Vasant Pandit
PGDM 1992-94
1. What is the role of your Alma mater in encouraging entrepreneurship?
I learnt the basics of Finance management, HR, Marketing, operations management, strategy, etc. I also learnt to look at an issue from various perspectives to have a better understanding which will help in making a better decision. Further it developed my communication and active listening skills, critical thinking skills, problem solving skills, creative thinking skills, analytical skills, etc.
2. How important it is to have a family business background, for being an entrepreneur?
If you wish to start a business in the same field as your family’s existing business, then it is very important as you have a ready-made platform to launch yourself.
3. According to you, what are the challenges specifically faced by the first generation entrepreneur?
Many challenges. Mainly Finances, Sales and Marketing, getting good people, etc.
4. According to you, what kind of support can be provided by Higher Education institutes to the prospective entrepreneurs?
Institutes can support in:
5. According to you, is there any need of change in curriculum to encourage spirit of entrepreneurship at Higher Education institutions?
It has been a while since I graduated from IMDR. IMDR has always encouraged entrepreneurship. Other institutions should also foster and nurture a similar spirit.
6. According to you, is there any ideal age to become an entrepreneur?
I think, 30 would be an ideal age, where by the necessary experience is obtained and contacts are established.
7. According to you, what is more important to have, to be an entrepreneur, an idea/resources/funds? Share your reason as well.
I think all the above and more is needed. Without an idea you cannot start, without funds and resources the idea cannot materialize.
8. In your opinion, has there been any change in the entrepreneurial scene during last decade?
In the last few years, the Government has been actively promoting entrepreneurship but before that, and by and large in my field of Instrumentation, most first generation entrepreneurs are selling their successful businesses to MNCs as the second generation is not interested or has settled abroad.
9. In your opinion, Is there any impact of government schemes on encouraging entrepreneurship?
Yes. I think government schemes have a huge impact on entrepreneurship. The support/ lack of can be a crucial factor in one’s decision of becoming an entrepreneur or not.
10. Any advice to the people who do have an idea, but not the resources to pursue?
Without resources and funds ideas will not materialize. Ideas need the backing of resources and funds. One must try and arrange for funds to propel their idea.
11. Any advice to your younger self, when you started the journey of entrepreneurship?
Looking back there are many things that could have been improved upon. But such is the journey, you learn at every step and grow. Things could have been done differently but at the same time, it is part of the learning process of an entrepreneur.
12. If a person does have a strong family business background, but a different business idea to pursue, what would you suggest, to carry on the settled business or face the risk of failure with new idea?
If a person’s intent with respect to the other business idea is strong, then, I will advise him/her to go ahead with it. If one is sure about his/her idea, he should deviate from the family business and give it a try.
13. Out of 100, 95 start-ups fail. What is your advice to the young generation, who isn’t willing to take risks?
Higher the Risk more are the Returns! One must be willing to risk things in order to achieve something.
14. How did you overcome the temptation of a safe secure job over entrepreneurial aspirations, which carries many risks?
I always wanted to carry on my father’s business. So doing a job was never an option.
15. What would you advise the government for encouraging the entrepreneurship?
This Government is taking necessary steps to encourage entrepreneurship. In my opinion, the support and policies that the government has come up with in the recent years is the right step to support young entrepreneurs.
16. When the world is a global village and everything is easily accessible, is it advisable to start selling something which is abundantly available?
If you can achieve the desired quality and customer delight, then you can start selling anytime. Unique offering or not, there is nothing that can’t be sold.
17. How important is entrepreneurship for Rural India?
Very Important. It will lead to the development of rural India at a fast pace and increase the standard of living by generating employment in rural areas.
18. How important it is to have skills and experience before starting the entrepreneurial journey?
Very Important. Skills are the basics on which you will grow your business. Without skills it is difficult for any idea to become successful even if you have resources and funds at your disposal.
19. How does the concept of work-life balance work for the entrepreneurs?
The initial phase is always a huge struggle where work and only work takes your time. But eventually you start living your life and then it becomes easier to balance as you are your own boss and have the liberty to decide work timings for yourself.
20. Have you ever, even for a moment, regretted your decision to be an entrepreneur?
No. Till date, I have never come across a situation or a moment where I have regretted my decision. The journey has been full of ups and downs but never have I felt that I was in the wrong field or that I would have been better off in a job.
21. How important is the support of family for an entrepreneur?
Very Important. More so if the entrepreneur is a first generation entrepreneur. For first generation entrepreneurs, the entire world of business is new. Family acts as a support system and a familiar place in all the uncertainty that one faces.
22. How important is the support of social circle for an entrepreneurial success?
Very Important. As the entrepreneur has to face lot of uncertainties and stress, it is very helpful if he/she has a good friend circle.
23. What would you advise your children, if they want to walk on your footsteps and start something of their own?
Unfortunately, my child is looking westwards to settle.
24. Which is the one quality that you feel is lacking in most of the entrepreneurs of young generation today?
Patience and hard work. Today’s generation is always in a hurry and wants results fast. More often than not, they are not even willing to put in the hard work required for those results.
25. With the success of the start-up culture in India, do you think the budding entrepreneurs will face more competition, due to market saturation?
Definitely yes. With government policies and globalization, start-ups are booming in India. It is only natural that there will be higher competition for any new entrepreneur.
26. Are there any challenges faced in family business but not as a first generation entrepreneur?
Many challenges. I had the good fortune of working with my father for 19 years. When he compared his journey before 1991 liberalization and post liberalization, the first was full of continuous growth and the later was full of highs and lows! My journey started in 1994 when the markets were euphoric and within two years these crashed to an unprecedented low! This has now become a routine.
Another lesson that my father strongly inculcated in me was that never to think of myself as The Boss! Being in a MSME business, my worker and staff, my customers and vendors, my bankers and Govt. authorities, etc. all are my bosses and that needs to be remembered by every entrepreneur whether first or second generation!
As you progress you face new or different challenges at every step which need to be overcome to go ahead. Once you do that you learn and gain, and thereby progress.
In my case, my post-graduation was in Finance but when I joined my family business I had to take up Marketing, as our Sales Manager had quit and there was nobody to take up this responsibility. This was just the start. The latest is getting acceptable people at middle and junior level in the organization! To top it all, last March to May Covid-19 lockdown was amongst the worst.
27. According to you is there a checklist, which any entrepreneur should look at?
Yes. It will be of great help to the Entrepreneur if the Higher Education Institute makes such a check list and gives it to her/him.
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