Interactive Discussion with Students and Faculty at SIES College - Sion.
On Friday, March 16, 2012, we had an interactive discussion about Entrepreneurship and Career Path with the students and faculty of SIES College Sion, Mumbai - India.
Some of the important points that were discussed:
Why Entrepreneurship?
A myth amongst students that came to the fore was that entrepreneurship is all about making lots of money. In fact, the early years of entrepreneurs' life seldom see them making lots of money. It's all about the problems that we see around us and how can we solve these problems in cost-effective, innovative ways always keeping in mind the simple equation:
Revenue - Cost = Profit / Loss.
Always making sure we do not run out of cash. Always spending less and earning more in order to make sure we are in Profit territory. Based on my reading the book Rich Dad, Poor Dad - I would definitely not recommend a person who wants to make a lot of money to be an entrepreneur.
Work for Money versus Make Money Work for you.
The book - Rich Dad Poor Dad educates you about money. Unfortunately, as highlighted in the book, none of the educational institutes teach students about money. This book beautifully explains the difference between the real assets and real liabilities and how assets help you generate recurring income for you to come out of the rat race and make money work for you. I highly recommend this book to anyone in high school and college. The earlier you know about finances, the better it would be for you.
Problem Solving and Entrepreneurship.
Entrepreneurship - on the other hand is a roller coaster journey that is for persons who love to live on the edge and enjoy the thrill of the journey. The journey to solve challenges or problems posed by the community and coming up with innovative ways to solve these. The more innovative the solution, the better you can charge for product or service. However, statistics show that only one percent of entrepreneurs succeed - hence making it a very difficult path to tread.
Action Points.
To summarize, we at Fragrochem Aromas Private Limited want you to be a rich individual (and we are talking about money rich here - not just rich in knowledge). If you choose to join us in our entrepreneurial journey, we look forward to collaborate with you in this journey. We look forward to your questions, comments, suggestions and more importantly criticisms which help us improve.
