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Objective of the event The event lineup promises engaging dialogues on crucial subjects for todays entrepreneur, focusing on how the next generation can transform and grow family businesses, the importance of people management and leadership in business expansion, and leveraging…
The event lineup promises engaging dialogues on crucial subjects for todays entrepreneur, focusing on how the next generation can transform and grow family businesses, the importance of people management and leadership in business expansion, and leveraging Artificial Intelligence in business processes. WeSchool is proud to be the knowledge partner for this conclave, reflecting our commitment to nurturing entrepreneurship. Our specially designed Entrepreneurship Management i.e. Family Managed Business (FMB) Program is tailored to support and address the unique challenges faced by family businesses. Since its inception in 2005, the WeSchool FMB program has been instrumental in fostering future business leaders, enhancing networking, and instilling best practices in family business management. Our program aims to address critical areas such as succession planning, governance, and the integration of innovative practices to meet the evolving needs of todays family businesses. The success of our program is mirrored in the achievements of families like the Pitambari group, Daniel Sons, and the D.Y. Patil Group, Panvelkar group, Madhuban Toyota among others, who have witnessed significant growth and sustainable development across generations. Our educational philosophy is built on the Unique AAA Learning Application approach, emphasizing the acquisition, application, and assimilation of knowledge. This ensures a practical understanding of management principles, preparing participants to effectively navigate the complexities of the business world. Experiential learning forms the core of our program, with industry visits in India and abroad, including Japan, providing global business insights and perspectives. Recognizing the importance of technological advancement, our curriculum includes teachings on SaaS products, Generative AI, and Power BI, equipping our participants with the necessary tools for leading in a rapidly evolving business landscape. Also, we organize FMB Alumni Meet to strengthen relationships and networking opportunities among Entrepreneurs.
Event Description Insights from the Event for MSME/FMB/Entrepreneurs on Landscape, Challenges and Opportunities The Maharashtra Business Conclave served as a vibrant platform for discussing the dynamic interplay of challenges and opportunities in the MSME sector, driven by digitization, innovation, and an entrepreneurial mindset. It underscored the importance of vision, action, resilience, and the embrace of technology as cornerstones for future success in the rapidly evolving business landscape.
1. Exponential Growth through Digitization - The digital era has unlocked unprecedented opportunities across all sectors, emphasizing the need for businesses to adopt an exponential mindset. Companies like Tesla exemplify this approach, achieving remarkable growth in market capitalization through innovation and scalability.
2. Vision and Action - The conclave reinforced the idea that a vision without action remains a dream. Conversely, action without a clear vision is merely passing time. Its the synergy of vision with action that has the power to change the world, a mantra for entrepreneurs to live by.
3. Networking and Net Worth - The value of a robust network was underscored, highlighting the importance of meaningful connections that extend beyond mere contacts to valuable, actionable relationships.
4. Succession Planning - A significant focus was placed on the intricacies of succession planning within family-managed businesses, emphasizing the need for strategic foresight and preparation to ensure continuity and growth.
5. Perseverance and Resilience - The personal journey of overcoming adversity to achieve success shared by a speaker (Mr. Mahesh Kothare) highlighted the essence of entrepreneurship. Its not just about the triumphs but also the resilience in the face of setbacks.
6. Global Connectivity and Innovation - Insights into global advancements, such as Vietnams progress in 6G technology, showcased the importance of staying ahead in the connectivity and innovation race.
7. The Pharma Industrys Leap - One out of every four tablets consumed in the US is Made in India, showcasing the industrys strong presence and influence in the international market. The remarkable growth and global footprint of Indias pharmaceutical sector, driven by entrepreneurial spirit and innovation, particularly in the face of patent challenges, were highlighted as a testament to the sectors resilience and ingenuity.
8. Leadership and People Management - The event delved into the critical aspects of leadership, professionalism, and people management, essential for fostering a respectful and efficient business environment.
9. Technology as a Growth Catalyst - The transformative power of technology, especially AI, in revolutionizing business operations, from enhancing efficiency to breaking language barriers, was a key theme. It also talked about the role of generative AI and Copilot for business applications.
10. MSME/ FMB Start-up Landscape - MSME Sector Serving as the backbone of the Indian economy, MSMEs face challenges but are pivotal in GDP contribution, manufacturing, and exports, supported by government initiatives aimed at enhancing competitiveness and self-reliance. · For MSME many schemes introduced MUDRA Loan MSME Business Loans in 59 min for Credits, Government e-Marketplace (GeM) for market access, MSME Samadhaan, Udyam Registration.
Indias Startup Ecosystem Thriving with government support through initiatives like Startup India’ ‘Standup India, the ecosystem is marked by a surge in technology, healthcare, and finance startups. · India’s startup ecosystem has shown remarkable growth, emerging as the 3rd largest globally with over 112,718 DPIIT-recognized startups across 763 districts as of October 3, 2023. The country is also ranked 2nd in innovation quality among middle-income economies, reflecting the strength of its scientific publications and universities. · The start-up ecosystem has experienced exponential growth from 2015 to 2022, with a 15X increase in total funding, a 9X increase in the number of investors, and a 7X increase in the number of incubators1. This vibrant landscape has led to the creation of 111 unicorns with a combined valuation of 349.67 billion. However, in the recent past there has been a dearth of investment from PE VC investors. · The innovation spans across various sectors, with significant contributions from IT services, healthcare, life sciences, education, agriculture, and food beverages1. The rise of unicorns, especially during 2021, was fueled by factors such as a thriving digital payments ecosystem, a large smartphone user base, and digital-first business models MSME FMB Challenges · Access to Credit and Market Competition MSMEs continue to navigate difficulties in securing credit and standing out in competitive markets. · The industry is very fragmented with 5,000 recognized manufacturers, yet the top 20 have 80 market share, showcasing the concentration of power in the hands of a few companies. · Regulatory Bureaucratic hurdles Complex regulations compliance requirements are time-consuming and costly. · Technology adaptation There is huge gap in technology of large companies and MSME due to lack of resources and knowledge or infrastructure. · Human Resources Retaining skilled people is a big challenge. · Family managed Businesses, Succession Planning The challenge lies in preparing the next generation with the necessary skills and mindset, amidst evolving values and increasing reliance on data. MSME FMB Opportunities · Pharmaceutical Industry Growth Indias pharma sector, with its significant global footprint and innovation, showcases the potential for resilience and ingenuity in overcoming challenges. · Women can successfully dominate the business world and become job givers rather than job seekers. · Government Initiatives Schemes like Make in India, Startup India, and various MSME-focused financial and skill development programs provide a supportive ecosystem for growth and innovation. · Export Potential With global markets diversifying their supply chains, Indian MSMEs can seize the opportunity to increase their exports, supported by government incentives and schemes. · Opportunity for Indian food or agri-products to global landscape. · Expanding a brand globally requires benchmarking against multinational products and changing the formula to ensure fantastic innovation. · E-commerce is becoming a significant part of the business, with customers who initially purchase products in physical stores converting to online platforms for future purchases. · Technological Advancements The use of AI in everyday tasks like creating presentations could revolutionize the way entrepreneurs work, making tasks more efficient and accessible. The adoption of technologies such as AI, IoT, and sustainable practices opens new avenues for MSMEs to innovate, reduce costs, and tap into niche markets. Video of the event Maharashtra Business Conclave 2024 - YouTube
