The Organisation for Managerial Entrepreneurial Guidance and Assistance, more commonly known as OMEGA is one of the elite committees at TAPMI, which takes care of entrepreneurial activities in the college, and also serves as the consultancy wing of the college. On 29th October, 2013, OMEGA roped in Mr. Shantanu Bhagwat, noted venture capitalist, seed investor and entrepreneur to conduct a workshop on Business Plan (BPlan) making. The workshop required active and utmost participation from the participating students, and involved numerous case studies (derived from real life situations and ventures), sample BPlans, discussions and practice sessions to give a real feel of the process and the challenges involved in making a BPlan.
Mr. Shantanu Bhagwat is a man of impeccable credentials, having real world experience from both perspectives, that of the entrepreneur and that of the venture capitalist. He has also served as an Indian diplomat in London and other places as an Indian Foreign Service (IFS) officer, and is also a graduate from the prestigious London Business School. He brought in this wealth of knowledge to share with the students.
Mr. Bhagwat started off by defining the objectives of the workshop. Then he proceeded to give a quick gist of what is entrepreneurship, and who is an entrepreneur. The students were encouraged to analyse deeply and decide if entrepreneurship is for them, as it is a very difficult career path to follow, being laden with obstacles.
Then Mr. Bhagwat started explaining, in detail, the basics of Business Plans: what they are, what is their purpose, how are they to be structured, what are the essential points they should cover, etc. Through interactive techniques, case studies, and sample Bplans, he now taught the students the nitty-gritties of the entire concept of entrepreneurship and business plans. He addressed various questions that any aspiring entrepreneur has to think about, such as feasibility of the business idea, when to start, process of starting, operational difficulties and overcoming them in a start-up, what kind of data to be collected, recruiting decisions, legal issues that arise, revenue model planning, structure of the Business plan, how to get funds, how to pitch to a prospective VC, etc.
Finally, Mr. Bhagwat also went on to give examples of failed start-ups and the learning to be derived from them, and the top ten common mistakes committed in the process. The session ended with Mr. Bhagwat motivating the students with experiences from his life, and highlighting the key lessons that can be taken from those experiences.
The Business Plan Workshop was a very useful initiative brought to the TAPMI students by OMEGA, and many of the students ended the workshop with more drive, enthusiasm and inspiration to follow their entrepreneurial dreams.