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Newsletter of Praramabh(E-Cell), IMT Hyderabad
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Vol. VII Iss. 1 IMT Hyderabad
Women Entrepreneurship
EMPRESSARIO …An Entrepreneurial Insight
FEBRUARY ‘2013
I M T - H | P r a r a m b h E m p r e s s a r i o F e b 2 0 1 3
Prarambh Speaks
“This is not a goodbye; this is a see you later.”
- Anonymous
This is an intriguing line that perfectly reflects the current emotional state in the campus. The first batch
of IMT Hyderabad is due to graduate in a few days’ time. An atmosphere of mixed feelings, filled with
nostalgia, anxiety and hope. Most of them are feeling happy and content after getting an opportunity to
work for corporate biggies. And there are some, who have taken the risk of stepping into the shoes of
being entrepreneurs. The other set of students are those of the first year, who would be leaving for their
Summer Internships, a long and grilling period of learning at the hands of the industry experts. Again, a
few of them would be going to the extremes of getting into projects involving entrepreneurial work in
social enterprises and various other organisations.
So, this being the last newsletter before the institute closes for the summers, we wanted to bring forth
an issue which was light and concentrated more on learning from others. On the same lines, we had a
major event on campus, Ortus 1.0, the Entrepreneurship Conclave. Successful entrepreneurs from
various fields took time out of their busy schedule and share their personal experiences and views with
us. Budding entrepreneurs were enlightened with various aspects of the entrepreneurial journey and
perspectives. We were fortunate to have a couple of women entrepreneurs too on panel. A mixed bag
of questions was put in front of the panel, which were answered in a very lucid manner.
Like previous issues, we continue to get contribution from other institutes, which show that the
entrepreneurial spirit is alive in young minds. In this issue, we also have words of wisdom from the
senior and out-going team of the E-cell, which officially handed over the baton to the new team at the
conclave. We wish the members of the senior team a heartfelt thank you for all their support and
guidance, and best wishes for their future and prosperity.
As we all reflect on the learning ahead, we leave you here with some of the memories of the year gone
by in form of collage of snaps. We bid you goodbye and good luck for the summers and hope to see you
after the summers with an energised mind and spirit. Till then
Happy reading
Team Prarambh
I M T - H | P r a r a m b h E m p r e s s a r i o E m p r e s s a r i o E m p r e s s a r i o E m p r e s s a r i o | S e p 2 0 1 2 | F e b 2 0 1 3
ORTUS 1.0
Pillars of Entrepreneurship
( Rohit Seth, IMT Hyderabad )
“When you get into business and you do
not have the money to run your business;
what actually will happen is that you will
devote your whole attention and focus on
how do I pay myself and how do I pay
others working for me. And that’s when
you kill the quality factor and that’s it, you
are over. In my mind, quality had to be
the most important thing” was the reply
given by Mrs. Bala Mukkamala, Director of
Involute Automation, when asked a
question on the “Quality versus
Sustainability for Entrepreneurs”.
It was an elaborate discussion on how to
overcome the challenges faced by
startups at Ortus 1.0, The
Entrepreneurship Conclave, hosted by
Prarambh, The E-Cell of IMT Hyderabad.
Mrs Bala Mukkamala was a part of the
group of distinguished guests at the
conclave which included Mr. J A
Chowdary, the Executive Chairman and
Co-Founder of Talent Sprint and Founder
Chairman, Hyderabad Angels, Mrs. Aruna
Kappagantula (Co-Founder, Bamboo
House India) and Mr. M.V. Somasekhar
(Technology Manager, NSIC Ltd). The
guests shared their personal experiences
on how they went about their own
Entrepreneurial endeavors and how one
should ideally approach towards building
a business in the initial phase and how to
confront the various issues that they
would have to confront.
All the guests agreed that
Entrepreneurship requires a lot of grit and
the will to get through the difficult initial
phases and having the passion, belief and
the finances to make an idea work. Most
I M T - H | P r a r a m b h E m p r e s s a r i o E m p r e s s a r i o E m p r e s s a r i o E m p r e s s a r i o | S e p 2 0 1 2 | F e b 2 0 1 3
of the startups that fail are because of
lack of funds and the drive to make it
work, rather than the substance in the
idea. While Mrs. Bala Mukkamala talked
about the need for the owners to have the
financial muscle to feed their team for
three years for the business to survive,
Mr. J A Chowdary stressed upon the
importance of getting out of their comfort
zones for entrepreneurs and challenging
themselves with a kind of work they are
uncomfortable with, so that they sweat to
make it work. If a business becomes easy,
it is time to harvest. There was huge
emphasis by the majority of the panelists
on getting the right team in place and
dividing responsibility and trusting your
people with the work assigned to them.
The equity sharing criterion needs to be
defined before one gets into business into
the business and if the business partner
leaves, then one needs to have the
attitude to move on and not let it reflect
on the operations.
The theme of the discussion was also focused on how do women entrepreneurs face the frills of managing a business and having two women entrepreneurs on the panel helped students understand this side of the story. The panelists had the view that initially the women may get preference and capital raising may be easier but in the long run only the business model and the enthusiasm to give the best possible service to the customer matters. The students were advised to work in the industry they want to go ahead in, for a considerable amount of time to get the required exposure and to build the finances needed to launch the business. The government’s perspective was provided by Mr Somasekhar who enlightened the students upon the
procedural requirements that need to be fulfilled for starting a business. He also discussed about the essentials that the NSIC looks at in a startup before funding them and the about help provided to tech startups.
It was a great opportunity for the students of the institute to learn and clarify from people in the industry who have been there and done it all. Especially for the girls who were advised to keep a balance of work and family to make it work. The event was concluded by an official passing of the baton of responsibility of Prarambh to the new junior team, for the next year.
I M T - H | P r a r a m b h E m p r e s s a r i o F e b 2 0 1 3
ENTRESPEAK Bala Mukkamala ( Director, Involute Automation)
( Tanay Kotriwala & Anshika Rai)
Ms. Bala was suddenly at the helm of affairs at
Involute Automation after her father’s sudden
demise. She realised the importance of renewing
the focus on the core of the business – catering to
manufacturers. A significant share of responsibility
was now on her and the focus had shifted to
providing solutions not products, interacting with
people and bridging the skill gap with engineers.
From this, emerged the need for a training school
to make engineers work-ready within a minimum
of 3 months.
She was accepted into the four month program of
ISB which provided further stimulus for the
Involute Institute of Industry Training. She formed
her own business plan for the training institute and
tested it on a pilot basis to see how it worked out.
Her advice for beginners: Entrepreneurship is an
attitude. An entrepreneur is hell bent on his idea.
There is an undying desire to prove himself... you
have to give yourselves totally to the idea.
She continued further by elaborating that for any
business it takes a minimum two to three years to
kick start. No business idea fails because it’s good
or bad. It is only a matter of what is done right that
is the reason behind such a few number of
successful start-ups. She went on to describe
certain inherent attributes in an entrepreneur -
He/She is forthcoming, patient and has an ability to
accept failure.
PRARAMBH: How do co-founders share
responsibilities, equity?
Bala: Decisional hierarchy in a business should be
of foremost importance. Deciding who will be in
the driver’s seat is imperative and future decision
making hinges on the same. Rules and guidelines
must be set in tandem with the business
philosophy to ensure accountability and
responsibility.
PRARAMBH: How do you convince talented
youth to join the start-up considering that they
may be monetarily motivated during the initial
years of their careers?
Bala: In my company we have not got interns but
we made sure we roped in people with credible
work experience and have expertise in relevant
areas in the past (In our case Training heads from
TCS, Production In-charge from an automotive firm
etc). In the initial years your ideation process is
hazy and the path ahead is still being charted.
What matters at such a juncture is how well you
are able to showcase the potential of what the
company could be in the coming years to the
prospective employees and what will their role be
in achieving this potential. At the end of the day
your excitement and belief in your concept is
infectious and will be the final trigger for his
decision to work with you.
I M T - H | P r a r a m b h E m p r e s s a r i o F e b 2 0 1 3
PRARAMBH: In entrepreneurship, success is
transient. Were there times when you felt that this
was not forever, and an exit strategy should be set
in place?
Bala: The differentiating factor between a
businessman and an entrepreneur is that the latter
considers his venture as his own progeny and like
any parent nurturing is second nature for you.
Apprehensions always exist in the initial stages but
the fact that the business is a going concern will
always be present at the back of your mind.
As the session ended, she emphasised the need for
students to gain experience before starting a
venture of their own, to bridge the gap between
the course curriculum and skills which are required
to successfully run your start-up and to team up
with people who have the vision to share your
dream.
I M T - H | P r a r a m b h E m p r e s s a r i o F e b 2 0 1 3
WOMEN RNTREPRENEURS
THE CORNERSTONES
( L Kranti Kumar, AMITY BUSINESS SCHOOL,NOIDA)
The time has finally come for us to stress on the
fact that women entrepreneurs are a positive
potential that is currently untapped in many
societies.
It is vital for us to remember that women can make
significant contributions to the economy and
society. National economies are losing out when a
substantial part of their population cannot
compete equitably or achieve its full potential. If
countries could unleash the potential of women
entrepreneurs, the effects on employment and the
economy, on the health and well-being of families,
on girls and role models, and on gender equality
would be enormous.
Surely entrepreneurship matters. Its benefits are
many, from rewarding problem solving,
organizational, and leadership abilities, to fostering
creativity and engendering empowerment. Not the
least of its merits is the significant boost it gives to
the economy.
Its very true that greater female economic
independence promotes geopolitical stability and
world peace. If so, it might just be time to firm up
that business plan you’ve been dreaming about.
Studies have shown that successful Women
entrepreneurs start their businesses as a second or
third profession.Because of their previous careers,
women entrepreneurs enter the business world
later on in life, around 40–60 years old. As women
are now overtaking their male peers when it comes
to education, having higher education degrees is
one of significant characteristics that many
successful female entrepreneurs have in common.
(http://en.wikipedia.org/wiki/Female_entrepreneu
r)
Supporting entrepreneurship is undoubtedly a
positive and practical choice, however there are
many women across developing countries who
don't receive any encouragement or support. As a
result, these women are unable to pursue their
dreams and a major source of growth is left
untapped.
"Limiting women's economic potential is for
every country like leaving money on the table. It
doesn't make sense, especially when we are still
struggling to grow our way out of the economic
crisis.” -HILLARY CLINTON
I M T - H | P r a r a m b h E m p r e s s a r i o F e b 2 0 1 3
It is vital that governments and organizations work
to support women entrepreneurship and promote
growth. However there are many issues that need
to be addressed. Women face a myriad of social,
economic and structural barriers which prevent
them from succeeding in their pursuits. A high
proportion of women entrepreneurs in developing
countries operate in the informal economy, which
restricts the potential for their business to grow.
Also, women also typically lack access to training
and access to business development services that
would help them expand. Due to a low rate of
financial literacy and a gap in financing for women
entrepreneurs operating beyond the micro level,
many women also have difficulty accessing the
appropriate loans that they need to develop their
businesses. Even if women do secure loans, many
struggle to manage them.
Indeed, women entrepreneurs also lack effective
networks that can support learning and leveraging
of resources, such as knowledge, business advice
and mentorship. Because much of business culture
is male-dominated, women tend to be excluded
from such circles. Lastly, women lack the support
from their peers and communities to pursue their
entrepreneurial pursuits. Many societies still
discourage women from going into business, and
there are few positive role models for women
entrepreneurs to inspire them to push ahead
despite the odds.
We all very well know that half the world is
woman. Educating a woman means educating a
family. These two popular sayings underscore the
critical and timeless roles women play in society.
These aren’t entrepreneurial myths; they’re real-
life examples of women-led ventures taking shape
right now. The beauty of it is, unlike with getting
women into corner offices of corporations, these
ventures don’t require any shifts in corporate
culture. In the developed world, the rule of law
supports women’s rights to pursue their efforts
and maintain the wealth they create. And hence, a
nation should maximize all the potential it has by
promoting the spirit of women.
I M T - H | P r a r a m b h E m p r e s s a r i o
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ENTREFEATURE
A STYLISH FOOT IN THE DOOR
(Kriti Dua & Sankalp Parihar,Great Lakes
Institute of Management Chennai)
“You choose your friends by their character
and your socks by their colour.”
-Gary Oldman , English screen and stage actor
Ever wondered if a mundane and ordinary
looking idea like selling socks could ever
become so much fun? Well, the thought
sneaked into minds of two young women-
Seema Seth, 33, and Pooja Mehta, 28, and
they beautifully metamorphosed it into their
entrepreneurial venture- Footsy.in. Incepted
in February 2012, this colourful e-commerce
start-up caters to people who believe in trying
out unconventional styles and believe that
‘socks are a reflection of one’s personality’.
The founders who were then working as
designers for other brands got together and
resolved to start a product-led business of
their own.
Sock it up – Working Model
Their current focus is on expanding their
product catalogue. Main operational model
includes design and manufacture of own
products like socks and woollen snugglers and
they also curate
products from
International
brands. Footsy is
transforming into a
sought after brand
for sock-a-holics all
over the country.
Their offerings range from socks, legwarmers,
handmade snugglers to shoelaces, in scores of
patterns and designs.
Marketing
By using a young, catchy and playful name –
Footsy, which is also a flirtatious game played
using feet, they have carefully positioned
I M T - H | P r a r a m b h E m p r e s s a r i o E m p r e s s a r i o E m p r e s s a r i o E m p r e s s a r i o | S e p 2 0 1 2 | F e b 2 0 1 3
themselves in the minds of the young
consumers who form the cream of their target
market. They are also creating value and
building social capital by leveraging social
networking. It is, undoubtedly, one of the
most effective forms of promotion in today’s
community. Targeting the enthusiasts that are
active on face book and twitter, they are
utilizing the rapidly changing digital landscape
to as much as possible.
Funding and response
Footsy is a completely self-funded venture.
According to the founders, Mumbai caters to
80% of the orders placed at the socks portal.
With men no longer stuck with a fetish for
blacks and blues, they’ve noticed that men in
metros are more open to experimenting with
vibrant colours and styles in socks. It is no
longer just a playful activity of childhood
where kids pair 2 different socks just for fun.
The distinction between feminine and
masculine colours had blurred and everyone
is vying to wear something nice, bright and
cheerful. And Footsy has found itself a whole
new segment of customers.
User Experience
Aspiring to provide springs to every one’s
steps, Footsy is a bunch of warm and solemn
people. There is a personal touch to every
service they provided and they share a
personal hand-written message thanks all the
customers for making a purchase. The note is
delivered along with the socks to their
customers. All the emails and messages are
replied promptly and all the activities are
accelerated once the purchase order is
received.
Challenges:
As the start-up is set on a growth trajectory, it
is exposed to a large of challenges. Keeping
the customers happy and ensuring sale
throughout the year is one big challenge. In
parts of the country other than the metros,
people still consider socks as part of their
‘undergarments’ and prefer keeping them
hidden under their jeans, trousers, shoes, etc.
Being operated by a two member team, there
is also a high amount of effort that goes into
taking stock of inventory, packing products,
getting the e-commerce site up and running,
amongst other things.
Wishing Footsy All the best!
I M T - H | P r a r a m b h E m p r e s s a r i o E m p r e s s a r i o E m p r e s s a r i o E m p r e s s a r i o | S e p 2 0 1 2 | F e b 2 0 1 3
PASSING THE BATON
( Arjun Chaudhuri, IMT Hyderabad)
As every journey comes to an end, so does this. Speaking on behalf of the E-Cell team of 2013 batch, it has been a great of opportunity to be a part of this cell and form its existence and base in the college. The initial days are still memorable when the objectives were jotted down and the agenda or curriculum chalked out as to how we can go about its formation. Taking the challenge as starting up the cell and maintain its sustainability was itself a huge task as the stepping stone of entrepreneurship. There were several hurdles in the beginning of the cell as every start up has, which were well taken care of and the cell moved on with its activities. We tried getting in venture capitalists and angel investors, tried engaging the students in networking activities with other business schools, holding business plan competitions, managing ventures in food and beverages sectors involving real cash, organizing the entrepreneurship conclave and even prepare the college for the happenings of the entrepreneurship week in the very first year. The very attribute as every entrepreneur should have, self sufficiency played a role when the cell started generating funds of its own for long term sustainability. As we seniors depart, we take along with us many memorable events related to this cell. We pass on the baton to our junior batch of 2014 who would surely carry the lead forward and make each event of the Cell bigger, better and more promising. We sincerely thank our faculty mentor in this final newsletter of our batch, who had been a trigger and a motivator to carry on every activity with much zeal and vigour. "It is fine not to follow any path. Better make a new way and leave a trail so that others can follow you"
I M T - H | P r a r a m b h E m p r e s s a r i o | F e b 2 0 1 3
Add-ons
Readers’ Corner
Got any comments? Would you like to contribute to the newsletter? Get back to us at: [email protected].
Your comments/views and articles would be published from the next issue. A few things to be kept in mind: Articles/comments should not be demeaning / damaging in nature.
Articles should be to the point and of around 500 words.
The decision of selecting the articles to be featured and the number of such articles
rests with the faculty mentor and editor of the newsletter.
So put on your thinking caps and show us your intellect side.
I M T - H | P r a r a m b h E m p r e s s a r i o F e b 2 0 1 3
Team Prarambh
Faculty Mentor
Dr. Archana Pillai
Core Members:
Arjun Chaudhuri
Udit Luthur
Divya Vuppala
Vaibhav Chabra
Manish Vishnu M.
Designing, Compiling & Tech support:
Pankaj Kumar Gaurav
Prateek Mukherji
Editing team:
Rohit Seth
Anshika Rai
Ridhima Kumar
Tanay Kotriwala
Ameya Lingaraju
V o l . V I I I s s . 1 | E m p r e s s a r i o | F e b 2 0 1 3 | P r a r a m b h | I M T - H
Write to us: [email protected]
OR
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Institute of Management Technology, Hyderabad
Survey No. 38, Cherlaguda Village
Shamshabad Mandal, RR District, Hyderabad-501 218 (A.P.)
Tel: +91-40-30461650-53 Fax: +91-40-30461654
Email: i Email: [email protected] Website: http://www.imthyderbad.edu.in