piran doctor director ascii group of companies. avoidable pitfalls for the entrepreneur
TRANSCRIPT
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Piran Doctor
DirectorASCII Group Of Companies
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Avoidable Pitfalls For The Entrepreneur
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Establishing Credentials
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Pitfalls Or Mistakes
Learning From Mistakes
Wise learn from mistakes of others Average learn from own mistakes Fools never learn
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Purpose Of The Session
Make Sure You Don’t Make Them
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Boy, Have I Made Many!
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The Circumstantial Entrepreneur
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Personal Standing
Fascinated by computers Studying in 12th Std. Proficient in Applications & F1 Key Dream to own a bike Attended a course on
Entrepreneurship conducted by IMC Extremely impressed by Mr. Forbes
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The Course
Identifying Projects Finance H.R. Marketing …..
Selective Listening
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Motivation & Support Structure
Both parents in service Chartered Accountants Grass always greener on the other
side Business definitely the way to go Dad puts up office space Willing to guarantee borrowings
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The Opportunity Franchise Advertisement For
Computer Education Low investment Immediate setup Money would just pour in Existing success stories
Not to mention a Posh Office and the Mafatlal Name
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Sure Shot !
Signed Up
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C.A. Dad Prepares Project Report
Loan
Zoroastrian Co-op Bank Disburses Loan
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Comprehensive 1 Week Training
Rearing to go Definite beliefs on
What is going to work And what is not
Sure knew how to make it work
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So What Are Your Beliefs ?
MoneyPricing
What Brings In CustomersBusiness KnowledgeScale Of Operations
What’s Needed
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Let’s Get Back
Its My Story, Remember ?
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Infrastructure Ready
Arguable Location Out Dated Computers Arguable Scale of Operations
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The Inauguration
Small affair Called all well wishers All who would be some use
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My First Employee
Not sure of volume of business Hire
1 Lecturer
Send him for training for the Course
Hold the fort till he gets back
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Contribution to brand building Advertisements
I guess I was the only one that read them!
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Lesson Learnt
Brand Building Advertisements For Small
Businesses A Waste
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Advertisements Need To Focus On Getting Customers In
Need To Be Focused & Customer Centric
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The First Student
Pre-Convinced
Yet
Took The Longest To Convince
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The First Batch
8 in the Morning My Role
Open the door Keep students entertained Apologize for Lecturer’s absence
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What are the problems so far ?
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Lessons Learnt Business Opportunities need to be
scrutinized thoroughly Entrepreneurship NOT a bed of roses Don’t mess in something you have
no idea of If you don’t have an idea – GET ONE Keep Backups Get A Mentor
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The Learning Stage
MythI need to know everything
there is
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Never Happened
Needed To Get Others
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Recruitment A Moderate Issue
Got Basic Help
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Loan Repayments Commence
Need To Get That Money In
Thanks To Mr. Gutta
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Sitting Learning Not Helping
Got to get out & sellGet my self a Sales Guy
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The Sales Stage
Batches started money flowing But not enough to pay the bills
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Sales Guy Gets A Break
1st School Student Batch
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Kids Do Great
Easier To Teach
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More In My League
School Marketing In Full Earnest
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First School Contract
Hung On Pricing
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Learnt About Marginal Costing
Applied, Deal Goes Through
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What are the problems so far ?
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Lessons Learnt
Sales is what we are in business for You need to know a good deal Not everything Planning Keeping provision for Working
Capital Your budgets are not accurate:
Provide for overflows
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Pays The Bills, Nothing More
Marginal Costing Sucks
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Word Spreads
Better Pricing More Schools
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Business But No Money No People
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Need Of The Hour
FinanceRecruitment & Training
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Approach To Staff
I Needed These Guys Nothing Less Than Equals
I was Only More Equal
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What are the problems so far ?
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Lessons Learnt
Repay before time Earn the confidence of lenders Be prepared for growth Team has to be ready before the
business comes in Team is what makes it all work
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You Gad U Dares The Unthinkable
Meeting with the Chairman of the Bombay Port Trust
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Huge Recruitment & Training Contract
A Real Confidence Booster
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Observation
You tend to play at your level of comfort
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Lesson
Might as well play at levels of discomfort
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What Holds Us Back
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Self Image
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Fear
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First Invitation Out Of Mumbai
Pouring In Of Advice
Put On The Back Burner
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Why Not ?
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Respond After 3 Months
Get Thrown Out
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Get The Business Any Way
Start Of A One Month Nightmare
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The Nightmare
Implementation Commenced New Language No Course Material Not a clue how to teach
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What are the problems so far ?
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Lesson Learnt
Know your customers Know their requirements Get good local people Setup good systems Outsource what you cannot do Right amount of involvement Personal control
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The Stage Of Growth
Turnover Crosses A Crore For The First Time
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Natural Diversification
Planned This Time Around
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Self & Staff Roles Change
Levels Of Management AddedTime Allocations Change
Availability Change
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Birth Of The Boss
Cant be expected to visit over 30 centers myself
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Brewing Unrest
Dot Com BoomMass Exodus
Staff Retention an Issue
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What are the problems so far ?
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Lessons Learnt
H.R. A very important function Organization growth linked with
individual growth not enough Growth should be in line with other
opportunities The better you train them the faster
you loose them . Train anyways.
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New Challenges
Large staff strength Multi location operations Rising overheads Staff turnover Competition at every corner Ploughing back mostly
EVERYTHING
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Lessons Learnt Clear job definitions Accepting staff turnover as inevitable Greater emphasis on systems Innovate or perish No deal better at times All eggs in one basket Business is done for what you can take
out
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Lesson From Avoidance
People Will Pay Your Price - If They Want What You Got
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BPO Boom
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New Challenges
Still working on cost based pricing Pricing bound by contracts Inability to Compete With Salary
Structures Rejuvenating Innovation Pampering Staff Reduces Quality
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What are the problems so far ?
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Lessons Learnt Value based pricing Customers understand your plight but
expect solutions Involve customers in the solution Work around the problem Change your Business Model Balance systems & freedom to innovate Blow Hot Blow Cold
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A Few Pointers
The Gyan
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Job People And Entrepreneurs
It’s A Frame Of Mind
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Our Conditioning Plays An Important Part
After all you are a sum total of every thing you have picked
up on the way
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Look Before You Leap
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A Rolling Stone Gathers No Moss
But you definitely get polished
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More to be worried in case you are a first generation business man
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Get Clear Why You Want To Get Into Business
Not Just Any Business - THIS Business
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You Are An All In One - Till You Can Afford Others
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Plato on blindness
The Discomfort Of Something New
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Pointers On Learning
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How To Use Learning
Especially Contradictory Points Of View
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Ask
If you don't knowIf you want something
No matter how stupid or audacious
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Ask the right questions to the right people
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Try, Keep If It Works For You
Don’t emulate big businesses - It’s a different ball game
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Internalize Or It Will Just Be Your Knowing
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Take Advise - But Make Your Decision
After all the consequences are yours
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Model On Success
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Go into details
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Smart Works. Smarty Does Not
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Fear & Insecurity
Don’t try to be fearless They are your allies Listen to them They are warning signals Acknowledge them get the
message Set the situation right
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Beliefs
Question them Check to see if they are your own See if they serve you well Drop them if they hold you back Strengthen them if they empower
you
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Your Beliefs Form Your Limitations
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Self Image
Don't identify your self image to your role as an entrepreneur
or It becomes a roller coaster ride
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Put A Person In A Situation And He Survives
You too will survive
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Courage Is Not The Absence Of Fear , But
The Ability To Do What Is Right In Presence Of It
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Take Calculated Risk
With Ideas With People With Money With Whatever You Got
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The Imagined Risk Is Always Greater Than The Real Risk
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Making Choices
No Golden Formula You cant have everything You cant do everything Make them one at a time If they were right, good for you If they were wrong, get the lesson
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Pick Your Niche
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Pick Your Battles
Great things come out of warBut you need peace to enjoy the
fruit
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Adapt & Innovate
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Give More
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Let Others Grow With You
It Is The Fastest Method
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Share Your Vision And How The Business Is Doing
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Keep In Touch With Customers
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Relationships Are Everything
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Integrity Is Important
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Go For The Long Run
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Change Is The Only Constant
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People Closest Resist Most
They Have Invested In You
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It Is A Continuous Discovery
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Don't Work Because U Have Nothing Better To Do
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Certain Things Are Cast In Stone
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The Rest Are Shades Of Grey
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As Kenny Rogers Puts It
Know when to hold them Know when to fold them Know when to walk away Know when to run You never count you money sitting
at the table until the dealings done
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Please feel free to contact me
Piran Doctor, Kamani Chambers, 32- R. Kamani Marg,
Ballard Estate, Mumbai 400001Tele:22613516, 22617597
Email:[email protected]