MHRD Innovation Cell organized a webinar on 12th May, 2020 on the topic : “Legal and Ethical Steps – Productive Entrepreneurship and Startup”. The Leadership Talk was delivered by Mr. Harit Mohan, Founder & CEO of Signicent LLP in India and Signicent LLC in the US. Faculty members and Students of Manav Rachna University attended the session. The session was very informative, insightful and beneficial for those young students who aspire to be entrepreneurs.
Mr. Harit Mohan discussed about Legal and Ethical Steps, Productive Entrepreneurship and Startup. He tried to make the audience understand about the importance of protecting the intellectual property of an Entrepreneur. The idea generation can happen from observation, web browsing, reading a book, through socializing outside normal circle or while writing a paper/article for a journal. He then discussed idea creation and law of innovation diffusion.
He also explained the importance of market research for an entrepreneur to identify the customer segment and the target market for the product/service offering the startup. The sequence of steps for market research is: (i) definition of objective, (ii) determination of research design (iii) preparation of research instrument (iv) data collection (v) data analysis (vi) visualization and communication of findings. He talked about two approaches of market research as primary approach (based on interviews, surveys etc) and secondary approach (based on internal resources like balance sheet, profit and loss statement, inventory records, sales figures and external resources like journals and magazines, industry and market data, annual report, government database, demographics/consumer data)) .