STRATEGIC PLAN TO FOSTER ENTREPRENEURSHIP
OUR STRATEGY TO FOSTER ENTREPRENEURSHIP
‘Where do you see yourself five years from now?’
To be the most successful destination of creating entrepreneurs who achieve a high degree of success and prosperity.
Back ground Context
To encourage the students to opt for entrepreneurship as a career, KTU has introduced entrepreneurship in the education system in order to prepare students for an entrepreneurship career by imparting skills, knowledge and aptitude necessary for successful entrepreneurship journey.
All India Council for Technical Education (AICTE) has been promoting Entrepreneurship Development Cells (EDCs) in engineering and technology colleges. Out of 620 universities and over 33,000 colleges, only about 200 have Entrepreneurship Development Cells. And, not all cells are very active. Therefore, KTU realizes that it needs to give a big push to mainstream ‘entrepreneurship’ in education system.
What is Entrepreneurship?
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, thus to pursue growth while generating wealth, employment and social good.
Entrepreneurship and Innovation are the key drivers for generating wealth from knowledge
Importance of Education
Education is indispensable for skill development and fundamental to Entrepreneurship and innovation.
Education provides the base for innovation and creates a value system; an entrepreneurial culture drives wealth creation and gives further push to innovations.
Purpose of promoting Entrepreneurship
The purpose of exposing the students to entrepreneurship is to motivate them to look at entrepreneurship as a viable, lucrative and preferred career.
What Entrepreneurs do?
Entrepreneurs shape economic destiny of nations by creating wealth and employment, offering products and services, and generating taxes for governments.
Entrepreneurs convert ideas into economic opportunities through innovations which are considered to be major source of competitiveness in an increasingly globalizing world economy.
Impact of Entrepreneurship in India
India has been growing at a relatively high rate in the last few years, and is likely to be the largest economy in the world by 2050.
India is a young country with about 63 per cent population currently being in the working age group of 15 to 59 years. This is a plus factor in its favor as studies have found that nascent entrepreneurship prevalence rates are highest in the 25-34 age group.
Lack of Exposure
The Indian society, by and large, has a distinct preference for service/decent job, that provides economic security and access to power that be.
They grow up with a job-oriented mind-set, and seldom think of entrepreneurship as a career. Our educational system also rarely exposes the students to entrepreneurship; prepares them for a job instead.
Even if someone with a high entrepreneurial aptitude wants to set up a business, she/he is discouraged by a host of adverse factors: lack of adequate access to information on setting up and operating a business, procedural hurdles, lack of start-up funds, lack of adequate networks and mentoring support, difficult access to technology, lack of a supportive system, operational difficulties, and the nightmare about the consequences of failure. These factors loom large and hinder the emergence of entrepreneurship, in adequate measure.
In view of these considerations, the Government of India has decided to formulate a National Entrepreneurship Policy with the overarching aim to augment the supply of entrepreneurs.
Different Views on Entrepreneurship
- Entrepreneurship offers the opportunity to create something of one’s own
- Entrepreneurs get the opportunity to make the road as well as walk on it
- Entrepreneurship allows people to think outside the box and make thoughts work
- Entrepreneurs are not con?ned to a particular area of business; they need to know everything about how business runs
- Entrepreneurship is about the ability to survive long enough till one succeeds
- Entrepreneurship is about the sheer joy of taking an idea and making it work
- Entrepreneurs like to do it their way – they are virtually unemployable
- Entrepreneurship brings pride, passion and self-respect, from doing things on one’s own
- Entrepreneurship gives the freedom to try something new and break stereotypes
- Entrepreneurship provides a constant learning experience and a continuous process of growth
- Entrepreneurship brings a sense of belongingness derived from doing one’s own thing and providing employment to many
- Entrepreneurship provides the opportunity to create wealth and make the best of the economic environment
How to SENSITISE, PROMOTE AND IGNITE ENTREPRENEURSHIP in the Department of Computer Science and Engineering?
- Lack of awareness about entrepreneurship should be bridged
- Exposure to role models is likely to have a significant demonstration effect since entrepreneurship is not considered as a respectable career.
- Develop news letters on ‘successful entrepreneurs’ and use them in the classrooms. Through such literature children will be exposed to Entrepreneurship ‘Heroes’, who may become their role models
- Focus on innovation, creativity and then entrepreneurship
- Organize workshops by successful entrepreneurs; seminars, debates, essay writing, idea competition, business plan competition, industry visits, etc.
OUR STRATEGIC PLANS TO SUCCESSFULLY CREATE ENTREPRENEURS
- An awareness session will be given by the Head of Department to the parents and students on the first day of admission itself.
- Identified a team of faculty members and alumni entrepreneurs to promote our initiative.
- Ask the students to prepare news letters on “Entrepreneurship” which enable them to have deep literature survey on entrepreneurship.
- Presentations on successful Entrepreneurs by Alumni students. Success stories of entrepreneurs and their yearly turn over will be explained.
- Presentations by Dr. Jayasankar Prasad (CEO, TBI, Technopark), Dr. K C Chandrasekharan Nair and Mr. Santhosh Kurup (CEO, Kerala State ICT Academy)
- Presentations by Mr. Rajesh B (RB), MD of Mirox and Mr. Anoop Ambika (MD, Kreara Systems, Technopark) (leading successful entrepreneurs from Techno park)
- A general awareness will be given by HOD on IOT, ITES, Health care, retail, and SMAC (Social, Mobility, Analytics, and Cloud) which are the hot beds of technology entrepreneurship.
- Students will start thinking over it. Ask the students to prepare and present any of their interesting topics in front of the official panel.
- An “exposure day” will be conducted. Students can give presentations on this day and the talents of students shall be identified.
- Talented students will be identified based on the following criteria
- Interest shown
- Craze for innovation
- Creative thinking
- Interest on digging into different technological revolutions
- Literature Review
- Like minded students are grouped together to form a team of maximum 4 members within one month of first semester admission.
- Minimum 2 teams will be identified for Entrepreneurship
- Deep study on the Technology Domain
- Identifying the problem
- Developing solution to the problem
- Part of it can be done as their academic project
- Preparation of Business Plan
- Preparation of Business Proposal to attract investors or Government funding
ADVICES TO OUR BUDDING ENTREPRENEURS
- Hard work, persistence, perseverance, con?dence – these are the ‘must qualities’ for every entrepreneur.
- Conduct extensive background research, especially on marketing and financial aspects.
- Understand the product and markets well.
- Develop clear business plans and targets for growth.
- Focus on quality – ‘Cost is forgotten, quality never’.
- Translate business strategy into talent strategy
- Match the skills, mindsets and beliefs with the business venture – focus on core strength and excel.
- Be open to ideas. Take informed risks.
- Be honest – never compromise on ethics or offer bribes.
- Build strong foundations and then grow; take incremental steps.
- Possess ‘ferocious ambition’ and believe that the ‘sky is the limit’.
- A history of paying taxes and having a decent balance sheet helps when you approach lending institutions.
The ability to innovate and generate commercially valuable new products and processes can only take place in environments that encourage experimentation and value addition.
FORMAT OF BUSINESS PROPOSAL
- Executive Summary
- Preface and Motivation
- The Project
- Sector Background context – Existing System
- Project Definition (Basic Information About the Project) and Concept – Proposed System
- Importance and Relevance - Opportunities
- Technical and Economic Feasibility
- Project Scope
- Project Design
- Project Cost
- Technical Details of the Project
- Software and Hardware Requirements
- Technology Overview
- Project Architecture – System Model
- Working Model
- Flow of Operations – Module Description
- Time Requirement for Development
- Team size and HR Requirement
- Project Operation & Maintenance
- Project Delivery
- Salient Features and Uniqueness of the Project
- Project Impact
- Social - Cost Benefit Assessment
- Project Phasing
- Key Findings
- Market Analysis – Comparison with Existing Models
- Potential Users and Market Scope
- Project Financial Aspects
- Financial Structuring
- Financial Contribution and Sources
- Financial Viability
- Economic Internal Rate of Return
- Business Model
- The People
- Future Expansion