Entrepreneurship, Business Idea and Business Model Canvas

IIC Online Session
Topic: Entrepreneurship, Business Idea and Business Model Canvas

Date: 5th May, 2020
Time and duration: 3:00PM to 4:00PM , 1 Hr
Resource Person with affiliation: Dr. Sunil Shukla( Director General, EDII, Ahmedabad), Dr. Amit Dwivedi( Associate Senior Faculty, EDII, Ahmedabad) & Mr. Mayank Patel( CEO, Cradle, Incubator, EDII, Ahmedabad)
Program Theme: Entrepreneurial Development
Approximate no. of student participants: 6
• To understand the importance of Entrepreneurship in current scenario.
• The traits and competencies of Entrepreneurs
• The reasons for success and failure of Business Ideas
• The importance and procedure of preparing Business Model Canvas for new and existing entrepreneurial project ideas
Benefit in terms of learning/Skill/Knowledge obtained:
• The lecture was very much helpful for the students to motivate them for entrepreneurial endeavours in future. Also, it was helpful for the faculties to understand what all competencies are needed to be developed in their students to enhance their entrepreneurial skills. Also, it helped to identify the Dos and Don’ts for Business Ideas to make them successful. It also helped in learning the importance and procedure of preparing Business Model Canvas for new and existing entrepreneurial project ideas
Overall report of the activity:
The session focussed on the importance of Entrepreneurship in the current scenario. In the beginning, Dr. Sunil Shukla, Director General, EDII, Ahmedabad pointed at the significance of Entrepreneurship in the present and future timed of COVID19 to boost the economy.
According to Dr. Shukla, there will be many opportunities for Entrepreneurs in field of E- Commerce, E- Learning, Medicines and many other areas. According to Dr. Shukla, Entrepreneurs are not just born. They learn, they grow, they can be groomed. Motivation plays a vital role. Need for achievement, risk management, creativity and innovation can be taken as some basic traits of an entrepreneur. These traits can be developed and groomed in students to mould them into successful Entrepreneurs of future. Research on Business ideas, proper ground work, Technology and family support can further boost entrepreneurial skills of a person. Gender biasness is no bar in entrepreneurship in current times. In fact, the proportion of women entrepreneurs is significantly high in almost entire world except for Pakistan. The major reason for women to become entrepreneurs is need for Independence and Autonomy.
While pondering upon the reasons for high mortality rate of entrepreneurial endeavours, Dr. Amit Dwivedi, Associate Senior Faculty, EDII, Ahmedabad explained that if the Business idea is well crafted, it wouls always lead to success. It should pass through a four stage procedure of Discover, Define, Development and Deliver to understand the need of customers, current environmental scenario and proper planning to ensure success.
In the last part of the Session, Mr. Mayank Patel, CEO, Cradle, Incubator, EDII, Ahmedabad explained the importance of Business Model canvas for new and existing business models. He explained the structure of BMC and using an example, he explained how this model can be used by entrepreneurs to do a SWOT analysis of their project. This will help them to assess the critical points and scope of improvement and need for innovation.
Overall session was very enlightening, highly motivating and very much relevant in present scenario.

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