Lecture on Business Management and Entrepreneurship Development
On 14 th March, 2023, Akal College of Economics, Commerce & Management organized a lecture on Business Management and Entrepreneurship Development for undergraduate and postgraduate students at seminar hall no. 517. The lecture was delivered by UK-based entrepreneur Mr. Sukhdev Singh Rai who runs Cleversocks, a socks manufacturing company in the UK.
He started his lecture by telling the students about his family’s life in the UK when his father came to the UK in 1955, what were the problems and discrimination they have to face while setting up their business in the UK. He told the students about the impact of Baba Iqbal Singh Ji on his life and the growth of his business when he first met Baba ji in 1989. He joined the mission of value-based education coined by Baba ji and appreciated the tireless work and faith people have.
He discussed the qualities of Social Entrepreneurship by focusing on some financial aspects of business like having sufficient capital for starting the business, maintaining proper cash flows and choosing the right customers in order to avoid the risk of bad debt by saying ‘it is better to have quality customers than having large customer base and incurring losses. He emphasizes on the three qualities which an entrepreneur must possess i.e. hardwork, using no shortcuts for success and sewa through some social work i.e. Daswand of 10 per cent must be distributed for a social cause. He also talked about innovative techniques used in the manufacturing of the product in order to be competitive in the market. At last, he concluded his lecture with the equation of social entrepreneurship as given below:
Sewa + Business = Social Entrepreneurship