The Department of Mechatronics Engineering organized an online seminar on “Expert Talk on Entrepreneurship.” The session was handled by Mr. Sathish Nair, Founder & CEO of EssEmm Corporation as Chief Guest.
The main objective of this event is to give proper guidance to the students regarding entrepreneurship and how to endorse as an entrepreneur.
List of happenings in the event:
- The discussion began with the introduction of Chief Guest, about his college days and his entry into the world as an entrepreneur.
- He enthusiastically responded to the questions asked by the co-ordinators who collected questions from the registration form.
- Questions were raised by the participants to clarify the doubts.
Some of the questions that were discussed are listed below:
- How to be a good entrepreneur and the Skills required for an entrepreneur?
To be a good entrepreneur, one should learn things from experience and focus on providing quality products. Spend ample time to explore yourself and do things you wish to do. Think straight and move forward.
- Should an entrepreneur be technically strong?
There is no drastic link between entrepreneurship and technology. If one chooses a business which solemnly lies on hands of technology, at that time technical knowledge is must. But in other cases, he/she should have basic technical knowledge. Everything is available online; one can grasp it whenever and wherever required.
- How to wisely select the sector? Is it fine to go behind trends?
Select a sector for your business that inspires you and consider your interests. Ensure financial stability because you are the only responsible for that. Have a right business model. It pushes you to reach heights in the work you do. It is delighted to see start-ups like mask, sanitizer, and gloves manufacturers during this pandemic. It is fine to start a business based on contemporary trends and for that do proper study.
- How to invest wisely at the beginning stage?
Take help from the banks, relatives, or family members. If you have some savings, you utilize that. In case of taking help from your parents, do not feel that you need not to return the sum. It will reduce your tendency to move fast, work as if you must return the sum as soon as possible. It will give you a track.
- Is it necessary to do an MBA (Master of Business Administration) for entrepreneurship?
An MBA degree is not necessary. If you have an opportunity to do the degree in good University, it will be useful because of the diversity you get there.
- In the view of entrepreneur, which is first thing to do – Whether to build good community or product?
A good community and an excellent product, both are equally important. It is proportionally to the demand on community.
- What kind of support required for a business?
The family support, financial support, and other supports are required until you reach the level of acuteness in your business. Once you are done with that, you can sail your own ship.
- What are the responsibilities of an entrepreneur?
Be responsible to the situation around you. Try to contribute to the society. Co-workers are the steel frame for a business. Be understanding and enhance the empathy part. There should be a cyclic flow – they work for you – you work for them. Be grateful for the work they do.
- How do you advertise your business and Marketing strategies – overseas?
Internet plays a significant role in this. Be active on WhatsApp and YouTube marketing. Attend social gatherings related to your business and circulate brochures.
- MSME – importance of registering our products.
It is very much important to register the business in MSME and GST. Most people do not understand the importance of this. Once doing this, it will help you to even work for the products that the government seeks for.
- How important is supply chain management?
It is essential for a business to maintain a flow between demand and supply. Especially, in the time like COVID-19 there is a risk for demand of raw material. To avoid this, build a healthy relationship with manufacturers.
“If you’re not a risk taker, you should get the hell out of business.” – Ray Kroc, founder of McDonald’s.
An individual needs to learn and sharpen his or her entrepreneurial skills to become a successful entrepreneur. Besides, an individual also must have a good personal quality that are demanded to become a successful entrepreneur. The examples of the entrepreneur traits are full of determination, not afraid to take risk, prominent level of confidence, craves learning, understands failure is the part of the game, highly adaptable, good understanding of money management, expert in networking, ability to sell and promote. In fact, there are lot of entrepreneur traits that are available that can lead an individual to become a successful entrepreneur.
EVENT ORGANIZING TEAM:
CONTENT CREATION: R.Nandhitha (2nd Year MCE)