Nov
27

How HR Managers Are Getting The Best Out Of The Millennials In The #NewNormal!

Change is constant and what one requires to manage change well is a high level of adaptability. However, in the current situation, due to the COVID pandemic, we see that the pace of change is very rapid and surrounded by a lot of uncertainty, making it extremely challenging for all industries and individuals across the world to cope with it adequately. Considering this, FIIB, one of the leading and quality B-Schools in India, recently conducted a Virtual Roundtable with the HR Heads of some leading companies in India to understand how they are coping with the challenges in the current times, especially on the human resources front. 

Obviously in the #NewNormal, the human resource management had to access and leverage the most advanced people management skills to meet their organization’s growth goals. In this blog, we highlight some of the ideas and strategies shared by the leading hiring honchos to utilise the millennials’ talent, interest, values, goals and energies to derive the best out of them while making them feel that they are a crucial part of the organization. 

Vivek Anand, HR Head of Jaguar Overseas says that there are several challenges and opportunities that the millennials face and will continue to do so. Hence he believes that the new hires must be:

  • Given a good orientation about the workplace culture while onboarding them. 
  • Provide them with a highly supportive work environment. 
  • Focusing on work life balance is crucial and organizations must teach millennials on how to achieve the same. Probably organizations can explore providing them with  flexible sabbaticals.
  • Brainstorm and find new ways of providing them growth opportunities. 
  • Give them in-depth training and development to shape up on the required skills and give them constant feedback so that they are able to identify  the future challenges and opportunities better. 
  • Keeping in mind the current virus infected phase, provide them medical and health related facilities so that they feel less stressed about the dip in the  pay scale for the moment. 

Kamalika Deka, HR Head of Nicobar Design said that she manages a lot of passionate workers and she is herself a millennial. She further expressed that:

  • There will never be any real threat to talented people and/or to their values in this pandemic phase. It is just a phase and it will be over soon. 
  • Millennials measure their worth majorly through monetary value, so offering attractive compensation is very important. 
  • In order to retain the talent, it is crucial to have a strong mentor in the organization, someone who can polish the existing skills of the employees further. 
  • She strongly believes that the happy employees lead to better relations between the organizations and its customers. 

Nikhil Omprakash Mallah, VP-HR at Satin Creditcare said that it is a point to ponder that in the era of AI how much threat the millennial are actually in. He further said that:

  • No matter what, one must never multitask as it harms productivity. So millennials are suggested to do one thing at a time and finish it up quickly so that they get the feeling that they are doing several things in a day. 
  • Be it with AI or without AI, millennials have changed the shape of their organization positively- moving it from the 5th to the 2nd largest microfinance company in India from the pre to the post demonetization era.
  • Apart from attrition, the biggest challenge organizations are facing today is the emotional fragility of the millennials. Also employee stability is a big issue as they keep changing jobs for even small hikes.

In the concluding session of the day, Anju Malhotra who is the Talent Acquisition & Business Head-HR at JK Cement, said that: 

  • Millennials want independence and don’t want to be micromanaged, and it gets a bit difficult for old age managers to handle such  situations.
  • She believes that it is crucial to keep motivating the millennials, as often their perception of values differ noticeably from those of the organization.
  • There are often conflicts between the digitally savvy and non savvy managers in an organization that need to be resolved.
  • Fear of missing out is another thing that challenges the millennials and organization need to be aware of, and sensitive about handling their insecurities.

Last but not the least, all the HR heads unanimously agreed that adapting to technology is an investment that companies need to constantly keep making, and that maintaining work life balance in the now omnipresent work-from-home scenario is a must!

Nov
19

3 Tried & Tested Microsteps That Helped FIIBians Recharge Their Batteries During The UnplugWeek@FIIB

A week earlier, we at FIIB announced a complete ‘Unplug from Work Week’ to experience the power of ‘pausing for a bit to reboot to a happier self.’ After the hiatus, today the entire FIIB Community plugged back to work with their internal batteries recharged. While it is an absolute hustle for the workaholics to stay peacefully away from the work for that long, the Racers took this small yet effective microstep to give themselves this distinct ‘happiness booster shot’ on offer.

So in our today’s “Plugging back to Mothership” chit chat session we asked our FIIB Community members to share the kind of micro-steps they’d taken during their unplug-from-the-work time to enjoy the time-off from the office. Here are  some of the worthy hacks they used to enjoy, chill, live, laugh and play out the happy moments to fill up their hearts and minds.

Taking out a moment to sit with yourself and focus on what you’re missing on

“Contrary to making a To-Do list that I usually recommend to my students and even counsel seeking clients, for once I decided to just sit back and not do anything. Making a list to get things done, or even a list of things that would give me a feeling of being productive or happy is an anxiety trigger. So why not let the day flow and take its own course. I let myself experience the simple things like a cup of coffee on a silent and calm winter morning, playing the make-believe games with my child, watching my family smile, being a part of a conversation, watching the re-run of my favourite shows and just being there. Timelines give us anxiety and the checklist gives us the jitters till the time they are not ticked-off. As the Italians say, ‘Dolce far niente’, i.e., pleasant relaxation in carefree idleness, or the pleasure of doing nothing!”

Ms. Shuchi Dikshit, Assistant Professor – HR

Tuning into a routine even on your break days

I’ve always found organising myself to be helpful in not letting uninvited stress flood my head, have clarity of my tasks, and set my focus on things that truly add value to my mental peace. So I prepared a long list of activities that I wished to do during the time-off and further segregated it into two columns: 1) Activities that bring joy to my present-self; 2) Activities that will reward my future self. Each day I added 5 tasks to the first column and 2 tasks to the second column. And fitting myself into a routine even on days when I don’t have to report into someone really did wonders for me.

– Ayushi Jain, Assistant Marketing Manager 

Checking up on the community that binds us together

Covid 19 lockdown and social distancing has created a sense of isolation from our colleagues and the society. Many of us feel alienated from the people around us. I realized I was missing talking to my colleague, friend and my supercharger Anuja. Unplugging from the work seemed no less than a god-sent blessing and my microstep was to visit her on my evening walks and gossip with her standing on opposite sides of the gate maintaining a physical distance. This is what really filled my heart with joy and provided me with the much-needed feeling of togetherness.

Shruti Chandra, Research Associate & Coordinator (FPM)

Nov
06

“Be good, righteous and honest and then nothing is impossible!“ believes Ruchita.

“I follow a set of simple principles and beliefs, which govern my professional as well as personal life” says Mrs. Ruchita. Let us discover more about it. 

We asked her “How was your journey with FIIB?“ and she said

“I joined FIIB in 1996 when it was only a year old. We were the second batch. So, there is a sense of having grown up with the institute. The thing about the relationship between an alum and alma mater is that you not only nourish each other, but also shine in one another’s reflected glory. It is remarkable what FIIB has achieved over the years. It fills me with enormous pride that FIIB has provided a launchpad to so many youngsters, who have further gone out and shown their outstanding entrepreneurial spirit and demonstrated their competitiveness in the corporate world.”

Next we asked her to share the most significant lesson that she learnt so far about the corporate world.  

“I would like to quote from my favourite poem “If” by Rudyard Kipling: “If you can trust yourself when all men doubt you, but make allowance for their doubting too”. I have come to believe that no one just no one can stop you from achieving what you wish. You are the only one who can stand between your goal and yourself. So, never stop believing in yourself.” 

Her suggestions for her juniors/ current FIIB students in order to make them a better professional? 

“I am aware that each individual has to finally chart out their own professional journey, however, I would like to share the three core mantras that I personally hold dear: Firstly, remember that learning is a continuous process. Your next phase of education will begin the moment you step out into the work environment. Be receptive. Also, continue to upskill to stay relevant to your employer and to the industry. Secondly, there is no alternate or short cut to hard work. Put in your best each time. And thirdly, stay true to your principles and values when you pursue your career goals. Ultimately, they will come to define you.” If just like Mrs.Ruchita you too have a story to share then please connect at alumni@fiib.edu.in

Nov
06

Arghya believes that “Passion and profession should be the two sides of the same coin for greater success.”

Money is very materialistic and does not really motivate one beyond a certain point. There must be something to thrive on, which when recognized by one, will never be just a job but will become a passionate perusal for the person.! Let us discover more pearls of wisdom being offered by Arghya.

His journey with FIIB 

“When I joined FIIB in 2001, I already had a year’s work experience. I was on the lookout for a reputed MBA institute so that I could gain more in terms of skills and knowledge for my future endeavours. During the time when I was searching for an institute, I actually could not move out of my hometown, Calcutta, due to some reason. Still I got admission in FIIB only because of Professor Pandya. He used to visit Calcutta for interviewing the best of students for FIIB admissions. Due to this I could appear for my group discussions and personal interviews without moving out of the city. After moving to FIIB I developed a keen interest in International Business. My campus was in Bijwasan and I participated in a lot of seminars be it within or beyond my campus. After classes I used to move out of the campus and network with a variety of people. Also, my faculty helped me a lot in connecting with different sets of people. The more I interacted with them, the more I understood and developed my perspective about the corporate world. 

I remember, professor Rohit used to teach us Market Research and during that time I realised that Marketing is my space and I wanted to be there only. Market Research really intrigued me. I was also pretty interested in Consumer Behaviour as well which was taught to us by Professor Veena. 

Then one fine day, I participated in a focused group discussion being conducted for Business Week probably. A bunch of people who commissioned this study, heard me live on radio and eventually invited me over for an interview which I cracked. That was my first job after MBA at Alchemist Brand Consultancy.”

Significant learning after entering the corporate world:

“There is no shortcut to success. We have to work towards our goal on a regular basis and you have to love what you do. In case you do not love what you do, then you have to figure out what you love. You can slog at some job year after year for some reason but if you miss out on passion then you will not grow. Passion is very important. Passion only comes from within and can never be picked from the outside. If you stay focused on your achievement then spending even 12 hrs a day on what you like will not exhaust you at all.

Second, you need to be a balanced person. The corporate world, especially Pepsico, taught me this. You must develop a rapport with people. To be a part of a network is crucial. Do not commit yourself too much and neither be too aloof. Don’t be a part of any lobby and walk your own path as with time several people will move to different jobs, and then you will be completely on your own. So stay focused on what you were hired for in the first place” 

Ideas that he would like to share with the passing batch and current bath of FIIB students 

“This is for the batch which is going to pass out soon. Difficult times for you all indeed. You all are facing challenges and there are not enough jobs in the market currently. Even if there are some, they are not likely to be highly paying. Since jobs are few, think beyond a job and try to understand what you want to do in life.  Be patient and develop yourself during this moment/phase. MBA is a good academic milestone but as a student for life, you must never stop learning. Whatever you do, keep on learning. If you are doing a job, you have to treat it as if it is your own business and if it is your own business, then start looking for ways to sustain it better” 

Such an inspiring journey he has! If you too have a story to share, please connect at:

alumni@fiib.edu.in

Nov
04

Learning beyond the classroom is important to develop leadership skills. Discover why?

Leadership skills are not something that people are born with, they need to be seeded, nurtured and honed, and often evolve with time, situation and regular practice. With this belief, FIIB strives to nurture leadership as an inherent skill among all its students so that they are fully ready to step into the corporate world with confidence. 

To infuse and to further grow the leadership qualities it is crucial for young minds to live beyond the classroom walls. The outside world is as important as the courses and assignments inside the classes. Accordingly, FIIB’s curriculum has been designed to create a healthy mix of academic and extracurricular activities, so as to inculcate a learning-by-doing mindset among its students. 

Student life at FIIB is both busy and exciting with a lot of meaningful ‘beyond the classroom’ learning and fun activities to build both personal as well professional dimensions of our student’s personality. There are 9 Student Clubs at FIIB which are all largely managed and run by students themselves, giving them a hands-on exposure on ideation, planning, organizing and managing a whole lot of campus events and activities. The institute has also curated an innovative B-Involved Program to motivate and incentivize students to participate in all campus activities and to nurture a spirit of friendly competition amongst them.

The 9 different student clubs at FIIB offer students a variety of activities that they can try their hands on and hone their personality and leadership skills.

The Brand Rovers Club covers the Marketing domain and helps students interested in marketing to know more about the world of Brands in a fun way. 

The Cynergy Club covers the HR domain and helps the interested students to know the art of network building and improve their interpersonal skills so that they can manage people more confidently when they step into the corporate world. 

The Cue Club is the Speaking Forum where students can come and express themselves in order to overcome the fear of public speaking, or to simply share their thoughts with their mates. 

The Dominoes Club helps students to realize and hone their financial instincts and strategize the most sustainable results through the tactics and theories used in the Arthashastra.

The Dramatics Club discovers the creative side of the FIIB students. Stage performance, invigorating discussions with popular play artists, writers and directors are some of the activities that this club conducts.  All these provide excellent opportunities to the students to explore their Self. 

The Jaagriti Club educates and sensitizes the budding corporate leaders on the need to strike a balance between the business and the social environment it operates in. This also helps a student to understand and become a more active participant in the corporate social responsibilities side of the business. 

The Sigma Club helps interested students to better understand and master the field level issues of Operations, IB and ISM  in a fun way. 

The Udaan Club fires up and fosters entrepreneurial mindset among the students and tests their courage, creativity and managerial potential to face up to the unknown and unexplored situations and challenges.  

The Prose Club polishes a students command over English language and helps them express themselves in ways they never thought was possible. Making students proficient in corporate communication is also what the club aims to achieve.   
So, these are some of the most engaging and creative ways in which FIIB teaches its students beyond the classroom world, and inculcates the attitude of “Never Stop Learning” as a lifelong habit in them. If you have any ideas on some other fun ways of learning beyond the classroom, and would like to share them with us, please email them to: ayushi.jain@fiib.edu.in.

Nov
02

Inquisitiveness, Agility and Adaptability: Key Traits Recruiters Are Looking For In Employees In The Post Covid World

It is said that it is not the strongest who survive in the challenging times but the ones who are the most adaptable. The pandemic has irritated and agitated the entire world. Be it an individual, a family or a company from any industry sector, each one of them have found the going tough. Even in the corporate sector, we find companies going through major business rethinking and rationalization processes to cope with the current situation and emerge stronger, even if bruised, in the post COVID world. 

In this business rethinking process, critical HR aspects like employee right sizing and right skilling have become centrestage issues. Emphasizing and keeping the focus on the ‘right skilling’ part, and what an organization is looking for in a potential management graduate employee in the post COVID phase, FIIB had recently organized its Virtual Round Table with HR Heads 2.0. Here are the views expressed by the HR Heads of some prominent companies who took part in the roundtable: 

Mr. Ajay Sharma Head – HR , Lixil Window Systems Pvt Ltd. said that “Adapting to the virtual environment is not easy. This is not only a ‘difficult’ time but also a ‘different’ time where the business world has very different expectations. The post Corona phase will demand a lot more from the candidates than the usual. Hiring a subject matter expert will not be the only need of the hour but the candidate must also know how the ‘entire’ business runs. Candidates actually miss out on observing how a business runs. Be it a US, China or India based organization, they all spend a lot of time on open softwares like Excel. Nowadays, the demand for manpower has drastically reduced so it is imperative that one has to be completely excellent in knowing how a particular software works. The confidence of the candidate that “you  hire me and I will help you achieve your goals” intrigues us. That is our new need.”

Ms. Neha Sehgal – DGM & Head HR  TTB HQ, SRF Ltd told us that “Customer advocacy, technical bent of mind, aspirations and flexibility is the new and raw demand that we have. We as an organization have presence across the nations, so in case if we are required to send  employees to some other locations, then the employee must be ready and comfortable to do so. Also, we prefer to hire candidates with innate capabilities and communication skills (one who can put across his/her point clearly) to address the major requirements of our organization.”

Ms. Nupur Jain Karthik, Talent Acquisition Lead S&P Global told us all that “Learning agility, emotional intelligence and the readiness to learn from other’s perceptions within or beyond the organization are employee traits that are most in demand. The real challenge starts when a person becomes a part of the organization. Often an employee keeps the challenges and hardships to the self. This way, s/he suffers and locks out the recruiting team or the office mentor from helping him/her. Being vocal solves a lot of issues. One must be proactive, and  confident enough to ask for help from the recruiting team. Lastly, the ones who step into the shoes of the internal and external clients are the desirable ones in my organization.”

Ms. Suchita Dantre – Lead HR COE – HT Media told that “We are looking for people who are inquisitive enough to ask questions. Agility in terms of mental orientation and in learning new things is a great green flag for the candidates in our organization. Above all, the attitude of a candidate is the ultimate showstopper, as the attitude makes all the difference. One has to be proactive and be able to reach out to people and network with them, especially in the current pandemic’s work-from-home phase. This will automatically help one to learn better and will increase his/her eligibility as well”

So, with such great suggestions and ideas from these highly experienced HR honchos, it is time for you to gear up for the future which is both promising but competitive at the same time. Not leaving any stone unturned in your efforts to acquire these skills and personality traits, and following the FIIB motto of ‘Never Stop Learning’, will ensure that you match up to any company’s HR requirements.

Nov
02

Embracing the creative edge in teaching – Moving towards a more interactive learning environment

Good teachers are good learners too. And in the current environment of increased (online) distant learning, the proactive ones are constantly exploring new ideas and charting new actionable strategies to transform their teaching to more interactive formats to ensure continued and effective learning for their students. In this blog, we  share with you the methodologies and emerging online formats of learning that  faculty at FIIB are adopting to enhance the learning experience of their students.

Preparing young leaders for the New Normal Corporate World

Learning from home has not only meant that employability and placement training provided to MBA students also need to be conducted from home but that they also incorporate training students for an ‘online hiring’ process. Recruiters are now laying more emphasis on seeking talent who are adept in handling the virtual workspace and prepared to give their best while working from home,

Accordingly, Prof. Shuchi Dixit, who drives the placement readiness training at FIIB, had to rethink and devise a new strategy that ensured that both the students and the trainers interact in a fruitful manner and make most of the employability fest, SANKALP, in its online avatar. So the team adapted the regular process to provide students training in online selection methods like e-trays, online interviews, discussions through Zoom Break-out Rooms and so on. 

The training program was conducted entirely online, where industry experts interacted with students online, virtual aptitude preparation classes were conducted followed by online Domain and Personal Interviews for all the students. Dedicated faculty members and the supporting backend team worked continuously for 3 days to make the event successful. 

A new criterion of ‘virtual presence’ of the student was added to the list to help them overcome their hesitation of camera and not hide behind black screens. After all, credibility comes from being visible and not being anonymous.

Helping students cover “Home to Globe” journey

Despite the fact that everyone is facing geographical challenges, Dr. Sudhir Rana ensured that the students cover the ‘home to globe’ distance without missing out on their regular MBA schedule. Every year FIIB hosts an International Management Conference for budding research scholars, academicians, and industry practitioners. This year too Dr. Rana set an aim to conduct 6th IMC virtually and engaged students’ by providing them volunteering opportunities to help them understand how an international event can be hosted even sitting at home. They are all working actively, though remotely, on planning, scheduling, theme building, and promotion of the conference. 

Enabling students to organize and handle institutional events virtually

Prof. Prashant Verma, who is incharge of FIIB’s Management Conclave, MANTHAN, recognising the organization abilities of the senior students have entrusted them the responsibility to independently handle the virtual event together with a suitable team from the freshers groups. MANTHAN focuses on career track orientation for students and provides students opportunities to pick specific roles aligned to their chosen career tracks. The faculty plays only a support role, thereby providing the student organizing teams a sense of autonomy and ownership of the event. Prof. Verma is highly satisfied with student’s initiatives and efforts and the quality of work they are doing to organize the event.

Oct
30

Community & Culture – The two C’s that are influencing and changing perspectives of the New MBA grads

Amid the fog of uncertainty, aspiring young managers are charting new paths in their quest for the next normal. Sitting within the confines of their own homes they are virtually reaching out to the rest of the world and sprouting a completely new mindset of unplugging geographical barriers. 

With digital technology opening new doors of learning beyond the physical and cultural boundaries for them, the aspiring MBA grads are seeing a paradigm shift in their learning perspectives and attitudes. Something similar has been experienced by a select group of FIIB students who are undergoing their virtual study abroad program with the University of Salerno, Italy.  

Let’s hear what these students have to say about their interaction with a different community and culture and understand how one can identify their own strengths and adapt one’s behaviour and mindset when learning in a multicultural community environment.

Quoting Stephen R. Covey “Strength lies in differences, not similarities“, Aryashree believes that culture defines community and every community is distinct around the globe. But she had never really personally experienced how sensitivity and diversity work in tandem in inter-community and -culture interactions. 

So when she got selected for FIIB’s Study Abroad Semester Program she was highly excited, “it provided me with the much-needed opportunity to explore and experience the diversity and differences in a community and cultural sensitive environment.” And, now she is a firm believer that the foremost culture of every community should be perseverance, honesty, hard work and above all humanity. 

No matter what we do in our life, we usually need other people to support us in order to fulfil our aspirations. Similarly, no matter where we go and live, community & culture are two major aspects that significantly impact our lives. Akinchan genuinely thinks that humans restrict their capabilities to think out of the box if they tend to live in the same culture. Stepping out of his culture zone to befriend his imaginative thinking and innovative thoughts was amongst his biggest desires, and he is thankful to FIIB for “giving me a chance to study a semester with University of Salerno during these times of  limited geographical mobility..” 

Akinchan has truly discovered the essence of life while working with some awesome teammates residing in Germany, Czech Republic and Italy.  His outlook towards “what’s next in the future” has transformed unimaginably as he comprehends the values that are common in all cultures.

Brij is quite overwhelmed with the response he’s getting from his new virtual friends who belong to different geo locations. Before getting selected for FIIB’s Study Abroad Program, he used to value his own beliefs and opinions as “this is what I’ve been taught since my childhood.” In addition to an array of classroom and outside the classroom activities, “I was influenced immensely by the ‘House Teammate’ project as it helped me understand the multi-cultural values and discussions over the personal values, beliefs, and religions.

Community and cultural aspects provide us with a sense of awareness about our diverse culture that further shapes our thinking and abilities on various grounds in our life. Anand believes that these two C’s helps us to recognise and respect “ways of being” that are not necessarily our own. “Though I’m familiar with the shift in perspectives that community and culture brings, this golden opportunity of studying one semester at the University of Salerno that FIIB has given me, has refined my experience in a much broader way.” Anand says that the practical experience provided by Salerno has given him a chance to expand his thinking abilities in a much more organised way!

Oct
30

Challenges and Growth – Two Sides of the Same Coin.

In the midst of challenges, growth happens. It’s the reward one gets for withstanding adversity and pain, and the most special gift of life any human being can receive. No doubt, we live in a competitive world which is full of challenges. And no matter what kind of a lifestyle one opts for, challenges are inevitable! Wanting and achieving fame, money and a luxurious life is a challenge. But what about those who want a simple living? Do they also face challenges? A simple lifestyle also has its own share of challenges.

The tricky part with challenges is that we are often not able to see them upfront. We often wonder from where these challenges have actually appeared. Generally challenges appear if one is not completely present ‘in the moment’. Lack of concentration, or lack of enthusiasm, invites hardships. This is the reason why an individual must try his/her best to remain in the present rather than getting stuck in the past or worry about the future. 

There is a famous quote by Larry Bird that reads,“I’ve got a theory that if you give 100% all the time, somehow things will work out in the end.”. This is like a gospel truth and must be followed at all times. One might start slow but with time, patience and faith in the self, one can successfully provide his/her 100% to any situation. A challenging journey helps one to learn and grow very fast. It helps one to learn, unlearn, ideate, experiment, reject, choose and finally settle with the best that syncs well with the ‘present’.  That is how growth comes in a  package with challenges. 

In the process of growth, it is very crucial for one to learn from others’ experiences – be it from the mistakes or from the victory, but following a map of what to follow and what not to, clears a lot of air. 

We all have heard stories about how India got its independence. How our beloved freedom fighters strategized the best possible ways to achieve independence no matter what. This phase was very challenging but all of them learnt from these challenges, and with every trial and error method they kept moving forward and eventually India got its independence.

Similarly, individuals with promising business ideas need to keep their focus intact and work constantly to achieve what they want, as there are no shortcuts to success. It takes courage to transform a business idea into reality and above all to make it survive in a brutally competitive environment. 

Often entrepreneurs face tough challenges, like getting an angel investor or lack of  crucial resources, and a lot of them lose hope and quit as they fail to withstand the ‘hardships’ side of the challenges. However, a lot of what we learn in life often comes from this gritty side of the coin and not from the side of the sunshine and celebrations. It is not the silver lining of the clouds that teaches us how to stand tall after every tide, but the dark clouds themselves that instill patience, courage, persistence and rational optimism to cover important milestones in our lives. 

Oct
20

Decode The Art of Finalising a Successful StartUp Idea

Great ideas are the next steps to a better tomorrow. Often the fate of a business lies in the pool of ideas which a businessman or an entrepreneur fosters. Recently FIIB’s Centre for Innovation and Entrepreneurship conducted a virtual meet with some of the entrepreneurs who’ve already made a mark in this volatile corporate world on the art of choosing an idea, or how to assess whether an idea is worth keeping or revising. Let us hear from them.

Mr. Vivek Kaushii, Founder, Hungryfoal cautioned that one has to be extremely clear about the idea before starting the business and it is only after one starts the business that one gets to know whether s/he is leading the business in the right direction or not. Secondly, he suggested that as we are living in a developing nation, there are several challenges like mobility, hunger and more that crop up every now and then, and these offer great opportunities to build up on ideas that form solutions to these glaring problems. 

Such a strategy promises a good future for the business as a revenue generating business that covers up for the cost of the business is crucial for its sustenance and long term success. He concluded that  to identify an idea that has sustainability, scalability and strong unit economics is the right way out in such scenarios. 

Meena Bahl Kapoor, Founder, Astroyogi advised that one must always look for a problem that one wants to resolve and decide whether the problem is worth solving or not. Also as Ideas need constant evolution, one must keep oneself updated as well. Meena always jots down her ideas whenever they come. She believes that there is no fast track of ideas and getting funding is no yardstick of success, profitability is. 

She also suggests first convincing one’s family members and then moving slowly over a period of time. That way one will grab the actual gravity and potential of an idea. In conclusion, she suggested to keep faith in the self no matter what and be aggressive, rather than depressive, in facing challenges. Doing a lot of research and then taking baby steps towards solving the issues and staying passionate about what one does is critical to stay on course. 

Talking about his entrepreneurial journey, Sandeep Kochhar, StoryTeller & Founder CEO, Blewminds said, “I have been a part of eight startups  in the last 20 years. And out of those eight startups, six failed. The 6 that failed had great ideas but they failed in the execution part. So the art of perfect execution is an art in itself.” His advice to whoever wants to start a venture is to always think thoroughly on why someone would want to join your startup as an employee. So, doing something meaningful and always being sure of ‘why’ one wants to do it is a great time and resource saver. According to Sandeep, money must never be the reason for one to start a business. If so, then with time one will lose passion and focus. What is crucial is the passion to run an empire ultimately. 

Sandeep also suggests to start small. Testing out the idea in the market and some core market research is the key. If customer’s empathy is on one’s side then one has already won half the battle. Also speaking to as many customers as possible helps sort a lot of problems and  instills better confidence in the idea. One becomes more clear on what to do next. He concludes that one must always listen to what the market is telling. 

Deepak Sabharwal CEO & Co Founder- Earthy Tales. In his opinion it is all about the two P’s. One P stands for ‘Problem Solving’. That is, one’s ideas must always solve a problem for a large number of stakeholders and only then one must stitch a model around it. The second P, according to Deepak, stands for ‘Passion’. One has to skillfully balance both passion and practicality about his/her idea. 

Founders will always remain very passionate about their ideas. So it is equally important to relook at an idea at times and try to gauge whether the idea can sort out issues for a specific set of consumers or not. He concluded that one must listen to one’s calling, and while  there is no right or wrong time to start a business, one must hold on to the two P’s for eternity. 

So, that was a bagful of advice and ideas coming from some very successful startup founders. Stay tuned to this page to know what more is coming up next from FIIB.

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