ENTREPRENEURSHIP

J-COMPONENT

NAME: VIGNESH S
REG: NO: 17BBA0072
COURSE CODE: BMT 3002
FACULTY NAME: DR.SUDIPTO BHATTACHARYA
WORD COUNT: 1170
 PROBLEM IDENTIFIED INSIDE VIT CAMPUS

My problem is inside VIT Men's hostel.

VIT Men's hostel students faced a problem like, theft of own valuable products such as mobile,
laptop, DSLR camera, wallet, and even other products were stolen by the unknown person, most of
them expected that the person doing all these theft actions were the temporary cleaning workers,
because one of my friend lost his mobile, they kept their door open at the night time, and at the late
night his roommate went out and came in, at that time he saw his phone, in was around 1:30 midnight
after that time, only security guards and the cleaning workers will be roaming, and one of the another
reason is that, my friend traced his phone with the help of a IT department friend, and he found the
signal near to the M-Block where the cleaners use to stay.
 SOLUTION FOR THE PROBLEM

My solution for the identified problem is, installing a high-tech electromagnetic strip all around the door
step in each and every room, the electromagnetic strip is capable of reading the barcode and the chip
inserted in the students I’D card. And a new rule to be implemented among students, to carry their own
I’D card whenever they leave their room, then a clear record will be maintained like, who enters the room
and when he leaves and what is the time of entry and leaving. When a person who does not belong to the
respective room and enters the room without I’D card, the door will automatically close and will open
only if the block supervisor or the respective room member gives their own finger print, which is
connected to the door installation system. Now no one can enter others room without their I’D card, then
there will be no theft actions inside VIT Men's hostel.
Problems that may arise:
 Students may intend to misuse their friends I’D card.
 Two or more students might join together and plan to steal one of their room mates products, without
I’D card and keeping his finger print to hide the robbery activity.
 BUSINESS PLAN

EXECUTIVE SUMMARY:
This project or the start-up method can be executed in VIT Men's hostel because already the college has
high technological security systems like bio-metric entry, eye scanning food allocation in Messes, etc, so
this thing won’t be a big challenge for the management. The correct time period for the installation of this
project is the summer vacation, because all the students will be left for summer vacation.
Target customer and the opportunity for the team:
VIT Management is the target customer, as the management is planning to install a electromagnetic strip
technology for security reasons, the company can use this as a opportunity to build up their business.
The customer expects the installation work to be done as quick as possible because the students will arrive
to college by the second week of July, they have got only nearly two months for this process.
 CONTD.,
Competitors:
The major competitor for this project or business implementation is the CCTV suppliers for VIT, because the
supplier who already being supplying CCTV Cameras to the University may be in great deal or in good
connection with VIT, despite that capturing the targeted position is a difficult process.
The one positive thought is that, even though they have CCTV cameras in the hostel blocks, students may intend
to steal products by hiding it in bag or in pant pockets etc., but here in this new business idea such loop hole is
very difficult to arise. If any problem arise in such a case the team need to re-work on the idea and need to come
out with a new and innovative idea capable for that situation.
Physical resources required: Location, Nano-tech electromagnetic IC chips, and other electronical equipment's
needed, transportation facility.
Human resources required: Employees who can efficiently install the products, managers.
Financial resources required: Cash, Credit, obtained from debt financing or from partnership basis, or from
own family funding.
 MARKET ANALYSIS

 The only competitor is the CCTV supplier, because no other competitive business in running in VIT.
And one of the positive advantage is even though CCTV cameras are been installed, still there is risk of
robbery activities may happen.
 Need to make sure that VIT really want our offering (products).
 Need to make sure that you can reach your customers efficiently.
 Need to analyse, what are the functional problems are your customers trying to solve.
 Need to analyse that how much will the customer can pay for your product.
 Need to conduct SWOT analysis.
 Need to maintain a clear cut of the chips used in each and every rooms.
 SERVICE OPPORTUNITY
After the installation of all those electromagnetic chips, every year a proper service is required, because all the
material were used is IC chips and so definitely a proper service has to be done every year.
The company can charge as much as they can for the service offering, because they were the one who installed
those chips and only they know in and out of those chips and they can charge it as they wish but not in a way like
loosing the customers.
Sales strategies:
 Should be flexible with the VIT management in order to maintain a good business relationship.
 Use storytelling technique to keep your customers aware of your product as well as to make them think about
your product.
 Should listen carefully to the customer (VIT) about what they need exactly.
 Negotiate for a win-win situation, that is selling your product at affordable cost and making your customer to
feel the same as you do.
 Should give some one or two free after sales service.
 FUNDING REQUIREMENTS

 A rural small business development centre (RSBDC)

 National small industries corporation (NSIC)
 Small industries development bank of India. (SIDBI)

These are some of the institutions from which the start-up company can obtain money to develop their
business. They can even use debt financing or even they can add partners to their business, or family and
friends to be helpful both financially and innovatively.
At a total of around 20-30 lakh may require to start-up the business, because all of the nano-tech IC chips
are very costly and so it requires that much money to be invested.
 CRITICAL RISK ASSOSIATED WITH THE START-UP

 Product risk- In case if the product fails to perform well, there arose a big problem of failure in the
contract between the VIT management.
 Financial risk- You may not get any financial help from outsiders as well as from your family and
friends.
 Team risk- The team you have engaged with might not perform well, or any conflicts may arise in
between the implementation of project with regarding the idea or money.
 Execution risk- They might be embraced with the failure at the starting stage, and need to learn, how
to manage it and to come out of it.
 Maintenance risk- They may not be able to provide maintenance service as promised earlier.