21120 1 entrepreneurship policy

Student Entrepreneurship Policy Draft 7

1.0 Introduction:

Student Entrepreneurship is a platform for students to recognize and utilize their skills in identifying opportunities and creating innovation in business. This initiative is about students, their choices and actions in starting, taking over or running a business. This will provide opportunity to students to turn an idea into business or a business into success and will help them to build confidence to take risk and taste the independence and self realization.

2.0 Objective:

The objective of this initiative is to develop entrepreneurial spirit among the students of the University. To achieve this following key elements are recognized as important:

2.1 To provide real world entrepreneurship exposure to students.2.2 Inculcating professionalism in terms of responsibility towards one’s profession and

client handling.2.3 Creating a greater awareness of opportunities and benefits of entrepreneurship in

order to encourage more students to start a venture.

3.0 Eligibility:

A Student who wants to initiate an entrepreneurship project, hereinafter referred to as Promoter must match the following eligibility criteria

3.1 Promoter must be a regular student of University, registered in current term and is not pursuing the last term of his/her current programme.

3.2 No disciplinary action is taken ever against the student.

4.0 Submission of Proposal4.1 The student(s) will submit the proposal in Division of Student Affairs as per the format

provided in Annexure I.4.2 The proposal will be submitted along with the Letter of consent & Declaration (Annexure

II) by all students and partners, Parents Consent Letter (Annexure III) signed by parent of all students and current time table of all students.

5.0 Evaluation of project5.1 Division of Student Affairs will check the feasibility of the venture on following criteria

and will fill the Feasibility Analysis Sheet (Annexure IV).5.1.1 Uniqueness of idea in terms of concept, product, process, service and/or

price.5.1.2 Operational feasibility of project considering the required manpower and

man hours.

5.1.3 Economic feasibility considering the funds required for initial investment and variable costs proposed by Promoters.

5.1.4 Legal feasibility relevant to the project. Representative(s) from Division of Student Affairs may take an interview of the Promoter(s). He/she/they may also ask student to show demonstration of proposal or provide prototype of the business plan and/or a simple experiment on same to judge the feasibility of same.

5.2 Division of Student Affairs if finds the venture worth considering will then send the Proposal(Annexure I) & Feasibility Analysis Sheet(Annexure II) (filled on relevant area) to Division of Vendors and Contractors Management, who will evaluate the venture on following criteria and fill the Evaluation Sheet(Annexure V):

5.2.1 Requirement of the product or service offered comparing with the product and services already available in University campus.

5.2.2 Appropriateness of offering considering the product or service, its quality and its price comparing it with market standards.

5.2.3 Competence of Promoters in handling project considering their expertise and exposure.

Representative from Division of Vendors & Contractors Management may take an interview of the Promoter. He/she may also ask student to show demonstration of proposal or provide prototype of the business plan and/or a simple experiment on same to judge the feasibility of same.

5.3 On the mutual consent of Division of Student Affairs and Division of Vendors & Contractors Management The proposal will then be reverted back to Division of Student Affairs with appropriate remarks.

5.4 Division of Student Affairs will then forward the proposal to Division of Construction, who after finding the proposal worth considering shall suggest suitable space(s) in the University where the venture could be established. The proposal with remarks then will be sent back to Division of Student Affairs.

5.5 Division of Student Affairs, then if founds suitable will recommend the proposal and will forward the same to Office of Pro-Chancellor for approval.

5.6 If approved, an agreement shall be signed between the Promoter and University authorities. Agreement for each project shall be drafted separately by Department of Legal Affairs as per the terms and conditions applicable to the project. Sample agreement is attached in Annexure VI.

5.7 After agreement is signed, the Promoter shall be provided space and the venture shall be established.

6.0 Terms and Conditions

6.1 Only students studying in regular courses of the university can participate in the entrepreneurship projects. An entrepreneurial venture can be started with minimum one student member and a maximum of 5 student members.

6.2 The duration/tenure of the project will be six months or the end of ongoing term whichever is earlier.

6.3 After the completion of project duration/tenure the said venture will have to be surrendered to university. A surrendered venture will be sold to interested student entrepreneurs under the supervision of Division of Student Affairs or as deemed fit by the university.

6.4 After the completion of project duration/tenure the said venture can be extended by taking renewal from DSA if the promoter(s) is/ are still regular student(s) of the University and if the performance of the project is satisfactory on all standards.

6.5 Students are not allowed to skip classes for running the project. Any request asking for attendance compensation will not be entertained.

6.6 University is primarily concerned with the academic performance of the student, it is mandatory for the student to maintain a minimum of 5 CGPA so as to continue with the entrepreneurship venture.

6.7 Only approved student(s) will be allowed to look after the project. However anybody other than the approved student found at project premises may lead to cancellation of the project or appropriate disciplinary action.

6.8 An amount equivalent to 1.5 times of monthly rent should be deposited as refundable security.

6.9 All dues and rent for the resources should be paid on or before 7 th of every month. If however student fail to clear the same they will be penalized as follows:

Sr No Dates Penalty Total Rent1 7th of every month Nil Monthly Rent2 Upto 15th of every month 25% Rent+25%3 16th-31st of every month 50% Rent+50%

6.10 If student does not pay the rent after last day of the month then the total amount payable will be 2.5times the monthly rent.

6.11 It should be noted that allocated space can be changed anytime at university’s discretion without assigning any reason whatsoever.

6.12 In any case students are not allowed to promote their ventures in classrooms/labs/hostel etc or by putting banners, flexes, announcements posters etc. anywhere in the university premises.

6.13 If the student consumes university resources like electricity, water etc. payments against the same should be paid in accordance with the applicable/prevailing rates or rates as decided by the university.

7.0 University Funded projects7.1 University endeavors to support budding entrepreneurs by providing consultation

and financial support.7.2 University may provide up to 50% of the total initial fund required for the venture as

loan, subject to an amount not exceeding Rs. 20,000 per project. A part of profit, in lieu with the fund provided, decided by Division of Student Affairs, shall be submitted by solicitor party in University account every month.

7.3 The Steps for getting fund from University are:7.3.1 The amount may be requested in the form named ‘Request for funding a

Student Entrepreneurship Project’ attached at Annexure VII that would be submitted along with the proposal.

7.3.2 Appropriate remarks recommending the allocation of funds from Division of Student Affairs shall be incorporated and the request shall be forwarded to Office of Pro-Chancellor for approval.

7.3.3 If approved, funds will be transferred to account of Student entrepreneurship venture.

7.4 The funds must be returned as per the stated plan in the Fund Request form, failing which may lead to closure of venture.

8.0 Exit Policy8.1 The Promoters shall have to intimate Division of Student Affairs if they want to exit an

entrepreneurial venture by filling the form provided in Annexure VIII.8.2 The venture shall be either closed down or auctioned by Division by taking appropriate

recommendations from Division of Vendors Management.

9.0 Monitoring and Supervision:9.1 Monitoring & Periodic Reports: Monitoring of Entrepreneurship projects will be done by

the Division of Vendor Management. The major responsibilities in this respect will be as follows:

9.1.1 Monitoring of the project in terms of cleanness, conduct and availability of items (available items must match the item list as per the proposal) with their prices.

9.1.2 Appraisal should be done on weekly and monthly basis to check the effectiveness of project. These appraisals can be then used as a feedback for further extension of projects.

9.1.3 Checking the quantity and quality of the products.9.2 Audit of Accounts:

9.2.1 Audit will be done of university funded projects only. This protocol will check the cash flow of the project. An internal auditor nominated by Department of Accounts will audit the accounts.

9.3 Disputes & Grievances:9.3.1 All the disputes and grievances from the customers, client or the entrepreneur

will be entertained by Student Organization Cell, Division of Student Affairs. It is mandatory for all entrepreneurs to display the contact details of representative of the venture.

Annexure 1 Proposal for Entrepreneurship Venture refer para 4.1

Name of Venture _____________________

Name of proposing student: _______________ Contact no. _______________________

Registration No.______________________

Course_________________________ Semester _________________________________

Current Address: ________________________________________________________________

Permanent Address: _____________________________________________________________

Project Team (if any)

Sr No Name Reg No Course Name Semester Contact details12345

Introduction to the project (objective)(You are requested to give an overview of your project)_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Characteristics/benefits of the Project (Why this project should be entertained, what is unique selling proposition ‘USP’ of the project, How this project will be beneficial for students)

_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________(Attach additional paper if required)

Business plan (mention how will you approach to the project, team size and management, operations of the project, timings etc)

_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________(Attach additional paper if required)

Financial Plan (Initial set up cost, variable cost per month and estimated profit)


Estimated Tenure of Project:

Product/ Services List (list of all the products and their prices, comparison statement showing the comparison from prevailing market prices)

Sr. No

Item Ingredients Qty MRP Proposed Price

Approved Price

Relevant Experience/ Exposure

_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Expectation from the university (List of all the resources and help required from university)


List of external consultant (If any) along with their confirmation

______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Name and signature of student/team Place:

1. ______________________ Date :2. _____________________3. ______________________4. _____________________5. ______________________

Enclosures:

1. Letter of consent & declaration from all partners (Annexure II)2. Parent Consent Letter(Annexure III)3. Time-Table of student

Annexure II Letter of consent & declaration refer para 4.2

To

HOD

Department of _____________

Lovely Professional University

Phagwara

Respected ___________,

We the below named coordinators,

S. No. Name S/D/o Reg. No. Contact No.

Do hereby confirm that we are coordinators of Student Entrepreneurship venture ____________________ which is being promoted byMr./ Ms. _____________________________ <name of promoter>.

We do hereby authorize Mr./ Ms. ______________________________ <name of promoter> to sign all the documents required by the University for the establishment of Student Entrepreneurship policy as per the Student Entrepreneurship policy.

We will abide by all documents and terms and conditions as per the applicable University policies accepted/ signed by the Promoter.

Name and Signature of all the coordinators:

__________________________________

__________________________________

_________________________________

Annexure III Parent Consent Letter refer para 4.2

Date:

To

_________________________

____________ _____________


Phagwara

Respected ___________,

I__________________________ [parent/legal guardian] of______________________________

[name of student whose information is at issue] studying in___________________ [program and

year] having registration number_______________ and residing at _______________, hereby

grant permission to my aforesaid ward to carry out the Entrepreneurship venture.

Now, therefore, in consideration of the University allowing my ward to take on the abovementioned

venture, I do hereby declare and undertake to abide by the terms & conditions laid down in Student

Entrepreneurship Policy which is enclosed herein.

[Signature of parent/guardian]

[Name]

[Contact details]*

*Mandatory

Annexure IV Refer para 5.0

Feasibility Analysis Sheet (To be filled by Official of Division of Student Affairs )

Datel :

Project Name Name of Vetting PersonnelDesignation Biometric Id Contact Information

Sr no Contents and its appropriateness Yes/No Remarks 1 Uniqueness Is the concept unique

Are the products/ Services unique Is there any innovation in providing service

2 Operational feasibility

Is there adequate manpower to run project Are the working hours acceptable

3 Economic Feasibility

Is net value of project calculated Is setup cost arranged by studentAny other fund requirementDisclosure of fund arrangement mentioned. Is profit of project estimated Ready to deposit fund as an security

4 Legal Feasibility Whether legal document required for project and if yes is it submitted.

__________________________

Signature

Student Entrepreneurship Cell

REMARKS AND RECOMMENDATIONS FORM

This project is approved as per all the Terms & Conditions mentioned in Student Entrepreneurship Policy.

Remarks

COC, Student Entrepreneurship Cell

Date: Signature:

Remarks

Head Division of Student Affairs

Date: Signature:

Remarks

Head, Department of Vendors and Contractors Management

Date: Signature :

Annexure V Refer para 5.0

Evaluation Sheet (To be filled by Official of Division of Contractors & Vendors Management)

Date :

Project Name

Name of Vetting PersonnelDesignation Biometric Id Contact Information

Sr no Contents and its appropriateness Yes/No Remarks 1 Availability Is this project new for

university Whether service offered are desirable.Price is competent against market.Whether project has adequate manpower

2 Operational feasibility

Whether quality will be maintained.Whether the terms and conditions of project are feasible

3 Appropriateness of offering

Whether products of project can be utilized in events Whether project can have multiple spaces. Will this project provide benefit to students

4 Future Scope

Signature

Vetting Official, DVCM

Annexure VI Sample Agreement Letter Refer para 5.6

Parties:

This agreement is made at ______________ <Place> between

__________________________________ <Lovely Professional University/ Lovely International

Trust/OTHER> having its office at ____________________________________________________

__________________<Address> through _________________ <Signing Authority/Designation>.

AND

<Name of Venture> ____________________________________________________________ through

______________<Name of Student > S/D/o __________________________________________ its

_________________ <Promoter/ Signing Authority/ Designation etc.>

Both the parties hereto agree to the following terms & conditions

1.1 That the promoter is a regular student of University and shall hold the rights to run the entrepreneurship project only till he/ she remain a regular student of University.

1.2 That the entrepreneurial venture will have not more than 5 student members as the partners in the venture.

1.3 That the duration/tenure of the project will be six months or the end of ongoing term whichever is earlier.

1.4 That after the completion of project duration/tenure the venture will be surrendered to university.

1.5 That after the completion of project duration/tenure, if the promoter desires to continue with the project, the venture shall be extended only after taking renewal from Division of Student Affairs only if the promoter(s) is/ are still regular student(s) of the University and if the performance of the project is satisfactory on all standards. Or Otherwise the surrendered venture will be sold to interested student entrepreneurs under the supervision of Division of Student Affairs or as deemed fit by the university.

1.6 That the students shall not skip classes for running the project as any request asking for attendance compensation will not be entertained.

1.7 That the promoter(s) shall maintain a minimum of 5 CGPA so as to continue with the entrepreneurship venture.

1.8 That only approved student(s) will be allowed to look after the project. Anybody other than the approved student found at project premises may lead to cancellation of the project or appropriate disciplinary action.

1.9 That an amount equivalent to 1.5 times of monthly rent (as approved)will be deposited by the Promoter(s) as refundable security.

1.10 That all dues and rent for the resources will be paid on or before 7 th of every month failing which penalty will be imposed as follows:

Sr No Dates Penalty Total Rent1 7th of every month Nil Monthly Rent

2 Upto 15th of every month 25% Rent+25%3 16th-31st of every month 50% Rent+50%4 After End of month 250% Rent+250%

6.10 That if Promoter does not pay the rent after last day of the month then the total amount Payable will be 2.5times the monthly rent.6.11 That allocated space can be changed anytime at university’s discretion without assigning any reason whatsoever.

6.12 That Promoters are not allowed to promote their ventures in classrooms/labs/hostel etc or

by putting banners, flexes, announcements posters etc. without permission anywhere in the university premises.

6.13That if the student consumes university resources like electricity, water etc., payments against the same should be paid in accordance with the applicable/prevailing rates or rates as decided by the university.

6.14 Projects may be terminated because of any of the following reasons,

o Student Entrepreneur is passing out and the project may not be handed over to other current students.

o Student Entrepreneurs fails to comply with the standards or any relevant rules, regulations and policies of University.

o The Project does not seem economically feasible in long term and better projects are in line to be established.

o Concern authorities want to evacuate the space for any reason not mentioned in the list.

__________________ ____________________ (Signature) (Signature) Party 1 Party 2

Witness:

1. _______________________

2. _______________________

Undertaking

I, the undersigned, _____________________________________ S/D/o_________________________

aged______ years R/o __________________________________________________________________

_____________________________, applying for Student Entrepreneurship Project do hereby declare

that I shall abide by all the terms and conditions as mentioned in Student Entrepreneurship policy. I

have gone through the Entrepreneurship Policy and fully understood its contents. I will adhere to the

norms as fixed by the appropriate authority in this regard and any changes made thereof from time to

time. If there is any non-compliance of the terms and conditions, the decision taken by the appropriate

authorities shall be final and binding upon me.

____________________(Signature)

______________________Name of the Student

______________________Regd. No.

______________________Program

Annexure VII Refer para 7.3.1

Request for funding a Student Entrepreneurship Project

Name of Project: ___________________________________________________________________

Name of Promoter: _________________________________________________________________

Registration No.___________________ E-mail id: ________________ Contact No. _____________

Total investment required for the Student Entrepreneurship Project: __________________________

Areas of Expenditure where the total investment shall be utilized

S. No. Item Price per item

quantity Total amount

Total

Amount requested from University: ___________________________________________________

Areas of Expenditure where the loan amount shall be utilized

S. No. Item Price per item

Quantity

Total amount

Justification

Total

Per month EMI to return the amount: ___________________________________________________

Number of Months required to return the amount: ________________________________________

Month after the commencement of business on which the EMI return shall be started: ____________(Eg. First, Second, Third)

____________________________Signature with Date of the Promoter

For Office Use only

Student Entrepreneurship Cell

Date: Signature:

Head Division of Student Affairs

Date: Signature:

Approved by:

__________________________

Pro-Chancellor

Annexure VIII Surrender of Entrepreneurship Venture Refer para 8.1

To

Division of student Affairs


Phagwara, Punjab

Date: ___________________

Subject: Surrender of Entrepreneurship Venture

Respected Sir/Madam,

I wish to inform that due to_______________________ <give reason> I will not be able to continue my entrepreneurship venture _______________________ <give name of venture> located at ________________ < give location>.

I will be serving the notice period of one month and wish to be exit venture on ______________.

<Write anything you want to convey>.

Yours sincerely

NameRegistration No.Contact Number

Signature with date

21120 1 entrepreneurship policy

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