Five things every entrepreneur
must know
Dalbir Bains
December 20, 2006
This week, I celebrated the
anniversary of my luxury lingerie boutique, Boudoir London.
As I stood there in the sultry heat of the courtyard in a
restaurant in Bandra (northwest Mumbai), a glass of champagne
in one hand, congratulatory cards in the other, I reflected
on my extraordinary 18 months in India and what prompted a
pampered, comfortable Londoner to come to Mumbai. My family
and friends said it wouldn't be easy and they were right --
but then, the best things in life are not easy, are they?
India has given the world
everything; culture, music, beauty, food... And India gave
me everything I could be proud of. Now, it was my turn to
give something back to India -- and that was luxury lingerie!
Readers, let me tell you a truth -- all Indians
outside India are drawn to India -- European Indians, US Indians,
British Indians, Eskimo Indians (there are bound to be some,
after all we're a sixth of the world's population!) India
is the proverbial mother ship. And, as a British Indian, I
am the proverbial satellite. India has what pardes doesn't
have -- and that's a billion fellow Indians.
When I landed, with my dreams
in my suitcase, at Mumbai airport nearly 18 months ago, it
seemed as though all the one billion Indians had arrived at
the airport to greet my arrival -- it certainly felt that
way.
Within five minutes
of my arrival, I had been very kindly offered a taxi by over
40 gentlemen -- "You never get that kind of service in
the United Kingdom," I thought. To say that I looked
na?ve is an under-statement; newborn lambs have more guile
than I did. In fact, one such newborn picked my pocket once.
Nevertheless, "Juhu ke leya kitna (How much will you
charge to go to Juhu)" I said to a taxi driver in my
comical British-style Hindi. "Pay what you want, madam",
he smiled and replied in flawless English. He knew I was going
to be good client.
So, like virtually
everyone else in Mumbai -- from the hawker in the street to
the Malabar Hill billionaire -- I got into the thick of doing
business in this town.
Mumbai is alive with
business deals -- people tap earnestly into their laptops
in hip coffee bars, drinking cappuccinos while talking simultaneously
into two different mobile phones. Male, female, young or old,
everyone is working to realise the potential of the business
opportunities that Mumbai has to offer.
There has been much
learning over the last year, which we will no doubt discuss
in the weeks to come. There is one consistent comic issue
in my life, however, which consumes me on a daily level, and
that is time and the very management of it.
I've learnt that whenever
I ask for anything in India, I hear, "Two minutes madam..."
I have heard these three words a hundred times a day in Mumbai
and now I hear them in my sleep too. I must confess to the
gullibility of a British Indian -- I actually thought two
minutes meant 120 seconds. In other words, something will
be done soon, a request is about to be met immediately...
Of course, I can now hear
your laughter ringing in my ears. I have discovered that 'two
minutes' doesn't mean the same in India as it does in Europe.
I consulted the professor
of India Standard Time, Professor D Lay at the University
of Some-Time-Soon (he was very late for the meeting). He explained
that two minutes in fact means two things in India. Firstly,
it means, 'I have no idea when this is going to happen, Ma'am.
Keep smiling and good luck...' It also means you'll have to
wait at least 20 minutes.
"Why 20 minutes?" I asked Professor
D Lay? Well, he said, Indians are 10 times brighter than the
rest of the world, 10 times more beautiful, 10 times more
efficient... And 10 x 2 minutes is 20 minutes!
Research
It
may sound obvious but many businesses fail because they have
a concept that has not been properly researched. Make sure
your business proposition is viable and that you have researched
the business concept thoroughly.
Detail
If you focus on the small details,
the big things will look after themselves. Never let go of
the fine business details until you feel you have covered
every angle.
Networking
In a country as populated as India, you need to spread
the word as best you can to your particular audience. You
will be surprised at how many people do not get to hear about
your business. Advertising can be a very expensive in the
first year of any business. Identify your target and try as
many inexpensive options as possible.
Never give up
Most businesses take at least 18 months to get established.
This is what is referred to as the gestation period. You will
always come across many people telling you your idea is not
viable. This tends to happen before you start your business
or when you are going through teething troubles. At this time,
it is important to stay focused and strong. Don't let anyone
challenge your vision.
The customer is always
right
In any service-led business, you will always have
consumers who will be happy and unhappy with your service.
You have to adopt a service level that keeps your customers
happy and loyal to you. This requires maturity and vision
and, often, a fair amount of concessions on your part. Until
you become established, you need your customers more than
they need you.
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Article
from rediff.com