Dhanbad, March 11: Headstart Network Foundation, a well known start-up community, today organised a guest lecture cum panel discussion at IIT (ISM) to explain the primary requirements for setting up a start-up.

The three-hour long event was attended by students and budding entrepreneurs as established entrepreneurs, chartered accountants and government officials delved into the topic "Basics of Starting Up".

The discussion was moderated by Indu Rani, head (Jharkhand) of Headstart.

While founder of Whizmantra Educational Solution Abhishek Chakraborty and founder of Clean Uncle Manoj Agarwal shared their success stories, renowned chartered accountants of Dhanbad Keshav Harodia and R.J. Matalia elaborated on the legal and financial aspects of start-ups and entrepreneurs.

Pankaj Kumar, director of micro, small and medium, enterprise (Dhanbad unit), explained the changes in rules with regard to launching of start-ups.

Chakraborty said, "Entrepreneurs should always focus on performing tasks on their own rather than appointing some other agencies."

His Whizmantra Educational Solution has worked in Dhanbad for long. It conducted a demographic survey of people living in fire affected areas under Jharia Rehabilitation and Development Authority. The company now provides educational support to children belonging to socially and economically weaker sections of the command area of Maithon Power in Nirsa. It also conducted a few surveys in Ranchi.

Chakraborty also stressed on the need to maintain a proper cash flow for a healthy balance sheet.

"One should not launch a venture by imitating others. Rather, one should identify his own potential, skill and competence and explore the possibility of launching a start-up," he said, urging students and other budding entrepreneurs to be patient as the venture may not yield immediate results.

Keshav Harodia explained the various aspects of taxation as well as the benefits for start-ups upon the implementation of the goods and services tax.

Manoj Goyal, a Dhanbad-based entrepreneur who launched the first online laundry of the coal belt earlier in 2016, www.cleanuncle.com, too, shared his story.

"A conviction on own potential is the key to one's success," he told the audience.