On 26th September 2024, the MBA Department of ST Joseph Engineering College, Mangalore, held a Business Plan Workshop as precursor to the business plan event, "Ingenious-2024" The objective of the workshop was to provide participants with insights into developing a comprehensive business plan. This knowledge is essential for securing funding, guiding business strategies, and effectively communicating with stakeholders. The event was coordinated by Ms. Chitralekha J Acharya, Asst Professor, MBA.
The resource person for the workshop was Mr. Akash Shetty, Chief Sales and Marketing Officer at Straecon, a Mangaluru-based engineering services company specializing in providing solutions to the construction industry. With over a decade of experience in sales strategy, customer relationship management, and account management, Mr. Shetty shared his knowledge on crafting and executing business plans. Straecon's focus areas include Connection Engineering, BIM Services, and Structural Steel Detailing for clients in North America. Mr. Shetty’s experience in managing sales and marketing strategies made him an ideal speaker for this event.
During the session, Mr. Shetty explained the key elements of a business plan, using a mobile app company as an example. He began with the Executive Summary, emphasizing that it serves as the gateway to a business plan, highlighting its main points concisely. The Company Description, Market Analysis, and Organization & Management sections were discussed in detail, focusing on the importance of outlining the business vision, analyzing market competition, and clearly defining management roles. Mr. Shetty elaborated on how the Product or Service section should address a problem and demonstrate how the company’s solution fits into the market.
He also explained the importance of Marketing and Sales strategies, integrating SWOT analysis to assess a company’s strengths and weaknesses. Financial Analysis and Risk Analysis sections were discussed in terms of funding requests and potential risks, followed by the Appendix, which supports the plan with additional data. Throughout the workshop, Mr. Shetty used animated video presentations to explain various topics, making the content more engaging and accessible for the participants.
In the latter part of the workshop, participants were divided into teams of twelve and tasked with creating a business plan for a restaurant within 10 minutes. Each team had to include an Executive Summary, Market Analysis, and Differentiation Strategy. This practical exercise helped students apply the concepts they had just learned, enhancing their understanding of real-world business planning challenges.
Additionally, Mr. Shetty shared insights into common pitfalls businesses face, such as overlooking market trends and failing to differentiate from competitors. He used Kodak as an example to highlight how the company, despite being the inventor of digital photography, failed to adapt to market changes and ultimately suffered significant losses. This example underscored the importance of staying aware of competition and customer needs..
In conclusion, the Business Plan Workshop provided valuable insights into the critical components of a business plan. Under Mr. Akash Shetty’s guidance, participants gained practical knowledge and learned about the importance of market analysis, strategic planning, and avoiding common business pitfalls. The combination of theoretical knowledge, interactive activities, and video presentations made the session highly engaging and educational for future business leaders.
