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Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts Read More

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Saturday, October 18, 2014

Business Idea and trends for Student Entrepreneurs

student

Over less two months, I have visited more than 50 colleges training over 5000 students on generating idea and converting those ideas into business. There are some very interesting statistics that have emerged in that process, and some basic trends that I wish to highlight here:

• 60% students want to start a website related venture With the emergence of Facebook, Google etc. we have seen a lot of interest among students to start a website related business. The idea include plain vanilla ecommerce (selling products and services online), information website for new students coming to city/college, exchange for posting/listing services required for students, online counseling/consulting/training/placement service, and even odd ones like online obituary service. However, the awareness level among most students about what goes at the backend of starting a website or internet venture is very low. They are more aware of the front – end (looks/user interface etc.) but less aware of back end like server side programming, offline processes (vendor/supply issues), marketing of online businesses etc. which are as important. Whether as students or businessmen, we need to understand that the entrepreneur has 2 critical functions – I. create and 2. Sell, and both these functions have to be completed for achieving success in business.

• 20%-25% ideas are related to food/restaurant/hotels/canteens Indian are food lovers. And the same goes for student across all Indian colleges. When we ask them what business you to start, restaurant comes as an idea in almost all the cases. Various of these ideas are doing the rounds – packaged food, cooked magi, juices, night canteen, highway dhaba, rotating restaurant etc. One interesting idea was of a student who wants to start a restaurant in the middle of a lake in Bhopal – a submerged restaurant! Another student from Rohtak wants to have automated restaurants where robots will take orders and do delivery of foods! Very interesting ideas in my opinion, and given the right opportunity, they have the potential to make a mark in the food industry of India and also go global. However, this needs a better understanding of the other aspects that make a restaurant a success – location, ambience, chef, raw material procurement, licenses etc.

• Manufacturing is rare/missing from a students’ radar Students think of businesses that they are either consuming or they can relate to directly. Unfortunately, manufacturing sector is not seen as having opportunity for students to even think of. It can be owing to various stories they have heard or seen on media, or lack of exposure or even the challenge of setting up a physical infrastructure (cost, time, labor) compared to a virtual business like website or mobile applications venture.

• Lack of ideas with global audience One thing that hurts me that most students do not think about global business. They want to do business in their city, for their college or with their friends but do not think about an idea that can have customers all across the world. This may need some exposure, traveling or interaction with international students, which all change their mindset. I wish 1000 student entrepreneurs get born and generate 20000 jobs soon.

 

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Thanx for your valuable openion.