The fifth series of webinar in Indore Institute of Law’s venture of series of webinars being conducted for law students and professionals was conducted on the very relevant and emerging topic of Law & Entrepreneurship.
Leadership defines how the team may move forward and in the present time, India’s leadership has made several efforts at emphasizing the importance and need of entrepreneurship, self reliance and domestic development.
In the view of the above, it becomes increasingly important to understand the opportunities and challenges ahead of Law graduates and professionals seeking to initiate entrepreneurial ventures. The 5th Webinar in the series comprised of the panel of Mr. Sandeep Bhalothia, Legal (Head) at Meliorism in UAE, Mr Sahil Puri, Business Development Manager at Flipkart and Mr. Nisshant Laroia, founder of Peacekeeping and Conflict Resolution Team. The discussion was witnessed by more than 1500 people.
The panel was carefully created to include the management and legal aspect of an enterprise that are requisite to be understood by anyone venturing in the same.
Nisshant Laroai, a graduate of Gujarat National Law University, Nisshant shared his own journey of becoming an entrepreneur from a Law Graduate and the prospect of combining both disciple. Based on his own personal experience, he shared a carefully sketched out roadmap for students wanting to start a venture of their own, advising the students to go for the old school effective method of having a constant written reminder of the goals set out by them and advised 4 check points for the same –
- Why – you must have a ‘written’ answer as to “why are you wanting to start the venture”
- Goal – the answer to “why” will help you ‘write’ and set the goal you want your ventures to achieve
- Resources – the goal will help you ‘write’ and demarcate the resources that your venture would need to achieve that goal.
- Technical Competence/ Team – Once you have the above “written down” on a piece of paper, you will understand the technical abilities that the venture requires. You then create a team that will be able to cover the technical requirements of your venture.
(As shared by the speaker, Mr. Nisshant Laroia)
Mr. Sahil Puri, a graduate of IIM Indore and working as the Business Development Manager at Flipkart shared his titillating views on the prospects of pursing a Masters in Business Administration pursuant to a Law Graduation. He also shared his deep understanding on Venture Capitalists and Angel Investors, on the need of developing a Business Plan and the many prospects to be kept in mind for aspiring entrepreneurs.
Mr. Sandeep Bhalothia, working as the Legal Counsel for Meliorism, a start up venture in Dubai, UAE shared the many prospects of legal hurdles that start ups can avoid and how legal acumen and knowledge plays its role in the same.
Mr. Sandeep focused on 5 important legal considerations for a start up to avoid legal hurdles:
- Business Structuring
- Importance of Effective Written Agreements
- Protecting IP
- Employment Law
- Use of Technology
The session gave the attendees a fairly laid out idea about the intricacies of venturing as an entrepreneur post a graduation in law, providing an opportunity to the students to evaluate possible prospects for themselves. It was a rather learning session and very practically stimulating for all those in attendance. It is our due pleasure to have association with knowledgeable experts such as the panelists for the session.
