Vol. VII Iss. 1 IMT Hyderabad

Women Entrepreneurship

EMPRESSARIO …An Entrepreneurial Insight

FEBRUARY ‘2013

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Prarambh Speaks

“This is not a goodbye; this is a see you later.”

- Anonymous

This is an intriguing line that perfectly reflects the current emotional state in the campus. The first batch

of IMT Hyderabad is due to graduate in a few days’ time. An atmosphere of mixed feelings, filled with

nostalgia, anxiety and hope. Most of them are feeling happy and content after getting an opportunity to

work for corporate biggies. And there are some, who have taken the risk of stepping into the shoes of

being entrepreneurs. The other set of students are those of the first year, who would be leaving for their

Summer Internships, a long and grilling period of learning at the hands of the industry experts. Again, a

few of them would be going to the extremes of getting into projects involving entrepreneurial work in

social enterprises and various other organisations.

So, this being the last newsletter before the institute closes for the summers, we wanted to bring forth

an issue which was light and concentrated more on learning from others. On the same lines, we had a

major event on campus, Ortus 1.0, the Entrepreneurship Conclave. Successful entrepreneurs from

various fields took time out of their busy schedule and share their personal experiences and views with

us. Budding entrepreneurs were enlightened with various aspects of the entrepreneurial journey and

perspectives. We were fortunate to have a couple of women entrepreneurs too on panel. A mixed bag

of questions was put in front of the panel, which were answered in a very lucid manner.

Like previous issues, we continue to get contribution from other institutes, which show that the

entrepreneurial spirit is alive in young minds. In this issue, we also have words of wisdom from the

senior and out-going team of the E-cell, which officially handed over the baton to the new team at the

conclave. We wish the members of the senior team a heartfelt thank you for all their support and

guidance, and best wishes for their future and prosperity.

As we all reflect on the learning ahead, we leave you here with some of the memories of the year gone

by in form of collage of snaps. We bid you goodbye and good luck for the summers and hope to see you

after the summers with an energised mind and spirit. Till then

Happy reading

Team Prarambh

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ORTUS 1.0

Pillars of Entrepreneurship

( Rohit Seth, IMT Hyderabad )

“When you get into business and you do

not have the money to run your business;

what actually will happen is that you will

devote your whole attention and focus on

how do I pay myself and how do I pay

others working for me. And that’s when

you kill the quality factor and that’s it, you

are over. In my mind, quality had to be

the most important thing” was the reply

given by Mrs. Bala Mukkamala, Director of

Involute Automation, when asked a

question on the “Quality versus

Sustainability for Entrepreneurs”.

It was an elaborate discussion on how to

overcome the challenges faced by

startups at Ortus 1.0, The

Entrepreneurship Conclave, hosted by

Prarambh, The E-Cell of IMT Hyderabad.

Mrs Bala Mukkamala was a part of the

group of distinguished guests at the

conclave which included Mr. J A

Chowdary, the Executive Chairman and

Co-Founder of Talent Sprint and Founder

Chairman, Hyderabad Angels, Mrs. Aruna

Kappagantula (Co-Founder, Bamboo

House India) and Mr. M.V. Somasekhar

(Technology Manager, NSIC Ltd). The

guests shared their personal experiences

on how they went about their own

Entrepreneurial endeavors and how one

should ideally approach towards building

a business in the initial phase and how to

confront the various issues that they

would have to confront.

All the guests agreed that

Entrepreneurship requires a lot of grit and

the will to get through the difficult initial

phases and having the passion, belief and

the finances to make an idea work. Most

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of the startups that fail are because of

lack of funds and the drive to make it

work, rather than the substance in the

idea. While Mrs. Bala Mukkamala talked

about the need for the owners to have the

financial muscle to feed their team for

three years for the business to survive,

Mr. J A Chowdary stressed upon the

importance of getting out of their comfort

zones for entrepreneurs and challenging

themselves with a kind of work they are

uncomfortable with, so that they sweat to

make it work. If a business becomes easy,

it is time to harvest. There was huge

emphasis by the majority of the panelists

on getting the right team in place and

dividing responsibility and trusting your

people with the work assigned to them.

The equity sharing criterion needs to be

defined before one gets into business into

the business and if the business partner

leaves, then one needs to have the

attitude to move on and not let it reflect

on the operations.

The theme of the discussion was also focused on how do women entrepreneurs face the frills of managing a business and having two women entrepreneurs on the panel helped students understand this side of the story. The panelists had the view that initially the women may get preference and capital raising may be easier but in the long run only the business model and the enthusiasm to give the best possible service to the customer matters. The students were advised to work in the industry they want to go ahead in, for a considerable amount of time to get the required exposure and to build the finances needed to launch the business. The government’s perspective was provided by Mr Somasekhar who enlightened the students upon the

procedural requirements that need to be fulfilled for starting a business. He also discussed about the essentials that the NSIC looks at in a startup before funding them and the about help provided to tech startups.

It was a great opportunity for the students of the institute to learn and clarify from people in the industry who have been there and done it all. Especially for the girls who were advised to keep a balance of work and family to make it work. The event was concluded by an official passing of the baton of responsibility of Prarambh to the new junior team, for the next year.

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ENTRESPEAK Bala Mukkamala ( Director, Involute Automation)

( Tanay Kotriwala & Anshika Rai)

Ms. Bala was suddenly at the helm of affairs at

Involute Automation after her father’s sudden

demise. She realised the importance of renewing

the focus on the core of the business – catering to

manufacturers. A significant share of responsibility

was now on her and the focus had shifted to

providing solutions not products, interacting with

people and bridging the skill gap with engineers.

From this, emerged the need for a training school

to make engineers work-ready within a minimum

of 3 months.

She was accepted into the four month program of

ISB which provided further stimulus for the

Involute Institute of Industry Training. She formed

her own business plan for the training institute and

tested it on a pilot basis to see how it worked out.

Her advice for beginners: Entrepreneurship is an

attitude. An entrepreneur is hell bent on his idea.

There is an undying desire to prove himself... you

have to give yourselves totally to the idea.

She continued further by elaborating that for any

business it takes a minimum two to three years to

kick start. No business idea fails because it’s good

or bad. It is only a matter of what is done right that

is the reason behind such a few number of

successful start-ups. She went on to describe

certain inherent attributes in an entrepreneur -

He/She is forthcoming, patient and has an ability to

accept failure.

PRARAMBH: How do co-founders share

responsibilities, equity?

Bala: Decisional hierarchy in a business should be

of foremost importance. Deciding who will be in

the driver’s seat is imperative and future decision

making hinges on the same. Rules and guidelines

must be set in tandem with the business

philosophy to ensure accountability and

responsibility.

PRARAMBH: How do you convince talented

youth to join the start-up considering that they

may be monetarily motivated during the initial

years of their careers?

Bala: In my company we have not got interns but

we made sure we roped in people with credible

work experience and have expertise in relevant

areas in the past (In our case Training heads from

TCS, Production In-charge from an automotive firm

etc). In the initial years your ideation process is

hazy and the path ahead is still being charted.

What matters at such a juncture is how well you

are able to showcase the potential of what the

company could be in the coming years to the

prospective employees and what will their role be

in achieving this potential. At the end of the day

your excitement and belief in your concept is

infectious and will be the final trigger for his

decision to work with you.

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PRARAMBH: In entrepreneurship, success is

transient. Were there times when you felt that this

was not forever, and an exit strategy should be set

in place?

Bala: The differentiating factor between a

businessman and an entrepreneur is that the latter

considers his venture as his own progeny and like

any parent nurturing is second nature for you.

Apprehensions always exist in the initial stages but

the fact that the business is a going concern will

always be present at the back of your mind.

As the session ended, she emphasised the need for

students to gain experience before starting a

venture of their own, to bridge the gap between

the course curriculum and skills which are required

to successfully run your start-up and to team up

with people who have the vision to share your

dream.

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WOMEN RNTREPRENEURS

THE CORNERSTONES

( L Kranti Kumar, AMITY BUSINESS SCHOOL,NOIDA)

The time has finally come for us to stress on the

fact that women entrepreneurs are a positive

potential that is currently untapped in many

societies.

It is vital for us to remember that women can make

significant contributions to the economy and

society. National economies are losing out when a

substantial part of their population cannot

compete equitably or achieve its full potential. If

countries could unleash the potential of women

entrepreneurs, the effects on employment and the

economy, on the health and well-being of families,

on girls and role models, and on gender equality

would be enormous.

Surely entrepreneurship matters. Its benefits are

many, from rewarding problem solving,

organizational, and leadership abilities, to fostering

creativity and engendering empowerment. Not the

least of its merits is the significant boost it gives to

the economy.

Its very true that greater female economic

independence promotes geopolitical stability and

world peace. If so, it might just be time to firm up

that business plan you’ve been dreaming about.

Studies have shown that successful Women

entrepreneurs start their businesses as a second or

third profession.Because of their previous careers,

women entrepreneurs enter the business world

later on in life, around 40–60 years old. As women

are now overtaking their male peers when it comes

to education, having higher education degrees is

one of significant characteristics that many

successful female entrepreneurs have in common.

(http://en.wikipedia.org/wiki/Female_entrepreneu

r)

Supporting entrepreneurship is undoubtedly a

positive and practical choice, however there are

many women across developing countries who

don't receive any encouragement or support. As a

result, these women are unable to pursue their

dreams and a major source of growth is left

untapped.

"Limiting women's economic potential is for

every country like leaving money on the table. It

doesn't make sense, especially when we are still

struggling to grow our way out of the economic

crisis.” -HILLARY CLINTON

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It is vital that governments and organizations work

to support women entrepreneurship and promote

growth. However there are many issues that need

to be addressed. Women face a myriad of social,

economic and structural barriers which prevent

them from succeeding in their pursuits. A high

proportion of women entrepreneurs in developing

countries operate in the informal economy, which

restricts the potential for their business to grow.

Also, women also typically lack access to training

and access to business development services that

would help them expand. Due to a low rate of

financial literacy and a gap in financing for women

entrepreneurs operating beyond the micro level,

many women also have difficulty accessing the

appropriate loans that they need to develop their

businesses. Even if women do secure loans, many

struggle to manage them.

Indeed, women entrepreneurs also lack effective

networks that can support learning and leveraging

of resources, such as knowledge, business advice

and mentorship. Because much of business culture

is male-dominated, women tend to be excluded

from such circles. Lastly, women lack the support

from their peers and communities to pursue their

entrepreneurial pursuits. Many societies still

discourage women from going into business, and

there are few positive role models for women

entrepreneurs to inspire them to push ahead

despite the odds.

We all very well know that half the world is

woman. Educating a woman means educating a

family. These two popular sayings underscore the

critical and timeless roles women play in society.

These aren’t entrepreneurial myths; they’re real-

life examples of women-led ventures taking shape

right now. The beauty of it is, unlike with getting

women into corner offices of corporations, these

ventures don’t require any shifts in corporate

culture. In the developed world, the rule of law

supports women’s rights to pursue their efforts

and maintain the wealth they create. And hence, a

nation should maximize all the potential it has by

promoting the spirit of women.

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ENTREFEATURE

A STYLISH FOOT IN THE DOOR

(Kriti Dua & Sankalp Parihar,Great Lakes

Institute of Management Chennai)

“You choose your friends by their character

and your socks by their colour.”

-Gary Oldman , English screen and stage actor

Ever wondered if a mundane and ordinary

looking idea like selling socks could ever

become so much fun? Well, the thought

sneaked into minds of two young women-

Seema Seth, 33, and Pooja Mehta, 28, and

they beautifully metamorphosed it into their

entrepreneurial venture- Footsy.in. Incepted

in February 2012, this colourful e-commerce

start-up caters to people who believe in trying

out unconventional styles and believe that

‘socks are a reflection of one’s personality’.

The founders who were then working as

designers for other brands got together and

resolved to start a product-led business of

their own.

Sock it up – Working Model

Their current focus is on expanding their

product catalogue. Main operational model

includes design and manufacture of own

products like socks and woollen snugglers and

they also curate

products from

International

brands. Footsy is

transforming into a

sought after brand

for sock-a-holics all

over the country.

Their offerings range from socks, legwarmers,

handmade snugglers to shoelaces, in scores of

patterns and designs.

Marketing

By using a young, catchy and playful name –

Footsy, which is also a flirtatious game played

using feet, they have carefully positioned

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themselves in the minds of the young

consumers who form the cream of their target

market. They are also creating value and

building social capital by leveraging social

networking. It is, undoubtedly, one of the

most effective forms of promotion in today’s

community. Targeting the enthusiasts that are

active on face book and twitter, they are

utilizing the rapidly changing digital landscape

to as much as possible.

Funding and response

Footsy is a completely self-funded venture.

According to the founders, Mumbai caters to

80% of the orders placed at the socks portal.

With men no longer stuck with a fetish for

blacks and blues, they’ve noticed that men in

metros are more open to experimenting with

vibrant colours and styles in socks. It is no

longer just a playful activity of childhood

where kids pair 2 different socks just for fun.

The distinction between feminine and

masculine colours had blurred and everyone

is vying to wear something nice, bright and

cheerful. And Footsy has found itself a whole

new segment of customers.

User Experience

Aspiring to provide springs to every one’s

steps, Footsy is a bunch of warm and solemn

people. There is a personal touch to every

service they provided and they share a

personal hand-written message thanks all the

customers for making a purchase. The note is

delivered along with the socks to their

customers. All the emails and messages are

replied promptly and all the activities are

accelerated once the purchase order is

received.

Challenges:

As the start-up is set on a growth trajectory, it

is exposed to a large of challenges. Keeping

the customers happy and ensuring sale

throughout the year is one big challenge. In

parts of the country other than the metros,

people still consider socks as part of their

‘undergarments’ and prefer keeping them

hidden under their jeans, trousers, shoes, etc.

Being operated by a two member team, there

is also a high amount of effort that goes into

taking stock of inventory, packing products,

getting the e-commerce site up and running,

amongst other things.

Wishing Footsy All the best!

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PASSING THE BATON

( Arjun Chaudhuri, IMT Hyderabad)

As every journey comes to an end, so does this. Speaking on behalf of the E-Cell team of 2013 batch, it has been a great of opportunity to be a part of this cell and form its existence and base in the college. The initial days are still memorable when the objectives were jotted down and the agenda or curriculum chalked out as to how we can go about its formation. Taking the challenge as starting up the cell and maintain its sustainability was itself a huge task as the stepping stone of entrepreneurship. There were several hurdles in the beginning of the cell as every start up has, which were well taken care of and the cell moved on with its activities. We tried getting in venture capitalists and angel investors, tried engaging the students in networking activities with other business schools, holding business plan competitions, managing ventures in food and beverages sectors involving real cash, organizing the entrepreneurship conclave and even prepare the college for the happenings of the entrepreneurship week in the very first year. The very attribute as every entrepreneur should have, self sufficiency played a role when the cell started generating funds of its own for long term sustainability. As we seniors depart, we take along with us many memorable events related to this cell. We pass on the baton to our junior batch of 2014 who would surely carry the lead forward and make each event of the Cell bigger, better and more promising. We sincerely thank our faculty mentor in this final newsletter of our batch, who had been a trigger and a motivator to carry on every activity with much zeal and vigour. "It is fine not to follow any path. Better make a new way and leave a trail so that others can follow you"

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Add-ons

Readers’ Corner

Got any comments? Would you like to contribute to the newsletter? Get back to us at: ecellprarambh@gmail.com.

Your comments/views and articles would be published from the next issue. A few things to be kept in mind: Articles/comments should not be demeaning / damaging in nature.

Articles should be to the point and of around 500 words.

The decision of selecting the articles to be featured and the number of such articles

rests with the faculty mentor and editor of the newsletter.

So put on your thinking caps and show us your intellect side.

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Team Prarambh

Faculty Mentor

Dr. Archana Pillai

Core Members:

Arjun Chaudhuri

Udit Luthur

Divya Vuppala

Vaibhav Chabra

Manish Vishnu M.

Designing, Compiling & Tech support:

Pankaj Kumar Gaurav

Prateek Mukherji

Editing team:

Rohit Seth

Anshika Rai

Ridhima Kumar

Tanay Kotriwala

Ameya Lingaraju

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Write to us: ecellprarambh@gmail.com

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Institute of Management Technology, Hyderabad

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