Verge - XLRI, Jamshedpur EDC Magazine 2013-14

Articles
Jet Engine Theory
Is the Business Plan Dead?
Into the Wild...
Interviews
Harshavardhan Neotia
Kanth Miriyala
Aparna Banerjee...
Get Inspired
from Project Sukanya and
DLM founders
+
Entrepreneurial
Stories &
Testimonials...
Post Graduate Programme for
Certificate in Entrepreneurship Management
(PGP-CEM) 2013-14
1st
EditionThe Big Picture Risks in Women Entrepreneurship Co-operative Vision
EDC (XLRI) Magazine

RISKS
VISION
BIG
WEALTH
INNOVATE
SOCIETY
DARE

contents12 The Big Picture
16 Is the Business Plan Dead?
11 Fire in the Belly
14 Power the Point!
10 Into the Wild
21 Jet Engine Theory
22 Connect to Inner Net
24 Co-operative Vision
26 Kanth Miriyala Interview
28 The Risk in Women
Entrepreneurship
32 Entrepreneur FAQs
34 How to Close a Deal
35 Memorias Por Siempre
36 Real Estate in India
44 Gallery
30 Digital Literacy Mission
08 Lessons from a B-school

The biggest risk is not taking any risk... In a world that’s
changing really quickly, the only strategy that is guaranteed
to fail is not taking risks. - Mark Zuckerberg
The idea of this magazine came up on the tea table – the
very place where many of the students in the Entrepre-
neurship Management programme came up with new
business ideas and exchanged varied viewpoints on one
another’s business plans. A melting pot of rich discussions,
arguments and counter-arguments is what made this ex-
perience a value addition in our lives.
And perhaps to pen down this journey and our person-
al takeaways from this programme and to stress on the
trends in entrepreneurship development, this is an earnest
attempt of the students at the Entrepreneurship Develop-
ment Centre, XLRI, Jamshedpur.
As the editorial team, it gives us immense pleasure to take
up this challenge to be able to create a platform where the
budding entrepreneurs from diverse backgrounds come to-
gether and opine on substantive aspects of the entrepre-
neurial ambitions and experiences.
“Entrepreneurs need to have the fire in the belly” - with
these words often reiterated by Prof. Prabal K. Sen, the
EDC Chairperson, we attempted to build a pathway that will
serve as a robust literature based on what the entrepre-
neurs of today think and how the world is expected to re-
spond to the transformational changes that will shape the
business ecosystem in the future.
We have keenly endeavored to bring together articles from
students, professors, entrepreneurs and family business
members in various fields of entrepreneurship so as to de-
pict a holistic picture of the entrepreneurial trends in India.
Through this magazine we hope to bridge the gap that we
believe currently exists between classroom study and prac-
ticality; and continue to keep coming up with various entre-
preneurial topics each year. Happy Reading!
Team Verge
Harsh Singrodia - Principal Editor
Siddhant Bhatia - Design Editor
Anshul Dhir - Editor
Somrwita Guha - Editor
editorial
18 Harshavardhan Neotia Interview
38 Aparna Banerjee Interview
40 Entrepreneurial Stories
43 Testimonials
09 Emerging Sectors in
Entrepreneurship

XLRI is the oldest business school in India. The mission of the Institute, among other things, aims at encouraging entrepre-
neurship and social consciousness.
It is against this background that a new initiative in the form of a Post Graduate Programme for Certificate in Entrepreneur-
ship Management (PGP-CEM) was launched by the Institute’s Entrepreneurship Development Centre (EDC) in 2009 in order to
provide competency-based education to eligible candidates with a view to promoting entrepreneurship in Jharkhand and rest
of the country.
Three batches of the programme have by now graduated. The fourth round of this innovative programme on Entrepreneur-
ship Management is on the threshold of completion, with its Graduation Ceremony scheduled to be held on April 05, 2014.
I note with great satisfaction that a vast majority of those who have gone through the programme, have turned out to be
successful entrepreneurs in various sectors of the economy across different parts of the country. We in XLRI therefore feel
good that our desire to promote entrepreneurship among the youth through launching of PGP-CEM has largely been realized.
I wish all graduates of this programme of XLRI a meaningful entrepreneurial career.
(Fr E. Abraham, SJ PhD)
Director
XLRI, Jamshedpur
Message from the Director of XLRI
6 | verge

With the introduction of a full-time Post Graduate Programme for Certificate in Entrepreneurship Management (PGP-CEM)
by the Entrepreneurship Development Centre (EDC) of XLRI in 2009, XLRI has made its entry into the exclusive group of a
limited number of premier business schools across the world which run such innovative programmes apart from the usual
programmes in business management.
Our objective in launching this programme has been to generate a breed of entrepreneurs who are equipped with conceptual
as well operational skills required for running an entrepreneurial venture successfully. The courses included in the curricu-
lum have therefore been carefully designed so as to build the foundation of an entrepreneurial orientation, impart neces-
sary skills and instill an integrative approach among the graduates. Apart from three Classroom Terms used for teaching
24 different courses thus included in the curriculum, a module on formulation of a an entrepreneurial project by each of the
students in a field of his/her choice under the mentorship of a faculty member proficient in the respective field, constitutes
an integral part of the programme.
Efforts are made to organize from time to time interactive sessions with entrepreneurs working in diverse areas of the
economy, so as to sensitize the students on the real-time issues encountered in course of execution of an entrepreneurial
venture.
EDC also encourages students to take initiatives of their own which are aimed at generating a conducive ecosystem for pro-
motion of entrepreneurial spirit among the youth, in general, and the student community of the Institute, in particular. The
efforts of the PGP-CEM 2013-14 batch (under the leadership of Harsh Singrodia) in bringing out a Magazine, titled VERGE, on
the occasion of the graduation of the batch, is an instance in hand.
I compliment Harsh and his batch mates on their admirable initiative and take pleasure in formally releasing the maiden
issue of the Magazine, VERGE.
(Prof. Prabal K. Sen)
Chairperson,
Entrepreneurship Development Centre (EDC),
XLRI Jamshedpur
Message from the Chairperson of EDC
7 | verge

F
undamentals of business and a broader understanding
of the business world with lessons from the past and
the present is a typical recipe served by a b-school. The
method used is generally the Socratic Method (mostly cases
studies from reputed colleges like HBS and Stanford, and
questioning the subject matter & the actions of the charac-
ters in the cases). I’ve outlined a few examples from each of
the key subjects that I thought were very insightful (certainly
not a complete list but gives you a flavour). I’m just append-
ing to their list based on my personal experience.
Here is a short primer on a few important lessons that I
learned in each of the subjects.
Finance, Accounting and Valuation: Looking beyond the
numbers
Other than the rudimentary financial statements and under-
standing certain rules that are followed (and aren’t by some
companies). For instance: How to value any company/start-
up and justify its valuation using a strong balanced quan-
titative and qualitative approach. Not just what the market
bears (what the market can bear to begin with if you are the
trailblazer). Comps analysis, DCF (Discounted cash flows),
TVM (Time Value), how to value start-up equity quantitative-
ly, how to calculate risk (beta) in a business.
Conundrum between innovation and stability and how to
beat the trap
Finding the right balance between the innovative aspect of
a startup in terms of cost and operability and the attached
equity.
Strategy, economics theory and Network Effect
Strategy: Michael Porter’s 5 forces theory on Industry re-
search. All strategy is competitive strategy.
Economics: Basics, Demand/Supply, value of game theory in
decision making - market entry, new products, profitability,
growth and sustainability, network effect, principles, so-
cio-economics, etc.
Marketing: What makes it so hard and misunderstood? Most
start-ups get this wrong. This is where the product meets
the market.
Data based analysis or Ops research
In this day of Analytics and Big Data, it is important to rely on
your own data and use it in conjunction with reliable sourc-
es to drive insights based decision making. Management is
really a decision science and the availability of statistically
meaningful data makes it even more important as a com-
petitive differentiator. Less arbitrary management decision
making and more rational, data based approaches makes us
a smarter species. Everything from fault tolerant computing
to buffer planning in any project boils down to concepts in
risk management and learning about planning for unexpect-
ed (random probability) events.
Value of Leadership, People and Culture
In a start-up or in any company, organization, country, etc. B
school teaches more about company building and less about
product building (I’d guess B or C round in valley start-up
parlance).
Lessons to learn from entrepreneurs
Every entrepreneur is a leader. The jockey (team) is more
important than the horse (idea). There is no I or YOU in
market research - iterate to fit the market, be a sponge -
entrepreneurs learn something from everybody, everything,
every day. Managers and Leaders are distinct players - very
few managers become good leaders. Managers are taught to
minimize risk, build stability and manage incremental growth
- these terms don’t exist in the vocabulary of an entrepre-
neur.
Lessons from Leaders and their mistakes
Leadership in organizations and Essence of leadership. How
to make decisions for companies and for yourself. One can
easily track wisdom in lessons from Jack Welch to Vinod
Khosla to Gandhi to Julius Caesar to Margaret Thatcher, etc.
Professional Responsibility, Ethics and the Law
Who are you a fiduciary to and for what are you a fiduciary
to? What to do and what not to do in difficult ethical situa-
tions when on company, not-for-profit boards or generally in
sticky situations? How to prioritize and analyse your duties
and responsibilities? How laws have been formed in different
countries - think of wage and employment laws in China,
Brazil, African countries, SE Asia - Nike, Gap and child labour
laws, etc. Basics of law - Jurisdiction, IP, business and em-
ployment laws, contract law, conflicts of interest, etc.
The goal is to make decisions based on what is economically
viable, profit and value maximizing, professionally responsi-
ble, legally defensible and ethically fair, by the way something
truly innovative generally is. They may not appear that way
in the short term but always is in the long term.
Finally, a good B-school/professors embed in their students
‘The known unknowns and the unknown unknowns’ - the
sense of awareness of what they know that they don’t know
and what they don’t know that they don’t know and more
importantly what to do in those situations. Good B-schools
have a good balance of both hard and soft skills.
Finally, B school is a reservoir of knowledge and connections
- depends on your aptitude, attitude, intellectual curiosity
and intellectual honesty - what you can pick and what you
can’t/don’t.
-Vivek Sharma is a student of present batch of PGP-CEM 2013-
2014 at EDC XLRI, is endowed with more than 10 years of experi-
ence in mining & quarrying industry.
Lessons from a
B-school
by Vivek Sharma
8 | verge

Emerging Sectors in
Entrepreneurship
by G.Subramanian
E
trepreneurship is not about innovation, it is about or-
ganization building, thus people. All of us aspire to be
entrepreneurs for personal gratification or sense of
achievement. The Entrepreneurship journey need not start in
the high tech labs as it can be as simple as solving a problem
of common nature. Entrepreneurship is not bound by what
exists and is about what we dream as that limits our horizon.
When in year 2000 (Y2K) problem hit the world, many of us
were still in school to feel the euphoria it created. It is true, to
major extent we were immune to Y2K for the reason of lim-
ited computer penetration and analog systems constituting
the core. Adversity has turned into an opportunity here.
As a populous country, with economy growing at a rate sar-
castically referred as Hindu rate of growth (i.e.3 %) until few
years back and India joining the digital revolution with mobiles
totting youth synonyms India’s aspiration, silent revolution on
the Agriculture and Dairy development, Retail giants making
beeline to India, Global Automobile companies pitchforked
tent to make India a manufacturing hub, Direct To Home(DTH)
antennas dotting India Skyline, India is poised to become a
land of opportunity.
The economic reforms initiated in the year 1991 exposed In-
dian companies to global competition and this necessitated
a strong entrepreneur ecosystem for being globally compet-
itive.
The emerging sectors in entrepreneurship
India, one of the burgeoning economies, has a distinct glob-
al competitive advantage in terms of cost and quality. While
the picture of India is known through press for its dominance
in software and business process outsourcing, the scale and
market opportunities in India are much more extensive and
very appealing.
Newly established and mid-sized companies provide inno-
vation and cost-effective operations which hold the key to
meeting the global challenge of rising demand from developed
countries and competition from other developing economies
in many emerging markets such as infrastructure, Healthcare,
education, energy, pharmaceuticals, and food processing.
Infrastructure - $1 trillion: The amount of money projected
to be spent on infrastructure development over the next five
years (i.e. by 2017), nearly half of which is expected to come
from the private sector.
Energy - 400%: The expected rise in energy demand by 2030,
exacerbating an already significant energy deficit.
Health Care - 9: The number of hospital beds in India per
10,000 people, putting India 64th out of 194 countries sur-
veyed by the WHO.
48%: The percentage of Indians who are chronically malnour-
ished.
Manufacturing - 36%: The percentage of jobs that remains va-
cant in India’s automotive manufacturing sector due to a lack
of qualified candidates.
100 million: The number of manufacturing sector jobs the gov-
ernment hopes to create over the next decade (i.e. by 2022).
10: India’s global rank in terms of manufacturing (by share of
nominal gross value added).
Education and Human Capital - 800 million: The number of
Indians currently under the age of 35 (i.e. by 2012), a demo-
graphic dividend that could help spur further economic pro-
ductivity and growth.
1,000 and 50,000: The number of universities and colleges (re-
spectively) that India will need to create in order to meet the
government’s goal of adding 10 million new seats in higher
education.
Food Processing - According to the data by APEDA (Agricul-
tural & Processed Food Export Development Authority), In-
dia’s agro and processed food exports spiralled up to 63% in
the FY 2012-13 to $16.96 Billion.
According to CII-McKinsey report, the processed food industry
is expected to expand by 9% every year, and reach $100.19 bil-
lion (Rs.6 Lakh Crores) by 2030.
Pharmaceutical - India’s pharmaceutical sector will touch US$
45 billion by 2020, according to a major study by global man-
agement and consulting firm, McKinsey & Company.
In the period 2002–2012, the country’s healthcare sector grew
three times in size, touching US$ 70 billion from US$ 23 billion.
India’s pharmaceutical market experienced a similar boom,
reaching US$ 18 billion in 2012 from US$6 billion in 2005. The
report further states that the Indian pharmaceutical market
will be the sixth largest in the world by 2020.
IT / ITES industry - India’s IT-business process outsourcing
(BPO) industry revenue is expected to cross US$ 225 billion
mark by 2020, according to a Confederation of Indian Industry
(CII) report, titled ‘The SMAC Code-Embracing New Technolo-
gies for Future Business’.
-G. Subramanian is a student of current batch of PGP-CEM at XLRI.
He has been working in the IT sector since the last 15 years.
9 | verge

T
hose mist-colour mountains, oblivious trees, falling
leaves dust covered wardrobes looked like the ulti-
mate poet’s den. But for some alien reason I did not
end up doing justice to it. Finally, towards the fag end of the
programme I found an occasion to write; and that too for a
commendable initiative. A Thank You is too mainstream, so
I’d abstain myself from it.
The So-Far-So-Good history behind me being lucky enough
to meet a host of beautiful people at this place dates back to
2009. I was Nineteen and impregnated with my brainchild.
It was an overtly premature baby and took three long years
to enter school. Embracing it perhaps too passionately, I
met a room full of equally starry-eyed parents (well, not all
of them). At some level, they were/are nurturing their own
baby ideas. From 20s to 50s, from Engineers to Account-
ants and Bankers to Dreamers, from Hisar to Chennai and
Jhumri to Bombay, from strict vegetarians to even stricter
non-vegetarians if anyone ever had to cite an apt example
for diversity, it would be PGP-CEM 13-14.
Twenty-four courses thrown into six months with some of
the best of Professors (Yes, A Tale of Two Cities style), pow-
er point presentations galore, moderate quizzes, heated to
lukewarm class discussions, and hiccupped case-studies
left most of us stammering in the face of probability. The
coin once tossed soon showed its other side too: it released
the wolves into the wild, with or without the presence of
spirit people danced like there was no tomorrow. A rath-
er happening maiden Term led to an excessively relaxed
Second Term where the only preparation before end-term
exams for some people was around the Carrom Table.
Though that was not the only table around which friend-
ships sparked. One of the other tables witnessed not just
bonds but undesirably sweetened Koftas and unimaginably
spicy Biryanis. On some other days, it was just merely bland
only till the talks around it added the desired salt, lemon,
butter or whatever ingredient it needed to make it taste
better; while right outside a fire lit with broken branches
won its battle against an asthmatic winter wind whistling
the beginning of an end. Half a year is perhaps too short
or too long to be at a place like this. I do not know which
one it is for you. For me, it’s neither. Instead it is the upris-
ing of Spring and the reluctance to count until it turns zero.
Apologies for a rather clichéd end-
ing in the disguise of my echoing fingertips.
We are here to build something; to inject life into our still-
born ideas so that our brainchildren stand the test of time.
People will write their own stories about you but never be
written off by them. Make sure you write your own because
in the end that’s the only one that will matter. It is funny
how ridiculously big your dreams actually are; funnier still
how ridiculously real they’d become sometime soon. All
you need is to be crazy enough to believe in it; to be mad
enough to live that forgotten boyhood dream and take that
walk on the wild side. For it doesn’t matter if you are small
today as long as you’re sure you’d make it large someday.
-Somrwita Guha is a student of the current batch of PGP-CEM at
XLRI. She is the founder of Papercup, a lifestyle accessory brand.
Into the Wild
by Somrwita Guha
The first day I walked into this place I knew that it
had the potential to bring a closure to all the writ-
er’s block that I have had for Twenty-three years.
10|verge

T
he young mind overflows with entrepreneuri-
al ambitions and there is a time when the fail-
ure is not an option – winning is the only choice.
When I joined the Entrepreneurship Management pro-
gramme, I had a single-minded focus on learning the
paradigm of growth strategies for my family business.
It almost turns out to be a case of absolute melodra-
ma when it comes to conjoining the institutions of family
and the business. When it comes to one’s own venture,
it perhaps the fire in the belly – the passion for achiev-
ing the entrepreneurial feats is a personal or partnership
consequence. In a family business, the fire in the bel-
ly should be envisaged as a shared sensation. It is not an
individual or partners to a venture who need the passion
to drive forth a company’s fortune, it is the entire fami-
ly or at least key members in decision-making including
a handful of trusted employees that play pivotal roles.
My family business is the pioneer in manufacturing of um-
brellas in India and established in 1882. With more than a
century of legacy, Mohendra Dutt & Sons has had a stag-
nant financial position over the last decade. Although, there
have been few variations on the financial statements, the
lion’s share of which can be attributed to ad hoc bulk or-
ders during the years. It is not that the company is not
making profits or that it does not have a market stand-
ing, but the fire in the belly is somehow something that
needs to be rethought. The monotony of stagnancy has
cribbed the thought process to view the larger view of the
changing world. Most people in family businesses would
agree that the stakeholders in decision-making often
have views that seem not in sync with our worldview. The
young mind perceive things differently and the world has
shifted from what was the story of past. Although, none in
our generation really complains about the logicality of the
approach of the previous but it’s just that we want to do
things in our new way that sets out our special identity –
that is purpose-based on our aspirations of the business.
It is like we are on the same boat but sailing on different
directions, may be leading to the same destination. And I
am sure you know what would be the result – standstill.
So how do we go from here?
Family businesses are frugal in their disposition and hence
they need time to change. Drastic highs and commen-
surate falls are not in the DNA of family businesses. And
quite rightly so, the fire in the belly if not shared amongst
the stakeholders of the family business, will ultimately burn
out the one who possesses the fire. In fact, many family
businesses have run out rejuvenated passion, many had to
professionalise and many had closed down after younger
members refused to take up the baton. Ever thought why
most family businesses survive a maximum of 3 genera-
tions! Resistance to positive change is a deterrent to in-
fusion of new ideas and the cause of loss of relevance
vis-à-vis the transformation in the business environment.
Bringing the organisational participants to think in the
same lines as the new generation is a challenge in itself. It
is a challenge not only to convince them but also to prove
one’s worth in terms of getting the same, if not more, levels
of resultant outcome as achieved in the older times. We are
a generation that wants fast change because that is what
we have experienced all through our life and we know that
the consumer behaviour is likely to take a makeover with
these new developments in almost all aspects of life. It is
also worthwhile to say that we are great at presentation
and putting down a business plan on our laptops – some-
times appearing pretty fancy – most of which turn out to be
verbose and contain little substance for real change. But it
is in our endeavour to get it right on paper and undoubted-
ly what’s wrong on paper will always be wrong in practice.
Through the enriching experience during the programme
withprofessorsandthebatchmates,mostofwhomarefrom
the industry and a number of them scions in family busi-
nesses have aided me to develop my own mantra of growth
in a family business. I have learnt that drastic growth is not
something that is on the agenda – it is a matter of concerted
and steady efforts to bring the stakeholders on the table
to discuss contentions and explain the logical framework
for any change that is incidental or essential for business
growth to go beyond the current orbit. Let’s hope, this five
generation family business successfully manages to grow
for another five. Connect the dots and see it for yourself if
you can grow just with the fire in the belly or do you need a
bit more when the family business asserts its own charac-
ter. Just do not end up burning your own belly in the process.
-Subhashis Dutt is a student of the current batch of PGP-CEM at
XLRI. He also helps his father in the family business of manufac-
turing umbrellas.
paradigm of growth strategies for my family business.
It almost turns out to be a case of absolute melodra-
ma when it comes to conjoining the institutions of family
and the business. When it comes to one’s own venture,
it perhaps the fire in the belly – the passion for achiev-
ing the entrepreneurial feats is a personal or partnership
consequence. In a family business, the fire in the bel-
ly should be envisaged as a shared sensation. It is not an
individual or partners to a venture who need the passion
to drive forth a company’s fortune, it is the entire fami-
ly or at least key members in decision-making including
a handful of trusted employees that play pivotal roles.
My family business is the pioneer in manufacturing of um-
brellas in India and established in 1882. With more than a
century of legacy, Mohendra Dutt & Sons has had a stag-
nant financial position over the last decade. Although, there
have been few variations on the financial statements, the
lion’s share of which can be attributed to ad hoc bulk or-
ders during the years. It is not that the company is not
making profits or that it does not have a market stand-
ing, but the fire in the belly is somehow something that
needs to be rethought. The monotony of stagnancy has
cribbed the thought process to view the larger view of the
changing world. Most people in family businesses would
agree that the stakeholders in decision-making often
have views that seem not in sync with our worldview. The
young mind perceive things differently and the world has
shifted from what was the story of past. Although, none in
our generation really complains about the logicality of the
approach of the previous but it’s just that we want to do
things in our new way that sets out our special identity –
that is purpose-based on our aspirations of the business.
tions! Resistance to positive change is a deterrent to in-
fusion of new ideas and the cause of loss of relevance
vis-à-vis the transformation in the business environment.
Bringing the organisational participants to think in the
same lines as the new generation is a challenge in itself. It
is a challenge not only to convince them but also to prove
one’s worth in terms of getting the same, if not more, levels
of resultant outcome as achieved in the older times. We are
a generation that wants fast change because that is what
we have experienced all through our life and we know that
the consumer behaviour is likely to take a makeover with
these new developments in almost all aspects of life. It is
also worthwhile to say that we are great at presentation
and putting down a business plan on our laptops – some-
times appearing pretty fancy – most of which turn out to be
verbose and contain little substance for real change. But it
is in our endeavour to get it right on paper and undoubted-
ly what’s wrong on paper will always be wrong in practice.
Through the enriching experience during the programme
withprofessorsandthebatchmates,mostofwhomarefrom
the industry and a number of them scions in family busi-
nesses have aided me to develop my own mantra of growth
in a family business. I have learnt that drastic growth is not
something that is on the agenda – it is a matter of concerted
and steady efforts to bring the stakeholders on the table
to discuss contentions and explain the logical framework
for any change that is incidental or essential for business
growth to go beyond the current orbit. Let’s hope, this five
generation family business successfully manages to grow
for another five. Connect the dots and see it for yourself if
you can grow just with the fire in the belly or do you need a
bit more when the family business asserts its own charac-
Growth is an aspect that every business wants to achieve.
You must be wondering what has that to do with fire al-
most burning the belly.
fire in the belly
by Subhashis Dutt
11|verge

The Big Picture by Shruti Bharath
A
s I write this post, trying to encapsulate my journey
as an entrepreneur, a single lesson cuts across all my
experiences so far. It starts at the beginning, as all
good stories do, when my proverbial ‘leap’ was followed by a
brief but life changing experience at XLRI, as a student of the
Entrepreneurship Management Course in 2012. I cannot be-
gin to represent the feelings of all my peers and friends, but
I can affirm that we all came away with a wealth of under-
standing. The course, as many know, is an introduction to
the various aspects of business that any entrepreneur must
consider, as she makes strategic and operational decisions
to start up or scale up. Delivered in the healthy setting of
a reputed business school, each course was professionally
delivered with critical business management concepts and
insights.The atmosphere already conducive to learning and
shaping active minds was the perfect ambience for much
brainstorming and group dynamics. It was here that I was
further introduced to this concept of ‘social’ entrepreneur-
ship and hybrid businesses. Though I can argue that any
and all entrepreneurship or business should in effect be for
social good – as it fulfills a realized need for some section
of society – social entrepreneurship distinguishes itself in
setting out to fulfill the needs of the underserved or disad-
vantage without necessarily having them be the actual cus-
tomer. Needless to say, Prof. Madhukar Shukla was instru-
mental in this learning for me, with each of his ten lectures
never straying from the basic reality we live in as Indians.
His class was a resensitization for me – an entrepreneur
firmly invested in creating smart, workable solutions in the
areas of rural population development and livelihood cre-
ation through the generation of sustainable employment
opportunities leveraging indigenous skills, crafts and entre-
preneurial potential. Developmental journalism and report-
ing also forms an integral part of my solution statement.
The key to making the most of any learning experience is to derive the most from con-
ventional wisdom and not being afraid to repurpose this as your own. Attitude is
everything. Being truly open and receptive to what every interaction or experience teach-
es you, is key to being an entrepreneur in an age where the almost selfish pursuit of your
own interests may prove detrimental to it. Never be above getting your hands dirty or be-
ing open to lessons from everyone around you. Learning comes a full circle with its application.
12 | verge

Every single professor, across disciplines, added fresh dimen-
sions to our thinking and rendered immense value to our in-
dividual ideas and pursuits. Prof. Prabal K Sen has and will
always be, the most kind and learned mentor I will ever have,
and that this experience brought me in connection with him
is a reward in itself. However XLRI was just the beginning of
this journey. I then went on to be inducted as an IDEX Fel-
low, a global fellowship program that serves as an accelerator
launchpadforaspiringsocialentrepreneurs,investingmillions
of dollars in deploying human capital to working solutions and
startups in developing countries. Through this fellowship, I
continued my education and immersion as a working social
entrepreneur. I worked full time with two enterprises – one
that used technology interventions to enable better employ-
ment opportunities for low income or disorganized sector job
seekers and another media platform that reported on devel-
opmental solutions and social businesses across India. I spent
every spare hour, applying this working knowledge into my
own business. Through my travels, fieldwork and numerous
interactions with several inspired individuals in this space,
my already overwhelming passion, blazed brighter than ever.
Opening myself up to people, their lessons and their wis-
dom gave me an opportunity to open doors for myself I did
not know existed. Getting my hands ‘dirty’ with all manner of
project work, put my understanding of the social problem I
am trying to help fix, to test. But above all else, I began to
make much smarter decisions about what I could and should
do. Each step I take, whether to study, consult on projects,
and amplify efforts on my own projects is with an eye on the
bigger picture. I am very strategic about my learning pursuits
and the way my time is allocated to every project I undertake.
I know to use my strengths to the maximum and ask for help
where I need it. Even though my risk appetite is quite large,
I know to make decisions about my future based on every
available resource I have or can make accessible to myself.
Today, I stand confident in my ability to make something hap-
pen for myself even if there seems no way. All this because I
opened myself up to what was right in front of me, and utilize
every single resource at hand. I forgot about the noise of con-
vention, and listened to sense residing in it. My biggest piece
of advice will always be to keep an eye on the big picture.
Whether you are a first generation entrepreneur, a woman
with a family, a family businessperson or just an interested
party, begin to think about your idea or solution not as a static
entity residing outside its natural environment. Think about
it in a holistic sense – What am I trying to achieve? What is
the best way to learn how to do this? What impact will this
have in my immediate world? Have I considered all sources
of input for this? What answers do I have today that will al-
low me to take my first step? Can I accept failure as a lesson?
Do not be bogged down by every little threat that comes your
way – yes it’s risky, yes it’s not easy, yes you’ll have to make
sacrifices. Tell me something that is worth having that didn’t
call for any of that. Keep your mind and heart firmly set on
the bigger picture and remember not to make yourself the
centre of your own world. Make multiple decisions that will
afford you multiple opportunities – to work, learn and thrive.
I’m happy to report that I have walked the talk so far, with
ample projects to consult on, a media platform on the way
and potentially another study opportunity at the Tata Insti-
tute of Social Sciences this year leading to the full-fledged
setup of my business. All this because I continue to quench
my thirst to ‘know more’ and respect every opportunity I
create for myself and really listen to all the ‘teachers’ around
me. My eyes are on my big picture – creating positive social
impact. If you would ever like to connect, do reach out to me
at shrutibharath@gmail.com.
-Shruti Bharath, Early-stage entrepreneur, IDEX Fellow and devel-
opmental writer with crossdisciplinary experience in research and
development, project and product management, marketing commu-
nications and business management. Founder of So Start! an online
platform that communicates the value of social responsibility at the
individual, collective and corporate level and openly discusses im-
pact, strategies and challenges in execution straight from the source.
XLRI PGP-CEM 2012, 1st Rank.
13 | verge

P
owerPoint can make a boring presentation good look-
ing, but it can’t make a boring presentation effective. So
firstly, step away from the computer.
It is important to first go back to the basics and ask yourself
some questions. Why is the presentation boring? Are you
bored by the subject or topic? If you are, try to find a point or
an angle that’s interesting. If you can’t get interested your-
self, honestly, you probably shouldn’t be presenting this topic
because you won’t be able deliver an interesting presenta-
tion to others.
Assuming you can find some aspect of this topic which you,
yourself find interesting. Now think about your audience.
Who are they? They could be your entire class, a seminar or
even an investor looking to find reasons to invest through
the pitch. Other questions which needs addressing are what
are they interested in? What are they expecting from you and
this presentation? What kind of mood will they be in when
you present to them? What preconceptions will they have
about the topic? Now think about what change you want to
bring into their minds by delivering that presentation. Will
they be surprised, entertained, reassured, motivated to act?
This is your mission statement, and every part of your pre-
sentation needs to be measured against how it contributes
to that just like the process of planning and then measuring
the actual performance with it in an organisation.
Now think about how you’re going to build a narrative to
achieve the change you want in your audience. There’s lots
of information online about story structure so I won’t repeat
it here, but the most common are in three ‘acts’ - beginning,
middle, end. Often the beginning sets out some sort of back-
ground to the topic, the middle introduces a problem to solve
and the end solves it. It isn’t my favourite, but any structure
is better than no structure. Another approach to making an
effective presentation is to have at least two to three argu-
ments which could be, gradually, concluded with supporting
content.
However, storytelling and engaging with your audience is
about emotion. If you can introduce a tiny bit of fear that
the problem is going to hurt your audience, then relief when
you explain the solution, that’s going to stay with them more
than just a reading of some dry facts.
It is important to understand that every presentation has
two elements – the content and the aesthetics. The content
includes all the data (text, diagrams, images, video and audio)
while the aesthetics define how the data would appear or
look during the presentation. It goes without a saying that
the content should be paid attention to at first while the aes-
thetics could be worked out later. This is one of the reasons
why college professors have text laden slide decks and hardly
any images. But the few of them who use images and videos
(could be easily sourced from YouTube) manage to make an
interesting class and gain a more attentive audience.
How to Power
the Point?
by Siddhant Bhatia
14 | verge

I’m also going to share a trick I learnt on a storytelling class
for getting people’s attention, which isn’t always appro-
priate but I’ve used it in a business setting and it can work
well. Start in the action. The example I’ll give you was from
storytelling class. The story was about a woman who had
something happen to her while she was in a cafe, on holiday
in Turkey. Most of us would have started with “well, I was on
holiday in Turkey, sitting in a cafe, my friend is just telling me
some thing or other when a soldier walks in and...”. All fine,
but not very memorable. Her story started with the line “I am
sitting in a cafe in Turkey and there is a gun pointing at my
head”. Unforgettable. I would bet everyone from that class
still remembers the woman and that line. Immediately we all
wanted to know why she was in Turkey and why there was a
gun pointed at her head and what happened next. If you get
someone’s attention, they’ll be a lot more patient while you
fill in the (not as exciting) background details than if you start
with the details. Try to find the “there is a gun pointing at
my head” line in your story, and play around with that as an
opener. Even if you decide not to use that approach, it’s a fun
exercise and it might help clarify what your key point is.
When you have an idea of the structure you want to use
(don’t agonise over it, you can change it later if it isn’t work-
ing), now figure out what information you’ll share and, most
importantly, what you’ll leave out. Test everything against
that mission statement we talked about earlier. If it doesn’t
contribute, lose it. And try to create a feeling of suspense - if
your audience know all the answers half way through, they
could tune out. Keep them curious. Sketch out some ideas on
paper (no slides yet), and finally, when you have a good idea
of the story you want to tell, you can think about how visuals
will help your audience follow you on your journey. And
those are the ONLY things you should put on slides. Again,
test every slide and every element and word on every slide,
against your mission statement. Be ruthless. (You should
also include a title slide, which includes enough information
that people know they’re in the right room, and the closing
slide with information to lead them to whatever they need
to do next, e.g. how to find the web site where your detailed
material is located.)
If your story doesn’t need visuals to help tell it, don’t use
slides. It’s that simple. If some other method would work
better (using props, demonstrating, white-boarding, whatev-
er) then do that instead. If part of your presentation requires
the audience to focus on you, PowerPoint allows you to press
the B button for a black screen (press B again to get it back).
Or just insert a blank slide with a black background. Don’t be
afraid of a blank screen!
Finally, rehearse, rehearse, rehearse (I said it three times
because you should rehearse OUT LOUD to yourself at least
three times before you present in front of an audience) Also,
if you get a chance, read Resonate by Nancy Duarte. The
book is very informative in terms of making and delivering an
effective presentation
Good luck and I hope you give a great presentation that
achieves the change you want in your audience!
-Siddhant Bhatia is a student of the current batch of PGP-CEM at
XLRI. He is also a graphics and web guy who helps his father in the
family business of mechanised hygiene solutions.
15 | verge

Y
es & No!
A business plan as a lengthy 50 page document which
lays out a five year plan is still used in many compa-
nies, in many industries, in many countries around the world.
There are many practical applications of same, as stated.
In Technology
In technology companies such as Web 2.0+, business plans
are falling out of favour simply because the pace of business
is faster than you can write. By the time most companies or
individuals can prepare a well-researched B-plan which con-
tains all of the relevant market research including customer
interviews, initial partner & distribution details and so forth…
well…the market has moved on.
Unknown Unknowns
The premise of a business plan is that the state of the mar-
ket is known and can be reasonably predicted. In a start-up,
(particularly a tech start-up) this is simply not true. Due to
the fast pace of business, most of the five year predictions
offered by business plans are entirely theoretical and not
likely to survive frequent market disruptions. This is espe-
cially true if the business plan itself is attempting to predict
the effects of market disruption.
Crystal Balls that Work
There are some situations where a business plan is entirely
appropriate. Slower paced industries such as construction,
pharmaceuticals, or aerospace have long iteration times
and well established business models which are not likely
to change in the near term. This well understood market
information leads to greater predictability. Similarly, many
businesses which are not attempting to innovate but capi-
talize on an existing business models are great candidates
for a business plan. This might include restaurants, taking an
existing business into a new territory, large companies which
have in depth market knowledge and are expanding their
product lines, etc.
Market Knowledge = Predictability
The business plan may never die, but at this point most peo-
ple are simply realizing when it is inappropriate to use them.
Or the argument against can be developed as follows:
No, I think that the traditional business plan for internet
entrepreneurs is not relevant. There is an old military maxim
that says, “All plans are great ... until the first shot is fired.”
This is not to say that planning is worthless, it’s the thought
that entrepreneurs need to create a traditional business plan
before they start that is flawed. I agree with General Dwight
D. Eisenhower’s summation, “Plans are worthless but the
planning is essential”. In a way, planning is essential if you
want to know what to do if things don’t go according to plan.
Is the Business
Plan Dead?
by Anshul Dhir
16 | verge

There are 6 of many possible reasons why I opine that the
traditional business plan is not relevant for entrepreneurs.
Reason #1 - How do you research new?
Outmoded business planning talks about getting the market
research right before you do anything else. Trouble is, how to
you research new? Innovation, the mainstay of the entre-
preneur’s actions, is by definition, something that does not
currently exist.
Reason # 2 - It’s all going to change anyway
The outmoded business plan asks us to sit down and plan
out the next 3-5 years and describe in detail the evolving
sequence of events. Those of us that have actually launched
multiple new ventures know that you are flat out getting the
first 3-5 month right, let alone the next 3-5 years.
Reason # 3 - Opportunities won’t wait
Make no mistake, it is going to take you about 3-6 months to
write a traditional business plan. Now, if your opportunity is
prepared to wait around for you to complete that task then
good, but more than likely the opportunity you are research-
ing has already been exploited by another entrepreneur who
understood that ‘timing was everything’.
Reason # 4 - It’s already happening anyway
If you are a serious candidate for actually launching a new
venture, and not just a dreamer, then in part you already
have a business launch in play with your exemplars, your
trial offers to in-house customers and in the gathering of
your network of contacts that you have identified will get you
launched.
Reason # 5- It’s too corrugated and doesn’t represent how
entrepreneur’s think
There is very little flexibility in a traditional business plan.
Too much of the traditional planning approach is twisted
towards an existing business going forward and is not well
structured for an ‘idea whose time has come’, as it is for the
entrepreneurial venture. It is a corporate tool fundamen-
tally created under a risk avoidance mind-set where as an
entrepreneur’s outlook in the planning process is from a risk
management one.
Reason # 6 - What does it prove anyway?
Too many new venture focus on creating the perfect busi-
ness plan where they should be concentrating on creating
the perfect cash flow. As a proof of concept tool, there are far
more convincing methods that you could adopt. It is actually
very likely that the planning process is actually counter-pro-
ductive for the entrepreneur because it can create a certain
paralysis from too much analysis. What’s needed, and what
most successful entrepreneur’s supply - is action. Execution
makes it happen.
Many new authors are beginning to publish books that
better reflect the entrepreneurial mind-set on planning. Tim
Burns develops one in his book ‘entrepreneurship.com’, as
does the highly respected business planning author, David
E. Gumpert, whose latest book is titled ‘Burn Your Business
Plan! What Investors Really Want from Entrepreneurs’? Fi-
nally, Guy Kawasaki’s book, “The Art of the Start”, talks about
just doing it and concentrating only on the planning neces-
sary to ‘make it happen’.
Well the likes of Bill Gates (Microsoft), Sam Walton (Wal-
Mart), Michael Dell (Dell Computers), Larry Page and Sergey
Brinand (Google), Steve Jobs and Steven Wozniak (Apple) and
Jann Wenner (Rolling Stone magazine) never felt the need to
develop one at the start.
The business plan is not dead. It remains an effective plan-
ning tool for corporations and established businesses but I
think that it adds very little to the start-up entrepreneurial
endeavour.
-Anshul Dhir is a student of present batch of PGP-CEM at XLRI
and is owner of Exuberant Financial services.
17 | verge

H
ow important was your father’s influence as a motiva-
tional force for you in life?
Every father has an indelible influence on the life of his
children and obviously my father was no exception. I remem-
ber him, in spite of being overweight, to be a fairly sports loving
person and that inculcated an interest in sports in all of us as
youngsters. He had a very fine sense of humour which always
relieved tensions and brought a smile on everyone’s face in spite
of difficult situations. Also, I found my father to be a highly com-
passionate human being. He had unconditional love not just for
his children but for his friends and colleagues, all of which have
made him an extremely popular friend, mentor and guide.
What according to you is the success mantra of Ambuja?
There is no mantra for success. We tried to do a few things with
innovation, with sincerity and with a lot of hard work. Some of
these succeeded because of the support we get from our cus-
tomers and of course the grace of god.
Do you get any free time for yourself and family? If yes, what do
you do then? If no, do you regret it? For you what comes first you
family or your business?
I do manage to sneak in some hours of free time every week. I try
to spend few hours on Sundays with kids. The other free time I
get is when I travel either on business or when occasionally we go
out for a holiday with the family. I am very fond of watching Hindi
movies. I try to watch at least 2 to 3 movies in a month also am
extremely fond of reading. So, every time I can get out of work and
immerse myself in one of the books, I am thrilled.
Mr. Harshavardhan is the founder of one of the first
joint sector companies in India, “Bengal Ambuja Hous-
ing Development Limited” in partnership with the gov-
ernment of West Bengal. The idea behind this joint
sector venture was to promote social housing develop-
ment in urban India. Under his guidance, Ambuja Real-
ty Group has developed many properties across India.
Harshavardhana Neotia’s maiden project, “Udayan”
was declared a ‘Model Housing Project’ by the union
government. He is also the pioneer of modern Public–
private partnership (PPP) housing system in Kolkata.
You are the youngest to receive the Padmashri. What was
your feeling at that time?
I was overwhelmed when I was conferred the Padma
Shri for social housing. You cannot but be overwhelmed.
There are lots of people who do wonderful things. There
are some who get acknowledged and I was one of those
lucky ones.
You are inspired by Rabindranath Tagore and Mahatma
Gandhi. What really makes you inspired by them?
I have been reading a lot since my college days. For some
reason, maybe due to my great grandfather’s influence, I
got attracted to reading Indian philosophy and the works
of some of our great thinkers. Among them were Viveka-
nanda, Rabindranath Tagore and Mahatma Gandhi. I found
their works to be inspiring and they have often helped me
find a direction when I have been confused with various
challenges that I confronted.
Mr. Harshavardhan talks about his jour-
ney from managing Ambuja Neotia Group
to winning the Padmashri Award with a
peek into his personal life and hobbies.
Harshavardhan
Neotia
interviewed by Subhashis Dutt
Chairman (Ambuja Neotia Group)
short bio
18 | verge

What is your view on the increased terrorism in the world
which to a large extent has adverse effects on business
growth?
Terrorism has disrupted life in the most unusual manner
for all across the world. Naturally, businesses get adversely
and very tragically impacted, not just of direct terrorist at-
tack on establishments, but also because of the aftermath
that it leaves. It is a worldwide problem and the world lead-
ers are all gripped with the situation and I am sure that in
times to come, there will be some solution.
Your investments are largely for Bengal and that’s despite
the bad politics, Bandhs and strikes called now and then.
What makes you adhere to this part of the country and
what makes you optimistic about Bengal?
First of all, my interest in Bengal was primarily because we
lived here and I naturally wanted to work at the place that I
was born and brought up and educated in. Having said that,
over the years I have found the things gradually improving
and I can say that today Bengal has moved a great distance
from where we were. Today the government is seized with
the importance of business and the need to encourage it.
Also, there is a big market, there is a robust global econo-
my, fairly developed infrastructure and last but not the least
very high quality manpower. All of these augers well for cre-
ating a platform for industrial and business development.
What is your next mega-venture? What are your future
plans for diversification?
We are involved in four verticals – Real Estate, Hospitality,
Healthcare and Education and we have plans for each one
of these. Most of our activities are centred in West Bengal
but we have diversified to Chattisgarh and to Punjab. We
are also hoping to set up some tourism venture in Sikkim.
We have planned out 4 City Centre type Mall developments,
a few hotels, housing complexes, I.T. parks and a tertiary
healthcare facility.
What is the scope of real estate in the state with such polit-
ical concerns over land and its utilization?
The potential for real estate is extremely high because as
per the Government of India assessment, there is a housing
shortage of 24 million units. However, these are both in ru-
ral and urban areas and they really comprise housing units
for the people in the low and middle income segments.
Obviously, a lot of housing has to be built to house our people.
The question is how to make it affordable and how to deliver it
with quality.
Whether is it Swabhumi, the Town Hall building of Kolkata or
the City Centre, each project has a unique story to tell! Was
it only profit that was a motive behind these projects? What
played in your mind?
While each one of our projects address a specific need. Obvi-
ously, all of them were not commercial ventures. For instance,
the restoration of the Town Hall was done by the Homage Trust,
a trust we set up and collected funds for the restoration. Swab-
humi was set up as a celebration of city’s rich cultural traditions
and it was meant to be a kind of self sufficient venture without
any significant profit motive. City Centre on the other hand was
a commercial mall. However, within City Centre also we tried to
experiment by creating a new format to make it more inclusive
and to make it more enduring to the citizens by creating the
large open spaces, the Kund, removing the boundary wall etc.
The conventional mall theory was
that if one created too much of an
opportunity for people to hang out, it
would create unremunerative foot-
falls - those who visit but do not
buy...we disagreed. We insisted that
Indians generally combineshopping
with adda, liesure and outing. The
shopper needs to first, be relaxed
while shopping. This was the basic
of why we evolved City Center from
a market into a community center,
where shopping would be an en-
grossing by-product.
“
“
19 | verge

To be a successful businessman what is your advice to the
budding entrepreneurs?
Honesty and hard work are the only things I can advise. There
is no shortcut to success. You need patience and perseverance
and you need to belief in what you are doing without looking for
quick rewards. Also, it helps to be innovative and creative when
trying to figure out a new business idea.
How would you like yourself to be remembered in the minds
and hearts of people?
My effort is to build a business institution that could provide
and support a large number of people, thrill our customers with
exceptional products and contribute meaningfully to the society
in which we live. These are the efforts we are making and I hope
that it will be received by the people accordingly.
What is your message for the students like us who want to be
entrepreneurs in future?
India is a great country. Its unity in diversity is unique and pro-
vides for a great platform for entrepreneurs and businessmen.
I would like to encourage all young students to make India their
Karmabhumi. Your efforts will not only grow our country but I
am sure you will get immense satisfaction and reward. In the
beginning it may seem a trifle difficult because of inadequate
infrastructure and all the complicated processes. I am sure that
once you are able to negotiate these difficulties, the fulfilment
that you will get will be enormous.
Does it make you feel you are a labor-oriented businessman?
Why?
I have not quite understood the meaning of labour oriented
businessmen.
You are a director of Bhagirathi Neotia Women & Child
Care Centre, Kolkata. What is view on the present health
infrastructure of India and what would you suggest to
improve the situation?
Healthcare has a long way to go in our country. We have
not even scratched the surface. Bhagirathi Neotia Wom-
en & Child Care Centre has created a niche for itself in the
women and child segment and has become extremely pop-
ular. We are happy to see the response to our efforts and
we look forward to increasing our activities in the healthcare
segment.
Do you think India is a growing economy? If you were the
Finance Minister of the country what would be your first
step?
India has a robust economy and probably is the second fast-
est growing in the world. Without a doubt, India will be a
leading economy of the world within the next 15 to 20 years.
We still have a lot of red tape in various places and we have
constraints of infrastructure. These are the areas that we
will have to get rid off to enable us to fully realize our po-
tential.
Is having pan-India presence the next thing in your mind?
We would certainly like to grow our presence in other parts
of the country but I am not in a hurry. Real Estate is a very
localized business. You need to understand the market and
the local environment and also there are lots of local per-
missions that are required to get one real estate project go-
ing. We would like to expand but slowly, so that we do not
land up overstretching ourselves.
-Subhashis Dutt is a student of the current batch of PGP-CEM at
XLRI. He also helps his father in the family business of manufac-
turing umbrellas.
20 | verge

Jet Engine Theory-
by Zorawar Singh
I
was a freshie in engineering college and I had heard of a jet
engine theory, which was to make a lot more sense during
exams. The theory was that the rocket lifts only when the
clock runs backward and the nearer it gets to T-0 seconds the
greater the flames come out of the engine which lifts it from
the ground. Well we were compared to rockets and I hope that
we get the rest, as what is the engine and where does the fire
ignite (well I know it’s pretty obvious now when you see the
title!! ha ha ha ... bad joke). Anyways now whenever the ex-
ams were close, our engines used to light up only before some
crucial moments and there was a lift off to actually study and
prepare just enough to have the escape velocity to cross the
gravity barrier of pass marks. Well that’s summing up the en-
tire engineering life for you (those who were (un)lucky enough
to know will bail me out)
Now I have had a bit of work experience and right now stud-
ying where this magazine is being published, makes me look
right back on my jet engine theory and realize that what the
jet engine which we developed during those years did had far
greater implications than what would appear on the surface.
Actually, what I do realize is that jet engine theory is actually
applicable to more fields and students from different streams
as well (but because we are engineers we get a patent right to
name it). I also realized that jet engine was not only a practice
in engineering but a reality of life. Some people who make an
optimum use of it are termed as menwomen having fire in
their belly. So what happens and what makes them to tran-
scend from group having fire in their bummy to fire in their
belly.
Well I had an opportunity to work with a gentleman who has
grown with the highest pace in retail industry. Shamsher Hura
had grown from a retailer with 1 branded outlet to having
more than 50 outlets under him in the span of 6 years (out
of which he owns 22 of them). He told me once ”you know
Zorawar before opening any store I just announce its opening
2 months in advance not really caring how much work should
be done. I send invitation cards everywhere because I know
if I don’t, my work won’t be completed even after 4 months
from the day the work starts.” Well what he meant was that
before doing anything he creates so much (positive) pressure
on himself that he has the fire engine working to get the work
done. So any guess when does he complete his store? Well
sometimes a day before the opening or generally on the day
of the opening.
But there is also another parallel theory to this which is that
we Indians have a patent on the rocket engine theory. Well
we also proved it during the opening ceremony of common
wealth games in 2010; well I guess if there would have been
some Indians in organizing the Sochi games being held cur-
rently Russia wouldn’t have faced such embarrassment. We
might be importing all our fighter jets from them but our
(natural) propellers are way more superior to theirs. So there
can be an argument as to why we Indians are so behind in so
many aspects of the world, well I guess if we go by the theory,
we haven’t created enough thrust before our deadline of goal
achievement, thereby missing deadlines after deadline.
So while what I notice that most of my college mates already
are rocket engine trained, I also notice that how good we have
become in cutting through huge volume of information. Well
some may even curse this on our Indian system of education
but I see a brighter side to this. What I see now is that most
of us are able to handle pressure better and can bear that last
mad dash to the finish line which takes a toll on our body also
to complete our work. Tomorrow no doubt a product of Indian
education system will handle pressure much better than his
contemporaries and will have the potential to do better in his
life and carrier on a condition that he gets his goals and the
thrust associated with it in place. So I know we would all like
to be associated as men/women with fire in their bellies, but
we would like to remember one thing is to when to ignite the
fire in our bummy.
-Zoravar Singh is a student of the current batch of PGP-CEM at XLRI.
He also helps his father in his family business of LPG gas cylinders.
21 | verge

W
hat’s your Plan? Why do you intend
to do after this course? What is the
opportunity cost? Almost every first
session would start with this one question fol-
lowed by the question how are you going to
SCALE-UP? A volley of questions asked in the
class facilitating us to reflect on our aspirations.
We have been studying subjects that would help
us to understand the logistics, operations, scala-
bility and other where about of our ventures but
amidstallthisweknowverylittleaboutourselves.
The Companies Act 1956 mentions the business
owner and the business are two different entities
but in the real world these two entities are one;
a businessman is officially and literally work-
ing 24x7 to expand the scope of the business.
So, here is the mantra for “Scaling-Up”
that I have derived upon the inspira-
tion from H.H. Sri Sri Ravi Shankar Ji.
There is a very thin line between being
in rush and being dynamic. We have
got several occasion to witness being
in hurry. We wake up at 9.25am sud-
denly realizing to the hard fact about
the class being at 9.30am. At that
particular moment we are hardly able
to perceive things properly, our haste
justblindsustothethrillandbeautyof
life. Often we don’t even know why we
are in a hurry; it almost has become a
biological phenomenon to be in a rush.
Its time we wake ourselves up and
become aware of the rush in us. Need
of achievement engenders the Rush
in us. Dynamism is the natural ex-
pression of fulfillment. When we are
awake we can’t help but be dynamic.
The entire country is indebted to
Guru Gobind Singh Ji for the endeav-
or he put to resuscitate the culture to
work like warriors. It is the resilient
strength of the mind which is need-
ed if we wish to realize our dreams.
The irony of the current scenario is
that we are clogged by a comfort zone
attitude. For any venture to scale-up
the STRETCH is much needed and so
is it for oneself. We need to stretch
a little more than we think we can.
We need to stretch to inspire peo-
ple around us, to impel them a little
to make them do what they can do.
Many people do not want to work under
someoneelse,beitinthepersonalsphere
or as an employee in a company. They
have a pre conceived notion that when
they work under someone, they lose their
freedom and have to be accountable.
Thus, many people opt to run a business
of their own, wanting to be their own
boss. In fact, having your own business
binds you more than having a boss does!
Many of us crave freedom from the cir-
cumstances, situations or people sur-
rounding us, but that is not freedom at
all. The reality lies in the fact that we
are changing our roles every moment;
Being comfortable working under an-
yone is sign of strength in an individ-
ual. Knowing that nobody can take
away your freedom is strength which
acts as a catalyst in bringing the best
in us and helps us enjoy our work.
Bringing in
steadiness in
dynamism Realizing
Dreams
Experiencing
freedom in
differentroles
Connect to the
Inner-Net
&
Face the Book Inside!
by Aditi Dadhicch
22 | verge

We can’t espouse too
much consumerism, and
be too greedy and de-
stroy our planet. There is
dearth of entrepreneurs
working on the Sustain-
able development of the
planet. We need to
hone our Awareness on
various aspects- envi-
ronmental awareness,
awareness of human val-
ues, and awareness of
ethics in our business.
After having given ample of pres-
entations our discussions boil
down to a question viz, is it feasi-
ble or not; is it really worth doing.
Any venture to succeed requires
the time for reflection; a thorough
look into the profits, breakeven
points, economies of scale, etc…
But can we tap the above men-
tioned points when are mind is
agitated or restless? The answer
is obvious we can’t; to embrace
and to assent the source, all we
need is a few minutes of reflect-
ing on the truth, on our lives, on
our aspirations; Just a few min-
utes to ourselves. And what this
does for us in return is brings
Clarity and awareness, frees in-
tellect from inhibitions and frees
our memory from the illusions.
We speak volumes with our presence than we could
through words. When we are at peace with ourselves
we can re-create this peace in the workplace and the
work culture will also improve. As entrepreneurs we
need to give some thought to how we create an easy
and informal atmosphere for others around us at work.
We can motivate somebody by giving them hundreds
of rupees but such motivation is short-lived. It will only
last two or three months and the demand for more
money is what is inevitable. Work Culture revolves
around either inspiration or emergency deadlines or
fear psychosis. A good ethic work culture can conceive
only when the personnel are inspired from within.
With the power of breath and meditation, we can cre-
ate positivity in the work atmosphere leading towards
highly sustainable ventures. Just imagine yourself in a
car without brakes, a car with the speed of 120km/h;
having no control over the car leading to a lethal conse-
quence. Believe it or not that’s the same with the mind
too. Our mind is abstract or we can also call it an intan-
gible entity where both positive and negative thoughts
emanate. A faculty with which we hear and see is the
mind. If the mind is conditioned well and is not em-
broiled in influences and impressions, it will have opti-
mum capacity to envisage clear perception, observation
and expression.
-Aditi Dadhicch is a student of the current batch of PGP-CEM
at XLRI.
Awareness
Time for
reflection
Having Freedom
at Workplace
23 | verge

Co-operative movement - A new Vision
by C M Singh
A
co-operative can be defined as an autonomous as-
sociation of persons united voluntarily to meet their
common economic, social and cultural needs and aspi-
rations through a jointly owned and democratically controlled
enterprise.
The United Nations had designated the year 2012 as the In-
ternational Year of Co-operatives providing a great opportuni-
ty to raise the profile of an important organizational tool for
spreading human rights and equality and ensuring the food
security to peoples worldwide. Co-operatives, or co-ops, are
basically business organizations characterized by democrat-
ic ownership and governance. Co-operatives, by their large
membership base all over the world, have, by and large, proved
their utility and relevance to the socio- economic structure of
the society. Membership in co-operative activities has grown
to one billion across 96 countries and revenue generated by
the world’s 300 largest co-ops is more than US $1.6 trillion.
Co-ops all over the world have been recognized as major fa-
cilitators of rural upliftment providing economic opportunities
to the poorer and undeveloped sectors of many economies.
Some 45% of the branches of financial co-ops are located in
rural areas compared to 26% branches of commercial banks. A
2010 Report of World Bank reveals that credit co-ops branch-
es account for 23% of bank branches worldwide and serve 870
million people ,thus, making the Co-ops the second largest fi-
nancial service network in the world. In developed countries
the scenario is somewhat different. Industrialization neces-
sarily breeds consumer co-op movement. In industrially de-
veloped countries consumer co-ops outnumber others, for
instance 92% co-ops in USA are consumer co-ops, but globally
agri. co-ops continue to dominate the scene with about one-
third of their share.
The co-op movement in India traces its origin to the agricul-
ture and allied sectors over a century back and was originally
evolved as a mechanism for pooling up the meager resources
available whatsoever with a view to provide the rural populace
the advantages of economic activities they were deprived of
thus far. First attempt to institutionalize co-operatives be-
gan with the enactment of the Co-operative Credit Societies
Act, 1904 the scope of which was subsequently enlarged by
the Co-operative Societies Act, 1912, a more comprehensive
statute that could cover activities other than credit. Under the
Government of India Act, 1919 and that of 1935 Co-operation
became a provincial subject, so different provinces could make
their own laws as per their need and requirement. After Inde-
pendence it continued to remain as state-subject under en-
try-32 of List-2 of 7th Schedule of The Constitution of India.
Now all the States have their own laws and co-ops registered
prior to these enactments were deemed to have been regis-
tered too under them. In order to administer the operation of
societies falling under more than one state, the Government
of India enacted Multi Unit Co-operative Societies Act, 1942
which was subsequently repealed and replaced by the Multi
State Co-operative Societies Act1984 and now the same has
again been repealed and replaced by the Act of 2002 with a
view to provide a holistic and broader base for co-operatives
to develop as a self-reliant, autonomous and democratized
institutions.
24 | verge

Co-operative movement in India has grown and made
forays into various economic sectors encompassing
a whopping 390 million members. China though big-
ger than us has only 200 members in comparison.
Co-operatives can play a significant role in economic devel-
opment of the country especially in rural areas where ab-
sence of large spending power does not attract private in-
vestment to harness local skills and expertise that can uplift
local economy and living standards of the people residing
there. Co-operatives can also play a definitive and proactive
role in controlling the unorganized markets by facilitating the
farmers to sell their produce on remunerative prices. Farm-
ers co-operatives enable consolidation of fragmented land,
investment in mechanization and irrigation, better bargaining
power in selling farm produce to traders as also make banks
comfortable in providing agricultural credit, thereby improv-
ing the productivity of agriculture and, in turn, improving the
income of co-op members. Co-operatives are playing siza-
ble role in pisciculture,animal husbandry and dairy, housing
and many other economic activities such as fertilizer man-
ufacturing and agro-processing, thus, the role of co-opera-
tives no longer remained confined to their traditional activi-
ties ,but the same has expanded to new economic ventures
instead, as has happened in case of such enterprises in
the public or private sector. Co-ops are poised to play even
a greater role with greater involvement of people in future.
-Mr. C M Singh is well known personality. He has served
upon many positions of highest order alike Ex Member Pub-
lic Service Commission & Ex MD UP SWC, EX MD UP
LDB. Verge is very thankful to him for this endeavor.
25 | verge

The Indian psyche and family structure demands a reg-
ular and secured income after one completes education.
This stereotype was proved otherwise by author-entre-
preneur Kanth Miriyala who despite having a secured
consultancy job, managed to pursue his passion to build
his own enterprise, the journey of which inspires mil-
lions of youngsters who aspire to enter the job market
keeping with the passion for entrepreneurship through
his bestseller “Entrepreneur 5 P.M to 9 A.M”. The book
is an eye-opener to people who think that employees
cannot pursue entrepreneurial ambitions while re-
taining their jobs. The book has been highly acclaimed
especially coming from an author duo – one who and
the other (Reethika Sunder), a working profession-
al from IIM Ahmedabad. Kanth did his engineering
from IIT Madras and has a PhD from University of Il-
linois. He had his first experience in entrepreneurship
quite by accident. Having read the book one will under-
stand the concept of doing entrepreneurship with job.
H
ow had been your entrepreneurial journey from
Quintant to Qik?
I belong to a South Indian, middle class family comprising largely
of educators. Therefore, I have been brought up in an academical-
ly charged environment. I did my graduation from IIT Madras and
completed my masters from Indian Institute of Science, Bangalore
and went on to do my PhD from University of Illinois. I stepped out
from the world of academia and joined Anderson Consulting. This
is how I was exposed to the functioning of the business world.
My wife, too, was very enterprising. We both wanted to start
something of our own. Unfortunately, we could not resign our jobs
because of visa issues and our inability to invest a lot of money in
a business. Therefore, we started working in this direction in the
evenings and on the weekends. We began our entrepreneurial
journeywithnetworkanddirectmarketing.Thisgaveusaninsight
into entrepreneurship as against the known face of a 9 to 5 job. We
Kanth
Miriyala
interviewed by Harsh Singrodia
Author
(Entrepreneur 5 P.M to 9 A.M)
Startup Investor
were risking our spare time rather than money for a po-
tentially greater return in the future, while pursuing our
passion. This was unlike our jobs that we took up to cre-
ate income regardless of our passion. As we were making
our transition from the employee mindset to the entre-
preneurial outlook, we realized that it is equally risky to
stay in employment because one may be shown a red
slip as soon as there is some turmoil in the economy.
Later, as I understood that risk is a matter of perception,
then I quit my job and started Quintant, a BPO (Busi-
ness Process Outsourcing) company in financial services
with a couple of my friends. Later, we sold the compa-
ny to iGate. Then I became an early stage investor in Qik
which was the first mobile, video-streaming company
in California. After 4 years, Qik was acquired by Skype.
Whatwasthedrivingfactorforwritingthisbook?
I was an entrepreneur by accident. As experiences of my
family venturing into business had turned into big failures,
business was considered as a risky affair and was the last
thing on my mind. But eventually, as we entered into busi-
ness,werealizedwecouldeffectivelyuseourdiscretionary
time after our job. This helped me flourish as a part-time
entrepreneur, an area largely not covered by the literature
on entrepreneurship and startups available in the market.
People generally belong to one of four quadrants: The
first quadrant belongs to those who are happy with their
job and do not have the motivation to become an en-
trepreneur, second quadrant is represented by self-em-
ployed people who trade their time for X amount of mon-
ey, but there are other people who are business owners
and investors who either build assets or invest in them.
26 | verge

Earlier, I believed that people could not migrate from the
employee quadrant to the business-owner quadrant. I esti-
mate that around 70 % of the working class people secretly
dream of starting their own venture without risking their pay
cheque. Unless we experience new things in life we do not
get the taste of it much the same way I encourage the em-
ployees and students to invest time for entrepreneurship.
This is what drove me to write Entrepreneur 5 P.M to 9 A.M.
Throw some light upon your role as an investor
and what would be your advice to fund seekers.
Startups require funds depending on the idea. There are
two broad sources of raising funds namely the stand-
ard sources and the creative source. Standard sources of
funds typically comprise of one’s own savings, savings of
true angels among kin and friends, professional angels,
venture capital, equity and collateral-linked loans. Venture
capital, equity and angel network in India is limited but is
a growing phenomenon. However, one must keep aside 12
months of savings so that they do not risk their family liv-
ing. Also, collateral linked loans are the last resort for start-
ing up due to the high risk associated with personal assets.
If one chooses to be creative, one has to ask whether he/
she can prove his/her business idea at zero cost. By zero
cost, I mean minimal investment. For example, one can
create an App by devoting time in the evening and week-
ends and can bring it to the market at minimal cost. If
you have a great idea, you should be able to convince
people. Unless you can do that, you cannot be an entre-
preneur. In a situation where you need larger amounts
of funds, you may do it eventually by gaining more cred-
ibility for raising the money needed for scaling up.
What can motivate graduates from B-schools to opt
for entrepreneurship as against high-paying jobs?
While each one of our projects address a specific need. Obvi-
ously, all of them were not commercial ventures. For instance,
the restoration of the Town Hall was done by the Homage Trust,
a trust we set up and collected funds for the restoration. Swab-
humi was set up as a celebration of city’s rich cultural traditions
and it was meant to be a kind of self sufficient venture without
any significant profit motive. City Centre on the other hand was
a commercial mall. However, within City Centre also we tried to
experiment by creating a new format to make it more inclusive
and to make it more enduring to the citizens by creating the
large open spaces, the Kund, removing the boundary wall etc.
-Harsh Singrodia is a student of the current batch of PGP-CEM at
XLRI.
27 | verge

E
ntrepreneurship features two main aspects which is
independence and risk. Women in recent times have
really contributed to the country’s economy. They cre-
ated enterprises not only for themselves but took care of
thousands of people. It is because of them, India as a coun-
try is able to leave its impact in the world of business. Wom-
en can understand better the complete, full-process envi-
ronment of what success means for any business. Women
can easily and effectively run any complex functions of the
organisation. Women depend on a holistic indulgent and
detail-oriented capacity to mix the different information in-
puts along with other operational outputs. Also it is found
that when you place a woman in charge of those procedures
in any organization, they can perform in a complete and ef-
fective way because of an intrinsic consideration to various
levels of details that women try to bring to the table.
According to a study it is found that women chase their
goals and ambition in their life only after they’ve satisfied
the wants and requirements of their family, which includes
caring for children and ageing parents. It also found that
women undervalue their capabilities (while their male col-
leagues overemphasize them) and are therefore less prob-
able to chase supercilious career goals.
The study also shows the following points:
1. Approximately 1.8 percent of women entrepreneur busi-
nesses in the U.S. have income more than $1 million per
year, conferring to the SBA.
2. Many a times it is found that women lag behind men
counterparts for the willingness to get bank financing sup-
port for their businesses.
3. Women are less probable to get venture capital. Very less
number of women gets financing support for their ventures.
Whether or not you purchase any of this--and undoubtedly
there are constantly exceptions--the fact rests that female
tycoons are less likely to take the big risks to acquire the big
rewards.
Women entrepreneurs are less business oriented. They
have to pay attention to different things. They have to see
their families, parents etc. Therefore they cannot give their
full attention in business. Small businesses are too much
taxing to run as compared to larger ones. And as financing a
business is difficult for a women entrepreneur they cannot
stand up the business in the market. They cannot sustain in
the market for a long period of time.
Incremental risk is equal to exponential rewards. All busi-
nesses owners contract with risk. Women are not in the po-
sition to accept the risks associated in the business. A small
amount of force on that risk can permit the businessman to
make a major influence in your competitive position and in-
come, by permitting the businessman to meet the expense
of a star hire, a product improvement or a new storefront.
A more successful business means more choices or options
for the proprietor.
There is also some women entrepreneurship that has de-
termination for their careers and for life. They usually have
a difficult time going through the end game and having a
clear path to get there in the middle of various other re-
sponsibilities. Counsellors with lives we want to imitate can
be few and far amongst.
It becomes too different for women to handle their profes-
sional life and their personal life. They have to handle many
different responsibilities and therefore they cannot handle
and concentrate on one particular work alone. The stories
of women who have built successful businesses, taken in-
tended risks to get there, and not sacrificed a satisfying life
need to be told. They are out there.
They say that when they stop looking at ambition and dan-
ger as an enemy of life balance and see it in its place as a
way to accomplish it, then maybe they will be ready to start
thinking big.
There is lot of risk involved in women entrepreneurship. If
they are not concentrated on the work alone any wrong de-
cision can be taken which can hamper the entire business.
-Gouri Agarwal is a student of the current batch of PGP-CEM at
XLRI.
The Risks in Women
Entrepreneurship
by Gouri Agarwal
28 | verge

Some of the top Women Entrepreneurs of India who took up the challenges
and risks in their business career.
Naina Lal Kidwai
Group General Manager and
Country Head (HSBC)
Chitra Ramkrishna
National Stock Exchange Chief
Chandana Kochar
MD & CEO (ICICI Bank)
Indra Nooyi
President and CFO (PepsiCo)
29 | verge

I
nformation & Communication Technology (ICT) has be-
come an integral part of any scientific development and
research endeavor. The main purpose of scientific and
technological inventions is to better the life of mankind.
This also holds true when we speak for the upliftment of
the 500 million underprivileged Indians lacking a mini-
mum level of education. In order to promote quality based
education among the extremely deprived sections of the
society that has a cascading effect on social development,
innovative systems need to be designed and implemented.
Digital Literacy Mission (DLM) establishes such a pio-
neering system for offering free education to disadvan-
taged sections by creating a community based learning
network of students, tutors and facilitators. It follows
a 1-3-9-2 DLM network model for self propagation and
scaling up. The model states that one DLM facilitator (1F)
creates three DLM tutors (3T) who teach nine DLM stu-
dents (9S) and the facilitator in turn motivates another two
facilitators. This novel community learning network idea is
based on the “FRACTAL” pattern found in “Nuclear Fission”
and many other self-propagating systems of nature.
DLM has come a long way in the quest of eradicating the
scourge of illiteracy from the society. T his mission has
been successful in creating innumerable Community Class
Rooms (CCR) established and run by educated women tu-
tors, and facilitators. They ensure that students entrusted
in their care attend school regularly, do not drop out and
can cope up with their school curriculum. A number of
NGOs have come forward as facilitating organizations and
have also successfully implemented this unique concept.
Digital¬Literacy¬Mission:¬
Fractals¬in¬
Social¬Engineering
Dr. (Ms.) Mita TarafderMs. Debarati Chattoraj
30 | verge

Individual donors who support the DLM centers by establish-
ing contact with students, tutors and facilitators through
virtual communication. The ultimate beneficiaries of this fast
spreading network are disadvantaged students who other-
wise would have been neglected, growing despondent and
becoming a burden to our society. Under the constant care
& able guidance of community tutors, students have been
encouraged to continue education and become productive
future citizens.
Women as community tutors receive financial supports from
local NGO’s, which has become a newly found form of free-
dom, financial independence and empowerment for them.
Since its inception in 2011, DLM has effectively brought
about an inclusive transformation in our constantly evolv-
ing society, by tapping the latent talents of women that lies
majorly unutilized within the community itself.
Individuals belonging to diverse fields, have willingly assist-
ed in creating community class rooms. Adequate attention
is also given to the overall development of DLM students by
providing them with opportunities to learn extra - curricular
activities such as yoga, dance, music, drama, etc. in the “Sun-
day Activity Classes”.
DLM has achieved success in creating awareness about pro-
moting education by presenting the program called “Dance
for Education” where students convey messages through
dance, music and drama. In addition to regular coaching,
counseling and computer and extra-curricular education,
emphasis is given to skill based training, initiating small ven-
tures, demonstration and promotion of grass roots innova-
tions through this network of 20 centers in Jharkhand, West
Bengal and Tamil Nadu.
The site address of DLM is: http://dlmindia.org.in/.
- Dr. Mita Tarafder is a Senior Principal Scientist, CSIR-NML, Jam-
shedpur-831007 and Graduate of PGP-CEM 2012 of EDC, XLRI
Jamshedpur
- Ms Debarati Chattoraj is a Creative Writer and Home Maker,
Agrico, Jamshedpur-831009
31 | verge

O
ver the years of teaching entrepreneurship and being
an entrepreneur as well as mentor to some, I have
come across some queries which stumped me and
some which are just out of this world! I have put down a few
with my bits on the same. The identities of the individuals
have been hidden on request.
I am getting stretched at my venture....need more hands....am
short on funds....thinking of taking my wife on board....(yes
who else will work for free!)
ONLY hire for the right reasons. Competence is reason no 1.
A bored wife at home is better than an underperforming em-
ployee you can’t sack! Best way to demotivate your good guys
too.
I have a few properties lying idle. Thinking of starting some
franchisee to use the property and also keep busy.
Don’t! You will create a bigger problem trying to solve a small-
er problem. Nothing against franchisee business per se but
again the core reason should be the business and not you’re
idle property and your boredom. Rent out the property and
take up a job. If you were the entrepreneur type....your prop-
erty wouldn’t be lying around unutilized.
I have a small business where we do good work with very
good employees who are like my family. However I lose them
regularly to competition and bigger corporate. What do I do?
Love does not always pay for our lunch. Loyalty will not be
hostage to emotions for too long. You can do zilch at your size.
Grow if you want to retain the best. Pay also comes into the
equation but with growth comes paying power too.
I lost my job in the recession. I don’t see opportunities in my
town and I can’t move out too. Can I become an entrepreneur?
Entrepreneurship is not the last resort of the losers. It pos-
sibly is a game which requires a lot of intelligence, grit and
persistence. If you had that in you, you wouldn’t be sitting idle
for sure. You have already lost the job....why do you want to
lose your savings too?
I have done a course on entrepreneurship. I have the ideas but
don’t have the money. What do I do?
Money chases good ideas....it’s a matter of time and a bit of
active networking. It will happen. Be at it.
I am raring to start my venture. However my family wants me
to wait a bit as they are looking for a suitable groom. What
should I do?
Don’t wait.
My wife/girlfriend wants me to invest in the venture of her
brother. I am not sure what to do now.
Invest if the funds are idle and you don’t mind losing it too.
Usually either you will retain either the money or the relation-
ship. It’s your choice.
Prof. Prakash
Nahata
CA, CS, ICWA,
Founder of Anthroplace
Visiting Faculty -XLRI
The Infrequently
Asked Questions?
32 | verge

I started a venture and put some funds in it. Now I have come
across an even hotter idea and am at my wits end what to
do...
Have you not heard of serial entrepreneurs?
I like my business but I don’t like my partner....what should I
do?
Which doctor has asked you to like your partner? If he/she is
adding value to the business and not doing anything unethi-
cal, change your likings or just live with it. Don’t whine.
I want to introduce a new partner in the business but my ex-
isting partner does not want that. What to do?
Don’t introduce if you can’t convince your partners.
I had the brains. My partner had the money. Our venture
rocked. Now my partner wants to use his brains. What to do?
It’s better to lose less money now on his hair brained ideas
than to lose all the money later coz he can’t stop himself from
meddling. If he has invested his money and you didn’t clearly
spell out your roles and responsibilities in the beginning, it’s
important that he be allowed to use his brains and lose a bit of
his money. At that time, you lay down the clearly defined roles
and it will be rocking all over again!
I love my job...but I also deeply desire to become an entrepre-
neur.....what to do?
It’s like saying I love my wife but I also really like this other fe-
male. Talk to someone who maintains two wives. He will give
you the right answer to this question. If you ask me....I would
say CHOOSE.
Should I work for some time and get experience and then
start my venture?
The pro is it will make you better at running a venture.....the
con is you may become a victim of circumstances and not be
able to risk financial instability after some years and the ven-
ture may never happen. The risk appetite reduces with age
in most individuals. You may yet decide to walk the tightrope
and try and have best of both worlds.
I have a family business and am the only offspring of my par-
ents. I love my dad’s money but not his business. What to do?
Your dad worked hard to earn his money and surely he won’t
like to hand over his business to a reluctant owner. Some-
times liking a business is like liking whiskey....you only devel-
op the taste for it over time and then you REALLY enjoy it....
:) For some reason if you want to be the teetotaler, there are
always mock tails available...world is full of business ideas....
Have you ever heard of a reluctant entrepreneur who was
massively successful? Get the drift?
I am in a decent job with decent pay. My wife comes from a
business family and wants me to become an entrepreneur.
What to do?
These wife situations are very tricky! Damned if you do and
damned if you don’t. My friend, take the plunge but ONLY if
her family is bankrolling your venture...who knows maybe it’s
your wife only who would request you to go back to service
after some time:)
I am in love with my business partner....will it hurt our busi-
ness in the long term...what to do?
There is no correlation in these variables. Carry on my friend!
-Mr Nahata holds a degree in Commerce from St Xavier’s College,
an MBA from Jadavpur University. He is a qualified Chartered Ac-
countant as well as a Company Secretary and a Cost Accountant. He
provides lectures on various business related topics not only in XLRI,
Jamshedpur but in other B-Schools in and outside India. Prior to
founding Anthroplace Consulting, which was then called A4 Con-
sulting, he was heading the finance and strategy of the A4 group. He
started his career with a Merchant Banking firm for a year before
beginning his 3-year articleship. He joined the Vivada Group which
has interests in the Shipping and Chemical industries as Manager
(Finance & Legal). He has years of experience in Corporate Training
and Business Consulting. He is also into Education for CA and MBA
students.
33 | verge

A
few years ago I had quit my job as Team Lead-Business
Development at a start-up software company and de-
cided to get into the business of Real Estate Consultan-
cy. At that time I was confident that my business would be a
great success as I had experience in Business Development,
but I soon realized business on the field is very different from
conducting business online. On the field, you need to network
with people to generate leads and negotiate with them to
successfully close deals.
Ever heard the proverb “Don’t dig the well when you’re thirsty”,
well what that means is, don’t start networking when you
need help (well not literally but it applies in this context). Net-
working is about making connections and building enduring,
mutually beneficial relationships & this takes time & effort.
The next time you meet any senior executive or a success-
ful professional or businessman, ask them, ‘What single skill
or habit would you attribute your success to” and a majority
would reply that it was ‘Networking’. Networking is CRITICAL!
I cannot emphasize this enough. Take my situation for exam-
ple. There are numerous buyers and sellers who are looking
to sell, lease or purchase a property and there are numerous
more brokers looking to land these clients, so who would you
let handle the single most significant transaction of your life?
Well, normally I would have to compete with these brokers
but herein a personal relationship with the clients or their as-
sociates enables my organization to stand out, rise above the
noise and remain on top of the mind.
So here are my top tips on how to network effectively:-
Attend industry events and meetings whenever you can, if
you wish to enhance your industry knowledge, advance or ex-
plore your career in real estate, then you cannot afford to miss
these events.
Do your research & schedule meetings before you attend
the event. Identify contacts & prospects that you would like
to meet but couldn’t necessarily travel to meet due to con-
straints (geography, time or otherwise) and arrange to setup
a 15 minutes meeting prior to the event, those 15 minutes
could change your life!
Another benefit of prior research is that you can make an
actual or mental list of everyone you would like to meet and
then periodically review the progress you have made, this en-
sures the most effective use of the event.
Finally learn all you can, network during leisure activities fol-
low up with calls, emails or letters and add these new con-
tacts to your personal database immediately. More and more
real estate leaders are proven to be individuals that possess
a broader knowledge of the industry and are well rounded
multi-faceted professional.
So, Networking is how you acquire clients, but what do you do
for these clients once you acquire them, can you successfully
negotiate to close the deal? Your ability to close, singlehand-
edly depends on your ability to negotiate. Negotiation is a life
skill. When we “negotiate” with someone, we are actually try-
ing to influence or persuade them to agree with or do some-
thing, it is the art of persuasion, but is it really as easy as it
sounds? No…it’s not! This persuasion tactic is also used and
most exploited by buyers and sellers in real estate by their
willingness to walk away from the deal. To counter this tac-
tic the agent needs to do his due diligence and has to know
as much as possible about the opposite party. What are the
motivations of the buyer and seller? What you need to under-
stand is that when it comes to the purchase or sale of a prop-
erty it is not simply about the money, it also involves emotion.
Agents may use these emotional triggers to garner a better
deal for their clients.
To counter the aforementioned tactic agents sometimes re-
sort to withholding offers for too long before presenting it to
the clients, the reasons for doing this may range from not be-
ing able to approach the client with such a low offer to trying
to put pressure on the other party by not responding to their
offer, well…it’s a risk either way, but it is proven that biggest
killer of deals is time. The longer the clients have time to think
things over, the worse it gets, anything can happen in the in-
terim period and it is most likely that the client changes their
minds.
In the end the factors I know that make good negotiators are
patience, awareness, flexibility and the ability to attentively
listen to their clients’ needs.
--Souharda Mukherjee is a student of current batch of PGP-CEM at
XLRI.
Have you wondered, “Why is it that you are not able to acquire clients and close them?” Here
are my tips on effective networking and negotiating, how it helps, specifically in real estate
How to Close a Deal
The significance of Networking &
Negotiation in Real Estate
by Souharda Mukherjee
34 | verge

Verge - XLRI, Jamshedpur EDC Magazine 2013-14

Verge - XLRI, Jamshedpur EDC Magazine 2013-14

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