In a bid to promote quality entrepreneurial knowledge among students, Chandigarh Angel Network in association with UIET organised the startup funding and entrepreneurship programme-CANNABLE at Law Auditorium, Panjab University (PU) on Saturday. The event was aimed at giving young minds ideas and tips to develop financial capability, who seek a career opportunity in entrepreneurship. The event was focused on fund raising, investment skills, need to adopt mentorship, block-chain and panel discussions with young and veteran entrepreneurs.
Emphasising the need and right time to raise funding and mentorship, Gurmeet Chawla Director, Master Trust Ltd said, “Startups need to know if and when to raise funding. Competition poses one of the biggest challenges for the survival of startup business. In online business startup the competition gets tougher. In order to survive in this competitive environment, the startups need to play very carefully and aggressively with a clear objective.”
“A mentor is a priceless resource for any company, specially that are in the startup stage. A good mentor can add enormous values to an enterprise. If an entrepreneur can get benefit from mentoring his chances of success are higher than others. A good mentor keeps his cross-hairs firmly on the interests of the business and from time to time, gives the necessary inputs. In this boom base of enterpreneurs we need lots of good mentors in India,” added Chawla.
“Business is like nurturing a baby. Its success will totally depend upon how passionate one is about it and what time is given to it. Startup is quite different from that of a corporate culture where a boss gives targets to their subordinates. Time is a very important factor, some aspirant may think to start a part-time business. But business is not a part-time work. It takes time and attention with full dedication. It may even take 12 to 14 hours a day”, said Ashish Grover, co-founder of uTrade Solutions.
“Customers are the real force behind any startup’s success. Winning customer’s trust is one of the critical challenges in business and startups today. To win their trust and loyalty, a startup needs to work aggressively to implement a customer centric working philosophy. Not to be conservative when starting with any business. Flexibility is important everywhere, whether to take decisions or to get a feedback.” Grover added.
‘After 24 years working in company I coincided work for my own company’
Amit Narang, Director & CEO of Paymart India Pvt. Ltd shares his entrepreneurship journey from an employee to an entrepreneur . “I was an employee in a company for 23-24 years . Four years back, I left the job to start my own work. I started my own company Fx-Mart with Rs 1 crore. One year later, I had to sell it to Flipkart for Rs 25 crore due to insufficient funds to raise it up. Last year, I started a new company Pay Mart India Pvt Ltd. We have now a network of more than 2,000 franchisee partners across the country with major penetration in Punjab, Haryana, Uttar Pradesh, Bihar and Delhi.”
“When I left my job, people called it a foolish decision to leave a good salaried job. I took the risk and now our company has become India’s first merchant payment acceptance gateway to retail merchants for accepting OTC payments . ‘Roznamcha’, an integrated application and app for banks in which we offer value added services to retail space in rural areas.” Narang said.