interview
TRANSCRIPT
PROGRAM: MASTER OF BUSINESS ADMINISTRATION.
MODULE : Managing Entrepreniual Enterprise (LB5207)
PROFESSOR IN CHARGE: MR. MoganSwamy
ASSIGNMENT TOPIC: Entrepreneur Interview.
NAME STUDENT ID
Swapnil Desai 12667390
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IntroductionEntrepreneurship is more than starting up a business. According to Richard Cantillon
entrepreneurs are those individuals who bear the risk of buying at certain prices and
selling at uncertain prices. Schumpeter expanded this definition beyond the concept
of a businessman trading goods or services to incorporate innovation.
Entrepreneurship is a process through which individuals identify opportunities,
allocate resources, and create value. This creation of value is often through the
identification of unmet needs or through the identification of opportunities for change.
(Mazzarol, What is an entreprenuer, p. 5)
An Entrepreneur is one who exploits the problem that makes it as an opportunity for
him, he sees the problem and turns it into an opportunity and then the customers in
return are willing to pay for solving that problem. An Entrepreneur is one who solves
problem, fills in the gap or facilitates the process or product available in the market.
This report is built on a successful Entrepreneur Mr Yogesh KusumgarPresident and
CEO of KusumgarCorporates who is engaged into manufacturing of technical textile
industry. The company Kusumgar Corporates was established in 1970. The
company is engaged in manufacturing of Armed forces fabrics, Industrial fabrics,
Geo-synthetics, Sports and recreational fabrics, Customs fabrics, Technical textile
consulting. Kusumgar Corporates has been recognized by its many accolades
including the National Award for Indigenization, given by the Ministry of Defence, and
is one of India's foremost corporations involved in the development and supply of
specialty textile material. Their main head office is located in Vile Parle (West),
Mumbai, India.(Kusumgar)
Mr Yogesh Kusumgar is one most successful and dedicated Entrepreneur I have
ever come across and his vision statement is as follows.
VISION
To enrich mankind through development of Textile Technologies.
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Entrepreneur and his journeyMr Yogesh Kusmgar and his family were involved in the business of importing
Cycles and accessories right from pre-independence period. At one point of time, the
family diversified into Weaving Rayon Fabrics with a failure in the venture. At that
point of time, he was shifting from school education to college education and the
failure of family in textiles had ignited a spark in his mind that he will make his career
in Textile therefore he has been exposed to Entrepreneur since his childhood. As we
can that Mr Yogesh’s family failed in textile and factor motivated him to develop and
start appropriate
As we know from the interview that initially Mr Yogesh kusumgar started his career
with sasmira (synthetic and Art, Silk mills research Association). In the year 1962
which was incidentally the year of Chinese aggregation of India. During this period
there were many textile products which were required by the defence ministry
therefore defence department refer to sasmira for development of such products
because sasmira being a national TRA (Textile Research Association).This provided
Mr Yogesh with an opportunity to realize that textiles are not only used for clothing
and consumer applications but have technical application encompassing other
aspects of human activity.
As referring to the Timmons model of enterprenuel process which states that
opportunity is one of the most vital factors that an enterpernuel should realize and
should make maximum use of the opportunity. He got the opportunity to work with
Sasmira at the right time when it was Chinese aggregation to India. Therefore this
trigging event provided Mr Yogeshwith an opportunity to jump his carrier in technical
textile industry.
When he started his business in technical textile it was completely alien in the
country. Therefore this created an advantage for him to establish his business. He
started the business by providing his own finance and experience; he also believed
as the economy is rising, technical textile would gain recognition and acceptance in
the country. At initial stage it was very difficult for him to market his product because
it was not easy to understand what consumer wants from technical textile as it is
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very muchdifferent from consumer textile because marketing of each product varies
from segment to segment each product needs different marketing strategies. Geo-
textiles, Aerospace textiles, medicinal textiles, they all varied materially but he also
believed that challenge is always provided by opportunities – “early bird catches the
flies”. With this philosophy, He decided to enter into the field of Technical Textiles.
Another major hurdle was to reach customers and convince them that the products
offered by him are much more performance oriented and comparing the cost but due
to depth of knowledge in technical textile it was much easier to translate what
customer want from them. Later Banks also provided financial support to expand
their business by seeing the progress. He also knew that team work is very much
essential for the success of the company so he started recruiting more and more
people and also trained them with the uprising growth of the company; he also got
support from his son who is currently working with him, he also had leadership
qualities which is very essential for any entrepreneur. Today they are the only
company in India with the experience of 4 decades in technical textile. There are
about 120 employees working in the company and almost everyone is full time. Their
main customers are Govt. organisations to industries to foreign buyers. Govt.
organisations like Ordnance Parachute Factory, Ordnance Equipment Factory, and
Ordnance Clothing Factory etc. are our customers. Aerospace Materials Pvt. Ltd.,
Garware Bestretch Ltd., Entremonde Polycoaters Ltd., Polynova Industries Ltd.,
Aerazur, France are few to name from industries. Creativity and team effort links
opportunity and enhances outcomes. It was his creative thinking which helped him to
take right risk at right time and to become a market leader in technical textile. He
also exhibited good leadership qualities and team effort to take Kusumgar
Corporates where it is now.(Mazzarol, The entrepreneurial process Model (Timmons
1999))
There were some Entrepreneur qualities which were displayed by Mr Yogesh
kusumgar in his work life up till now. Some leadership qualities are as follows:
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Disciplined
He has been very focused on his goals of starting an appropriate business
into textile. He has never allowed himself to get disturbed or to get out of
focused from his goals and he has overarching strategies and outlines the
tactics to accomplish them.
Confidence
He did not ask questions about whether he could succeed or whether he
would be worthy of success. He was confident with the knowledge that he will
make the businesses successful.
Self-starter
He knew that if something needs to be done, he should start it on his own. He
set the parameters and make sure that projects follow that path. He was
proactive, not waiting for someone to give them permission.
Competitive
He always had desires to win in whatever he does whether it is sports or
business. He is very competitive and confident about his company and
products that they are better than his competitors.
Determination
He has been always very determined about in plans and business. He looks
at the problems as an opportunity which takes him one step near to success.
Strong people skills
He has strong communication skills to sell the product and motivate
employees. He knew how to motivate his employees so the business grows
overall. He is very good at highlighting the benefits of any situation and
coaching others to his success.
Passion
Passion is the most important part of any Entrepreneur’s life. Mr Yogesh had
this passion for textile, he genuinely love his work. He was very dedicated
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when he was in SASMIRA; he took appropriate knowledge of technical textile
and painted his dreams on the campus of life.
These were some Entrepreneur qualities which were displayed by Mr Yogesh
Kusumgar.(Adams)
Learning after interviewI understood many things during the interview process from an Entrepreneur. Mr
Yogesh kusumgar is an ideal example of a great Entrepreneur. During the interview I
could see many qualities which an Entrepreneur should possess like Discipline,
Confidence, Self-starter, Passion, Determination, etc. He strives towards attaining
improvement continually and competes against self-set standards.His mind set was
also one of the reasons for his success, he was very clear of his goals to start a
business in textile which he has done. I have also learnt thatour mind-set is where
that courage comes from. . Like a start-up, facing an unknown world filled with
possibilities and pitfalls. His main strength was that he looks at any problem as a
challenge which than turns into an opportunity for him.
I have also learnt that entrepreneurs must not be simply persuaded, but should be
successful in persuading others and must have belief in their own efforts as it is their
efforts which affect the events and its outcomes. Also, creativity and innovation are
documented by the openness to new ideas and broader horizon, taking initiatives to
solve issues, wanting to do things differently, as was emphasized by Mr Yogesh
Kusumgar. I also learnt that team work is also very important for any business to
grow and succeed. He used to look for opportunities even in problem and chaos
which facilitated him to achieve so far.
He also says that his own need for independence and starting up his own business
is very important for any Entrepreneur.. One has to be very smart in managing the
business in order to sustain in a long run.I have also learnt that Entrepreneur should
have dedication, focus, passion, belief these are some key elements that a new
Entrepreneur should possess. Mr Yogesh Kusumgar also believed that being a good
Entrepreneur is not the only thing that is necessary for the success of the company
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one should also be a good manager in order to manage the company which will help
the company in its long run.
ConclusionTo become an Entrepreneur is not an easy process it’s filled with ups and downs. An
Entrepreneur must has a vision and should belief and trust in his idea. Mr Yogesh
Kusumgar had a vision of technical textile in the country and he was very much
confident about the future. One must have the dream of being independent and to
get self-employed; becoming an entrepreneur is not an overnight process it more like
taking a calculative risk and in loving his journey. Entrepreneur should also take care
of business ethics and order to conduct his business for a longer time.
Mr Yogesh kusumgar has struggled and done hard work heseized the company in
such a position where it is now a known and leading manufactures of technical textile
in India the only company with the national award. He has all the qualities and
characteristics of an Entrepreneur. By taking his interview and seeing his journey the
way he tackled all the problems and to reach this level we can say that Mr Yogesh
Kusumgar is a successful and true entrepreneur.
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References
Adams, J. (n.d.). 10 qualities of a successful enterpreneur. Retrieved dec 28, 2011, from under30 CEO: http://under30ceo.com
Kusumgar. (n.d.). Retrieved december 27, 2011, from www.kusumgar.com: http://www.kusumgar.com
Mazzarol, D. T. (n.d.). The entrepreneurial process Model (Timmons 1999). In T. Mazzarol, Entrepreneurship & Innovation. Tilde University Press.
Mazzarol, D. T. (n.d.). What is an entreprenuer. In D. T. Mazzarol, Entrepreneurship & Innovation (p. 5). Tilde University Press.
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AppendixQuestions
• What ignited the spark in you to start a new business?
Ans.My family was in the business of importing Cycles and in accessories
right from pre-independence period. At one point of time, the family diversified
into Weaving Rayon Fabrics with a failure in the venture. At that point of time, I
was shifting from school education to college education and the failure of
family in textiles had ignited a spark in my mind that I will make my career in
Textiles and start appropriate business in Textiles.
• How did the idea for your business originated from?
Ans. My initial career was with SASMIRA (Synthetic and Art Silk Mills’
Research Association) in the year 1962 which was incidentally the year of
Chinese Aggression of India. In post aggression period, SASMIRA being a
national TRA (Textile Research Association), many textile products required
by Defence were referred to SASMIRA for development. This provided me with
an opportunity to realise that the textiles are not used only for clothing and
consumer applications but have technical application encompassing other
aspects of human activity.
• Is this your first business? If not, what were the others, and what happened to
them?
Ans.Yes, Technical Textiles is my first business.
• Why did you go into this particular industry and not any other industry?
Ans.I entered the field of Technical Textiles as a business activity in the year
1970 when the word “Technical Textiles” was an alien word in the country. I
realised that development of Technical Textiles was in nascent stage in our
country and with the growth of economy, technical textiles will have due
recognition and acceptance in our country. It was a challenge to understand
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what the users expect from textiles and translating them into textiles.
Marketing was very different from consumer textilesand varied from segment
to segment e.g. marketing for Geo-textiles, marketing for Aerospace textiles,
marketing for medicinal textiles, they all varied materially but challenge is
always provided by opportunities – “early bird catches the flies”. With this
philosophy, I decided to enter into the field of Technical Textiles.
• Did you get any benefit from any triggering events (e.g. Government policies,
Environmental, Resources?)
Ans. Post Chinese aggression, Govt. had become proactive in ensuring
indigenisation of critical products such as fabrics for parachute application.
This Govt. policy helped to indigenise man drop parachutes first and
subsequently various parachute fabrics such as ejection parachutes, cargo
drop parachutes, brake parachutes, Bomb illumination parachutes, Reverse
parachutes etc.
• How did you finance your business and what was the process like?
Ans. Initially, I financed my own business and with the growth , Finance from
Bank was availed. Banking being institutional, I had to study and acquire
adequate knowledge to provide financial data to the Bankers.
• How difficult it was to find the investors?
Ans.I have never approached an Investor other than Banks.
Were there any investors involved in your business? If any, how difficult was
that to find the investors?
There were no investors in my business. I never approached any investor
except for bank.
• What makes your company different from others in the market?
Ans.Today, we can boast that my company Kusumgar Corporates Pvt. Ltd. is
the only company in India having an experience of 4 ½ decades comprising
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many segments of technical textiles such as Aerospace Textiles, Geotextiles,
Medicinal Textiles, Industrial Textiles, Protection Textiles, Recreational
Textiles etc.
How is your company, different from other companies, that are already present
in the market?
• Do you have any experience in this particular field?
Ans.We have 4 ½ decades of experience and have created a strong cohesive
team of experienced and expert persons.
• Did you have any family support?
Ans.When I began the business, I had full moral family support particularly
from my father and now I am supported by my son Siddharth.
• How long have you been in the business?
Ans. I have been in the business for over 4 ½ decades .
• Were you exposed to Entrepreneur in your childhood?
Ans.My father was an entrepreneur in Cycle business which was then imported
in the country and this background helped me to build entrepreneurship by
nature and spirit.
• How difficult it was initially to reach the customers?
Ans.Indeed it was a challenge to reach the customers and to convince him that
the product offered by me is better in performance and cost compared to the
conventional one that the customer was using. However, the depth of
knowledge, translating what users want in textiles and convincing the
customer for the product and services has brought about the growth what
today we are.
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• How many employees do you have? Full- or part-time?
Ans. We have about 120 employees, almost all on full time basis.
• Who are your customers?
Ans.Our customers are varied from Govt. organisations to industries to foreign
buyers. Govt. organisations like Ordnance Parachute Factory, Ordnance
Equipment Factory, Ordnance Clothing Factory etc. are our customers.
Aerospace Materials Pvt. Ltd., GarwareBestretch Ltd., EntremondePolycoaters
Ltd., Polynova Industries Ltd., Aerazur, France are few to name from
industries.
• What are the most essential things you have done to grow your business?
Ans. In order to grow the business, I have focussed on following:
• Adopting highest level of business ethics where people prefer to deal
with us.
• With the growth, the team at Kusumgar has to enlarge.
• Training the team continuously for a change to move ahead both in
technology and systems.
• Contribution to the community of Technical Textiles by presentations at
various conferences and by report at different levels with Government, semi-
govt. and national organisations like FICCI etc.
• What plans do you have for expansion?
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Ans. Expansion is a continuous process at Kusumgar . Expansion is not only
restricted in terms of production capacity but includes diversifying into newer
and newer areas of application of technical textiles.
• Which outsiders have been most important to your business success? (e.g.,
bankers, accountants, investors, customers, suppliers, mentor, etc.)
Ans.I believe that customers have been the most important to bring success to
the organisation. It is the customers who have posed their problems before us
and this enabled us to develop newer and newer technical textiles to meet with
their requirements.
• What has been your most effective tactic or technique which you have used to
increase you growth?
Ans.The most effective technique for the growth of the business is to
constantly struggle to translate what users want in textile parameters through
technology and processes.
• What’s the worst business advice you’ve ever received?
Ans. The worst business advice that I have received is to go public to make
easy money.
• What advice would you offer to the entrepreneurs starting out today?
Ans.Entrepreneurship is always aimed at earning profits but any act of
entrepreneurship has an element of risk. Identify your strength and make this
stronger with your strength. Equally, identify your weakness and make sincere
attempts to overcome them to the extent possible. Highest business ethics,
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reasonable degree of transparency and preparedness for the change are key
to success in entrepreneurship.
• How have sales grown in the last few years?
Ans. Sales turnover have grown from Rs.28.26 crs. during 2006-07 to Rs.
51.54 crs. during 2010-11.
• What systems have you used to automate your business?
Ans. We have been following ERP for our business.
• Do you have a business plan and when it was last updated?
Ans.We update our business plan every year.
• How does your business “give back” to the community or to society?
Ans.We believe in contributing to the community of Technical Textiles. I was
the Honorary President of SASMIRA for 9 good years. My colleagues and
myself must have presented more than 50 presentations on different aspects
of technical textiles. My organisation is represented in Committee for Growth
of Technical Textiles in India with the office of Textiles Commissioner,
Ministry of Textiles, Govt. of India.
• Do you think your mind-set has anything to do with your success?
Ans.Yes, my mind set is to contribute and to grow in Technical Textiles and is
the pillar of whatever success we have in Technical Textiles.
• What is the last “one word” advice you will give to my readers when it comes
to succeeding as an entrepreneur?
Ans. As an entrepreneur, one has to steer the business for financial gain but
together with financial gain, goodwill created in business through business
ethics, transparency, contribution to the community to which we belong to and
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desire to change are essential ingredients for total success in
entrepreneurship
Answered by MR Yogesh Kusumgar
Y.K. KUSUMGAR
CHAIRMAN
KUSUMGAR CORPORATES PVT. LTD.
101/102, MANJUSHREE, V.M. ROAD,
CORNER OF N.S. ROAD NO. 5,
JVPD SCHEME, VILE PARLE (WEST),
MUMBAI 400 056. INDIA
TEL.NO. 91-22-61125139
FAX NO.91-22- 2611 5651
Email: [email protected]
Website: www.kusumgar.com
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