5th & Final Bootcamp for the 3rd Cohort of entrepreneurs

The 5th and final bootcamp for the 3rd Cohort of entrepreneurs was conducted on the 29th & 30th November 2023 and led by resource person – Dwija Das Chatterjee, a Chartered Accountant and Finance Professional from IIMCIP, commenced at Edenbari, Tura, a riverside venue. Entrepreneurs from diverse corners of the state converged for the final bootcamp. The focal point of this gathering was the Entrepreneurial Finance Bootcamp, a two-day immersion into the intricacies of financial management.

Day one, a 7-hour session, initiated with fundamental principles—calculating revenue, sales, and profit. Entrepreneurs dived into an arithmetic exercise, a practical test of their knowledge on revenue calculation.

The learning experience took a practical turn with an arithmetic exercise assessing the entrepreneurs’ proficiency in revenue calculation. Chatterjee emphasized the importance of considering all business expenses in cost calculations and imparted essential knowledge on calculating profit. He underscored the significance of setting and achieving targets on a regular basis, both monthly and annually.

An enlightening discussion followed on tax exemptions under Section 10(26) of the Income Tax Act, 1961, specifically tailored to benefit members of Scheduled Tribes in India. Chatterjee provided valuable insights into schemes offering lower interest rates for women and Scheduled Tribes and also shed light on operating costs, capital costs, and the art of calculating total sales.

The session delved into the essentials of crafting profit/loss statements and understanding a business’s balance sheet. Entrepreneurs were guided through the significance of registering for an Aadhaar Card, a gateway to government subsidies. Chatterjee demystified cost categories, distinguishing between fixed costs like land, variable costs like raw materials, and recurring or operational costs such as salaries.

To equip entrepreneurs with practical tools, Chatterjee shared formulas:

  • Gross Profit = Total Revenue minus Variable Cost
  • Net Profit = Gross Profit minus Fixed Cost
  • Gross Profit plus Net Profit = Total Profit

The day concluded with insights into the MSME Global Mart, a government B2B portal fostering marketing support for Micro, Small & Medium Enterprises (MSMEs) by connecting buyers and suppliers.

Day 2 of the bootcamp continued the entrepreneurial finance exploration with a 4-hour session. Chatterjee initiated the day with arithmetic exercises for a quick revision of Day 1. Entrepreneurs delved deeper into understanding fixed and variable costs, evaluating whether their businesses were operating at a profit or loss.

A key highlight was Chatterjee’s step-by-step guidance on calculating the ‘break-even point,’ a crucial financial metric indicating the minimum products or services needed to cover costs, when there is a no profit or loss situation. The session culminated with Chatterjee providing a format for creating a cash flow statement, emphasizing the importance of maintaining surplus funds for unforeseen emergencies.

Adding value to the discussion, Chatterjee introduced entrepreneurs to NABARD for those engaged in agricultural activities. He highlighted the KIRAN scheme, providing entrepreneurs with additional avenues for growth and support.

He also provided websites where entrepreneurs engaged in handicraft can list their products – https://indian.handicrafts.gov.in/en and also https://www.seci.co.in/ for various schemes for the development of solar, wind and hybrid power.

He also emphasized the importance of being updated with national fares that the government sponsors in different parts of India and urged the handicraft and food processing entrepreneurs to participate.

PRIME is committed to nurturing entrepreneurial talent, providing not just theoretical knowledge but practical tools essential for success in the dynamic business landscape.

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