Start-up to Success

Many students pursue MBAs with the aim of getting lucrative jobs at multinational companies. However, there are also many youth who aspire to inculcate the knowledge and skills necessary to start their own business. Aspired entrepreneurs require a unique set of skills to set up a successful start-up. In this blog post, we will explore the essential skills required to establish and scale a start-up in India, along with the government schemes that can help you do so, and a special mention of SRUJAN's Arambh (Season-1) contest.

India is rising as the third-largest start-up economy globally. Adding pace to this growth, the Government of India has also launched several initiatives. These initiatives will encourage young entrepreneurs to set up businesses at a good pace. Some of the major schemes include:

• Fund of Funds for Start-ups (FFS) Scheme: The government provides a whopping loan amount of Rs. 10,000/- crore under this scheme. The scheme has been launched with the objective of reducing dependency on foreign capital and promoting home-grown venture capital funds.
• Credit Guarantee Scheme for Start-ups (CGSS): The scheme reduces financial risks associated with start-ups, including offline and online businesses. It also provides third-party credit risk guarantees for the loans extended to start-ups by various financial institutions.
• Start-up India Seed Fund Scheme (SISFS): This scheme provides financial assistance to start-ups for proof of concept, prototype development, and market entry, which will give an initial boost to the company.

?The Government of India is providing ample support to the youth who aspire to become entrepreneurs. However, it is important to gain the necessary skills and knowledge to effectively utilise the available resources before starting a business. Below are some of the essential start-up skills for entrepreneurs, which they should have before setting up an enterprise:?

1. Know the knack of sales & branding:

It is crucial to have a detailed understanding of your target audience before starting any business. Selling your product is not enough; you must also build your brand through precise marketing skills. Therefore, developing this skill is essential, and Sri Balaji University can help you train with precision in this field.

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2. Risk Management:

No start-up can survive without a well-designed risk management plan. Various risks, such as financial, operational, regulatory, diversification, competitive risks, etc., can potentially put an end to your start-up. Therefore, incorporate a monitoring and assessment stage to identify the risks in your business as you start it. Based on the identified risks, you can develop appropriate risk management strategies to mitigate them.

3. Esprit de corps:

The term 'Esprit de Corps' is well-known among MBA students. It refers to building team spirit among employees in a company. To develop a strong team, it's important to identify the company's strengths and weaknesses. Recruiting candidates with complementary skills can help your business grow.

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4. The Art of Spiel:

Pitching is the most crucial skill for business that every entrepreneur should have. The right pitch to the right audience or investor can propel your business toward success. Pitching is done for various purposes, such as investors, sales, and products. Sri Balaji University recognises the importance of this knack in today's competitive world and offers courses that can enhance your pitching abilities.

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5. Data Collection and Market Research:

The aim of data collection or market research is to make future projections and identify trends and patterns in order to design the product or service. It is a technical skill for start-ups, which allows you to recognise the exact demands in the market and consumer perceptions in the market, which is essential for creating any product or service.

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SBUP’s Initiative for Start-up:

It is important to have a solid foundation of basic but essential skills to achieve the desired growth in your business. In order to ignite this entrepreneurial spark in you, SRUJAN—the Entrepreneurship Development and Incubation Centre at Sri Balaji University, Pune (SBUP)—is organising ‘Arambh’ (Season-1), a national-level start-up competition.

‘Arambh’ (Season-1) aims to encourage youth to become entrepreneurs. Registration for the national-level contest is open to all. The deadline for start-up idea submissions is December 20, 2023. Results will be declared on December 25, 2023, and the finale of the contest will be conducted on January 10, 2024. Hence, youth interested in the contest can register through https://unstop.com/o/jVrmzJy?lb=QUZLRoZL or send an email to [email protected].