“Endeavor: Entrepreneurial Insights”, a workshop organized by SCMS Cochin on the 10th of March turned out to be a huge success. The entrepreneurship workshop had hoped to instil faith and confidence in students as they embark on a path to achieve their entrepreneurial goals. . And, through the motivational talks by renowned entrepreneurs, who also shared their own experiences and insight, the workshop managed to do just that for those in attendance. . Mr. V.S.M Nair, MD, VMA Consultants (P) Ltd, was one of the speakers and his talk was enlightening to the students in many ways.
Mr. Nair began his talk on a high note, instantly drawing the attention of the gathering as he said, “People don’t plan to fail; they fail to plan. If you want to work towards a successful business of your own there is no alternative to thorough planning.” He should know, considering he has seen the rise and fall of many entrepreneurs and has helped out many of them with his expertise. Though Mr. Nair refuses to term himself as an entrepreneur, his vast knowledge and understanding of entrepreneurial skills made him an appropriate speaker to the audience that was all ears for him.
There were many aspiring entrepreneurs in the gathering, along with business owners who recently set up their companies and were looking for guidance to head in the right direction. Many of them had one important question on their minds: Why do some entrepreneurs fail? Mr. Nair was quite forthright with his comment on the matter as he said, “There are certain personality traits of people that can be supported by business. But there are others, such as lack of focus and leadership, which make them fail in business.”
Mr. Nair then went on to address different issues faced by start-up companies individually. This was an important part of his talk, because it gave students the opportunity to hear about real-world examples. Talking about the overall deficit companies’ face, he said that it was often because of hiring too many people or, simply, the wrong people. He also highlighted the flaws of financial planning that can become the bane for start-ups. “Many new companies raise only a small amount of money initially because they want to watch their investments,” he explained. “Others end up raising too much money at the onset. Both the situations can be equally disastrous. You also need to avoid the issues of poor cash management and transfer of funds for personal use that ail many start-ups.”
As Mr. Nair talked about different aspects of entrepreneurship, there were two key points that he felt were very important for the students to know: “Sound business planning is vital to entrepreneurship and people are very important to business,” he stated as he concluded his speech.