09 Oct 2018

EXPERT LECTURE ON MSME – PROSPECTS AND CHALLENGES

EXPERT LECTURE ON MSME – PROSPECTS AND CHALLENGES

“All our dreams can come true, if we have the courage to pursue them.”- Walt Disney

Entrepreneurship is not a destination; it’s a journey. On this journey, successful entrepreneurs don’t have an expectation of “arriving” to some finish line. If one does have that expectation, he/she won’t continue to push themselves to step outside of their comfort zone and grow.

On 27 September,2018  a workshop was conducted on the topic MSMEs: Prospects and Challenges by the MBA department. The speaker for the session was Mr. Rajnish Goenka, the Chairman MSME Development Forum, Entrepreneur MSME Evangelist & Socio-political Thinker.

He started the lecture by stating the main motive of the lecture being Motivating of  the Youth. Mr. Goenka said that in India, the era of entrepreneurship has not yet arrived. He highlighted that prior to its Independence India was a Golden Bird – Entrepreneurial Country. Entrepreneurship was in the “DNA of Indians”. It was the Britishers who induced jobs in the country. There was a period of Emotional Stigma in the 1950’s – 1960’s.

He also talked about his parents as his strength and invoked courage in students to take up Entrepreneurship. He discussed various risks associated with Entrepreneurship and challenges faced by MSMEs.

He mentioned the example of Pashmina shawl as an example of entrepreneurship which  originated only in India and dominates the world market. But the aura of entrepreneurship has been taken away by the East India Company.

Mr. Goenka talked about the following challenges to MSME in our country-

  • Social stigma – Mr. Goenka explained it with the help of an example, – movies. Earlier, it was even shown in movies that a villain had a lot of money and was involved in business and the hero was a poor labour. So this kind of perception has been developed in the minds of the audience that business is always associated with taboo.
  • Absence of the sense of security – Business = Risks. A job provides may be a small amount of money but assured financial support in regular intervals.
  • Lack of confidence – Many people have ideas but they are not confident enough to take the big step.
  • Finance – A business needs money. Without investment, no business can happen. People with dull financial background avoid business.
  • Marketing – A business is started but it is nothing without the field of marketing. There are a many people who have very little knowledge of marketing and hence, ultimately fail in the business.

In a year, 40, 00,000 employments are generated against the demand is of 1, 02,00,000. Therefore, Entrepreneurship is the only alternative to meet the demands.

He further mentioned the pre-requisites of an Entrepreneur as:

  • Self Confidence – As the world of business is full of great decisions and

demotivation if anybody feels he/she can do it, he/she should have the confidence of doing it even if there are millions of “Nos” from the outside world.

  • Right direction from mentors, parents and teachers – It is because they have an experience and they are the best people to seek advice from.
  • Identify the path – There needs to be a plan. Without a plan, any business is a failure. We should be aware of our capabilities. Sometimes one cannot identify his own talent; one should always consult his mentor.
  • Education – The person should be literate enough to know the difference between good and bad. When one talks about education, it does not imply degree alone. Degree is needed for a job but for business, Education is the ultimate necessity.
  • Know your resources – A business man should always identify his resources. Resources can be cash, property, land and people to name a few.
  • Convert situation into favour and opportunity – This is an important factor. The mind of a businessman/woman should always be open to grab the hidden opportunities or favours in any situation.
  • Control over fear – This is the final and crucial requisite. Having control over one’s own fear comes with the development of a calm and peaceful aura around his spiritual being.

The ultimate motto of any individual is to be happy.  Mr.Goenka rightly said that to upgrade from Maruti to Mercedes, the youth of today should contribute their ideas and emerge as successful Entrepreneurs. Being an Entrepreneur, one would be his own Boss.

MBA aspirants got the practical knowledge of the business world through the session. The lecture boosted the students’ inner confidence and somewhere helped them identify the hidden entrepreneur within themselves. Mr. Rajnish Goenka also proposed to open an Entrepreneurship cell in the campus to provide the students a platform to showcase their ideas and mould them into reality. He has even committed to take up deserving students as employees in his company. He motivated the students to aim high and reach the sky. The students were highly benefited by the lecture.