MATS Institute of Management and Entrepreneurship (MIME), JAIN (Deemed-to-be University), organized an online guest lecture titled “Onboarding First 100 Customers for Your Business” on May 26, 2021. The program was attended by 68 participants with 20 students from other colleges. The keynote speaker for the event was Ms. Shivi Jain, Co-Founder of 1000+ Entrepreneurs.

Ms. Shivi Jain spoke about the prerequisites of starting a business or start-up and highlighted the significance of market research. She said, “Market research is an essential tool for starting any business, making business strategies, building a product, targeting users, and improving the product.” She provided valuable insights into effective market research and basic legal activities for setting up a business. She also shared some of her experiences. She particularly emphasized the sustainability of the existing customers and explained what needs to be done to retain customers.

Professor Prakash Nimbalkar was the faculty coordinator for the event and he felicitated Ms. Shivi Jain for sharing her valuable knowledge on acquiring new customers and retention of already existing customers. The event was interactive and informative where students were encouraged to ask questions. Post the Q&A session, next to address the participants was Dr. Muralidharan, Director - MATS Institute of Management and Entrepreneurship, JAIN (Deemed-to-be University). The event concluded with Professor Nimbalkar giving the vote of thanks.

Highlights from the Q&A session:

1. I have an idea, which I am keen to work on, but I don’t have any money, as my family doesn’t have the resources to support me financially. What do I do?

It is a struggle in the early years to raise funds in the absence of any prototype or revenue. Please reach out to your family, friends, or attach yourself with an incubator to gain support during your initial days.

2. How do we stay motivated after one venture fails?

Failures are part of any journey, don’t let the early failure de-motivate you. Every failure makes you stronger and helps you analyze the cause of your failure.

3. Even though start-ups like Paytm, Swiggy, and Byjus are incurring losses, why their valuation keeps going up and why VCs are interested in investing in them?

The investment in start-ups is not based on the profit they are generating today, but on the potential to generate revenue in coming years. Valuation is purely based on the future business potential and has nothing to do with the present situation.

4. How can one person build a prototype of a product after having an idea?

There are tools available online, and an incubator can also help you in making a prototype.

5. How to get patents registered?

Approach a legal consultant or lawyer, who will be able to help you file the patent registration.