For Idea Generation & Opportunity evaluation we had invited Ms. Bhavana Kataria consultant of NEN.
The session started with what makes a good entrepreneur and moves on to how an idea is generated.
For the purpose of idea generation for Ms. Bhavana asked us all to write at least two ideas and then randomly made 6 groups. She then asked all of us to within 30 min. not only to convince each of the group member on one plan (out of 2odd plan per member) but also to decide:
# Company name.
# Target consumers.
# Present and future growth.
Then finally we presented in front of all, which was then evaluated by her on the spot.
The whole exercise proves to be very fruitful as it made students to think out of box by giving chance to put theoretical knowledge to practice, to come up with workable business idea.
Many groups come up with really great ideas like Health Care Mall, Musical Mall to name a few.
The session ended with Ms. Bhavana insides on what make a plan successful “one need not to have a innovative idea but any workable idea i.e. implementation is most important”
For Brainstorming and How to write a formal B-Plan we had invited two alumni of IIM-A Mr.Nikesh Agarwal & Mr. Rajat Gulati.
They both were batch mates, after working in corporate for around 18 month after they both decided to start up their own venture. Mr.Nikesh Agarwal joined his family business & Mr. Rajjat Gulati is soon coming with his own coffee chain in NCR.
In their session they threw light on how to put your ideas your plan on papers i.e. how to write a B-Plan which involves proper documentation and above all Executive summery which is the most important aspect of a formal B-Plan as it should tell each and every bit about your plan.
After giving inside about formal B-Plan writing, they both divided the students in to 6 groups but this time each group was separate unit of a business planning i.e. Product design, Industry analysis, Finance department, Marketing Research & Sales & Advertising. They give us the idea i.e. to open “Lounge Bar in NCR” and also laid down certain criteria as boundaries to work within.
The one mantra they give in the end “it’s better to work on other money before starting your own venture”