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Entrepreneurship- Guest Lecture

On Saturday 21st July 2018, a lecture was conducted for BMS students by Satyashree Panse on ‘entrepreneurship’.

The guest introduction was done by Nikita Mahajan of BMS –I. The lecture began with the pronounciation of the word ‘entrepreneur’. Ms Panse told the students that she lives by the quote "skills are cheap, passion is priceless". This was her way of saying many people have skills but if they have a passion, they can turn that into a living and become an entrepreneur.
Further on she discussed about the different qualities that an entrepreneur requires such as-

  • Commitment and leadership- if you aren't committed to your job and do not take up the initiative you cannot become an entrepreneur.
  • Decision making- freedom means making your own choices.
  • Communication- the skill to convince other people is to get your point through to them.
  •  Vision and planning- without a vision there is no plan.
  • Teamwork- alone wolf cannot fight hence it's always important to learn how to work in a group.
  • Market research- before starting any endeavour it is important to understand the market, your competitors and thoroughly research every aspect.

She compared being an entrepreneur to being a one man band, when you are responsible for playing every instrument. Later she showed the students an entertaining video that signified that businesses have to fight over to convince the customer to choose their product over their competitors.

Furthermore she stressed on other few factors required for starting your own business, such as-

  • Advertising and brand awareness- it is important to create awareness about your brand in the market.
  • Accounts- one should have at least the basic knowledge regarding accounts.
  • Creativity- it is important to come up with new and fresh ideas to stand out, which requires creativity.
  • Conceptualization- one should be able to conceptualize their idea into a product.
  • Personal touch- being involved, hands on in your business gives a personal touch.
  • Risk- starting your own business is always a risk so one should always have a risk taking ability

 A few other qualities required are- Appearance, Punctuality, Body language, Consistency.

She explained the difference between a product based and a service based industry, she mentioned a product based industry requires a lot of capital for machines and land, but a service based industry has high risk and comparatively low cost of capital. Ma’am ended the session with sharing her experience of managing her first event for 7 to 8 thousand people. There were queries from the students that she answered.
In all it was a very informative session and inspired a lot of students to become entrepreneurs.

The session ended with the vote of thanks by Ritika Patwardhan of BMS-III.