The session featured distinguished panelists from diverse backgrounds, including corporate leadership, entrepreneurship, and learning & development, moderated by Dr. Vandana Reddy (Assistant Professor, CHRIST University) and co-moderated by Ms. Priya Kothari (CEO, YouthAid Worldwide). Mr Augustus Azaria emphasized the importance of evolving employee and labour relations in a rapidly changing work environment. Mr. Animesh Rai shared insights on leadership development and how organisations can leverage research-driven strategies to build resilient teams. Ms. Sreekala Ramamurthy discussed sustainable entrepreneurship in agriculture. Mr Rajesh Balasubramanian explored the dynamics of innovation driven business and ecosystem building. Soumyashree Mohanty gives a highlight here.
Start with a Dream:
The journey from concept to business begins with a dream. Many successful products and services today start with someone envisioning a solution to a problem and turning it into a business opportunity. Entrepreneurs must allow themselves to indulge in the luxury of dreaming. They should spend time refining their vision and then work on articulating it into a business reality. Every major brand around us today was once just a dream that was nurtured into existence.
Structuring the Concept & Seeking Mentorship:
Once an idea is formed, it needs to be structured properly. Entrepreneurs often struggle with how to pitch their ideas or take them forward. This is where mentorship becomes crucial. A mentor or coach can guide them through the journey from idea to execution. Many entrepreneurs may have a great concept but lack the knowledge of how to navigate the business landscape. With the right guidance, they can transform their vision into a tangible business. Mentorship accelerates the entrepreneurial journey. The right mentor helps navigate challenges, enhances learning, and provides strategic direction.
Learning from Failure:
Failure is not the end—it’s a learning process. The startup ecosystem today values the knowledge and experience gained from failures. Entrepreneurs must embrace mistakes and use them as stepping stones for future success. Every failed project provides lessons that can be applied to the next venture. Since the ecosystem now accepts failure as part of growth, entrepreneurs should not fear setbacks but rather learn from them and improve their approach. Entrepreneurs should not be pressured to succeed instantly but focus on continuous learning and execution.
Understanding Policies and Seeking Support:
Many entrepreneurs have great ideas but do not know where to seek support. The startup ecosystem involves government policies, academia, and various institutions that offer assistance. However, the barriers to entry still exist, and more needs to be done to streamline startup policies. While several governments across the country have startup-friendly policies but still there is gap. Entrepreneurs need to actively participate in policy advocacy, ensuring that the system supports innovation and reduces challenges for new businesses.
Importance of Innovation and Collaboration:
Innovation is not something that happens automatically—it requires effort. Entrepreneurs need to collaborate with diverse groups of people to foster creativity and bring innovative solutions to challenges/problems. Respecting and utilizing the talents of different individuals will enhance business growth. Innovation is the foundation of a successful startup, but it must be nurtured through teamwork, research, and strategic execution.
The Role of Structure in Startups:
While a structured approach is important, imposing too much structure too early can limit creativity and growth. Entrepreneurs should allow their startups to grow organically before introducing rigid frameworks. Large companies often bring in structured processes later in their journey; in the early stages, flexibility is key. A startup should have the freedom to experiment, fail, learn, and scale before adopting a formal structure. As the business stabilizes, structured processes can be introduced gradually to support scalability.
Facing Challenges and Building an Inclusive System:
The startup journey comes with challenges, but systems should be designed to minimize barriers and make it easier for entrepreneurs to succeed. Inclusivity and diversity should be embraced in the startup ecosystem, as they lead to more sustainable and innovative solutions. An open and supportive system will encourage more entrepreneurs, especially women and individuals from diverse backgrounds, to participate and thrive.
Addressing Global Trends and Emerging Technologies:
Entrepreneurs, regardless of their industry, need to stay updated on advancements such as latest technology, automation, AI, and machine learning. Even micro-entrepreneurs should be aware of these trends to remain competitive in an evolving business landscape. With AI and machine learning growing rapidly, ethical considerations are more important than ever. Entrepreneurs must ensure that data ethics, integrity, and responsible AI usage are at the core of their business practices to avoid unintended consequences.
Purpose-Driven Entrepreneurship:
A business should always be guided by a strong purpose. Everything an entrepreneur does should resonate with their values and align with ethical principles. Success is not just about profitability—it should also be about integrity, inclusivity, and innovation. Having a clear purpose helps businesses remain focused and driven, ensuring long-term impact.
Handling Setbacks in Entrepreneurship:
Keeping emotions out of business decisions is essential. If a venture is not accepted, pivoting is necessary. A strong team, stable finances, and clear communication with stakeholders are crucial. Trust and transparency in business operations ensure long-term success.
Creating a Trusted Brand:
Branding is more than just a logo—it’s about trust and values. Businesses should be transparent, under-promise, and over-deliver. A brand is defined by the consistency between its communication and actions.
However, branding should not be the sole focus; product quality, skilled employees, and stakeholder trust are equally important. Every employee contributes to the brand’s identity, and fostering a sense of ownership among team members strengthens the brand.
Hiring and Partnerships:
Recruiting skilled employees aligned with the company’s values is crucial. Startups should prioritize both skill and value alignment. Partnerships also play a significant role—co-founders should complement each other’s skills and have clear agreements in place.
Understanding the Target Audience:
Even a great product may struggle if marketed incorrectly. Identifying the right customer base and choosing the appropriate branding techniques are critical. Different customers require different outreach methods—for instance, farmers might respond better to radio and newspapers rather than social media.
Leveraging Technology:
Using technology to create value-added products can enhance business growth. For example, traditional millet products can be diversified into millet-based snacks, making them more marketable.
Financial and Legal Preparedness:
Structured financial planning, payment agreements, and legal documentation are crucial to avoiding potential risks and setbacks.
Creating Your Path:
Entrepreneurs should not simply follow predefined paths; instead, they should create new ones. True innovation happens when individuals step away from the familiar track and explore new opportunities. This encourages creativity, risk-taking, and pioneering new solutions in the business world.
