It's Not Only About Ideas, But Also Converting Them Into Business Models: Entrepreneur Awards Jury
A conversation with jury members Sethurathnam Ravi, former BSE chairman and Venkatesh Panchapagesan, chairperson of NSRCEL, IIM-B
In India there are two sets of entrepreneurs: one being students who have recently graduated which is quite less in number and the other being people having experience of five to ten years, financially secured, have taken care of the families and are not in immediate need to sustain their families. The second category makes the larger number of entrepreneurs.
B-schools like IIM-B helps aspiring entrepreneurs to explore and it gives them a safe place to try it out and around 75 per cent of graduates stay in the journey and they don't quit.
Young people have tones of bright ideas and the key is to execute these ideas. They can only be properly executed when these aspiring entrepreneurs have mentors and capital to be backed up with and with these the idea can do wonders.
Young entrepreneurs should know how they can survive the cash burns as these cash burns are very high. Moreover, they should also not get derailed at any point.
It needs good amount of backing with a good idea and with a very strong will that they can achieve it and also being flexible enough to change the business model based on the environment; these are the things which can help an entrepreneur to succeed.