Forum: Entrepreneurship Forum
Speaker: Mr Uday Wankawala
A session on ‘Is This The Right Time to do Business’? at VIA
The Entrepreneur Forum of Vidarbha Industries Association in association with Lemon School Of Entrepreneurship a talk on the subject ‘Is this the right time to do business?’ organised at VIA by Mr Uday Wankawala, Mentor (Go to Market , BD & Expansion) of Lemon School of Entrepreneurship, in light of the demonetization and the turbulence experience in the economy.
Mr Wankawala started his session by discussing the basic tenet of Entrepreneurship. According to him , it is qualities like self confidence, commitment, guts etc are the qualities for a person to become an entrepreneur. He said that every entrepreneur must possess an internal ecosystem, seek support from family and friends and strengthen your strength at the same time focusing not too much attention to your weakness. He said that innovation is the hallmark of a successful entrepreneur and the reason for the success of the enterprise like Paytm and Flipkart can be attributed to innovation. So for every Entrepreneur, having collaborators and suppliers are extremely important. So in the long run one has to decide what is good in the long run.
Mr Wankawala advised the start-ups to chalk out their Business plan in such a way that it is positively fundable. He said that anyone wanting to be an Entrepreneur should not only has business acumen, but also should be a visionary. He said that the starting point of every business is an idea and that it is important to possess passion and certain skill set to succeed as an entrepreneur. However only passion is not enough, you have to have the required business sense too.
He further added that there are plethora of business ideas up for grab, provided one understands India in the context of social and cultural changes, social empathy and the digital effect. He listed out new opportunities in the area of inter community marriages, travel during holiday, language based content, creation of various Apps, waste management etc. Mr Wankawala could also foresee opportunities in social entrepreneurship, Franchisee business, Face book as a source of business, Beauty & Health etc.
Mr Wankawala is firmly of the opinion that, the inconvenience faced by the Entrepreneurs due to demonetization is only temporary because in this fluid state of economy, one should not get too disturbed by it, as demonetization in the long run may actually prove to be beneficial. So according to him, there is no good time or bad time for starting a business – one has to create the perfect time.
At the outset of the program, Mr Wankawala was accorded a warm welcome by Mr Atul Pande, President VIA, who in his opening remarks said that the economy is developing rapidly and there is an ease of doing business as compared to 20-30 years back when becoming an Entrepreneur was the most cumbersome task with very little support from Government and other sources. According to him the fast changing economy offers a plethora of opportunity to the new age businessmen, so it can be safely be concluded that it is the right time to do business.
Mr Akash Agrawal, Chairman of the Entrepreneur Forum gave his opening remarks, highlighting the activities of the forum in Entrepreneurship development. The guest speaker was introduced by Ms Nupur Mukherjee of the Lemon School of Entrepreneurship. The program was conducted by Ms Anita Rao, who also proposed the vote of thanks.
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