Archive

Let learning and leveraging be an ongoing process to succeed in an evolving business scenario, stressed the speakers at three panel discussions scheduled at the global conclave of the World Zarathushti Chamber of Commerce (WZCC) in Lonavala. A mix of senior and junior, male and female entrepreneurs from India and overseas shared their acumen with the delegates on January 3 and 4, 2020.
"Basking in past glory is probably causing a problem for the community,” remarked Sam Balsara, chairman and managing director of Madison World, when moderating the session on "Zarathushti Business – Past – Present – Future.” With over 45 years of experience in marketing, advertising and media, he has seen his business grow over the years to become India’s largest Indian owned communication company employing a workforce of nearly 1,000 with offices in India, Sri Lanka, Bangladesh and Thailand.
 "In the olden days, the mantra for success was ‘Start small, dream big.’ Now it’s the reverse,” he stated. With educated youngsters today "earning a good salary at the entry level, it comes in the way of their seeking business opportunities… Trust has got us where we are. We need so many other things in a dog-eats-dog world,” he added. He cited the success story of Abans, one of the top 10 businesses in Sri Lanka, started by the gutsy lady Aban Pestonjee who sought to supplement her husband’s income by repairing and re-selling old washing machines and other electrical goods. In India, start-ups have a bad name, noted Balsara, more so when investors make a profit and move out, while the business is ultimately declared a failure.
Integrity, ethics, morals, compliance with good governance and perseverance contribute to the success of one’s business, affirmed Neville Shroff, chairman and chief executive officer of Shroff and Company Limited, a Hong Kong based trading and manufacturing company providing services in sourcing, quality control, logistics and shipping in various commodities. "Your attitude, your positivity, your mindset” draw people to invest. "Money may be the easiest to obtain for some sucker somewhere will invest in you. The success of a business model depends on how you balance risk and opportunity, how you market and promote it… Any business you touched 50 years ago turned to gold, providing an edge over recent entrants in the market,” he added.

 

 

 

 

Having started her business Tomato Jos in Nigeria five years ago, Mira Mehta as chief executive officer of the tomato paste company noted that "while trust is the base line, one needs grit and perseverance, focus and humility” to learn from one’s mistakes. Working with agriculturists in a tiny village in Nigeria, she mentioned that she had to survive on instant noodles for one year and has just reached a stage where she could launch the tomato paste. Confident that she can raise money when required by business, she advocates that instead of seeking quick returns through fraudulent Ponzi schemes, "Have integrity. In the long run it will pay off. Most people give up too soon.”
"There are lots of investors if you are honest. Money will come,” Alayar Dabestani assured prospective entrepreneurs citing his own instance when he migrated from Iran to Canada with limited funds of which $ 200 had to be paid to the immigration officer to transfer his visa from tourist to student. After completing his education, he worked as a real estate broker and developer for 10 years and entered the movie theater business later, becoming chairman of A Theatre Near You, Inc where he and his partner owned 26 theater companies exhibiting over 100 screens across the US and Canada. He also partnered with Eros Entertainment to distribute Indian movies across North America. When he started Muvico as his first theater in Florida, the passing of the Competition Act helped him to break into the cinema business because movie mammoths were not permitted to monopolize the business. His earnings from the midnight screening of Bollywood movies or second grade films, he realized, was better than the week’s earnings of English movies. Investment can be at two levels – in the form of advice or monetary help, he added.
"First generation migrants sought financial stability to provide for their families and educate their kids. Second and third generation immigrants are using their professional education to create business opportunities for themselves instead of working for someone else,” stated Dr Zubin Sethna, professor of entrepreneurial marketing and consumer behavior at Regent’s University London and head of programs (entrepreneurship, innovation and family business). He has successfully launched five businesses and is managing consultant at Baresman Consulting.
As a child coming to grips with the nasty divorce of his parents, Sethna recalled that he was unable to perform well academically. "You were a failure; you will always be a failure,” snubbed one teacher whose words spurred him to prove her wrong. Instead of shying away from those insulting words "I embraced them. It gave me a crazy determination to succeed… an unrelenting commitment to live life,” said Sethna, admitting that he is not a career academic. Rather than seeking shortcuts in business that could hurt other people, he was in favor of alternate solutions that "ring your conscience, stuff to live by… Social consciousness has disappeared today,” he felt. That is why the Jiyo Parsi campaign to increase community numbers impresses on young couples to have a second and third child in their own personal interest, if not for the community, remarked Balsara.
The most successful people in the world today are not products of Harvard, pointed out Balsara. The hunger for business does not necessarily tie up with education. "People from a privileged background may also have hunger, so encourage that,” pointed out Mehta who is an alumna of the Harvard Business School. "A correlation (between education and business) does not prove causation,” she felt. "My parents prioritized education for me,” she appreciated. Sethna, whose higher education was through night classes, agreed with her: "Whether you have a degree under your belt won’t stop your hunger. It depends when hunger kicks in,” he pointed out, noting that his three teenaged children are all involved in some business venture.
To involve more businessmen in the WZCC fold, Shroff who is chairman of Direct International Hong Kong Limited that exports fashion garments and branded goods and is on the board of the Hong Kong General Chamber of Commerce, stressed that China’s markets are "growing in an astronomical way.” Visiting delegations from other chambers of commerce open new opportunities. The WZCC’s proposed mission to China should be promoted aggressively, he recommended (This was before the outbreak of nCoronavirus — editors).
WZCC WhatsApp groups created for different professions and trades have generated business close to Rs 1.5 crores, it was reported. A plea was made for more community members to join such groups: "If we don’t know you exist, we can’t do business with you.”
Incessant innovation
"Innovation is important for any business, whether it is in service or manufacturing, in the current VUCA (volatile, uncertain, competitive and ambiguous) world,” commented moderator Lara Balsara Vajifdar, executive director of Madison World when moderating the session on "The Importance of the Process of Innovation from Small to Multinational Firms.” Their diversified communications group Madison World, with a billing of about Rs 40 billion, has 24 units across 11 specialized areas. "In the last 15 years we have reinvented ourselves several times over,” she mentioned.
 "Innovation is a critical mantra for survival in most cases,” remarked panelist Naozer Dalal, chief operating officer for Conneqt Business Solutions (formerly Tata Business Support Services Limited), one of the largest customer life cycle management and business process management service providers in India and the Middle East. The important factor is to understand what customers need and what we need to do differently whether in building infrastructure or process implementation, he said. Innovation has to add value, not necessarily be big ticket items but can be in the nature of improving internal efficiency and cost saving.
"We should get innovation in our DNA,” he believed, adding, "Try and democratize innovation, not prioritize it. We have a process called Eureka that enables anyone in the organization to give an idea after which the committee evaluates it. Everybody feels empowered.” Organizations must invest a percentage of their profits on innovation, research and development, believed Dalal.
Primarily in the manufacture of special purpose machinery for the Indian ministry of defence, running a firm called Hormuzdji and Sons, Hormuzd Sholapurwala revealed that "using that platform we revolutionized other industries.” The entrepreneur who runs a conglomerate of varied businesses in Bangalore is also in the furniture and mattress space, retailing for companies like Godrej and Duroflex; in the manufacture and marketing of garments under his private label Rasada and Rhapsody; has a production studio called Spenta Studios and ecommerce venture, Ragoon Studios. "You have to innovate or you cease to exist,” he realized. By linking different industries "the potential is phenomenal. My day is very diverse,” he commented.
Innovation comes from mistakes, stated Lara Balsara Vajifdar. "I have made hundreds of mistakes. If you are afraid to makes mistakes, you won’t be able to move ahead,” admitted Parvez Damania who started one of the first private airlines in India, Damania Airways, and subsequently held executive roles in multiple airlines. Although his prior business experience was in the field of poultry, he has been given credit for "revolutionizing the aviation and hospitality standards in India.” The uniforms designed for the crew had gara-like motifs, alcohol would be available at all hours. But realizing he did not have the money to sustain the business, "after building the brand I exited.” He had even served as chairman of the Confederation of Indian Industries Committee on Civil Aviation.
"If you are doing something new, the chances of failure are higher,” Sholapurwala concurred. "The crazier the idea, if someone says ‘it is impossible,’ you must do it and make it successful. We start new businesses at the drop of a hat. Not all are successful. You can’t swim unless you get your feet wet. Making mistakes on a daily basis makes us and the organization stronger.”
"Starting a restaurant was a mistake,” jested Jehangir Mehta, executive chef and owner of two eateries, Graffiti, Me and You, and Graffiti Earth in New York. "How you handle your mistakes and handle the customer’s resulting anger with love and compassion becomes a discovery,” he remarked. Known to travel the uncommon path, he is convinced that there is "no shame in showcasing vulnerability. In our company, compassion and empathy is encouraged. We have a different way of looking at wealth… not only monetary,” said the author of Mantra: The Rules of Indulgence.
Always seeking sustainable solutions at his restaurants, he revealed that they use "only cosmetically challenged produce, whether it is broken fish, fruits or vegetables, to benefit the farmer. It creates less food wastage.” Their hashtag dish "Eat my compost,” made of scarred or damaged ingredients, is priced at $ 17. He candidly declares, "It is very important to share the truth. We don’t want to hoodwink customers.” A firm advocate of stretching food wherever possible, he is unable to appreciate the new trend of cutting round vegetables into squares, and squares into rounds. While it may be customary to serve a two-egg omelette at most eateries, he stresses, "It takes 51 gallons of water to produce one egg,” hoping that diners would appreciate that he is trying to save water. "If we push people into an uncomfortable situation, changes will be made,” he is convinced. His restaurants serve 60% vegetarian burgers and 40% beef burgers for he feels the diners need to be given the choice between yin and yang. To develop a taste for a new dish it needs to be tried 20 times, he has learnt.