42 teams with three students each from Mount Carmel College took this game from theory to practice. Each team got fifty rupees and had to come up a business idea, start and run the business and earn profit – all in three days! Initial apprehension turned into wild enthusiasm as finalist teams made a profit of over Rs. 2000 and the winners raked up profits over Rs. 3000.
The students have a lot to say about the experience of working something out on their own. “We were not the entrepreneurial types. And we just thought that we will give it a go as it’s our final year. But when we started doing things, we found it was a lot of work,” says Sneha Joseph, student of TY BCom. Sneha’s team baked cakes and sold them to the students in college. And when the cakes were over, they made hot chocolate fudge with left over cocoa and sold it. ‘Diversify the product line’ may be unfamiliar jargon to them but that is what they did. Their profit was Rs. 1800.
Sri Vidya, another TY BCom student and her team were dealing in clothes. “We knew a dealer who buys his stuff from Tirupur. We bought two T-shirts from him at Rs. 25 each and sold it for Rs. 250 and Rs. 300,” she says. “We sold two and with the money we earned, bought more shirts to sell.” Vidya’s team certainly picked up the art of rolling back profits into the business. They had a profit of Rs. 1675.
Kannika Bharath Iyengar, SY BA student and her team were winners with a profit of Rs. 3186 and they also baked and sold cakes. According to Vasanti Venugopal, the NEN Faculty Coordinator and member of EEC, these students had an edge over their competitors. Pricing. “They realized that low price was easy to sell. So they kept small slices at Rs. 5 each while others gave big slices at Rs. 15,” she explains.
But Kannika had an additional take. “We made proper cakes with wonderful icing and sold them at Rs. 250. This was fast money,” she says. They quickly learnt the tricks to make a quick buck.
Vidya’s team focused on customer satisfaction. “We realized that when we sold T-shirtswith prints and logos of some well known brands, people were willing to pay up to Rs. 300 for this. So we decided to cash in on this.” Listening to the customer needs certainly worked for them. source