Elite Club

The Induction Event (2023)

General Details:

Date : 07-11-2023                                                          

Location : Sudhamani Hall

Time: 17:37 to 18:32

Report:

• Khushi Kapil, Co-Head of Curation in Event Management, hosted the event, which commenced with a lamp-lighting ceremony and a prayer moment.
• Mehul Sharma, the Chairman, delivered a talk where he explained the club’s values, highlighted “E” for Entrepreneurship and “L” for Leadership, and underscored motivation as a key factor for entrepreneurs. He also expressed his intentions to organize and participate in E-Summits and Conferences.
• Anu G Kumar, the Faculty Mentor, emphasized the club’s values and acknowledged the individuals who have contributed to the club’s success within the institution. He also highlighted the potential of a community of like-minded individuals with shared interests to achieve great things together.
• Ice Breaker Session : Quiz (by Srinjay Chaudhary A–Joint-Secretary)
• Arman Mahapatra, the President, informed the audience about the promises of the Elite club for its active members. He also reviewed the past year’s events organized by Elite and recommended some books for audience members interested in gaining knowledge and pursuing entrepreneurship.
• Ayush Pratap Singh, the Treasurer, delivered an interactive talk on the financial aspects of entrepreneurship and investing. He discussed inflation, provided his insights on investing in gold, real estate, and emphasized that Fixed Deposits (FD) may not be the ideal choice for a safe and secure investment.
• Sumit Kundu, the Vice-President, introduced the Core Committee and members of other Elite departments to the event attendees, emphasizing the significance of each department within the club. The event concluded thereafter.
• A few minutes were set aside for addressing questions, and there was not able interest in the financial aspects of entrepreneurship.

Fraudulent Markets : The 2008 Housing Crisis

General Details:

Date : 12-02-2024               

Location : Sandeepani Hall

Time: 4:40 PM – 5:20 PM

Report:

• In the event titled “Fraudulent Markets : The 2008 Housing Crisis, “the club adopted a unique and innovative approach by focusing on a highly specific topic.
• Arman Manahpatra, the speaker, provided extensive coverage of the topic, delving into its causes, aftermath, and the event itself with meticulous detail.
• The discussion also included a brief overview of bonds, loans, and the evolution of banks’ approaches toward lending.
• The crisis, attributed to the in flat ion of housing values and subsequent events, significantly altered approaches to housing markets post-2008. As the speaker aptly noted, “Several events before 2008 were too good to be true.”
• The discussion also encompassed the possibility of a similar crisis occurring in countries like India.
• The event concluded with an interactive session designed to address participants’ questions, which underscored the considerable interest and attention participants exhibited throughout the event.

From Concept to Company

Venue: Sudhamani Hall

Date & Time : 15^th March, 2023, 5:30 PM

The session began with the lighting the lamp ceremony, followed by the insightful talks by various speakers.

From Small Ideas

Mehul Sharma, 2^nd Year ELC

The topic is about transforming a small idea into a successful business, and the importance of turning ideas into a realistic business model that can be executed and implemented. It is essential to conduct market research, define your focal market, and determine your business model, pricing strategy, sales channel, marketing tactics, and distribution method. To test your idea, you can develop a prototype or create a minimum viable product (MVP) to gather feedback and data.

Funding can come from bootstrap, angel round, VC round, or family and friends round. Building a successful business takes time, effort, patience, resilience, and a growth mindset. It requires persistence, dedication, focus, and commitment, as well as learning from mistakes and being open to feedback. However, the hard work will pay off, and it is worth itto live a few years of life like other people won’t, so that you can spend your life like most people can’t.

Step by Step

K Harshavardhan Reddy, 2^nd year CSE

When it comes to coming up with a business idea, it’s important to first identify a problem statement. Once you’ve identified the problem, start looking for multiple solutions. Filter out the best and most viable solution that can solve the problem effectively. If you want to take your business idea global and capitalize on it, you need to identify the user market and determine how profitable your idea is. You should also identify the future scope and scalability of the idea to determine its potential success on a global level. Raising capital/funding can be a crucial step in the success of your business. To do this, it’s important to figure out the right investor for you. You should also keep in mind to keep adequate equity for ESOPS and stock options and maintain proper paperwork and clean accounts. Following these steps can help you successfully raise the capital you need to take your business to the next level.

Increasing Profitability

Sanjay Chidambaram, 2^nd year AIE

The profitability of a business idea is crucial to its success, and there are various ways to increase profitability, such as increasing prices, bundling products, and expanding offerings. Factors to consider when evaluating the viability of a business plan include the break-even point, repeat purchase rate, customer lifetime value, and allowable customer acquisition cost. Testing the business idea with real customers and gathering early reactions can help improve messaging and identify opportunities to reduce risk. Validating the idea through market research, feedback from potential customers, and competition evaluation is also important. The profitability of a business idea is crucial to its success, and there are various ways to increase profitability, such as increasing prices, bundling products, and expanding offerings.

Factors to consider when evaluating the viability of a business plan include the break- even point, repeat purchase rate, customer lifetime value, and allowable customer acquisition cost. Testing the business idea with real customers and gathering early reactions can help improve messaging and identify opportunities to reduce risk. Validating the idea through market research, feedback from potential customers, and competition evaluation is also important. Remember, investing always involves some level of risk, and past performance is not indicative of future results. It’s important to do your own research and consult with a financial professional before making any investmentdecisions.

The Microniche

Arman Mahapatra, 2^nd Year ELC

Personal experience and why these money making ventures may be a bad idea:

1. Stock market
2. Hich ticket closing
3. Dropshipping

Micro Niche – the secret to a successful business. Micro Niche is specialize in a single area to maximize customers choosing yourcompany over the established giants.

The session concluded with a quiz related to the ideas discussed. Nearly 100 students from various branches participated in the event.

Workshop-Pitch Craft (2023)

Date : 13-12-2023

Location : Anugraha Hall-AB3

Time : 5:15 PM -7:30 PM

• Arman Mahapatra, the president and presenter, began the event by acknowledging the audience and highlighting Elite’s emphasis on content quality over quantity of attendees.
• The attendees included Mr. Anu G Kumar (Faculty Mentor) and Core Committee members, namely Mehul Sharma (Chairman), Sumit Kundu (Vice President), Pratyush Punj (Advisor), Ayush Pratap Singh (Treasurer), Srinjay Chaudhary A (Joint Secretary), and Aditya Prakash Dash (Joint Secretary).
• Several widely recognized pitches from Shark Tank were displayed through videos to captivate the audience’s curiosity about what would follow next. These videos played a crucial role, allowing people to relate and gain insight into how the workshop was structured to proceed.
• The presentation encompassed comprehensive information about pitching, spanning from the fundamentals—defining a pitch, its necessity, and how to deliver one—to more advancedtopics. Key areas of focus were highlighted, and the concept of micro-niche was introduced to the audience.
• After the exceptional and informative presentation, Aditya Prakash Dash announced an on the-spot contest on stage, inviting any interested participants to pitch their ideas.
• The judging panel, comprising the Faculty Mentor (Mr. Anu G Kumar) and Core Committee Members (Arman Mahapatra—President; Mehul Sharma—Chairman), ensured a fair and unbiased evaluation.
• Following the announcement, a preparation time of 30 minutes was allocated for all registeredparticipants.They were tasked with presenting their ideas on stage to the Faculty Mentor and Core Committee Members overa 4-minute duration,consisting of 2 minutes for the pitch and 2 minutes for questioning.
• The top 3 pitches were recognized and awarded certificates by the Faculty Mentor, Mr. Anu G Kumar, after an evaluation based on a pre-defined set of criteria.