50 rupees, 3 days - student entrepreneurs make upto Rs 3,186
Entrepreneurship no longer waits until graduation. Students from Mount Carmel College, Bangalore; Institute of Bioinformatics and Applied Biotechnology, Bangalore; and Welingkar Institute of Management, Mumbai all rolled up their sleeves and started their businesses!
The young entrepreneurs labored under tight restrictions: maximum investment per venture? Rs 50. Total time to do business? Three days. The results were staggering. Taken as a whole, the return on investment was over 1600% — enviable even by Sensex standards.
Real World LearningThe students started the businesses as part of a game by the entrepreneurship education programs at their institutes. At top institutes across India, entrepreneurship is becoming part of life, even a part of the classroom experience. These programs aim to build creativity, resourcefulness, communication skills, and the ability to leverage resources and build value.
The game is known as the Rs 50 Game. Developed at Stanford University’s School of Engineering, it was introduced to India via the Stanford-IIMB-NEN Entrepreneurship Educators Course.
| NEN: upcoming event |
| What Navonmesh 2008: Entrepreneurship Convention When October 27 & 28, 2007 Where IIT Bombay, SJSOM School of Management Who Open to all new and future entrepreneurs including working professionals, students and faculty Event focus Learn and connect through panel discussions with experts; hands-on experience with Baazi, an international strategy and venture capital challenge, with prizes of up to Rs 1.2 lakh; an inside look at SINE, IIT-Bombay’s technology incubator; and networking sessions. Speakers include More info at www.nenonline.org |
Infinite Opportunities
The businesses the students started were as varied as the students themselves. The winners at Mount Carmel, Kannika Bharath Iyengar and her team, earned a profit of Rs 3,186. They baked and sold cakes within and outside their campus. “We made proper cakes with wonderful icing and sold them at Rs 250. This was fast money,” says Kannika.
Other Mount Carmel students, Sri Vidya and her team traded in T-shirts. “We bought two T-shirts from a dealer in Tirupur at Rs 25 each and sold them for Rs 250 and Rs 300 each,” she explained. “With the money we earned, we bought more shirts to sell.” Their teams profit totaled Rs. 1675.
Debasis Panda and his team, all bioinformatics students at IBAB, sold tea on-campus. Welingkar students had to start with zero investment. Undaunted, Prateek Lal found an opportunity in South Mumbai, “I took a tourist couple around Colaba. The three-hour tour left them happy and me richer by $10”, he beams.
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| The National Entrepreneurship Network, NEN, is India’s leader in entrepreneurship education. A non-profit organization, NEN works with over 250 of India’s top academic institutes, reaching more than 300,000 young people. NEN helps member institutes develop and run world-class entrepreneurship programs on their campuses. In addition, through NEN Online, NEN provides practical information, access to experts, events, and community for India’s new and future entrepreneurs. NEN is an initiative of the Wadhwani Foundation and was co-founded in 2003 with IIT-Bombay, IIM-Ahmedabad, SPJIMR, BITS-Pilani and IBAB, Bangalore. www.nenonline.org |
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The information given is rich and educative for startups, I wish to get someone to venture partner with. I have the basis as land, and a beginning structure in rural Kolar District. i understand the Dare is required but the sound encouragement is richer, as exposed in the article.
I thank you for the information.
With regards,
Paul Ponniah.