ENTREPRENEURSHIP

A Short Term Course on “Entrepreneurship Competency Development Program” was organized by IIT, Roorkee from 13th - 17th June 2016 under the supervision of coordinators Dr. M.K Barua, IIT - Roorkee and Dr. Usha Lenka, IIT - Roorkee. The objective of the course was to expose the participants to the fundamentals of entrepreneurship and the issues encountered on the entrepreneurial journey. Ms. Priyanka Upadhyay, Assistant Professor of IT Department from Dronacharya Group of Institutions, Greater Noida attended the Course.

Day 1: 13th June 2016

During the first session Prof. B. K. Mohanty, IIM Lucknow discussed about Entrepreneurship and said that they would be the creators and builders of new ventures and not only fulfill their own dreams but also make a strong impact on the society and improve the lives of people. A successful venture would lead to new or improved products / services, create new jobs and add values for owners, investors and the society.

During the next lecture Dr. Barua discussed the importance of identification of projects the strategy that should be followed.

Prof. (Dr.) Z Rahman, IIT Roorkee discussed Marketing for Entrepreneurs. He said that many aspiring entrepreneurs believe that all they need to do is sign up for a Twitter account, blog about special offers, and hand out a flashy looking brochure, whereupon leads will come pouring in. This couldn’t be farther from the truth. He said that marketing new startup service or product is not necessarily rocket science, but it does take a little bit more than just pluck and luck.

Day 2: 14th June 2016

In the first session Dr. Usha Lenka discussed the types of Entrepreneurship. She said that Entrepreneurial Development today has become very significant, in view of its being a key to economic development. The objectives of industrial development, regional growth, and employment generation depend upon entrepreneurial development.

Prof. (Dr.) Anil Kumar Sharma, IIT - Roorkee delivered a lecture on Working Capital Management. He said that the primary objective of working capital management is to ensure smooth operating cycle of the business. Secondary objectives are to optimize the level of working capital and minimize the cost of such funds.

Day 3: 15th June 2016

Prof. (Dr.) Rajat Agarwal, IIT - Roorkee discussed on Creativity and Innovation in Enterprise Development. He said that Creativity is the act of turning new and imaginative ideas into reality. Creativity is characterized by the ability to perceive the world in new ways, to find hidden patterns, to make connections between seemingly unrelated phenomena, and to generate solutions. Creativity involves two processes: thinking, then producing.

During the second session Prof. Renu Rastogi, IIT - Roorkee delivered a lecture on Qualities of Entrepreneurs. She said that an entrepreneur must have an idea, a spirit of entrepreneurship, discipline, technical qualification, basic capital, vision and leadership quality.

Day 4: 16th June 2016

Prof. (Dr.) Vinay Sharma, IIT - Roorkee delivered a lecture on Promotion of New Ventures. He discussed the concept of entrepreneur venture, which differs from the small scale business. The risk associated with the venture is high and is designed by the innovative abilities of the entrepreneurs.

Prof S.K Jain, IIT Delhi delivered a lecture on Importance of IPR’s for success of SMEs in the WTO era. In the second session Dr. S Venkat, IIM Lucknow gave a lecture on SC issues. He said that the globalization of manufacturing operations, having a global procurement network that can support and react to your supply chain needs is important. According to many chief procurement officers, selecting a strategic supplier that provides manufacturing locations with consistent global quality and a reliable local service is a challenge.

Day 5: 17th June 2016

Prof. V. K. Nangia, IIT - Roorkee delivered a lecture on Management of Finance /Bankers. He said that entrepreneurs know that building a business isn’t just about building a product. You have to make compelling predictions about the future and inspire others to share the vision. A team with a passionate, shared view of the future can fuel an engine that continually attracts and satisfies customers. Predictions can be based on three basic projections: Future Revenues, Future Operating Costs and Assets needed to service future demand.

During the second session Prof. (Dr.) M.K Rao, IIT, Roorkee discussed Competency Development. He said that entrepreneurial success depends upon entrepreneur’s qualities or competencies. There are certain inborn qualities while certain others can be acquired through education and training. This fact has been amply demonstrated in Kakinda Experiments conducted by Prof. Davis C. McClelland. Competencies have direct bearing on human behavior and performance.

The QIP ended with the feedback session followed by certificate distribution to the participants.