BUSINESS ADVISORY COMMITTEE (BAC)
OPPORTUNITIES FOR STARTUPS AND YOUNG ENTREPRENUERS
The World Zarathushti Chamber of Commerce (WZCC) was established in USA in December 2000. One of its prime objectives was to kindle and promote entrepreneurship. We know of the legacy the earlier generations of Parsi entrepreneurs have left behind. They, with limited resources, started businesses, which today are prominently known in India and around the world.
Entrepreneurs create jobs. Jobs provide people with livelihood, which makes people feel emotionally secure. Hence, developing entrepreneurship is of significant value to our Community.
Most often a business idea comes to mind when one is working for a corporate or a company. That is when one has the opportunity to learn what customers need, beyond what is provided by the existing products and services.
A business is defined as a process that converts knowledge into economic values. Knowledge is the ability to apply information to specific work and performance. For business success, knowledge must be meaningful to the customer, in terms of satisfaction and value.
One of the challenges for a startup is to make a viable Business Plan. It is important that the business idea is unique, in the sense that it is different or new, that will get a foothold in the market and benefit the customer or society.
Every business needs to define its Vision and Mission:
- A Vision statement is a perceived unique characteristic and a broad objective to which the organisation is committed to sustain the growth of the enterprise over the long term.
- A Mission statement is a set of commitments that best describes what the organisation will do to ensure growth and profitability of the enterprise. It also states the commitment to stakeholders, to the environment, to the laws and regulations that apply to the business.
It is very important for a startup to understand the difference between a Natural leader and a Management leader. A Natural leader tends to put his personal interest above that of the group as a whole. His outlook and orientation are centric. Typically, he sees other members of the team as working for him, rather than with him. He tends to give more emphasis on his own rewards, whether these are financial or psychological. If the startup has to survive and grow, the leader has to undergo a transition to become a Management leader who specialises in the work necessary to achieve desired results.
Management is defined as the science of “Getting results through and with people”. The practice of Management is divided into four functions – Planning, Organising, Leading and Control. Each of these functions has related activities. These are described in detail along with guidelines for implementation in the book “Learning to Succeed”, authored by Pheroze P. Kharas and published by WZCC. Each of the fund applicants is given a copy, which hopefully will be studied for business success. The startup is required to prepare a realistic and achievable Business Plan based on the format provided in the Book and approach the Business Advisory Committee for guidance and mentoring to secure funds.
A ten member Business Advisory Committee (BAC), consisting of experienced and multi-disciplined WZCC members, has been formed to mentor the Applicants and review their Business Plan before funding. If the Plan is found to be credible, WZCC disburses an amount, up to a maximum of Rs.25 lakhs, which is interest-free. The amount funded has to be returned monthly over 36 months, after a 6 month moratorium.
Before the funds are disbursed, the Applicant is required to provide:
- Demand Promissory Note
- Arbitration Agreement
- No Objection Undertaking
The first two documents must be Franked and then signed by the Applicant.
The Applicant also has to provide a Collateral to secure WZCC’s funds. Alternately, two Guarantors will sign legal document for surety on the return of the fund.
WZCC will consider funding only for startups or those who have been in business for two to three years and want to grow their business.
For any further information, please e-mail the BAC at ceo@wzcc.org
Events
OPPORTUNITIES FOR STARTUPS AND YOUNG ENTREPRENUERS
The World Zarathushti Chamber of Commerce (WZCC) was established in USA in December 2000. One of its prime objectives was to kindle and promote entrepreneurship. We know of the legacy the earlier generations of Parsi entrepreneurs have left behind. They, with limited resources started business, which today are prominently known in India and around
the world.
Entrepreneurs create jobs. Jobs provide people with livelihood, which makes people feel emotionally secure. Hence, developing entrepreneurship is of significant value to our Community.
Most often a business idea comes to mind when one is working for a corporate or a company. That is when one has the opportunity to learn what customers need, beyond what is provided by the existing products and services.
A business is defined as a process that converts knowledge into economic values. Knowledge is the ability to apply information to specific work and performance. For business success knowledge must be meaningful to the customer, in terms of satisfaction and value.
One of the challenges for a startup is to make a viable Business Plan. It is important that the business idea is unique, in the sense that it is different or new, that will get a foothold in the market and benefit the customer or society.
Every business needs to define its Vision and Mission:
- A Vision statement is a perceived unique characteristic and a broad objective to which the organisation is committed to sustain the growth of the enterprise over the long term.
- A Mission statement is a set of commitments that best describes what the organisation will do to ensure growth and profitability of the enterprise. It also states the commitment to stakeholders, to the environment, to the laws and regulations that apply to the business.
It is very important for a startup to understand the difference between a Natural leader and a Management leader. A Natural leader tends to put his personal interest above those of the group as a whole. His outlook and orientation are centric. Typically, he sees other members of the team as working for him rather than with him. He tends to give more emphasis on his own rewards, whether these are financial or psychological. If the startup has to survive and grow the leader has to undergo a transition to become a Management leader who specialises in the work necessary to achieve desired results.
Management is defined as the science of “Getting results through and with people”. The practice of Management is divided into four functions – Planning, Organising, Leading and Control. Each of these functions has related activities. These are described in detail along with guidelines for implementation in the book “Learning to Succeed”, authored by Pheroze P. Kharas and published by WZCC. Each of the fund applicants is given a copy, which hopefully will be studied for business success. The startup is required to prepare a realistic and achievable Business Plan based on the format provided in the Book and approach the Business Advisory Committee for guidance and mentoring to secure funds.
A ten member Business Advisory Committee (BAC), consisting of experienced and multi-
disciplined WZCC members, has been formed to mentor the Applicants and review their Business Plan before funding. If the Plan is found to be credible, WZCC disburses an amount, up to a maximum of Rs.25 lakhs, which is interest free. The amount funded has to returned monthly over 36 months, after a 6 month moratorium.
Before the funds are disbursed, the Applicant is required to provide:
Demand Promissory Note
Arbitration Agreement
No Objection Undertaking
The first two documents must be Franked and then signed by the Applicant.
The Applicant also has to provide a Collateral to secure WZCC’s funds. Alternately, two Guarantors will sign legal document for surety on the return of the fund.
WZCC will consider funding only for startups or those who have been in business for two to three years and want to grow their business.
For any further information, please e-mail the BAC at ————.
