1.Ravi Kumar- ASM, consultant TO Ravi Kumar-Entrepreneur. What is the force behind this change?
Hi, thanks for giving me this opportunity to share my experience with you all.
To answer your question, there were a couple of things which contributed to this decision to become an entrepreneur. But before that, a bit of a background about the events that led to this: Right from my b-school days, I have been very interested in the retail industry and had even made business plan to launch an e-commerce venture in the apparel retailing space. So, the idea was always on my mind but I didn’t think that the time was right just then. Recently, though, I happened to meet a couple of people who shared a similar idea and that was the trigger that I needed to quit and take the plunge. Now, the force that made me take this plunge?
1. I felt the time was right, the idea we had was good and the e-comm market was poised for a big boom, so, it made business sense to get started just now.
2. I was getting a little bored with my job! I felt that getting into a start-up would give me a really healthy dose of new learning and get me out of my comfort zone. The excitement at the very thought of creating something from scratch is incredible and that proved a big carrot for me.
3. My folks were thinking of trying to make me "settle down" and getting into business was a good way of avoiding that
The bottom-line is simple - I truly believed in an idea and wanted to bring it to fruition.
2. Most of us want to be an entrepreneur, whereas family commitments and social expectations force us to search for a rather lucrative job. Is there a solution?
Commitments will always be there. It is a question of believing in oneself / one's idea and the risk that one is willing to take. In our case, we have our education to always fall back on, so to that extent, I think the risk is mitigated. However, I don’t think it is a bad thing to want to take up a job as well. An individual is a best judge of his or her risk appetite and inclination and there is no right answer or solution to this.
3.MBA+Job experience+Entrepreneurship (or) MBA+No experience+Entrepreneurship. What is your advice for aspiring entrepreneurs?
I am partial to work experience. I feel that the initial 2-3 years when a person works is a period of immense learning, about the ways corporates work, about control mechanisms they have, about processes and systems etc. I am not saying that all these are good and help in improving performance, but knowing about these things will be helpful when we are on our own. So, I would always suggest that one should work for a couple of years, learn as much as possible and then decide on the next steps.
4.In today’s situation, is MBA a must to become an entrepreneur?
MBA definitely helps, but I don’t think it is a must. It was never a must and will never be a must ever. We should recognize what an MBA does – it is just a platform that provides good networking opportunities and exposes us to the basics of running a business. All these are good to start with, but they are not something one cannot learn fairly quickly on the job.
5.Entrepreneurs from non IIM’s are not highlighted by media in the way entrepreneurs from IIM’s are? Are non IIM students not successful in business?
Really, I wish I could get some of the highlighting that you are talking about
;
On a serious note, I think IIM or not doesn’t matter as much as having a sound business plan and executing it well. Media highlighting wont make a business successful, it is how good the idea is and how well the execution of that idea is that ultimately matters.
Moving off slightly from the main discussion here, an Economics student might have a very sound economic rational to why there is media highlighting of IIM entrepreneurs – it possibly has something to do with the opportunity cost, but we can save this discussion for another day!
6.In your experience, what are the top business requirements to convince a VC?
From the understanding that I have, a few things VCs look at are:
1. The industry where the business operates in and the future growth potential at a macro level
2. The team that is working on the project and the level of commitment and confidence this team has
3. The willingness of the team to get other people on board and listen to ideas to expand the business
The most important thing is the team – they are the ones that run the show. Having shown that they can perform (by past performance in the business) and are committed to the idea matters most.
The one thing that puts most VCs off – an "entrepreneur" who says that he /she has an idea but doesn’t want to quit his / her job or put in his / her own money to get started but goes straight to a VC. VC's want commitment and this sends out the wrong message to them. In other words, VCs ask the question: Are you willing to put your money where your mouth is?
7.Does the Sociopolitical and governmental environment in India favor young entrepreneurs? (Macroeconomic factors may favor, but operational, practical?)
It is tough starting up, especially if it is Private limited company. A good CA with experience in this field is pretty important. Having said that, it is a lot easier now to access information required to start-up. Ministry of Company Affairs (MCA) now has a dedicated and very informative website where they have outlined that various things that are required to register a company and the fees payable. Other government departments are also getting web-enabled, so overall, the process will only get easier for young first-time entrepreneurs. In terms of the fees that is to be paid for various things, these are inevitable and the only way out is to plan for them and hope to achieve strong sales soon to recover these costs!
8.Your advice to budding (B-School) business men?
My advice: there is no shortcut to success. Hard work and patience are what matters after all the excitement has died down, so any entrepreneur must be prepared for some serious effort!
Ravi’s playful punch:
All work and no play makes Johnny a dull lad! So, remember to work hard and play hard in equal measure! Good Luck!
Lastly, the usual disclaimer – these are my personal opinion and are only based on my limited experience. Things work out differently for different people, so take every thing here with a pinch of salt
Contact Us
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
