159/2024-2025

AIZAWL; the 26^th July, 2024: Labour, Employment, Skill Development & Entrepreneurship (LESDE) Minister Pu Lalnghinglova Hmar inaugurated “Entrepreneurship Development Centre” an initiative of NEC & Indian Institute of Entrepreneurship (IIE), at Mizoram university (MZU) Incubation Centre, here in Aizawl, today.

Speaking at the occasion LESDE Minister Pu Lalnghinglova Hmar stated that today marked the beginning of an exciting journey. As we officially inaugurate the Centre, we are not just inaugurating a building; we are launching vision. A vision of a future where dreams are turned into realities through entrepreneurship, and where our community stands as a beacon of innovation and progress. It shows our commitment to fostering innovation, nurturing talent, and driving economic growth of our State and beyond. Entrepreneurship is the lifeblood of any thriving economy. It is the spark that drives innovation, the force that brings new ideas to life, and the engine that drives job creation and community development.

Entrepreneurship is becoming increasingly popular in Mizoram, in part due to various initiatives aimed at fostering a supportive ecosystem for startups both by the government and private entities. Successful entrepreneurs from Mizoram are becoming more common by the day, and I believe we are definitely moving the right direction.

However, while entrepreneurship can seem glamorous and cool, our young aspiring entrepreneurs mustn’t overlook the significant risks and challenges it brings forth as well. With no intention of discouraging our young entrepreneurs, let me furnish some findings made by renowned institution in this regard:

According to a study conducted by IBM Institute for Business Value and Oxford Economics in 2021, around 90% of Indian startups fail within the first five years. According to the United States Bureau of Labor Statistics, 65% of startups fail during the first ten years, and only 10% are successful in the long run.

This high failure rate is attributed to various factors ranging from lack of market demand, poor business planning to inadequate mentoring and competition. The path of entrepreneurship is rarely linear. Market Dynamics, Consumer preferences and competitive pressure can change rapidly, creating an environment of uncertainty. Navigating the legal and regulatory landscape can also be complex and time-consuming, not to mention the challenge of building and leading a team.

Therefore, to succeed in the field of entrepreneurship requires dedication, hard work and perseverance. An entrepreneur has to be willing to walk the extra mile. Think of any successful company Netflix, Facebook, Amazon etc., you will find a team of hardworking and dedicated entrepreneurs with vision and resilience.

Understanding the market ecosystem is another crucial aspect of entrepreneurship. What works in other parts of India and the world may not work in Mizoram, and vice versa. Understanding the market will help you to identify gaps and opportunities that can be capitalized on.

Market research provides insights into customer preferences, behaviours and needs, which are essential for developing products or services that meet customer needs.

He informed the aspiring entrepreneurs that Market research will help them make decisions on product development, pricing and marketing. It will allow them to understand who their competitors are and how to differentiate their products or services from others. It will help them in setting realistic goals and adapt to changes in the market.

He also urged aspiring entrepreneurs to try and network extensively with like-minded innovators, government entities, other entrepreneurs and industry leaders. He reiterated that Networking plays a pivotal role in helping entrepreneurs grow their businesses by providing access to funding and investors, potential for new customers, opportunities to expand into new markets, and increased visibility and credibility within the industry. Building relationships with experienced entrepreneurs and industry experts can offer invaluable mentorship and advice. Learning from others' experiences helps avoid common pitfalls while accelerating personal and business growth. Networking opens doors to potential collaborations and partnerships. It can provide insights into market and customer trends. Building personal relationships can lead to direct business opportunities and referrals.

The Minister once again reminded the aspiring entrepreneurs that the road ahead might be challenging, it will require vision, innovative ideas and an unending commitment. But it is also filled with incredible opportunities. With determination, resilience, and the support of this centre, there is no limit to what they can achieve.

He implored them to move forward with optimism, enthusiasm, and a shared commitment to excellence and said that he proudly inaugurated Entrepreneurship Development Centre (EDC) -where ideas take flight and the future begins.

In today’s EDC inaugural programme, Prof. Laldinliana, Director MZU Incubation Centre delivered a welcome address and informed the gathering that there are 38 Companies under MZU Incubation Centre at present.

The guest of honour of today’s function Prof. Dibakar Chandra Deka, Hon’ble Vice Chancellor MZU also delivered a speech and launched two Apps 2 Viz: Sentinel and Thlado   created by MZU Incubation centre.

Brian Laldinsanga, Centre Head-MZU EDC concluded the programme with a vote of thanks.