TRANSFORMING IDEAS INTO A BUSINESS OPPORTUNITY

On 01.02.2024 a session on " Transforming Ideas into a Business Opportunity" was organized by the Entrepreneurship Development Cell and IIC in association with the Department of Computer Science and Business Systems. The session was handled by Mr.P.SelvaKumar, Assistant Professor, Master of Business Administration, Francis Xavier Engineering College, Vannarpettai, from 01.30 PM - 04.30 PM. 46 students and 2 faculties participated. This event was coordinated by A.Arthy AP/CSBS.

The program started with the welcome address by Ms.A.Arthy, AP/CSBS Francis Xavier Engineering College. She introduced guest speaker Mr.P.SelvaKumar, Assistant Professor, Master of Business Administration, Francis Xavier Engineering College, Vannarpettai. The guest speaker started the speech by explaining the dynamic landscape of entrepreneurship, the ability to transform innovative ideas into viable business opportunities is crucial for success. He clarified the concept of a business opportunity and its significance in the entrepreneurial ecosystem. He also highlighted the role of creativity and innovation in identifying and developing business opportunities. He discussed the methodologies for generating innovative ideas. To illustrate the concepts discussed, the session incorporated real-world examples of successful businesses that transformed innovative ideas into thriving ventures. He discussed about Hot Breads Mahadevan which was a bakery chain that revolutionized the traditional bakery concept with a focus on freshness and quality. He explained that the business of Mahadevan transformed the simple idea of a bakery into a successful chain by introducing unique and diverse baked goods. As a another real-world example he also discussed about Chai Sutta Bar which emerged as a popular chain specializing in serving a variety of tea blends in a vibrant and trendy environment. This innovation attracted a wider audience and set them apart in the market. He concluded the session by discussing that the transforming ideas into business opportunities are a multifaceted process that requires creativity, strategic thinking, and thorough planning. By understanding the intricacies of idea generation, opportunity evaluation, business model development, and risk mitigation, entrepreneurs can increase their chances of building sustainable and successful ventures.

The students left the session with a renewed sense of purpose, armed with valuable insights that will undoubtedly shape their entrepreneurial journeys.