The Bada Business Event
I’ve always both enjoyed, and felt honored to be part of various industry meets. The Bada Business meets have always been one of my favorite events to attend; and this June program was no different.
At the Talkatora Stadium, it was heartening to see hundreds of young and ambitious retail entrepreneurs from across India. Eager to learn to do better in their businesses and start-ups, I fielded several questions, and talked about the significance of ‘creating value for the ecosystem as a whole’ first rather than taking a ‘I, me, myself’ approach. For it is only if we businessmen create value for others will we create our own value, be it in business or the society at large.
Be simple, focus on your core value propositions, and be creative to constantly raise that ‘value’ bar – these are my three main mantras for succeeding in any business.
It was interesting when one of the entrepreneurs asked me why V-Mart doesn’t own a single of its stores. All our stores are on lease model; and it is simple as well as wise to put your money and efforts in your business rather than search for imaginary gains by way of real estate or saving rental costs. It also gives us a lot of flexibility in our operations and strategies! So, never ‘block’ your money in trying to own the infrastructure you operate your business from.
Another gentleman asked me how he could cope with competitors who seemingly come out with exact products at cheaper prices. Again, your competitor can copy your product, but not your quality and service at a lesser price – unless of course your margins are high, or it is some short-term price war. Differentiation – focusing on your ‘core’ strengths and building upon them is bound to make you succeed, ultimately, if you offer a ‘unique’ product vis-à-vis quality, durability and service!
When I started out almost two decades ago, I had no money, but a lot many creative and daring ideas, and zeal to succeed by being ‘different’. Today, there are thousands of young and dynamic entrepreneurs across India, which is something we all should feel proud of! I wish you all a very successful, exciting and adventurous journey in your business pursuits, and would feel blessed if anyone can benefit from my business tips and discussions at the Bada Business, and many such events to come ahead.