(This article was published in the bimonthly newsletter of Electrical Technocrats Association – ETA)
It is a nice feeling to be associated with my alma mater where I learnt very important lessons both academically and personally. I am happy to write about Entrepreneurship and share my experiences as a founder secretary of LIBA Entrepreneurship Cell and as a first generation entrepreneur.
This column will speak about entrepreneurship, various kinds of entrepreneurship, the basic qualities an entrepreneur should posses, the problems an entrepreneur will face, idea generation, business model development, legal aspects, the ways to raise funds (Venture Capital, Private Equity Funds, Angel funding), beta testing, branding, scalability, organizations supporting entrepreneurship, incubation facilities and so on. All these may look more technical and scary. I hope I can make things simpler. I hope the column will be a two way communication process and the content can be as per the reader’s preferences.
These topics would be delivered in such a way that it will cater to the needs of Engineering students who can create wonders with lot of innovative technology breakthroughs. With proper guidance and support, engineering students can innovate the technology they learn in the classroom through which they can open their door to the career of entrepreneurship.
To begin with let us explore what is an entrepreneurship. Though there are various definitions for entrepreneurship, let us look at the National Knowledge Commission (2008)’s report, ‘Entrepreneurship is the professional application of knowledge, skills and competencies and/or of monetizing a new idea, by an individual or a set of people by launching an enterprise de novo or diversifying from an existing one (distinct from seeking self employment as in a profession or trade), thus to pursue growth while generating wealth, employment and social good’.
I hope the definition is fairly clear enough. As far as an engineering student is concerned, how can he develop an idea or how can he monetize an idea developed should be a challenging, but interesting task. To see a positive result, not only the student should work, but the management and the faculty should facilitate the necessary infrastructure and the moral support to encourage idea development and idea monetizing.
Let us look at the key attributes an entrepreneur should posses in the next newsletter. Till then, keep your feedback posted.
The author is the Founder & CEO of Ulaginoli Energy Solutions and can be reached at boniface@ulaginoli.com or +91 9884342050
