Why Entrepreneurship Development Cell is Need of the Hour? Figure out it's Objectives, Functions, Types of Activities, Benefits and Much More...!

Abstract: 

India culturally has had a rich tradition of fostering entrepreneurship. Globalization of business and tremendous potential for growth in service sector has opened up a new vista of opportunities for young technocrats, who are looking for opportunities to exploit their full potential by setting up their own ventures. 

The importance of Entrepreneurship Development Cell is to boost and promote the culture of Creating Jobs versus Doing Jobs. The E- Cell must be established in an engineering college the to encourage students to consider self employment as a career option. 

It must be an initiative of the young minds of the institution for development and mentoring of skills in students who are passionate to pursue their ambition in setting up their own venture. The E-Cell must organize different activities and events to train and motivate the students on entrepreneurship.

Keywords: Entrepreneurship, Development, E-Cell, Engineering, Ventures, Opportunities, Know-how 

Learning Outcomes

After undergoing this article you will be able to understand the following:

1. What's Entrepreneurship?

2. What's Entrepreneurship Development?

3. What's Entrepreneurship Development Cell and Why it's important in an institution?

4. What's the objectives of E-Cell?

5. What are the functions undertaken by E- Cell?

6. How E-Cell functions are carried out?

7. Which resources are necessary for smooth functioning of E-Cell?

8. How committee is formed for E- Cell and responsibilities are relegated?

9. What are the benefits of E-Cell?

10. Is there any limitations of E-Cell?

11. Some recent examples of E- Cell in different institutions. 

12. Useful links and resources for further information.

13. Important FAQs 

14. Conclusions 

1. What's Entrepreneurship?

Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit. 

The most prominent example of entrepreneurship is the starting of new businesses.

2. What's Entrepreneurship Development?

Entrepreneurship development is the process of enhancing the entrepreneurial knowledge and skills via structured training programmes. 

It deals with the study of entrepreneurial behaviour, dynamics of business, and its development and expansion.

3. What's Entrepreneurship Development Cell and Why it's important in an institution?

What's E- Cell?: 

E- Cells are typically student-run organisations in colleges and universities that aim to foster an entrepreneurial culture among students. These cells provide a platform for students to explore and develop their entrepreneurial skills, connect with like-minded individuals, and access resources and support to start and grow their businesses.

This cell is formed To develop spirit/awareness on entrepreneurship among the students, To develop the advanced skill of creativity and innovative thinking, To empower and inspire students to take initiatives and accept responsibilities to thrive in the challenging world and To become employment creators than seekers.

Why E- Cell is important in an institution?

E-Cell cames up to foster entrepreneurship among the students. It’s like a club, run by students, and driven by the management of the institutes. E-Cell hosts various workshops, speaker sessions, innovative games, competitions for aspiring entrepreneurs, and support them by providing necessary resources such as seed funding, mentoring consultancy, and networking.

E-Cell events and competitions  offer students the opportunity to develop and enhance their skills. These events typically involve various activities, such as business plan competitions, ideation challenges, and pitch competitions, which require students to apply their knowledge and skills.

Overall, entrepreneurship cells play a vital role in promoting entrepreneurship and innovation among students and creating a vibrant entrepreneurial ecosystem in universities and colleges. 

4. What's the objectives of E-Cell?

The tentative objectives may be earmarked as follows:

1. Fostering and developing entrepreneurship among the student community
2. Enhancing  innovative  thinking in order to develop new  products
3. To develop as incubation center for all phases of entrepreneurship
4. To get the innovative product
5. Provide advisory services to the budding Entrepreneurs
6. To encourage to file more number of patent
7. Encourage to set Campus company / start- up company within the campus
8. Community Engagement.

5. What are the functions undertaken by E- Cell?

The functions of E- Cell may vary depending on the institution, but generally, they organise various activities and events throughout the year to support entrepreneurship and innovation. 

Some of the common activities may include are the following:

• Orientation and Motivation.
• Trainings
• Internships
• Workshops
• Seminars
• Networking Events
• Projects know-how
• Government regulations 
• Opportunity assessment.
• Kickstarting the Entrepreneurial campus.
• Business Planning workshops.
• Prototype to commercialization- drafts preparation.
• Market Analytics.
• Managing funds/ entrepreneurship finance.
• Social Entrepreneurship locally in the area.

The briefs of the some activities are included below for ready reference for your understanding:

• Workshops and training sessions: E- Cell often conduct workshops and training sessions on various topics related to entrepreneurship, such as; ideation, business planning, marketing, finance, and legal issues.

• Networking events: These cells may also organise networking events where students can connect with successful entrepreneurs, investors, and mentors who can provide guidance and support.

• Business plan competitions: E- Cell often host business plan competitions to encourage students to develop and present their business ideas.

• Incubation and mentor ship: Some E- Cells also offer incubation and mentor ship programs where students can work on their business ideas with the support of experienced mentors.

• Funding opportunities: Finally, E- Cell may also provide funding opportunities to students to help them launch their businesses. This may include seed funding, grants, and access to venture capital firms.

6. How E-Cell functions are carried out?

The tentative structure of E-Cell should be as follows:

Roles and responsibilities Assigned may be as follows but not limited to:

Chair Person:

Coordinate with all the departments

Give the final decision by consulting the faculty advisor.

Holds the entire responsibility of any event which occurs under E-Cell

Manages everything efficiently

Motivate and inspire his/her team to work more efficiently.

Maintains transparency in accounts along with finance head and faculty advisor

Faculty advisor:

Guiding the E-Cell Committee

Authorize all the activities/events.

Ensure proper documentation of any event.

Proper maintenance of accounts and also helping in managing the cash flow in the events.

Ensure presence of other faculty members during events.

Finance Head:

Ensure proper cash flow In all the events.

Maintaining transparency in accounts with committee and faculty advisor.

Maintain proper financial account of E-Cell.

Marketing Team:

Getting sponsor for various events.

Getting speakers through various contacts.

Ensure proper in flow of cash for various events planned.

Logistics Team:

Ensure proper arrangements of the activities / events to be conducted by E-Cell.

Getting permissions for the arrangements to be made.

Publicity Team:

Ensure proper publicity in institution and various other colleges.

Attracting maximum people for any activity / event conducted by E-cell.

Events Team:

Organize and manage all the activities / events in coordination with other department and faculty advisor.

Getting new ideas and implementing them .

7. Which resources are necessary for smooth functioning of E-Cell?

The minimum requirements to run an E-Cell in a college are the following

1. An office space

2. Computers for office work

3. Internet connectivity

4. Permission to use discussion rooms, conference halls or other facilities available as required.

5. Support from top management

6. A minimum budget for a year.

8. What are the benefits of E-Cell?

E-Cell events and competitions are an integral part of these platforms, and they offer several benefits to the students who participate in them. Few of the benefits are as follows:

1. Networking Opportunities

One of the most significant benefit of participating in E-Cell events and competitions is the networking opportunities they provide. These events bring  together; students, entrepreneurs, investors, and industry experts from various fields, providing a great platform for students to network and build connections.

By participating in these events, students can meet like-minded individuals, exchange ideas, and get valuable insights from successful entrepreneurs and industry experts. This networking can help students in various ways, such as finding potential investors, partners, or mentors, and expanding their own professional network.

2. Skill Development

E-Cell events and competitions also offer students the opportunity to develop and enhance their skills. These events typically involve various activities, such as business plan competitions, ideation challenges, and pitch competitions, which require students to apply their knowledge and skills.

By participating in these activities, students can develop essential skills such as problem-solving, critical thinking, communication, leadership, and teamwork. These skills are crucial for any aspiring entrepreneur, and participating in E-Cell events and competitions can help students develop them.

3. Exposure to Real-world Scenarios

Another significant benefit of participating in E-Cell events and competitions is the exposure to the real-world scenarios. These events offer students to experience the challenges and opportunities that come with starting and running a business.

Students can learn from the experiences of successful entrepreneurs and gain insights into various aspects of entrepreneurship, such as marketing, finance, operations, and strategy. This exposure can help students develop a deeper understanding of the practical aspects of entrepreneurship, preparing them for their future endeavours.

4. Recognition and Validation

Participating in E-Cell events and competitions can also provide students with recognition and validation for their ideas and efforts. Winning or being recognised in these events can be a great source of motivation for students and can help them gain credibility and recognition for their entrepreneurial endeavours.

Moreover, winning these competitions can also help students secure funding and resources for their businesses, as investors and other stakeholders are more likely to support a venture that has already been validated by experts.

5. Access to Resources and Support

E-Cell events and competitions can also provide students the access of various resources and support systems. These resources can include funding, mentor ship, incubation facilities, and other services that can help students turn their ideas into successful ventures.

E-Cells typically have a vast network of resources and support systems, including investors, incubators, accelerators, and other organisations that can provide students with the necessary resources and support to start and grow their businesses. 

9. Is there any limitations of E-Cell?

There are some limitations too of the E-Cell

The noted five limitations are

1. Uncertain results and income

2. No fixed working hours so academic activities may hamper

3. Risk of failure

4. Lack of investors and 

5. More stress. 

The other kinds of limitations are

• Obtaining finance. 
• Backlash. 
• Not focusing on profit. 
• Burnout. 
• Lack of public knowledge.
• Not many success cases.
• Not having a substantial support structure.
• Marketing.

11. Some recent examples of E- Cell in different institutions. 

Vikas Soch:

It is an Ideation competition wherein teams are required to put forth a model to deal with social issues in a sustainable and innovative manner. This is a model based competition so general idea is rejected.

 

We are searching for innovative and self-sustaining ideas. Vikas Soch provides a platform for socialist thinkers and social workers to showcase their models for the upliftment and well-being of the socially backward and deprived.

APPCONNECT is an online event which requires you to submit an app idea. It is not about building one, just brainstorming about a new idea. Ideas judged on the grounds of creativeness, innovation, applications and feasibility. Prizes won just for idea submission makes the event quite popular round the nation.

11. Useful links and resources for further information for Entrepreneurship.

1. Forbes.com

Another no-brainer publication for business-owners, Forbes’ “Entrepreneur” section is a great way to stay updated. The section is less advice-driven and more centered around news that is relevant and interesting to business owners.

2. Bloomberg.com

Bloomberg is a no-brainer for business owners. But a pretty sweet little nook on their website is the “Leaders” section. Great insights and pertinent stories for leaders at all levels are filtered into this section. The leadership section is especially geared toward helping you make the right choices.

3. Entrepreneur.com

Feeling a little down in the dumps? Need a little motivation? It is dedicated to providing entrepreneurs insights to the industry leaders and pioneers of our time. Whether things are rough or you’re just looking to kill some time in the office, make sure you have this bookmarked.

4. The Economist

The Economist offers a wonderful, global perspective of the economy at-large.  Highlighting socioeconomic factors and political effects in the world market, The Economist might not directly relate to your daily operations, but they can put your work in perspective and remind you that you’re part of a bigger economy. 

5. Industry Associations

Industry associations and trade publications track and report activity within their sectors.

6. Consulting Firms

Large consulting firms such as Deloitte, Accenture, and McKinsey produce substantial free research on markets and industries. To search these sites, you can use the Google “site:” function or use the search functions on each firm’s website.

7. Libraries

If you’re looking for something you can’t find online, pull out your local library card. Many public libraries or chamber of commerce libraries provide access to people who live or work in their service area.

13. Important FAQs on E-Cell 

Q.1. How E-Cells Contribute To The Growth Of Entrepreneurs?

Ans. E-Cell aims at providing aspiring entrepreneurs with real-life business experiences and insights into the entrepreneurship world.

Q.2. How Increase in Entrepreneurial Knowledge is possible through E-Cell?

Ans.: Your entrepreneurial knowledge can grow exponentially by joining an E- Cell. You can learn things like how to start a venture, the importance of Intellectual Property Rights (IPR), What to look for in a co-founder, etc.

Q.3. How Business Skills improved through E-Cell?

Ans.: E-Cell provides the right atmosphere for entrepreneurs to work on and grow their idea. You can learn important business skills like leadership, time management, financial planning, negotiation, research, etc. So by joining an E-Cell, you can improve your business skills.

14. Conclusions 

Summarily, E-Cell also called Entrepreneurship Cell is entrepreneurship promoting body that aims to provide aspiring entrepreneurs with insights and real-life business experience.

An E-Cell provides 

# Awareness among aspiring entrepreneurs regarding entrepreneurship

# Programs on Entrepreneurship Enabling Skills

# Procedures, and legalities of setting up a business

# Various Schemes By Government for Businesses

# How to approach Investors

# Workshops related to- how to prepare business plans, marketing strategies, etc