“Do what you love, Love whatever you do” – R.Sreenivasan, Director IWSB : Welcome address at the Convocation 2012

A photo by Vasu.. on Flickr.

Distinguished guests, students of the Class of 2012, parents and all the family members of the Graduating Class, members of the IWSB Board, the media, ladies and gentlemen, welcome to the IWSB’s Third Convocation and Graduation Ceremony.   At the outset, I would like to welcome our Chief Guest, Deep Kalra, Founder and CEO, MakeMyTrip.com. I welcome, one and all present here, this evening.

——–

The pioneer of online travel in India, Deep Kalra founded MakeMyTrip in April, 2000. Drawing on his experience from his years at GE Capital, AMF Bowling Inc. and ABN AMRO Bank, under his stewardship, MakeMyTrip has become the largest online travel company, as well as the largest e-commerce business in India.

Deep is a member of the Executive Council of NASSCOM and chairs the NASSCOM Internet Working Group. He is also a Charter Member of TiE (The Indus Entrepreneurs) and serves on the Board of TiE, New Delhi. Deep is also a member of CII’s Tourism sub-committee and a regular speaker at numerous internet and travel conferences across the world. He currently serves as an independent Director for IndiaMart.com, a leading B2B website. Deep is also a founding member of “I am Gurgaon”, an NGO focused on the improving the quality of life in Gurgaon.

Deep holds a Bachelor’s degree in Economics from St. Stephen’s College, Delhi (1990), and a MBA (PGDM) degree from the Indian Institute of Management, Ahmedabad (1992). His interests include adventure sports, swimming, yoga, quizzing and traveling to places off the beaten path.

Deep is one of the faces of the transformational India and it is an honour and a privilege to have him with us today. I welcome you Sir, as the Chief Guest of today’s occasion.
———-

 

A photo by Vasu.. on Flickr.

I would also like to welcome our Chairman, R.Satya Narayanan, Vice-chairman Mr. Gautam Puri and Members of the IWSB Board who have come down specially to be with us today. Thank you all for coming.

It is a very special moment for us with 59 students of the Class of 2012 graduating today. The students at the IWSB have a very pivotal role to play in the progress of the school and the Class of 2012 have shouldered their responsibility in an excellent manner. I would like to highlight some of the achievements of the last academic year.

 

CURRICULUM

Our focus at IWSB has been to offer a curriculum that stokes entrepreneurial thinking and leadership, and also in tune with the fast changing global business trends and this has been one of our significant strengths. Our students benefit from this exposure and the industry values this a lot.

We have had over hundred entrepreneurial leaders coming to the campus during their two years as part of our ‘My Journey series’ every week. Each one, when they experienced the incisive questioning about minute details of running business by students, during the interactions and Q&A, have always asked me and our faculty, what do we do to foster this kind of spirit among students? Thanks to the faculty who have made this happen.

Some of the notable new courses offered to the students this year include  -Financial Engineering, Managing Entrepreneurial Firms and Family Business, International Marketing, Retail Management.

NEN, National Entrepreneurship Network, has selected IWSB as their academic incubation campus for designing new programs. IWSB and NEN are working closesly on this front for the coming academic year.

Also the TYE, The young entrepreneurs program, with TIE that is designed and executed by IWSB has successfully completed its second year. We are in talks to offering this to the college going youth too across the country where we will technology to a great extent.

IWSB continues to use technology to aid teaching. We have extensively used WEBINARs as the means to reach to vast student population across the country in facilitating understanding of business and entrepreneurship. We have significant road map ahead in this direction.

A photo by Vasu.. on Flickr.

The Curriculum Review Committee, chaired by Academic Dean, Prof. Veeresh Sharma will soon release a draft of their recommendations that are currently being reviewed by faculty, area leaders and others. We hope to have the final recommendation of the committee in the next couple of weeks and we wish to implement in the coming academic year.

ENTREPRENEURIAL Endeavors and companies on Campus

We have been very delighted to have quite a few entrepreneurial talent on the campus. Our 2012 graduating batch saw –

–         JMD Pratza by kanu Mangotra in the food space

–         Arete Investors by Rishab Pruthi, Gaurav and Kriti Kankani

–         NOW by Sumeet Sharma, Arpit Kala in the convenience shopping

–         Antral by Sumit Gunjan and Arvind in education

and

–         Maharani by Anurag from the first year  in handicrafts exports

I am sure we will see many more emerging in the coming year

 

A photo by Vasu.. on Flickr.

FACULTY

IWSB has been able to make a mark among the Young B-schools (IIMA research report of last year) in the short span of time, only because of outstanding faculty. Each of our faculty bring with them a deep passion and commitment to facilitating and bringing the best out of our students. They walk the talk. We have faculty like, Prof Navneet, who runs an integrated Marketing communication firm on the campus. We have entrepreneurial faculty to facilitate entrepreneurial students.

Our recent faculty achievements and publications in top ranked journals, by Prof Raju Mazumdar in finance area, Case publication of Prof Krishna in marketing, are testimony to the excellence that we pursue in business education.

Our permanent faculty figure stands at 14 and have had equal number of visiting scholars too who have contributed immensely to every student who is graduating from IWSB.

India Immersion Program and Exchange programs

IWSB is getting recognized as No.1 entrepreneurial campus in India and abroad too. Apart from NEN naming IWSB among the top 7 entrepreneurial campus for the third year running, world class business schools are touching down at IWSB campus. We have had informal exchange agreements for this year with a couple overseas universities and corporate bodies on India Immersion, which we will be formalizing this year. We should have about half a dozen of these agreements in the coming year for Student, Faculty exchange and research initiatives.

We have hosted two universities –

• State University of New York, with 18 students and faculty;
• University Leadership team from San Diego State

On corporate leadership front in India Immersion, we have hosted –

• A dozen business leaders from Hitachi, Japan
• Leaders Quest brings Five hundred BCG consultants to India that Satya and I would address, of whom 15 will invest a day with our students on April 23 and 24 this year. I am looking forward to the batch on the campus and also Alumni, including this graduating batch to take advantage of this program

We are working on introducing FIELD program modules across the two years, of which this year, they started with Live projects/ The Experiential Learning Programme, that provided students an opportunity to work for companies, apart from the typical internship programme. All of the participating companies have reported a high customer satisfaction. Many of these projects are implemented. Our students continue to work on projects for not-for-profit organizations with similarly great results.

EVENTS

Events at IWSB serve multi purpose objectives. The students augment their class room learning with several learning events outside the classroom. The various student clubs organised events like the –

–         Shodhyatras

–         Eduthon: A 10Km Run for educating underprivileged

–         Rangmanch – The dramatics society

–         IWPL – The Sports Club

–         Tasveer- The Art and Culture Society

–         Blood donation camps

The enthusiastic celebrations of events like Holi, Dandia, Diwali, Krishnashtami and painting competitions brought the entire IWSB community together as a family.

E-Bootcamp, which we launched last year, will be an annual tradition for the School along with the Annual Business Plan competition, Srijan.

These events serve as a platform for the students to interact with industry leaders, and academicians apart from interacting with contemporaries from other institutions.

AWARDS

Our students and alumni participated in several national and international competitions and have brought laurels to the school. Notable mentions include

–         Jaydeep (Alum PG10) – A winner at IIT Mumbai, has been invited for Stanford University’s Social entrepreneurship Summit in April

–         Anurag – Business plan competitions at IIT Kanpur, Mumbai and a few other places

I congratulate each one of you for your efforts and success.

The IWSB Excellence Scholars symbolize the extraordinary ability, leadership, commitment and quality of participation of the PGP students in the IWSB campus life. I congratulate each one of them for a well-deserved recognition.

PLACEMENTS

The IWSB graduates continue to script new success stories as far as placements go. The increased interest amongst young and fast growing companies, who see IWSB graduates as tailor-made for them, and also increase in leading national and international recruiters, is a testament to the rich entrepreneurial leadership talent at the school.

As is the news, a couple of our students will be placed internationally.

A formal announcement on the placements, once completed in the next couple of weeks, will be made. I would like to thank our friends in the industry for their continued association with the school.

CONCLUSION

While we have made considerable progress on several fronts, being a school in infancy, we still have a long way to go. The Board and industry have been a solid source of support in our work. The Faculty – Resident and the Visiting Faculty have contributed significantly to the development of the school. The resident faculty and management staff at the IWSB have always stood out with their innovative ideas and dedication in building this school. I look forward to building on these contributions.

A photo by Vasu.. on Flickr.

Now a few words for the graduating class –

I congratulate each one of you for completing the two arduous years successfully at the IWSB. I do hear many of you sharing, how these two years have been transformational. I still can vividly recall the outbound we went two years ago on our induction program as you all entered the institution. Congratulations to the Scholars of Excellence and those who have made it to the Awards List too. We are very proud of you. I wish you all the best as you embark on the journey of realizing your dreams. As you set about charting new career paths, I urge all of you to pursue what you enjoy and enjoy whatever you pursue. I am sure you will be of immense value to the organizations that you contribute and also to the society at large. You are, and will always be, an integral part of the IWSB family, and we look forward to sharing in the joys of your accomplishments as corporate leaders, entrepreneurial leaders and worthy citizens of this world.

I leave you with a quote from our ancient literature –

“You are what your deep, driving desire is. As your desire is, so is your will. As your will is, so is your deed. As your deed is, so is your destiny.”

And I quote Swami Vivekananda –

“Just believe in yourself, the world will be at your feet”

I look forward to seeing you all again and again on the campus! When the new batch walks in, we wish to have all our Alumni for the re-union sometime in October! I am sure I will see you all being there sharing your experiences and insights with the new batch.

Our wishes and love with you all, for ever!

Thank you.

“Embrace the mindset of endeavour and not that of entitlement” – Satya, Chairman, Board of Governers, IWSB, at Third Annual Convocation of IWSB, 2012.

Deep Kalra, Founder MakeMyTrip.com; Satya, Chairman, BOG, IWSB at the 3rd convocation of IWSB

Satya, Founder CL Educate (formerly Career Launcher), as the Chairman BOG, Indus World school of Business delivered a short but very impacting address –

I still vividly recall Azim Premji, addressing us on our convocation at IIM Bangalore, two decades ago. Today, Deep is on the campus to address you. Azim, was heading Wipro, then known for consumer goods and not as much for technology. Perhaps Wipro was just of the size of MakeMyTrip today, that Deep has founded and anchored.

I would just like to share my biggest learning in life.

PLEASE EMBRACE THE MINDSET OF ENDEAVOR AND NOT THE MINDSET OF ENTITLEMENT.

Entrepreneurship dismantles all these entitlements.

We may have got many degrees from best of the schools; our parents may be well known; all these do not hold water.

What is that you can move by what you are; nothing is very sacrosanct than endeavor. At the end of the day, I recall the mindset of endeavor. We are recognized by what we deliver at the end of the day!

You should be known by your religiosity of the day. If I don’t move the moon, the day has not been worthwhile.

Attitude and Work-ethic beget what you deserve.

Thanks and Best wishes.

IWSB – SEE : Mull-A-Cause launches the library for children at SEE

IWSB – Realizing the Unlimited potential within, a set on Flickr.

It was celebration time for all children at SEE (society for empowerment through education) on Sept 30th. Mull-a-cause,an endeavour by Mallika and Indira, launched the library for children in SEE.

The children were delighted to see the story books. Immediately they grabbed one each and started reading them, a few loud standing in the class, while others were muted. All were delighted to see the colorful pictures. It was a celebration time.

Then Indira and Mallika did book reading and a story telling session with the children. They were enamored of the stories and the style of telling them.

It is just a beginning, and Indira promised to do a few more sessions for the trainers and the children of SEE and Antral (An NGO for children started by IWSB students Sumit Gunjan and Arvind and supported quite a few of their classmates).

I was pleasantly surprised to know that Mallika and Indira bought books to create the library as part of my birthday celebration. Every year Mallika and Indira espouse a cause and contribute under the endeavour : Mull-A-Cause, named after Mallika’s!! I am indeed delighted and indebted to have both of them in my life. Love you.

Mull-A-Cause – earlier
sreeni@iwsb.in

MY Journey – Amit Shahi, Co-founder and CEO, The Idea Works.

Posted on August 23, 2011 by R Srinivasan | Edit

Amit Shahi, interacting with students at IWSB

Amit Shahi, Co-Founder, The Idea Works, (www.theideaworks.in) was at IWSB campus interacting with the budding young entrepreneurial leaders. The session evoked a lot of interest and slew of questions towards the end. Thanks Amit for sharing your journey

——–

I was born and brought up in Ranchi.  Went to St. Xavier’s.  Father tried really hard to get me into IIT, but I was never interested.  So landed in Delhi for graduation.  Finally ended at Kirorimal

 

Education

• Intermediate – 86%, graduation was in Economics – 58%
• DSE – delhi school of economics
• Paper, debates
• Only CED paper I liked. Rest hated.

Civil Services
Like a true Bihari, I wanted to get into civil services – sociology (also MA in sociology)

• IAS – cleared mains and into the interview
• Got into an argument with a panelist, who made sure I never made it.
• Missed the merit list

Career and Job
So went looking out for a job

• Nov 88, NIIT – marketing
• 2.5 years – till 92 may
• Not having an MBA was impeding the growth
• Discovered that I am not a great marketing guy

Entrepreneur Born and initial struggle

Started Able communications private limited – early 1993

• Data management company
• Bank Of America allowed us to manage their database of non-account holders
  § NRI account holders too
• Within two months a couple of my colleagues left

Sept 1993 – was riding a two wheeler…

• Four weeks on the road, Met with an Accident…
• For 9 months paralyzed and was bedridden.. left side
• Business closed down
• As data-entry operators were the army, I was the only front-end

 Mid 1994 – Revival

• Old boys network came to help
• Picking up copy righting assignments
• Apollo Tyres gave some work
• Slowly the communication agency took shape

Bouncing Back

• Summer of 1996
• Decent work
• CII break came into existence
• American express was launching – cards
• Ogilvy was the competitor
• Strong pitch won us the account
• The business started moving, though systems was poor
• Dream Bigger – Showing off would get more business?!!
• 22 people – 14 creative, 6 in client servicing
• Façade – business will come
• Pitches was not converted
• After seven years, we found ourselves to be in 1.5 crores in red
• We had a lot of goodwill, but not business. My partner moved out…

 Big Break and Merger

• At this point CII had to manage India Brand Equity fund – 100 Crore
• Building equity for India in global market
• Person whom we had a great relationship with became CEO
• So we got that assignment
• A friend suggested that you need to look for a firm that has systems and process to meet that kind of volumes
• You bring all business, get a fat salary, pay off your loans from your earnings

 Ambiance Publicis advertising happened – Able was disabled

IBE fund –   ‘I am India’ campaign.. India story to the world

• 2005 – asking right questions will have answers too
•  Sudhir John Horo joined me to head creatives

Summer 2005, British campaign in India to be launched

• 19 agencies were called for the presentation, Ogilvy, contract and publicis
• Nov 2005 – UK creating tomorrow campaign

o       2005 – Brand India at Davos – World Economic Forum

•  India brand equity to launch brand INDIA
• JWT, Lintas, Ogilvy…were competitors
• We fought hard
• Go and get the pitch, on the strength of logo that we created
• Watershed moment for us
• 3 crores in 1.5 months
• More than what we gave in more than three years
• Once we won it, we knew that our agency will not take us to Davos. So we told CII – you will have to take us to Davos
• 2006 – First overseas trip by both partners; 10 days

• We decided that will leverage this place for all our endeavours
• India everywhere campaign
• It has become HBR and Stanford cases
• No other nation has done it before
• 2007 brazil, 2008 (another country) did it
• We could not match our 2006 campaign ever
• My entrepreneurial instincts were smothered at Publicis, so again took a plunge into entrepreneurship

 March 7, 2006 – The Idea Works was born

• SMS to my boss
• I Quit. OK was the answer
• All business is going with us – I told
• Started the Proprietary concern

 2009 Another fair Hanover tech fair in Germany

• We became partner company
• 90% of the work is done by two people
• Create jobs than seek jobs… sharing all
• IBEF CEO traveling with
• Hanover campaign 12^th of April
• Client paid quickly
• 1.86 cr cheque
• Working like mad, not even opened bank account; it was foolish
• Wanted to open the account in a multinational bank – Citibank to project our image
• CEO and Proprietary – the banker wondering
• Formal documents given
• You cannot open an account post the cheque date; you will not be able to bank this cheque!!
• Citibank to State Bank of Patiala… finally managed to open
• We traveled, in no time, all over the world

2009 – India campaign – 60 years

• UN General Assembly
• Min Tourism and IBEF came together
• Incredible India @ 60 campaign in Manhattan
• Six crores of billing in 2-4 weeks
• Partner went to NY and parked
• Came back with whole idea and proposed the idea
• 2 weeks every street saw Incredible India @ 60
• Time Square, NASDAQ, Reuters bldg
• All big names lost out to us for this campaign
• We had understood what Brand India is…
• 25% of Incredible India campaign came to us

 Incredible India campaign? How we got into it?

• IBEF gone slow, Ogilvy was in charge of Incredible India
• Tourism offices around the world were actively engaged
• We wanted a break. How? We thought of engaging one Tourism office.

• We went and pitched in at 2008 night grand prix in Singapore
• July 2008, invested in Spore – Markets in Asean
• Campaign outside this grand prix to connect India with the event
• Discover diff formulas
• Camel, Donkey, Bullock, buffalo races, showing the contrast with the grand prix
• Take risks and win awards
• Straights times advertisement
• Half a page, premium
• Different bull run, discover formula run
• News paper report about India campaign appeared all over..
• Every one claimed credit
• Two months later we won Singapore advertising awards for outdoor and a few more awards
• When we won awards and we were now invited to the campaign. The door opened
• Are you empanelled?
• Empanelling through backdoor
• They empanelled 15 agencies – brief give to all
• All will submit
• Technical packet – 70% marks
• Financial packet – 30% marks
• We lost 6 pitches

• Change of guard happened and we gained
• Feb 2009-mid 2010
• 90% of all tourism work
• Creative agency does only design
• 5 campaigns in 15 months
• CWG
• 26/11 campaign
• Visit India year 2009

Davos and the Hungama

• We were getting bored of same thing again and again
• Do 10 pitches and get at least 10 – standard thought
• 2009 went to Davos
• Spoke to property owners
• 7 days earning
• convinced five owners to put ads on the building
• Biggest property dealers in Davos – idea works
• We booked
• Bldgs for holdings
• Cafes and museums for events
• 2010 January
• 400000 francs we spent
• Sold spaces for only 200000 francs
• 92 Lakhs lost
• But we managed to show the people in Davos that there is spaces
• Come 2011 Brand India Campaign was huge success
• Museam – JP Morgan, Oracle,…
• All sights sold
• Nation branding specialist

 India Future of Change

• Another Idea we should take up, substantial; engage the young audience
• We thought, if we have to engage youngsters, we will need to do through competitions
• Went to IIM Ahmedabad and pitched
• Thankfully they agreed
• IIMA Knowledge partner – Business plan competition
• Partner – Design competition
• IIT Mumbai agreed
• Global competition
• Wrote to 70 B-schools and 40 –Design schools
• 75% B-schools, 65% Design schools responded
• We INDIA FUTURE OF CHANGE campaign started
• We got no sponsors
• Posters, essay, photo, design, business plan
• Participation from around the world
• All earnings from elsewhere were pumped in
• We should do campus events across the world – spent hugely
• INSEAD Singapore – 16 Lakhs
• LBS – 12 Lakhs
• Univ Berlin, Hamburg –
• Total burnt 44 lakhs
• Now that we are here just go ahead
• We headed to DAVOS, since we had slots and museum at Davos
• Cracked WEF database and sent mails…
• We got 10 odd panelists; booked Place of 80 people
• How will India grow faster than China – What India has to do?
• Martin Wolf of FT; Montek singh Ahluwalia
• SBI; General Electric; Walmart
• Raghuram Rajan; Prashant Ruia
• 98 people inside, closed the doors
• Our own client CII, not too happy about it, their HBS event did not go off well.
• Design Innovation
• Tim brown – IDEO
• Shibulal Wilfred,
• Paul, Museum of New York
• We came back from Davos as masters; not just of real estate but also of event holder
• Fairy tale run ended…
• Arithmatic does not fall in place
• Great brand great programming going

We were looking for someone who can run the business for us.

• We are in discussions with 2 sets
• Large network of ad agencies
• Investors from Switzerland
• Idea works evolved from proprietary to private Ltd works
• Idea Works design and strategy
• We managed Bank account before
• The company got registered
• Two months now
• Billed 3.5 crore.. related 2012 of Davos
• Events and Spaces
• Design assignment of Apollo tyres
• Largest design assignment today
• Half baked identity – realized –
• Acquired Brussles based tyre company
• To-and-fro travel
• Would you do it…
• 30 min in just a couple of days
• We had a rough figure of X lakhs from Swiss company
• 10 Lakhs more than that company, finally settle for 2 lakhs less
• 60 percent of the work is done

 India future of change – India Africa, A shared future

• AIESEC – Nairobi world
• India Africa, a shared future
• Students from Africa and India together through the competitions
• Fellowship program
• GOI funding for next three years
• Also have the mandate from the govt – to generate partnerships and sponsorships
• Plan is to bring private sector players to bring into the fold
• AIRTEL, TATAs, Essar and others
• In most cases whatever we are doing DAVOS is the big campaign
• In Milan world-expo, we would have base of executable of business plans, manufacturable design, India Future of Change large show

• November 18-20, Valedictory of IFOC in Delhi
• Producing a book
• Contest winners
• 28 overseas students, total 60
• A journalist on yatra, IFOC
• Film crew on Jagriti yatra

We are now trying to do things the way smarter entrepreneurs do. We would like to keep majority control. The plan is that in five years will exit… and relax…

The idea of an enterprise is great. Idea should be workable. Should not be Eutopian. We were lucky.

 Arithmatic is the key, along with great ideas…When you start an enterprise, one of them has to be a finance guy…

One year ago, I attended a session by Narayan Murthy… for any enterprise to be successful

1. Idea
2. Money
3. Supportive family
4. Foolhardiness

We had all the three in abundance except the second

We have overseas centers of excellence…. NID / Copenhagen institute of design

• Audi – Business strategy contest – for Audi to be India’s Luxury car by 2015 – execute assistant to the CEO
• Design – Submit design Audi for Indian metro – 6 month in the design studio in Germany

Q & A

What are the Challenges in the first 3 years?

• I will do my calculations with the calculator, not tech savvy
• I have not done much right that I did
• In 2006 when Idea Works started, cash flows keep happening… but always kangal (paupers), since we overspend
• Best guys hired at twice the market price
• We were not able delegate, blessed knit pickers… brickbats from the client
• Knee jerk responses
• Got creative strategy

Nation Branding Specialist – how different or similar is it?

• Similar in the sence is that we are fighting for same mindspace and physical space
• Selecting catch phrase or a picture was a challenge
1. It does not be a true story of the place
2. But it should be liked by the minister, client head and sponsors
• Many niceties to be considered
• We are trying to make Brand India campaign in Canada
1. Apparently they feel what they see of Sikhs in ‘tronto’
2. Positive light and reality

Indian Tourism growth and decline – reasons?

• Numbers of India is growing
• 2 mn visitors by 2015… we are not geared for it
• We do not have infra to support larger arrives
• India tourism …. High income traveler. Not enough hotel rooms in delhi
• Everybody goes to Taj Mahal, we have not developed
• Lack of vision à lack of infra
• People will come to varanasi
• They do not go back with happy experience
• Do we get repeat travelers?
• The way Ministry promotes? –
1. India is an all year around destination
2. We advertise only for 4 months…
3. We do not aim to get travelers right through the year

As an entrepreneur when you were in losses what kept you going?

• I would have never got a job I wanted. My liabilities can be cleared only through enterprise than employment
• I had to work for myself. I value my freedom, hence I kept on going..

Early days when you had to compete with Ogilvy, how did you go?

• We always did what we wanted to do, and did not see what they did
• We had advantage of managing costs, their overheads are usually high
• Nimble footed
• We have understood nation branding business
• India Inclusive campaign…. We had a pitch based on last 20 years of growth…ogilvy made a campaign with 6 year old girl telling stories…
• Ours was direct communication against metaphors

Your real estate business did not pay well…DAVOS experience

• We could not do was sell
• Before committing ourselves we should have got the players..
• Two months is too early to sell
• We got late and had hardly any time..
• Now we do

As you are running business for the 20 years, not able to run is psychological?

• The comment you made is what my wife says all the time
• Why don’t you learn from the mistakes
• Must be a DNA issue
• I cannot comprehend… you get into the hole and come back and fall in again
• The key thing is to maintain accounts and finances…

World Expo in Milan in 2015

• Architects
• Showcase in World expo
• Compete, collaborate and co-create
• Identify ideas, put in touch with mentor
• Large number of these ideas are coming from Indians, that showcases

2008 – World went through economic down turn, how did you manage?

• A couple of clients were spending, so we went about as usual and not got affected

Backdoor practices? Is it unethical?

• It is not corrupt a practice – Singapore
• Ogilvy guarding, we had to find a way to show our capability
• We had to do in Singapore to show here
• At WEF…. Delegate shared the access to database
• It is a Business strategy of trying to find a way to showcase us

What do you want to say to MBA students like us?

Had I been an MBA, I would have become an entrepreneur? Not sure

• Comforts of life
• What I see of my friends who became an MBA
• Starting entrepreneur was because I did not have an MBA

Once you are entrepreneur, you are entrepreneur for life

• I joined, had accident, and got out of the course at FMS

You promote India as a brand. What change do you see in India, five years down the line?

• There is a lot of emphasis on innovations, ideas
• Manufacturing practices
• Embrace new things going
• A lot of new dynamism

At the same time we have challenges

• Government indecisive
• Corporate are not doing in CSR
• US, Germany, UK… all have gone through it
• All of them are centuries old
• This is a social evolution
• Citizen action and self-realization …

We love what we do, yes the reality is ….what keeps us going?

• 75% is bread and better – this is what we have been doing
• 25% I believe in what I am doing…

outbound 2011 – induction of pg13 @ IWSB, knowing thyself!

Outbound 2011 – inducting pg13 @ IWSB – Knowing thyself, a set on Flickr.

The academic year of pg13 started with pre-term, of which the outbound module is a very enabling one for the new learners on the campus, as much as the old and seasoned ones….

Along with Vivek of great escapes and Satya, the outbound was planned meticulously to give each participant an experience worth remembering for life time, for what they will gain from the exercises that they would go through. It all depends on ones own eagerness to explore, introspect and learn. To that extent, even though exercises were designed to put every one through similar situations, the take-away will be very different for each one, depending on the conscious investment one makes in the entire process.

Entire entourage set to drive in a couple of buses and cars late in the evening. As Satya wanted to test his car in the hilly terrains, we both found ourselves leading the cavalcade by an hour ahead by the time we were out of Delhi. The gap kept on increasing as we hit the foothills and we reach Bhimtaal by 3:40am, well ahead of the scheduled arrival of about 7am. So we parked the vehicle by the roadside and had a few winks by the time the bus reached the winding roads of the hills. Reaching the Saat Taal half an hour before the buses arrived, we refreshed ourselves to receive the battalion, with unique ‘wake up call’…. push ups the moment they disembarked the buses. This shook many out of the slumber and for the uninitiated this would have given the hint of things to come by…

The climb to the camp on the top of the hill overlooking the saat taal, with the backpacks on our backs, was a real test of ones strength and stamina. With my Camera bag also tugging along, it took some effort from me too as the innumerable tours that I undertook in the last 8-9 months threw spanner on my physical fitness regularity. I realized how unfit I had become. I discovered that I have put on about 5 kgs during this sedentary period, though not sedentary due to criss-crossing the country, yet sedentary in physical fitness terms.. This has made me lazier!! This outbound was a wake-up call for me too!!

As usual, the hectic three days had a lot of excitement, beginning with induction of the new entrants to IWSB value system and integration of the new hearts, bodies and souls with the entire ecosystem of the institution, and facilitating the others to introspect and offer themselves for greater responsibilities towards themselves, the community and the society at large. As we could see, we have been able to succeed to some extent, hopefully it will grow on each one of us. The facilitation and exercises took various forms like – group activities like football exchanges, tent pegging, kayaking, handicap treks, musical and cultural evenings around bonfires; the individual pushing of boundaries happened through rock climbing, rappling, zummaring, river crossing, flying fox, kayaking, swimming etc. The new members also bonded with each other very well when they were thrown a challenge of making a meal on the last day.

Yes, there have been a few taken-for-granted behaviours that did detract from the effectiveness of the program, but I am sure the realizations since then would serve each and every one good for life time.

Personally, my learning included –

a. I will be healthy and physically fit by pushing boundaries more and more even during my daily life
b. I will be part of every action and contribute to every cause irrespective of experience; work with enthusiasm as if I am doing it for the first time, even though I might have done many times over
c. I will be serious about every thing I do. No work is small or big
d. I am capable of finding new ways of engaging, even though the activity may look apparently old
e. So many more boundaries to be pushed, so many more capabilities to be explored…I will continue to do it..

There is so much within. Even when we feel that we are completely exhausted, we have so much in our storage…. if only we can dig deep and push ourselves…

I have but one life…

Sreeni@iwsb.in

kindly follow this set for more updates of pg13

Convocation of Class of 2011, Indus World School of Business – Creating Entrepreneurial leaders

Sanjeev Bikchandani, Founder Naukri.com delivering convocation address

As the sun was setting and the sky was opening up with a light drizzle, IWSB’s campus wore a festive look, for the Class of 2011 walked in a ceremonial procession to take the last bow at their alma mater to be awarded with their graduation degrees. Sanjeev Bikchandani, founder of Naukri.com, one of the celebrated first generation entrepreneurs of India in recent times was the guest of honour to award the degrees and excellence awards to the budding entrepreneurial leaders.

Sanjeev, was indeed the right person to be there for the apt occasion of the second convocation, as IWSB is setting new standards for being only one of a kind institution in the country in facilitating youth to become entrepreneurial leaders.

The welcome address by the Director, Prof Arindam Lahiri, outlined the achievements of this year. In short span of time, the students in IWSB have received national and international recognitions including Rural Management Association of India’s (RMAI) best rural business model national award, Cherie Blair Foundation NEN fellowship for young women entrepreneur. The institution has been honored by NEN (National Entrepreneurial Network) for the third consecutive year as one of the most entrepreneurial campuses of the country. The Indus Entrepreneurs (TIE) co-opted IWSB to launch its much-acclaimed international programme, TYE – The young entrepreneurs programme for school going students. In the first batch, about 50 students (of classes 8-12) selected from various schools of Delhi underwent this programme at IIT Delhi, with IWSB anchoring the whole programme.

Exhorting the youngsters, both the graduating batch and the PG12 batch, Sanjeev spoke to them about the humble beginnings of his journey as an entrepreneur from a middle class family. He said that three things are very important to excel in life.

• First – look for meaning in whatever you choose to do, and not go after money. He shared his struggles for the first seven years of not being able to take salary regularly from his firm. Success lies in there.

• Second – persistence and perseverance are the key to success. Look for a pot of gold in twenty years and not in twenty months. Have a plan for what you would like to achieve in five, ten and fifteen years and be focused at any cost. One in hundred do it and they make everything happen.

• Third – Dream Big, Start small – your dream needs to be audacious but it gets built in small ounces every day. Secret lies in what you do to succeed in these smaller steps towards achieving the big dream. Nothing is small if you really pursue purposefully.

Earlier, Satya, Chairman of Board of governors (BoG), IWSB and founder chairman of Career Launcher group, in his address shared his journey and said that being humble while chasing your dreams is the key to success.

Gautam Puri, Vice-chair, BoG, concluded the formal session with his address on vote of thanks.

The whole of the evening was taken care of by the PG12 students with active support of the faculty. Kudos to the organizing team.

IWSB Excellence Awards Winner for the year – Ankita Gupta

Ankita Gupta, winner of the medals for excellence, with Sanjeev

Ankita Gupta, who has won national and international laurels that include the RMAI and Cherie Blair Foundation NEN fellowship, received the BOG excellence award as well as the IWSB entrepreneurial leader for the Class of 2011.

Ankita Gupta – A final year student and recipient of the Cherie Blair Foundation for Women-National Entrepreneurship Network Fellow 2010 Award, Ankita is a perfect representation of the IWSB values. A consistent performer and leader throughout her academic life, for Ankita, the visit to an exhibition by the National Innovation Foundation last year was the start of a new journey.

Sahyog, a project initiated by IWSB alumnus Mr. Jaydeep Mandal of PG10 and his batchmates, Ankita worked along with her batchmate Shobhit of PG11, as a part of Sahyog to start and change the way woman in rural India lived. The project was about producing affordable sanitary napkins to facilitate better personal hygiene. Unlike most of us who see an idea, appreciate it and forget it, Ankita pursued it with passion. The woman of Sararsariya Village manufactured sanitary napkins at a small cost and retailed them within the community at an MRP of Rs. 2 per unit, bringing hygiene and livelihood to the village community. Now Ankita plans to join a young firm in the rural marketing space to gain precious experience to pursue her dream of rural entrepreneurship.

Tradition of creating entrepreneurs at IWSB

The very purpose of IWSB is to stoke entrepreneurial leadership and the results started to show from the first batch – class of 2010 itself.

• Prabhakar Borah and Jitumoni Mahanta from the class of 2010, started their venture in food processing – Fusions Eureka – in Guwahati even before they finished their PGPM

• Jaydeep Mandal, another class of 2010, MD-Aakaar Ventures, based out of Delhi, doing consultancy in the area of grassroots innovation to market place and has also launched a line of Herbal beauty products.

• Vipresh Sharma, class of 2010, First person to graduate from a farming family, went back to his roots in Aligarh to start Bhagwati Herbal Agro Solutions that focuses on organic farming and rural employment

• Saurav Goyal, during PGPM study, started exploring the education space. Finally on passing out, Saurav moved into open play schools in his home state of Chattisgarh

In the current passing out class of 2011

• Jayesh Suri, at the end of his first year, jumped into entrepreneurship along with his childhood friend, in his hometown of Ahmedebad. BLIS (Bhuved Land Information System) www.bhuved.in helps in understanding the existing land condition and future development of the area as planned by government development authority – the information which can be useful for builders, developers and constructions related business; also provides an ERP for mining industry which includes best choice of supplier information, billing, inventory management modules giving comprehensive site management capabilities.

• Krishna Boddapati Reddy has been running his educational consultancy for education abroad. He intends to spread this to cater to greater educational needs of the underprivileged children. He along with a few of his batchmates and pg12 batch have been proactively running the SEE (society for empowerment through education) program that teaches about 50 kids at IWSB.

• Sushant Yattam intends to open an Artist Microfinance Co., currently the model is functional in South Africa. He intends to import idea and the model to India. It intends to promote the artists that are unable to get a proper platform due to financial support. We are sure Sushant will find his place in the space

In the present batch (2010-2012) four students have already start their own ventures.

• Kanu Mangotra – (JMD’z Pratza) A first year student has turned a simple idea around to meet the obvious needs of the college community that she is part of. Kanu supplies burgers to canteens of colleges in Greater Noida. It started with eight pieces and one canteen, and now she is the regular supplier to two institutes with two more in the bag to be started right after her first year exams. Kanu currently employs one woman, a widow, and her association with the Society for Empowerment through Education (SEE) at IWSB has given her the idea of employing woman who work as construction workers and are looking at better work environments. With her workforce set, Kanu plans to take a few classes from her Hotel Management friends to obtain know-how on upgrading and preserving quality. Her next steps include starting a kiosk at the institute, taking care of catering services and supplying to one of the large eatery chain in the country, with her precious profits till date acting as seed fund.

• Sumeet Sharma has also made a small beginning with another student Arpit Kala (Concern – NOW) that is into retailing perishable food products to hostels and homes. Additionally he is exploring the possibility of putting up a unit making bullet proof jacket.

• Syed Inam ul Arsh is from Jammu & Kashmir who is actively working on creating an educational consultancy in Srinagar. After completion of the course he intends to take his educational avenue guidance consultancy for the young generation of Jammu & Kashmir to the next level. His motivations, locating of gap and an opportunity to help fellow citizens.

There are a few more who are rearing to take off in their second year of the programme with business plans in place. Long live the entrepreneurial spirit of the institution and the country.

sreeni@iwsb.in

To change the way you look, change the way you cook!

It’s a line borrowed from an advertising campaign for LG Microwave Ovens released some years ago. I don’t know what the copywriter had in mind when he penned it down, but to me it reveals a lot more than the benefits of microwave cooking. How you might ask. Read on.

Every year a lot of youngsters leave the comfort of their homes, the warmth of their mother’s cooking, the laughter and fights of their siblings, the daily chat with their friends, the confidence of their father’s presence and possibly the laid back lifestyles of their small towns and villages. Leaving all this and much more behind, they travel to distant places with the hope and determination of making and shaping their careers.

A lot of them come to B-schools.

Suddenly, life is no longer a bed of roses. To know what I am talking about, catch the sudden change in the status updates on Facebook, Twitter, and the content on personal blogs. This gives you a fair idea of what happens in the first term of a half decent B-school.

“How do I meet deadlines? Am I here to slog like a slave through the night? No matter how much I study the grades seem to conspire against all my efforts? Or is the faculty conspiring to bring out the worst in me? Why does everything that I do make me realize how inadequate I am? Coping with bad hostel or canteen food is okay but how do I manage the multiple assignments, quizzes, projects that seem to come as if there is no tomorrow? On top of everything, my communication skills simply leave me speechless.”

Ouch! Ouch! Ouch! And this is just a small sample of problems that seem determined to never go out of fashion. Ouch again!

Simply put something called change enters everyone’s life and turns everything upside down, inside out. There’s nothing left of what was right and there’s nothing right about what is left. Right?

I had heard this nice line somewhere, “If you don’t change your direction, you will end up where you are headed”. I am sure quite a few of us must have observed flies or birds that keep on hitting at the same glass window pane again and again, in the hope of getting out of the room. But we know they aren’t going to get out till they change their direction. No rocket science here!

The same applies to us whenever we find ourselves in a new, strange or tricky situation or environment.

Often, we turn to all the tricks and ways we know of handling problems. Yet success seems like a dim and distant dream. Hmm!

Let’s start by understanding why do people go to a B-school or any other area of higher professional learning. Sure there are degrees, diplomas, grades and placements involved but of what good are they, if you have not been suitably trained to work.

Work involves being on the job for long hours, gathering information, working on projects, solving problems, conducting research, grappling with data, preparing reports, making presentations and of course attending meetings.

This, in short, is very different from whatever one considered as work in school, college or university.

Till now most of us read to memorize, wrote answer sheets that were a test of our memory and solving some very basic text-book problems.

Now we must read to understand and apply. In simple terms, you are now dealing with information that comes in the form of textbooks, cases, reference articles. Some of it won’t make great sense because very few of us may have ever steeped in a company or an organization. But what’s life without challenges?

A classroom is the closest thing that resembles a meeting. The very word meeting implies that one must be prepared to participate in a meeting, whether you are meeting your boss, a client or an unhappy customer. Lack of preparation is disaster guaranteed.

Of course, attending most meetings or coming to your office regularly keeps you updated about what’s going on, unless you are brain dead. That in short is the importance of attendance.

Again, while working, one has to manage multiple tasks, often at multiple locations, a boss’s anger or tantrums, stiff deadlines besides one’s personal life which could be filled with demanding personal commitments or just friends waiting for you at the pub. The smart ones do it with some good time management and sometimes with great negotiations. Does that tell you anything about prioritizing and concentrating on the task at hand instead of worrying or wishing about what life could be?

I believe failure is no more a bad word, unless you get some Fs & Ds. Here again a lot of us spend a lot of energy in finding out ways to avoid an F rather than probing and finding the root cause. I am sure a bit of backward tracing of steps and an honest introspection reveals our core weak areas, traits and habits. Knowing your weakness is a major strength and a good start for your journey to betterment or to use the cliché “Success”.

Lastly, it’s prudent to know the good old saying “Knowledge is power”. It may not necessarily win you arguments or business deals but it gives you the confidence to participate in any forum. So read, read, and read as long as you live. And keep a dictionary handy. It’s a sure way of enhancing your word power and understanding.

I believe now you have some recipes to become a master chef of your own life and turn it into one delectable affair.

So, go ahead. Embrace change. Wrestle with its challenges, flirt with its various dimensions and fall in love with its problems and learn to rule it. If you are able do that, don’t forget to wear a pair of designer sunglasses because your future will look extra bright. Have a great year and a greater life ahead.

Prof. Navneet Kapoor,
Faculty – Marketing Area
navneet.kapoor@iwsb.in

E-Bootcamp @IWSB – Eurekas, WOWs and Tête-à-têtes with Entrepreneurs and Investors

E-Bootcamp at IWSB Campus

E-Boot Camp at IWSB on Dec 4, 2010.

IWSB campus not only wore a festive look but also had many eager learners from various institutions and corporate who were there to listen, interact, participate, share their ideas and seek opinions and advise on their ideas.

It was an amazing day the budding entrepreneurial aspirants for sure, but the dozen wizened entrepreneurs and investors, who took time off to spend their precious time to be at the event, were left inspired by the eagerness of the students and entrepreneurial aspirants.

There were three panel discussions and interactions followed by a session by Sreeni – “Think Big, Start Small”, that focused on breaking the myths about ‘starting a business with sophisticated ideas and big money that we want’

The first of the panel discussion had three eminent personalities – Girish Batra (Alum IIMA), Founder, NetAmbit; Vivek Agarwal (Alum IIMC), Founder, Liquid and eGurucool; and Gagan Kumar (Alum IIMB), Accel Partners,  representing the world of ‘investors’. The session was moderated by Girish Batra.

The second panel had Shantanu Prakash (Alum IIMA), founder Educomp; Gautam Puri (Alum IIMB) co-founder CL;Sreeni (Alum IIMB) co-founder CL and Director IWSB;

The third panel had  Vivek Bihani (Alum IIMB) and Co-founder Magic Software and Founder InSync advisors and Arindam (Alum IIML) Director IWSB and co-founder CL

Here in is the capture of the first panel discussion on “Opportunities – discovering one”

The inaugural address with the first panel – Girish, Gagan and Vivek

Moderator – Girish : Q. How do you create an Idea? How do you think about being an entrepreneur? What is the motivation of becoming one?

Me too challenges are higher. Thinking need to be unique. How do you chase about going ahead.

Capital and manpower are challenges in the initial stages. Examples are few, resources are limited, less control on resources, capital, challenges you go through; can you anticipate some of them, how do you bring risk mitigation;

Gagan –

Discount whatever I say, since I am only a facilitating person. Girish and Vivek have created business

Why become an entrepreneur in the first place? Even if you have taken a call, it is a fashion today to say I want to be an entrepreneur!!

Vivek –

That is the basic question. It cannot be over emphasized. Why are we getting into this?

I was reading a quote – “Lot of start-ups do not succeed. Those who succeed are the happiest people in the world” –

You have got to select a problem to solve. And if you do, you will make huge monies. You are wondering what next. It is worth taking a shot. Not having to say later on, why have I not taken the shot? I never really wanted to do it, because never wanted to say to my children – “ I did not try”

Gagan –

I was at IIMB a couple of weeks ago at an entrepreneurial event – you need to evaluate first why you want to get into it. It is going to be a grind.  70 Lakhs additional people joining Facebook every month, what could have been the initial motivation? It is paying dividends now, after all the grind put the people behind.

You can go to corporate, enjoy life, 5-9 job. So if you are convinced of a job you should go there. Go only when you are going to enjoy..

I also look at Satya – Way back in 1993, I thought as much as many others ‘Eh kya karega, padhayega ‘(what is this fellow going to do? Teach?). We all were ridiculing in those days. Look at today, we think “arey yaar hame kyon yeh vision nahin tha!”

You need to be prepared for a number of challenges …I am sure Satya will have hundreds of stories to tell..

Girish –

When I look back, in 1999, when I took this challenge.. I felt I was looking for happiness. Lot of times our actions are determined by what we do…  Now 4000 people strong, may be 7000 people strong pretty soon..

It feels good to see giving back to the society.

So questions are – What is your aspiration? What you are looking at? I was speaking to a friend from IIMA. I realized that his aspiration is not to scale up. If you really want to do business, your path should be clear – the actions you take, the plan you want to follow.. Yes, luck does play some role too…

What is the end-goal in your mind and start working towards it. What would you be like when you are 40-45?

Moderator – Girish : What do you think makes an Idea succeed?

Gagan –

Team, market size of the idea, customers tracking, scalability, certainly differentiating factors, what works, who pays for it… so many questions to be explored

Last 2 years we have done 20 odd investments at the seed stage.

At most of the companies what they are today was not what they started with..

• A Social networking company, started off well… but today it is SAS platform for recruiters.

No idea is bad. It may not be fundable initially but if the idea can make some segment happy about using the product or service, I am sure the Idea will succeed eventually.

Vivek –

Another way of what they are sharing is..

There is a lifestyle business. One gentleman came and was speaking to me. He is aggregation of courses for people. Do you want your son to take over your business at some time? He said yes. Perhaps he is in a lifestyle business… it is a family-centric approach.

Pursing one idea aggressively. You may want to corporatize. If it works fine, else you may to shut shop. In this model you may have partners and in terms of product and people may grow huge..

No bad ideas, as Gagan mentioned. When I started eGurucool, we prepared a vision of what we wanted to do. We spoke to investment bankers. We were discouraged from raising funds, since everyone asked for documentation of idea and plan … How can we send it across, someone may copy it. It was stupid, we realized later. How will anyone fund without sharing your ideas?

There were 75 companies that were working on the same idea. We raised capital and we executed better. If you are the only one working on an idea, perhaps then the idea may not be with potential. Google guys were willing to sell the idea to yahoo and but yahoo thought it was too expensive and not worth it… now look at google, when they executed the idea!

Good Idea with bad execution does not succeed. But a bad idea with good execution can take it long.

Look at what your interests are.

Two of my friends set up an HR firm. Why will anyone fund you?  Software platform that will reduce the work; I had asked how will you do it without a techie.

Steve jobs said “Steve wozniac; I got a techie to be my co-founder”

So first know what you really like and what you do not have and get people with that expertise…

Girish

Execution is the key to success. It is a lot about being practical, pragmatic and you should have your eyes and ears close to the ground. You need to have the ability to learn fast and quick. Name of the game is execution.

If you have an idea where there are already a few players, kindly find gaps – product side, services side….

Always go to people who have experience in your domain to get their opinions. Bouncing off with people. Do not be hesitant to share idea. The real success is in execution and not in just idea. Idea has to be good, but execution can make a killing out of even a mundane idea, else we kill a brilliant idea.

E-Bootcamp at IWSB Campus – The audience and the arena

Vivek

Try out a few ideas in the campus itself. Pool 1000 rupees and create small businesses of selling ICECREAMS, TSHIRTS etc. a lot of learning happens through…

Girish

Challenges are plenty. Journey is going to be bumpy. You will not have the support systems you want. You will have to be aware and try how to mitigate the challenges early.

Challenges will be on multiple fold – Supply as well as Demand side ..

• sourcing raw material
• people : how do you attract talent; you wear all the caps initially, but how do you attract the people…
• market side
• demand side
• regulatory compliance

You will have bad and good times. How do you take care of personal and emotional challenges.

Moderator – Girish : How will you take care of challenges?

Vivek –

I will share from my experiences –

You have to be convinced and passionate about your idea… you have to be stubborn headed about it. Think that the whole world is wrong…What is the ideal way of building business?

If I were to do a business today, let us take online community business.. If I were a good techie, I will get a good marketing guy or otherwise. I will spend some good money and put the website. I will outsource or get people on contract. Get good feedback from early users and then reach out to the angel investors..

Have a couple of co-founders, with supplementary and complementary skills. Then  keep the costs low

Make sure your expenses are behind the cash flows. Kindly keep raising capital, so that you can move faster

Getting into execution – You will have to be the chief techie, chief peon…. That is the part of the early growth process. It is not going to be easy.

There are a set of trade-offs, it helps you to understand which way you are going..

Let us say you are selling HR software…making recruitment process easier. Girish, may say I need finance also, I am tempted to get that too…It is always good to get your core competence and what you want to build… stick to it..

People – when you hire people, we get equity and … ‘

‘Hire for Attitude, and train for skills’ we need people who are flexible and dynamic. As you grow you need people with grey hair… Getting one good guy than four compromises is better. You may need to even pay him more that what you make for yourself, but just do it.

The eminent visitors sharing a laughter

Gagan –

In campus we hang on with same friends. Try to create teams that are very diverse. Get the complementary skills..

Ego: Who will be the CEO. Whom should I speak to? He should be outgoing, good sales man, he has to be the face of the company; The one who grinds should be COO. Being humble is one of the critical traits we should look for..

Q&A

We start with our own 2-4 lacs and I do not want to go to anyone else if I want to get 10-15 lacks they may give, with many stings attached. What does the panel have to say about it

Panel –

If you want to have 10 lacs, I think you will have to get it from friends. If you need 40-50 lacs then you may enthuse investors. Get 20-25 lacs from angels; get things going

Prove your idea with your own money before you can convince others…

I feel you need to get rid off “Strings Attached”.

Size of the market? How do you evaluate…

You need to get the size of the market certainly for any idea.. Even if you are coming out with a completely new product, you should understand the need and wants. Estimate what will satisfy and how much will the demand be. Do a survey that will give reasonable data to crunch..

After starting  business after investing 20-30 lakhs and feel I need more money?

I started my business with 1 Lakh. It is a complete misnomer to feel that you need very big investments.

It is important to distinct between personal capital and capital for growth

How do you get on to the good execution?

1. Two kids – Flipcart – selling books online – we said kaun kharidta hai

• Showed traffic and transactions
• Then we took the plunge
• Entry barriers – A large book store said they already had gone online and they are multiple times of Flipcart
• But in a couple of months Flipcart became a multiple of the stores
• Good search engine work

• So PROOF OF concept is important at the same time keep your eye on costs, that is the key.

• Does being introvert not help in setting up a business?

1. 1. It is not about idea, it is all about execution..
   2. No body is going to fund us only on idea..
   3. You need to talk about your idea to a host of others
   1. i.      Customers
      ii.      People to recruit

• One team that has won many b-plan competitions but has not started the enterprise yet… Conviction and willingness to slog is the key

So if you are an introvert, but have ideas and are willing to work hard, find someone who will front-end your interactions with external world. Because networking and interacting will take your “proof of concept” to the outside world.

(the interaction is not complete, as I had to rush out of the hall).. Will write the other panel interaction in a separate blog

Kindly leave your comments or write to sreeni@iwsb.in