Wednesday, February 13, 2008

Do we need education on planning?

Mr. A.S Rao Advisor, Department of Scientific, and Industrial Research (DSIR), Government of India, mentioned about DSIR starting new scheme, where they will provide angel fund to innovative startup companies, in his recent mail. Later, he also sent his blog address, where you can find further details, about it

The format of the application, for fund, is send, to couple of entrepreneur who is planning to start up. They where little overwhelmed, with the extensive financial information, the format of the application require. After couple of weeks also, there is no response from those would-be entrepreneurs.

Previously, the perception was that, there is a lack of funds available for supporting startups. However, the reality is different. Right now, the funding situations are getting better and better. There are also people who are planning to start their own business, and there is a lot of energy into that. While working on different process in i2i2008 of IIMC, and TieGER08 Bplan Competition of TiE Kolkata, and while being invited to Judge the Kshitij08 Business Plan competition of IIT-Kgp, there was a remarkable revelation.

The lack is not in the fund. There are also people who have the fire in belly. They are passionate about starting up. The lack is on understanding about the process of planning, which could lead to the process of funding. The plans people made, are not the plans investors want to see. They were just static project timelines, with activity sheets. Most plans lacked the strategic focus, which is so important for generating fund. There are few exceptions obviously.

There are also mental blocks. There are quite a lot of passionate young stars, who thinks planning is a one-time process. It is like building a resolution on the first of every year and throwing it in second. However successful entrepreneur have a different take on it. They feels planning is a continuous process. You have to plan, at the same time you have to adapt. You cannot successfully adapt, without a plan. Neither, you can make a successful plan without adapting it time to time.

Do we need education in planning to change the misconception about what a plan is?

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