on the road to discovery. There comes a leap in consciousness, call it intuition or what you will, and the solution comes to you and you don't know how or why.” - Albert Einstein Page 1
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Candid Talk with Entrepreneur
Self-Confidence & Family support is all that you require to grow!! - Pranjal Gundesha, Founder & CEO, IntelligencePlus
Pranjal Gundesha “You see things and say why? I see things that were never there and say-why not?”- These words by George Bernard Shaw define her as a person. That's Pranjal Gundesha, Founder & CEO of IntelligencePlus- an organisation that grooms children holistically. She is an NLP Certified Trainer and Behaviour Coach with a Computer Engineering Degree from Pune Institute of Computer Technology and a Degree in Business and Innovation from Moscow State University, Russia. An exceptionally talented individual, she has numerous prestigious national and international awards to her credit. She was awarded with the Nokia Entrepreneurship & Leadership Award and the Rotary Young Entrepreneur Award. She has represented India at various International Forums in Russia and S i n g a p o r e a n d i s t h e E xe c u t i v e Committee Member of Janaseva Foundation, Pune
What is IntelligencePlus all about and how is it different from other organizations? I ntelligencePlus provides world classexperiential learning programs to enable children (5-15yrs) with 21st century skills and entrepreneurship education. We nurture children to be next-generation LEADERS, INNOVATORS & THINKERS with essential LIFE and SUCCESS skills that go beyond academics! We are among the only organizations that provide children a valuablest learning program that includes the entire gamut of 21 century skills such as creativity and innovation, decision making skills, problem solving skills, communication skills and more important-social and emotional learning along with practical life skills(basic finance, ICT, personal safety, global awareness etc). Coupled with that is an entrepreneurship education at higher levels of the program to enable children to think education beyond marks and getting a job and apply their skills to create something of value. We also have robust assessment rubrics to track the progress. What inspired you to become an entrepreneur? How did the idea of IntelligencePlus come about? My excellent upbringing has played a crucial role in shaping my aspirations to be an entrepreneur. My parents- Mr Vardhaman & Mrs Kishori Jain- also strongly believed in my abilities and encouraged me to follow my passion giving their full support. They made me realize life was meant to do something remarkable. While working on one of our family ventures-School of Universal Learning(SOUL) since my 2nd year in collegeit hit me hard that most people coming for our workshops at young age were low on confidence and lacked basic 21st century skills. I realized there was a dire need of laying the right foundation at a young age. The education system lacked it in large proportions. Therefore, I ventured to start IntelligencePlus – an organization that would prepare children to be future leaders of the 21st century.
How do you define success? Success for me is when you achieve the higher purpose of your life and when people consider your work or life- worthy emulation! What according to you are the top 3 skills required to be an entrepreneur? I would give self-belief a lot of weightage - it instils within you the courage to take the path less travelled and stick to it through thick and thin. Second would be the balance of great ideation and great execution. This is essential to materialize a simple 'me too idea' into any extremely 'novel' one. Third, and a very important one is to commit to constant learning. We need to keep learning and innovating constantly to provide something of value to the society. Please share something about the difficulties you faced in your journey as an entrepreneur? Inspired with only a vision to transform education and learning, I started IntelligencePlus single-handedly at the age of 23, immediately after marriage. Lacking relevant industry experience it was a challenge for me to convert my idea into an advantageous opportunity. Also, I was just settling into a newly wedded life and in parallel, setting up a novel startup-IntelligencePlus required working very hard. Sometimes, I wondered why I was taxing myself so much- but then my dreams always overpowered my low phases and I was back on track. Maâ€™am, can you please tell us something about your future aspirations? Where do you see yourself and your business in next 10-15 years? IntelligencePlus has a huge potential ahead. Within a year's time, we are beginning with our franchising model and with the school program model. We intend to make IntelligencePlus gather a national footprint in the next 5 years and thereafter, maybe international as well.We are also looking forward to working with the Govt schools to reach out and transform the children of the country and also intend to launch unique and educative board games and apps which will be very innovative topics and educative content.
How has being an entrepreneur affected your family life? Being a women entrepreneur, it can be challenging to manage both personal and professional life. Fortunately, my husband a n d i n - l aws s u p p o r te d my wo r k at IntelligencePlus. Hand-holding me in every compromise or sacrifice that I have made, my husband Dhawal has always given priority to my work and whenever the situation demanded, he was the first one to help in. Looking back and if given a chance, would you start a different venture or the current venture in a different way? I strongly feel I am in the best industry segment- very enriching and fullfulling personally and professionally. If given a chance, I would start the same venture- but maybe start with the partner/co-founder early because it helps the startup in many ways. Also, I would have loved to give more time in researching and planning the venture before beginning. What other activities interest you? How do you spend your leisure time? Personally, I am a curious person and look forward to explore and try new things. I have always been into various activities such as painting, reading, writing, playing sports and playing the piano. Any advice to students who aspire to be entrepreneurs? 1.Start Early. Try to explore many things- take part in competitions, do internships, seek for mentors, network with likeminded people and discover your passion in the process. Don't waste this precious time of your life. 2. Look at problems around you with the eye to create a solution for it-Therein lies the opportunity for the entrepreneur. Also read avidly about great entrepreneurial stories and learn from them 3. Build great relations with co-fellows all throughout. You never know-someday they may become your partners, clients, team-members and most importantly your early adopters and brand-builders. 4. And even if you don't remember any of these later, just remember- BELIEVE IN YOURSELF! Page 4
CEO Facts Twitter CEO was a Improv Comedian Twitter is company which is worth more than 8 billion and its services are used around the world. Its CEO, Dick Costolo was once a stand-up comedian and actor. Well, it must not be surprising to find twitter employees laughing all the time, their boss can definitely do this with various facial expressions even in a meeting.
Google’s Co-founder is a Gym Maniac Sergey Brin, the co founder of Google, is apparently known to be a gym maniac. After manufacturing self driving cars and low priced tablets, close googlers say that you can find him working out in a gym like a maniac. He is known to spend tons of hours in the gym, maybe it’s another place where he gets those innovative ideas from.
Mark Zuckerberg’s Dog Craze Facebook CEO and co-founder Mark Zuckerberg has this everlasting craze for dogs. His dog which is named ‘Beast’, you wouldn’t really guess looking at it, has its pictures all over the CEO’s facebook wall and page. This charming white pup has the richest young CEO as its boss making it easy for people to call ‘The Boss and his Beast’
Joe Fernandez has a bad Klout Score Klout is a social media analytics company that measures a user’s influence across his or her social network. This company was founded by Joe Fernandez and Binh Tran. Ironically, Joe is known to have a less Klout score compared to anyone in his circle - 69. He doesn’t even come close to Justin Bieber. Page 5
Recent trends in Entrepreneurship Over the last decade, Entrepreneurship has not only created jobs and revived the economy but it has also introduced new ways of thinking and problem solving. Entrepreneurship has seen many of the innovations from young billionaires like Mark Zuckerberg, the founder of Facebook to women entrepreneurs like Weili Dai, co-founder of Marvell technologies; from innovative financing to Social Responsibility. A new breed of entrepreneurs no longer comes from the middle of the age spectrum, but from the edges. This article explores some of the latest trends in entrepreneurship that have emerged in recent times. Women in Entrepreneurship According to the latest Global Entrepreneurship Monitor (GEM) report, approximately 126 million women have started or are running new businesses in almost 70 economies around the world. At the same time 98 million women are running established businesses. Female entrepreneurs like Arianna Huffington, Welie Dai and the famous Indian Entrepreneur Vandana Luthra, owner of VLCC (and the list continues) are doing great in their respective fields and are epitomes of success to other women to break the shackles of the routine domestic life. Financing of Entrepreneurs Options available to entrepreneurs to finance their business have not only increased, but have also become more innovative and unprecedented. Financial resources like crowd funding, where businesses are funded through a large number of small donations in return for equity and interest payments are being used extensively. Other financing methods like micro financing and bootstrapping are becoming popular among women entrepreneurs in developing countries. Social Entrepreneurship The rise of businesses that solve social problems or those which find innovative methods to make profits, while keeping in mind the impact on the community where they operate are revolutionizing the entrepreneurship unconventionally . Social Entrepreneurs not only look for their own means, but are also playing the role of improving others life. Entrepreneurs like Jordan Kassalow, who sells ready-made reading glasses to people in developing world and Sam Goldman, who manufactures inexpensive lamps and sell them to the people with unreliable electricity connection are working for the social causes along with their own profits. The big examples in this regard are the Khan Academy and the Wikipedia which are working for the cause. -Satyavrat Thakur, PGDITBM 2014-15
What matters is the Idea alone, not the Capital anymore “Start-up village” based out of Kalamassery, Kerala, founded in April 2012, has set a daunting task in front of it. The villagers have set a vision of creating 1000 software product companies in a short span of 10 years. 'Start-up Village' follows the famous Silicon Valley's “Y combinator” model. “Y combinator” is a California based start-up accelerator founded by Paul Graham which offers a seed funding of approx $18000 to coders for starting their venture. So who is the “Paul Graham” of India? - he is none other than Kris Gopalakrishnan, the co-founder of Infosys Ltd. “Startup Village” promoted by India's Department of Science & Technology and MobME wireless and Technopark, Trivandrum- a company that has funded more than 500 companies till date. More on Startup Village: http://www.startupvillage.in/index.html -Gautam Malik, PGDITBM 2014-15 Page 6
SCIT, one of the famous IT B schools in India, has the capability to bolster young and budding entrepreneurs through its entrepreneur cell – iTELF entitled Information Technology Entrepreneurship and Leadership Forum which is a platform to discuss ideas, sharing thoughts and nurture leadership & management skills and provides a chance to unleash the entrepreneur in them. iTELF catalyses the entrepreneurial skills of SCITians by driving the tendency to analyze and grab the opportunities around them.
On 13 September 2014, SproutIT kick started with its flagship event Panel Discussion led by Mr. Prashant Pansare, Mrs. Pranjal Gundesha, Mr. Vinod Sikka, Miss Swati Owal, Mr. Nitin Baraskar with PULSE - P-Plan, U-Unleash, L-Lead, S-Synthesize and E-Evolve as the theme. The esteemed panelists came with varied experience and from diverse backgrounds. The jargons that are usually associated with entrepreneurship such as Observation, Attitude, Motivation, Risks, Zero-Cost Marketing were very well personified and blended with personal experiences of the panelists in their respective entrepreneurial ventures. The panel discussion has fruitfully sown the seeds of entrepreneurship in the minds of the young SCITians. The day progressed with active participation of to-be managers from different Bschools. The events reflected real life business scenarios and provoked on the feet thinking for the business intricacies and challenges. The events touched different aspects of management which included: · Biz Kreig – Effective budgeting, marketing and convincing skills · Pseudo Sansad – Mock parliament fostering decision making skills · Panegyric – Creative ideas integrated with unique marketing strategies · B Quest – Feasible business plan and its execution · Stockville – Virtual stock trading · Kurious Race – Hunting treasure the analytical way under test of time · Quizzards - Business awareness quiz · Marketrix – Videography of your favorite marketing theme · Panaromaestro – Capturing of idea and imagination through your lens · Ash'ar – Bring out the Shakespeare in you Page 7
Through the Lens
Editorial Team: Bharti Goyal Alok Deshpande Sreeparna Sengupta Satyavrat Thakur Gautam Malik
Design Team: Tilak Patel Sagar Parmar Anshul Bhandari
Contact Symbiosis Centre for Information Technology (SCIT) iTELF (E-Cell) Plot 15, Phase-I, Rajiv Gandhi InfoTech Park, Hinjawadi, Pune - 411057 Maharashtra India. Tel: 91 - 020- 2293 4308 / 4309 / 4310 Fax: 91 - 020-2293 4312 Mobile: 9960895085 Website: www.scit.edu
Published on Sep 30, 2014
Navankur is an annual newsletter published under iTELF Cell of Symbiosis Centre for Information Technology(SCIT). Talking about entrepreneur...