"With realization of one's own potential and self-confidence in one's ability, one can build a better world." - The Dalai Lama
Rakesh, a 25-year-old youth from Palghar is an alumni of our Entrepreneurship Development Programme. He says, “I am confidently starting expanding my business today thanks to the guidance and mentoring that Magic Bus offered me.”
Rakesh, who used to deliver flowers and garlands in the neighborhood as a part of his traditional garland making business, thought of doing something other than making and selling garlands. He started a pen-making business but it couldn’t sustain as he lacked the skills and guidance to sustain his business.
Globally, the startup success rate is only 10%. Meaning 90% of the startups fail. There are many reasons behind the startups failing at this rate. One of the major reasons is the lack of employability skills.
When his pen-making business failed, Rakesh started another venture. A soda-pub shop. He started the business in January 2021 and but with the implementation of lockdown, he had to shut it. Although he could pay off all the debt against the soda-pub machine, he was left penniless to reinvest in another business. While searching for ideas to re-start his business, he came to know about Magic Bus EDP Programme. This Programme enables the youth to bring their ideas to reality through seed funding and association with Govt. schemes.
Our EDP course is all about making the youth aware of the entrepreneurial culture and training them, motivating them to be self-employed and create more employment opportunities, develop technical and vocational skills or upgrade the existing skills of the participants. This course develops the ability to build, expand and manage a business environment.
An EDP works toward capital formation by mobilizing idle savings and putting them to productive use. This in turn helps in the economic and industrial development of the country. EDP at a larger scale can help establish economical balance in the regions by accelerating the pace of industrialization and reducing the concentration of economic power in a few hands.
Most importantly, EDP opens up doors to explore new opportunities and enables the youth to take calculated risks. Participants from our EDP have set up businesses in the industries like baking, snacks, cloud kitchen, tailoring, manufacturing, and many more.
Through the Programme, Rakesh underwent intensive training activities. He learned about conducting market research, financial and business plan creation, documentation of the business, how to select the location for his business, marketing strategies, breakeven point, peer networking, etc. We also guided him through mentoring sessions.
In September 2020, he started a cake manufacturing unit and a cake shop. He hired a chef, learned the art of baking in a month, and started taking large orders. He also employed two Magic Bus Livelihood Programme alumni. He soon opened another cake shop and now plans to convert his cake shop business into a franchise.
Through our Entrepreneurship Development Programme, we are developing future entrepreneurs who will create livelihood opportunities for many and contribute to the economy.Back