MHRD Innovation Cell organized a webinar on 19th May, 2020 which was delivered by Dr. Amit Dwivedi, Associate Senior faculty, EDII, Ahmedabad and Dr S. R. Acharya, Associate Sr. Faculty, EDII, Ahmedabad on the topic: “Idea, Entrepreneurship Opportunities, Business Model and Business Plan”.
In this webinar session the speakers covered the key issues in new enterprise launching, explained how to develop a business model canvas, how to write a business plan, and discussed about the various opportunities emerged for innovators/entrepreneurs/startup founders in various domains/segments after the onset of COVID pandemic crisis.
Dr. Acharya said, “An idea is the solution to a problem. An innovator finds solution to a problem applying technology and an entrepreneur converts idea to value proposition.”
Dr. Amit Dwivedi discussed about various opportunities for young entrepreneurs who have emerged in the following areas in COVID context: under illness and wellness there are three broad categories namely healthcare, yoga and meditation and Ayurveda, and opportunities available in these sectors as well as related sectors such as IT, Yoga, E-Commerce, and others.
Dr S. R. Acharya explained the importance of business plan which every startup founder should develop before starting the business. It will be a direction less journey without a business plan in place. The sections of business plan are: executive summary, company overview, market environment, marketing and sales strategy, operations and financial plan. Overall the business plan should discuss a particular market opportunity, product / service offering, target customer segment, competitors in the market for the value proposition, business operations, management team to implement the plan, size and profitability of company.