This Presentation is prepared by Arvind R. Yadav. Excellent Presentation. Keep it Up!!!

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• My First Blog Post

The most important learning for any business person is “Never Trust your Dad”.

A mother of a successful business man went to her husband and said “Our son is now 10 years and growing older day by day. I want you to start teaching business lessons right from now so that he would be a seasoned business man in future”

Dad said “alright. Call him”

Son came with a little hesitation because of his dad’s unusual assertiveness.

Dad carried him and placed him on the top of a cupboard.

“Common son, jump from there”

“Dad, its too high and I may get myself injured if I jump from here”

“Don’t worry son, I am here to catch you. Common, jump”

Son jumped. Dad didn’t catch him. He fell flat in the floor. It was painful.

Dad said “ first lesson in business. Do not trust anyone, even if it’s your dad”

Source: http://clickbharathi.blogspot.com

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I have been to Manish Market several times with my cousin with a motive to understand business of Chinese Electronic Products. This was for the first time I visited for Manzeal.

If you go to Manish Market, every time you will find different types of fancy products which are all from China. Regular products available there are Mosquito Killing Rackets, MP3 Players, Digital Displays, LCD Screens, Fancy Lights, Crockery & bone china items, etc. On the way to Manish Market, you will find a market for Hardware & other electrical products known as the Lauhar Chawl. (I will discuss about it in detail in another blog post) Other products you will find there are Air Pillows, toys, Mobile Phones, Mobile phone accessories like battery, handsfree, bluetooth doggle, bluetooth ear piece, memory card, cover, screen guard and many other fancy products which you may have not seen before.

This market is only a wholesale market. If the people in this market gauge that you are retail customer, they tend to offer you a retail price. So, only retailers who buy in bulk get a better deal. Since I was with my cousin, who happens to be trading in Chinese Products, I could learn many a things about the price of such products. Chinese Cell Phone ranges between Rs. 1500 – Rs. 3000, with IMEI number, Mp3 player with memory card slot expandable upto 4 GB and no inbuilt memory ranges between Rs. 165 – 180, depending upon the quantity and bargaining skill you have. We bought 20 such Mp3 players @ Rs. 165 each. This Mp3 Players are sold at Rs. 300 – 450 on various e-commerce portals. Market price of Memory Cards (SD, Micro SD, etc.) is as good as oil & sugar prices, it keeps on fluctuating daily. Currently 2GB Micro SD card is available at Rs. 220.  And yes, all these products are available at drastically low prices; but again, it does not carry any guarantee or warranty.

Lot of other things to know there. Here’s the secret of Manish Market. Manish Market (the building) itself is a retail market. The actual wholesale market is behind the building where dealers sit in open space or in a store made of thick plastic, the temporary stores. They just have a table and a wireless landline phone or a cell phone for communicating with other dealers. They have a common godown, where all the dealers store their products.

The market is very dynamic and the most important part is that you should have a good negotiation skill or else they may easily cheat you.

Reaching Manish Market:
The nearest station on Western Railway is Marine Lines. From Marine Lines it is approximately a 15 minutes walk. Walking is more suitable rather than going by Cab as one can also find various other markets on the way to Manish Market.

For more details about the market you can get in touch with me.

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This is how they greet people of their community when they meet. Yes, I am talking about the Bahujan Samaj or a Buddhist or an Ambedkarite in India. They are the so called backward class, but, I did not find it. People of this community are also marching ahead with globalization. They are not backward now. Even they are well educated and economically stable.

Well to the point. Ambedkarites organised a Workshop on Entrepreneurship on 26th December, 2009. To spread the word of Entrepreneurship among their community. The Organisation BFRN (Blue Flag Resource Network) formed by young Buddhists or Ambedkarites based in UK is working on uplifting their community by motivating people to take up Entrepreneurship as their career. Their main objective is to create ‘Employers’ and not the ‘Employees’.

I happened to attend this event as I have close contacts with Prof. Anil Gaikwad (one of the authors on manzeal.com). Prof. Gaikwad was informing me about some seminar on Entrepreneurship and I asked him whether I could attend it, and, he was happy to invite me for the seminar and I was then a part of the organizing team.

Mr. Satish Gautam & Prof. Anil Gaikwad

Around 10 – 12 members were from the organizing team including Prof. Anil Gaikwad (Chapter Head – BFRN, Mumbai), Mr. Sunil Bansode (BFRN, UK), Mr Param Ghodeshwar, myself and few others. It was a well organised events. List of speakers include Mr. Ravindra Gaikwad (Motivational Speaker & Business Owner), Mr. Pralad Mali (Motivational Speaker), Prof. S. S. Yadav (Civil Contractor), Mr. Sandeep Waghmare (Civil Contractor), Dr. Lavesh Jadhav, Mr. Satish Gautam (Financial Planner & Business Owner), Mr. Pravin More, Mr. Anil Gaikwad (Corporate Finance Consultant), Mr. P G Lakhande and Mr. Vaibhav Pagare.

All these people were Ambedkarites and they motivated people and stressed the need of entrepreneurship within the community as well as for the benefit of the country. They also focused on various issues which hinder growth of entrepreneurship within their community.

Around 40 – 50 young Ambedkarites attended the session. Special thanks to Prof. Anil Gaikwad for taking me in the Organizing committee, to Mr. Sunil Bansode & Mr. Param Ghodeswar.

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• Advertising
• Accounting/bookkeeping fees
• Bank service charges
• Car and truck expenses
• Client consultation and supervision fees (for therapists)
• Contract labor (outside services, subcontractors, etc.)
• Credit card fees
• Depreciation on assets used in the business
• Dues
• Entertainment/business meals
• Freight
• Insurance
• Interest on business credit cards and loans
• Inventory/merchandise purchases (items the business has available for sale to others)
• Legal and professional fees
• Magazines and books
• Maintenance and repairs
• Office supplies
• Online/internet fees
• Payroll taxes (only for businesses with employees and only the employer’s share of taxes—not the taxes withheld from the employee’s paycheck)
• Postage
• Printing and copying
• Rent/office in home expense
• Sales or excise tax (only for businesses that collect this tax)
• Small furnishings and equipment
• Telephone (including pager, answering service, and cell phone)
• Travel (outside normal business location)
• Utilities
• Wages (this refers to what is paid to employees, not to yourself or to independent contractors)
• Website hosting, creation, or maintenance fees

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Entrepreneurs think their ideas will get ‘stolen’ so don’t share: This stops great ideas from coming through.

I should not give away a ‘large stake’ in my business: Owning 30% of a Rs 100 crores company is more valuable than owning 100% of a Rs 30 lakh company.

The company should always be profitable: Today companies are valued for metrics beyond profitability.

Friends and family are the best sources of funds: Sometimes they are the worst. They get emotional about returns, interfere in ops and can get difficult to eject.

Professionals from big companies don’t suit startups: They can help create a structure,‘corporatise’ the setup.

Employees like cash, not shares: Well, they like both!

Business should be a family concern, not sold: Many businesses need a larger partner after a certain scale.

I am the best CEO for the business: Really smart entrepreneurs hire people more clever than themselves.

This business is best for India: The world has shrunk and most businesses can be global.

I cannot fail: You can. 90% of all new business ventures do.

Source: Economic Times – 25th December 2009

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Identifying and attracting the right kind of investor can be a difficult process. Venture Capital Funding gives a step-by-step guide for small and medium-sized businesses to obtain venture capital – from building a management team through the maze of due diligence procedures.

Though the book is firmly rooted in UK and EU practice, US entrepreneurs will nonetheless find the discussion of the nuts and bolts of venture capital of interest. The practicalities of competing for, and winning, additional capital are broken down into key areas, such as: the significance of the business plan, types of investor, targeting and attracting a funder, negotiation and initial valuations, the due diligence process, and the available investment vehicles. It also explores the many reasons why companies seek out additional funding, and discusses the points in the business life cycle when such injections are appropriate.

- Amazon.com Review

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“…shows how to road test ideas and opportunities before writing a business plan and improve the chances of winning both customers and capital”
Business Monthly, July 03

“…does provide a reality check for anyone poised to jump into a new venture without thinking. Readers will enjoy discovering the nuggets of wisdom embedded in the case studies.”
Financial Times, July 03

“The New Business Road Test is a great read: thought-provoking, and not ‘business-lite’ like so much entrepreneurial advice. It’s also digestible for a manager in the thick of things, something many books overlook. The questions John Mullins asks are relevant to new ventures and existing businesses looking to move forward, and this book will help you do just that. ”
Max Aitken Chief Executive, Ratio One

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• The Tipping Point
• Good to Great

Personal account of a versatile entrepreneur. on film, dance festivals, retailing in the changing context of Indian consumerism. lots of useful information on the Indian way of business and contemporary Indian culture.

This is one of my favorite book as I am very keen on understanding Retail Business. The author writes his journey from Patloon to Panatloons & how he started and expanded his retail business. The Story of Pantaloons, Big Bazaar, Central and the Great Indian Consumer.

There are some nice pointers in the book, about business, about making decisions, about making mistakes and above all about holding on to your principles.Some of them are:-

- once you are in business, take no shit and give no shit.

- Allow your employees to make mistake. The only way to learn a business is by making mistakes, by destroying capital that you built after countless number of sleepless nights. The pinch will make you do it allover again with greater agility and determination.

- Once you have made a mistake, accept it and get out of it fast. Don’t put bad money after good money.

- The deciding factor between winning and losing is “understanding of the customer”.

- Treat people who work with you with respect

- Get out of your bloody shell of hubris and start learning things. then unlearn them to relearn new things. Thats actually how you stay on top.

Must read for every Entrepreneurs venturing into retail business.

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• Losing My Virginity
• The Tipping Point
• Good to Great

From Publishers Weekly
Unabashedly inspired by Malcolm Gladwell’s bestselling The Tipping Point, the brothers Heath—Chip a professor at Stanford’s business school, Dan a teacher and textbook publisher—offer an entertaining, practical guide to effective communication. Drawing extensively on psychosocial studies on memory, emotion and motivation, their study is couched in terms of “stickiness”—that is, the art of making ideas unforgettable. They start by relating the gruesome urban legend about a man who succumbs to a barroom flirtation only to wake up in a tub of ice, victim of an organ-harvesting ring. What makes such stories memorable and ensures their spread around the globe? The authors credit six key principles: simplicity, unexpectedness, concreteness, credibility, emotions and stories. (The initial letters spell out “success”—well, almost.) They illustrate these principles with a host of stories, some familiar (Kennedy’s stirring call to “land a man on the moon and return him safely to the earth” within a decade) and others very funny (Nora Ephron’s anecdote of how her high school journalism teacher used a simple, embarrassing trick to teach her how not to “bury the lead”). Throughout the book, sidebars show how bland messages can be made intriguing. Fun to read and solidly researched, this book deserves a wide readership. (Jan. 16)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

From School Library Journal
Adult/High School—While at first glance this volume might resemble the latest in a series of trendy business advice books, ultimately it is about storytelling, and it is a how-to for crafting a compelling narrative. Employing a lighthearted tone, the Heaths apply those selfsame techniques to create an enjoyable read. They analyze such narratives as urban legends and advertisements to discover what makes them memorable. The authors provide a simple mnemonic to remember their stickiness formula, and the basic principles may be applied in any situation where persuasiveness is an asset. The book is a fast read peppered with exercises to test the techniques proposed. Some examples act as pop quizzes and engage readers in moments of self-reflection. The book draws on examples from teachers, scientists, and soldiers who have been successful at crafting memorable ideas, from the well-known blue eye/brown eye exercise conducted by an Iowa elementary school teacher as an experiential lesson in prejudice following the assassination of Martin Luther King, Jr., to conversations among Xerox repairmen. Readers who enjoyed Malcolm Gladwell’s Blink (2005) and The Tipping Point (2000, both Little, Brown) will appreciate this clever take on contemporary culture.—Heidi Dolamore, San Mateo County Library, CA
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

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• Losing My Virginity
• The Tipping Point
• Good to Great