-Ms. Mansi Juneja, Assistant Professor, FMMT
The faculty of Mass Communication and Media Technology and the Centre for Languages and Communication organized an Expert Talk on “Planning Start-Up with Focus On Legal Aspects” of launching a Start-up as an initiative under “Institution’s Innovation Council ‘. The keynote speaker of the event was Dr. K Tara Shankar, Associate Dean, Faculty of Commerce. BJMC 6th student Utkarsha moderated the event. All the faculty members along with the students participated in the session.
The aim of the session was to make aspiring entrepreneurs aware of the fundamental laws, rules, and regulations related to starting a start-up and for the smooth functioning of businesses.
The event started with a welcome note from the Dean of the Department, Prof. Sushil Manav. Dean sir while presenting a sapling to the guest, welcomed all the faculty members and students present at the meeting.
Dean sir narrated the story of one of his relatives and said that even a small idea can turn into a big opportunity so always believe in your dreams and never hesitate to take risk in life. He said that the Co-founder of Blinkit, Mr. Rishi Arora who happens to be one of his relatives also started at a microscopic scale but today Blinkit is a Unicorn company with a turnover of $302.98 million.
Dr. K Tara Shankar is a versatile professional with a strong academic background. He is the Associate Dean of the Faculty of Commerce and Management, the head of the Corporate Resource Centre and the Coordinator of Yukti at SGTU.
Dr. Tara Shankar while addressing the students said that entrepreneurs who are committed to developing innovative solutions are the backbone of successful start-ups.
Dr. Tara Shankar talking about the legal aspects related to start-ups said that there are certain factors that one must pay attention to while starting a start-up. He emphasized the importance of being updated on the most recent regulations affecting the businesses and markets such as formalizing a founder’s agreement, protecting intellectual property, and upholding business contracts, taxation issues, and labour laws.
Dr. Tara Shankar mentioned that entrepreneurship is a process and not a journey. He said anytime is a good time to start a start-up and advised the students to not wait for the right time. He assured the students that SGT university would provide full support to all the students who wish to start their ventures and become entrepreneurs in the future.
He showed a PPT presentation and said that there is a process of five stages that one must follow to become an entrepreneur. First one is to conduct an opportunity analysis, develop the plan for setting up the company, raise funds for the organization, determine the resources required, and the last is scaling and harvesting the venture.
He said that an entrepreneur is someone who develops a concept that is innovative and creative. He said that you need to identify gaps in the market and accordingly create a business plan for the same with some innovative ideas. He gave the example of sugarcane and said that we all have had canned juices of different varieties but for sugarcane no such packed product is available in the market as it cannot be preserved beyond 10 minutes so the sugarcane juice market can be capitalized if one comes up with right kind of preservatives for sugarcane.
He said that an entrepreneur is a risk taker and one who instead of complaining always looks for a solution. He said that to become an entrepreneur one must aim to reduce entrepreneurial uncertainties. As soon as you find an opportunity seize it before your competitor takes advantage of the situation and steals the market. The second step is to investigate the need and find gaps through market research. Next is to develop a plan, determine the resources needed and manage the distinguishing features of the business.
He emphasized on proper documentation and said legal complications can arise only when there is a lack of proper documentation.
Dr. Tara Shankar also discussed a government initiative, YUKTI (Young India Combating COVID with Knowledge, Technology, and Innovation), and said that not only students but even faculty members and all those who intend to start their start-ups can get their ideas registered on the portal and get financial assistance as well.
Dean of the Department, Prof. Sushil Manav concluded the event with a vote of thanks to the guest and told the students that they all need to decide if they want to become job seekers or job providers. Dean sir thanked the guest for coming up with such an insightful topic and sharing his knowledge with the students.