Faculty of Management Studies, MRIIRS organized a session on “How to validate your start-up business idea” by Mr. Ravi Kikan (an advisor for Start-up’s and Entrepreneurs for growth, Digital Community Building, New Product Launch and a Global Startup Connector). The session considered the most important factors: Time, Money and Relationships.
All the III-Sem students studying MBA Dual Specialization in Entrepreneurship attended the session. An intensive discussion was conducted on ‘Investing in Human Capital (employees, workers)’. Mr. Kikan informed students that most of the people who want to start their own venture wait for the perfect time or perfect product, which shows the biggest difference in the mentality of Indian citizen as compared to foreigners. He added, “As an entrepreneur, your product and service must:
(a) Solve a problem,
(b) Solving a gap in existing in the existing market,
(c) Is there is a need for a product,
(d) Economies of scale created by major players like China,
(e) Investing in the Human capital,
(f) A legal attitude of business by documenting each and everything.
Participants and faculty members discussed issues like the present working environment, the financial and other performance of start-up’s, Problems faced by the entrepreneur- Why maximum start-up fails. During the session, he shared that the primary responsibility of an entrepreneur is to do a quality research by considering a good sample size prior to validation. There is a need to predefine our Vision, Mission, and goals which itself a learning for the entrepreneur. The vote of thanks was given by Dr. Meghna Chhabra.