Entrepreneur January 2011

THE 2011 TRENDS ISSUE

JANUARY 2011  VOLUME 2  ISSUE 5  Rs 100

100 BRILLIANT

BUSINESS IDEAS Out-of-the-box and practical ways to make you an instant winner 10 Steps to a Profitable Year Y 7 Sectors that Promise High Returns

MICHAEL DELL,

CLASSROOMS

Avoid Getting Caught in the Leadership Deficit Trap

WOMEN ENTREPRENEURS

Shahnaz Husain and the Art of Trading Beauty

SUCCESS INC

What Makes Rediff’s Ajit Balakrishnan Stand Out Tall Even Today

Founder of Dell Inc, is betting big on small businesses to drive his company to higher growth zones

HOW TO: 1. Get Environmental Clearance 2. Tread the Leveraged Growth Path 3. Secure a Mining License 4. Start Up in Stealth Mode

MOVIES THAT IMMORTALIZED ENTREPRENEURS

table of contents 22

INSIGHTS 20 FIVE QUESTIONS ON BUSINESS Richard Branson on the five most common questions he is asked by entrepreneurs around the world.

21 DOUBLE DIP OR DOUBLE DRIP!

Bharat Banka on what the economy has in store for 2011.

22 TAKING COMPUTERS TO SCHOOL

Shantanu Prakash on scaling the business of Educomp Solutions.

23 ‘INDIAN’ WAY OF ENTREPRENEURSHIP Nandini Vaidyanathan on the chain effect that could spawn innumerable entrepreneurs in the country.

24 ASSUMPTIONS: A MARKET STRATEGY

Vijay Anand on the skill of making guesstimates.

2011 TRENDS SPECIAL 49 100 BRILLIANT BUSINESS IDEAS It is time to break the routine.

Take a plunge into the world of business by adopting any of these 100 brilliant business ideas that are cut to make lions out of lambs.

By Ankush Chibber

75 5 FINANCING TRENDS OF 2011

We tell you how to benefit from funding sources this year.

By Eileen P. Gunn

77 A FUND-TASTIC YEAR AHEAD

India’s top venture capital funds look into the crystal ball to predict the investment trends for 2011.

By Team Young Turks

6 Entrepreneur + January 2011

84 10 STEPS TO SMALL BUSINESS SUCCESS IN 2011 Retool your business to make the most of the economic environment lingering around 2011.

By Rosalind Resnick

88 THE DISRUPTERS: FORCES DRIVING CHANGE IN 2011 The Indian economy is booming.

Which are the verticals that will drive this growth? We outline the sectors that will define opportunity in 2011.

By Team Entrepreneur

25 “PROPER IMPLEMENTATION IS KEY” Neeraj Gupta on the birth and success of Meru Cabs.

26 THE BIG PLAN Ranjeet S. Mudholkar on life-stage based financial planning.

28 DISTRACTION AND DETERMINATION Ankush Chibber on the distractions of the holiday season and getting back on track.

30 FB ADS VS. GOOGLE ADWORDS Surajit Agarwal on what could be the best fit for you.

31 MAPPED TO PERFECTION Rakesh Verma on navigating the challenges to make MapmyIndia a success.

IN CONVERSATION 40 “ANY ENTERPRISE OF ANY SUBSTANCE WILL HAVE ARCHITECTURE” John A. Zachman, the global guru of enterprise architecture, talks about how his “periodic table” of descriptive representations for enterprises evolved.

By Shonali Advani

46

32

SECTOR WATCH

38 102

32 LICENSE TO LEARN A look at the various entrepreneurship programs B-Schools offer.

By Team Entrepreneur

WOMEN ENTREPRENEUR 44 TRADING BEAUTY

Shahnaz Husain has secured herself a leading spot in the global beauty industry.

By Sana Salam

SOCIAL ENTREPRENEUR 46 GOODWILL HUNTING

Meenakshi Nayar gave up a high flying career to help underprivileged youngsters find a place in the corporate world.

By Sana Salam

96

OFF BEAT 102 TYCOONS AND TINSELTOWN Seven biopics that show how business and show business merge to inspire entrepreneurs.

By Shantala Bellare

SPOTLIGHT 94 DELL ONE

Michael Dell, Founder, Dell Inc, talks about his company’s changing face and how SMEs can no longer ignore technology.

By Ankush Chibber

SUCCESS INC 96 WILL HE DO IT AGAIN? Ajit Balakrishnan believes in steering each of his businesses toward disruptive innovation.

By Bindi Mehta Entrepreneur + January 2011 7

table of contents THE ULTIMATE ‘HOW TO’ BUSINESS GUIDE 112

110 Start up in stealth mode 112 Get environmental clearance 114 Tread the ‘leveraged growth’ path 116 Secure up a mining license

CLASSROOMS

126

106 VALUATION IS NOT AN OBJECTIVE PROCESS Correct valuation of the business is one at which the deal is struck.

By Ved Prakash Arya 108 PLAN LEADERSHIP GROWTH AND TRANSITION Leadership transition is a process that involves management of both emotions and processes. Plan it well to avoid getting caught in the leadership deďŹ cit trap.

By Rana Kapoor

123 NEW YEAR, NEW POSSESSIONS

SHELF LIFE 121 THE NEW ENTREPRENEURIAL AGE

Awakening the spirit of enterprise in people, companies and countries.

By Larry C. Farrell

REGULARS 10 FEEDBACK 11 RESOURCES 12 NEWS IMPACT 16 SME DOCTOR 19 STUMPSPEAK 130 BACKSTAGE 8 Entrepreneur + January 2011

SPEND IT Ring in the new year with a fresh set of accessories and tastes.

By Sriya Ray Chaudhuri

126 NO HOLDS BARRED

Escobar is here with its 77-feet long bar, the longest in the country.

By Sriya Ray Chaudhuri

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Founder of Dell Inc, is betting big on small businesses to drive his company to higher growth zones

HOW TO: 1. Get Environmental Clearance 2. Tread the Leveraged Growth Path 3. Secure a Mining License 4. Start Up in Stealth Mode

COVER DESIGN

NIRMAL BISWAS

128 THE THRILL SEEKERS Take your pick from the four most popular SUVs on the road.

By Pranbihanga Borpuzari

resources [Info that’s handy]

VIBRANT GUJARAT 2011

NEN FIRST DOT

E

ntrepreneurship is thriving in India today. And students are one of the drivers of this growth.

They have a knack for spotting the opportunities available in various sectors and are willing to try their luck in business.

Cashing in on this trend of students turning to business instead of opting for the security of a well-paid job, an increasing array of entrepreneurship programs are being made available on campuses across India today. These further help students in planning their ventures and create more and more entrepreneurs, which India needs. A firstof-its-kind initiative, NEN First Dot is run by

NEN Entrepreneurship Cells in Chennai and the NEN Trust team to showcase the largest number of student startups in the country.

The showcase offers participating startups access to significant business support and media publicity. NEN First Dot aims to attract over a 100 participants from all over India.

Date: January 10-11, 2011 Venue: SSN College of Engineering, Chennai Contact: Adithya Krishnan Tel: 91-9791177524 E-mail: ak@chennaiecells.in

COIMBATORE VIZHA 2011

OF

particular interest to entrepreneurs at the third edition of the Coimbatore Vizha 2011 event, to be held at multiple locations across Coimbatore, are talks and lectures on “The Entrepreneurial Spirit of Coimbatore” (January 4, 2011, at Happy Valley Business School), “Entrepreneurship Development” (January 5, 2011, at Kumaraguru College of

Technology) and “The Role of Small Industries in the Development of Coimbatore” (January 7, 2011, at CODISSIA Trade Fair Complex).

Date: January 4, 5 and 7, 2011 Contact: Pavithra Ravichandran Tel: 91-422-2248410 / 2247456 E-mail: pavithra.r@cii.in Website: www.coimbatorevizha.com/2011

GRASSROOTS: CONFERENCE ON SOCIAL BUSINESS

G

rassroots is being hosted by the Center for Entrepreneurial Leadership (CEL) at the Birla Institute of Techonology and Science (BITS), Pilani, Goa. CEL is a founding member of the National Entrepreneurship Network, which aims at creating leaders through entrepreneurial thinking.

Grassroots is powered by MentorEdge, an initiative by the Centre for Innovation, Incubation and Entrepreneurship, Indian Institute of Management, Ahmedabad. It is a country-wide structured network of mentors that help entrepreneurs get a winning edge through advisory support on various strategic and operational decisions.

The event is being organized under the patronage of the National Social Entrepreneurship Forum. Founded at BITS Pilani and IIM Lucknow, Grassroots is the leading student-based movement for social

enterprise in India. By way of its NSEF Authors program, it selects students and connects them to leading social enterprises in India to give them a real-time experience of operating a social business.

Date: January 15, 2011 Venue: Birla Institute of Technology and SciencePilani, Goa Contact: Amitabh Mishra Tel: 91-9923413057 E-mail: amitabh.mishra@insef-india.org

The Vibrant Gujarat Summit, a biennial event introduced in 2003, has over its last four editions attracted investment proposals to the tune of Rs.16,65,000 crore. A great platform to explore business opportunities in Gujarat, in India and around the world, the Vibrant Gujarat Global Investors Summit facilitates investment alliances for participating countries.

The fifth edition of this Summit, which is slated to be held on January 12-13, 2011, at the new purposebuilt Mahatma Mandir in Gandhinagar, will be attended by international businesspeople, policy makers as well as business and political delegations from leading global economies. Participants at the event can look forward to extensive B2B interactions, sectoral seminars and conventions, and also a mega exhibition.

All of this is conducted in a friendly setting for the business community.

Date: January 12-13, 2011 Venue: Mahatma Mandir, Gandhinagar, Gujarat Website: www.vibrantgujarat.com

To read more, grab the January issue of Entrepreneur Entrepreneur + January 2011 11 To Subscribe, visit www.entrepreneurindia.in

Trading Beauty Be it Agra or Auckland, Dubai or Milan, Shahnaz Husain’s name has become one to reckon with in the Rs.14,85,000 crore global beauty industry. And she has no plans to slow down.

By Sana Salam

“I

don’t sell a brand. I sell a 3,000-year-old civilization in a jar. I sell a way of life,” quips Shahnaz Husain in her trademark deepseated alto voice. Seated on a plush couch in her palatial bungalow in the affluent residential area of Greater Kailash I in New Delhi, you can see why she is called the princess of Ayurveda. Her 12-bedroom home is a reflection of the lady herself. Done up almost entirely in hues of white and gold, it is at once opulent and warm—with an army of personal staff at her beck and call.

Born in Samarkhand, Pakistan, to Chief Justice N.U. Beg and his wife, Husain had a privileged childhood. Her

44 Entrepreneur + January 2011

late father, whom she worships to date, imbibed in her a love for poetry and literature. Although fortunate enough to get a modern education, Husain was married when she was only 15 years old.

From becoming a mother at 16 to being considered a pioneer of ayurvedic beauty products in the world, Husain’s entrepreneurial journey has been equal parts fascinating, turbulent and exhilarating. After marriage, she moved to Tehran with her husband, Nasir Husain who was the Chief General Manager of the State Trading Corporation of India.

Husain was soon bored by the drudgery of endless routine. She was convinced that if she was highly qualified in her

chosen field—beauty—she could have the world at her feet. The gifted writer then started writing articles for the Iran Tribune to fund her way to leading institutions like Helena Rubinstein, Swarzkopf and Lancome, among others, where she trained in cosmetic therapy as well as cosmetic chemistry.

While studying in London, she was troubled by various reported cases of damage caused by chemical treatments.

Husain says this changed the course of her life and career. “I wanted to find a natural alternative that was safe and without risks. And I was convinced that Ayurveda could offer the ideal answers to modern cosmetic-care,” she adds.

women entrepreneur Returning to India after her trainon a crusade to popularize India’s herbal be at the core of the brand’s success. The ing in 1971, she set up her first herbal heritage. “My aim was to get India on the Shahnaz Husain Group has over 500 fransalon in the verandah of her home in New world beauty map. During the early years, chise ventures in India and abroad. It has Delhi, with an investment of Rs.35,000.

I held seminars, spoke on Ayurveda and over 1,000 employees on its payroll and Rejecting chemical treatments, she attended countless international beauty sees a 20 percent growth year on year. began to formulate her own prodcongresses,” she says.

In all this, she is ably supported by her ucts using plant ingredients and natuInterestingly, Husain did not enter the daughter Nelofar, who is the President of ral substances. Soon, word spread and Indian market till 1985. Her products the company. Husain calls her “my best Husain’s quaint little parlor was booked were available at the Cottage Emporium friend, counsellor and guide.” out. “At a time when the demand for the and in her franchise salons. Husain says “I think early motherhood has its product is sustained through commerthis was as a result of her being both advantages. Nelofar and I grew up cial advertising, I never relied on it. It anti-publicity and anti-shops. together, like two sisters,” she relates. wasn’t a conscious business decision. I Taking a leaf out of her own book of So what or whom does Shahnaz Husain simply relied on word-of-mouth and the experience, Husain has also been encourconsider her biggest threat? “The only fact that a satisfied client was the best aging housewives to open salons in their threat is the problem of fake Shahnaz advertisement,” recalls Husain. own homes to gain financial indepenproducts being marketed by unscrupuThere may have been no high-prodence. After providing them with trainlous people,” she states. In order to retain file celebrity endorsers but its exclusivity, the group the Shahnaz Husain Group’s introduced sealed packaging name instantly evokes a and holograms.

THE FACE OF AYURVEDA picture of the lady herself.

It was and remains a  Shahnaz Husain represented India for the first time “My image is directly related hectic lifestyle but Husain is in the CIDESCO beauty congress in the late 1970s to the brand because it has not complaining. If anything, She became the first Asian to have her products  been built up unknowingly, she seems to revel in all of it. retailed in western markets, by stores like Galeries in a very personal way. Very After all, she has managed to Lafayette in Paris, the Seibu chain in Japan and early in my career, I made it prove her detractors wrong Bloomingdales in New York a point to reply personally to over and over again. “That’s  She was invited early last year by U.S. President letters seeking solutions to the beauty of entrepreneurs.

Barack Obama to attend the President’s skin and hair problems,” says They are focused and do what Entrepreneurship Summit in Washington D.C. Husain. Four decades later, they have set their minds on Harvard Business School invited her early last year  she continues the practice. regardless of walls that crop to lecture on “How to create an international brand The biggest challenge up,” she says. But she has no without commercial advertising or publicity” for Husain also turned out plans to rest on her laurels.  She received the prestigious “World’s Greatest to be the turning point for In addition to extending the Entrepreneur” award from Success magazine, becoming the first and only woman to win the award the company. At the behest salons and spas on the franin 105 years of Indira Gandhi, a close chise system, the Shahnaz  As part of her corporate commitment to the friend, Husain participated Husain Group’s plans also physically-challenged, her institute provides in the Festival of India held at include concentrated interfree training courses to deaf, mute and blind Selfridges, London in 1980. national branding. underprivileged people Despite fierce international With so much going on, competition and financial does she get to take time off constraints, the group sold for herself? “I love to unwind out its consignment in three days, smashing, she gave them the Shahnaz Husain by spending evenings with my family. Just ing the year’s cosmetic sales records. franchise and made it a point to attend getting out of the household and relaxSelfridges was suitably impressed and all the openings. This move proved to be ing at a Barista, sipping cold coffee with gave the company a permanent counter extremely successful and it was soon seen muffins, are fine for me,” she says. And if at the store. This was soon followed by as a part of the brand image. time permits, the feisty and often childHarrods in London, Galeries Lafayette The franchise system, which originated like Husain expresses her thoughts by in Paris and the Seibu chain in Japan. thus, is now the basis for all ventures of painting and writing poetry. “Deterrents Shahnaz Husain had arrived on the the group; be it shops, beauty schools or come up in life but I have tried to meet global beauty scene. spas. Operational in more than 100 counthem as challenges. If you never stop Even as the international media tries worldwide, it’s no surprise then that trying, you can’t fail,” signs off Husain. started going gaga over her, Husain went Husain considers the franchise system to Words to live by indeed.

Entrepreneur + January 2011 45

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those t u o h s a job. C t a h t t u t of i o u s q n o o t i l s s n rea s o t make 0 a 0 h 1 t u e o ss‌ g y e n n e u i l v s i p u g e b e h f t o W orld d take w n e A h . t s o g t n n i sav nge iBy Ankush Chibber u l p e h T . lambs

To read more, grab the January issue ofEntrepreneur Entrepreneur + January 2011 To Subscribe, visit www.entrepreneurindia.in

49

cover story

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We have previously talked about how big social media is for big and small businesses both. This kind of business is merely an extension of how well you know your social networks and how best to use them for business clients. Under this service, you could be doing ghost-writing for businesses, posting on their blogs, Facebook, LinkedIn and twitter accounts.

You could also actively monitor the networks for mentions of your client and manage them accordingly.

3%%$ #!0)4!, Rs.10,000 #!. "% 34!24%$ &2/- (/-% Yes 2/) 0%2)/$ 6 months 2%3/52#%3 You should know your social networks. Guides on how to effectively use social media for businesses are available online. Social media workshops have also begun in Indian cities %80%#4%$ 2%6%.5%3 Rs.15 lakh (5 years); Rs.50 lakh (10 years) /&&)#% 2%15)2%-%.43 One 10x10 room as office space, laptop (with internet), phone, printer, fax, own stationery (visiting cards + letterheads) ,)#%.3).' !.$ 0%2-)33)/.3 You will need a specific permission on running a commercial business out of your home from your local authority

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Not every business can afford a human resources department. Not everyone can afford a big recruitment firm either. There is a gap here that can be exploited, especially by human resources professionals, to start building their own recruiting firm. Further on, you can also actively manage these firms’ HR processes for them, all the time putting yourself to be one of those big firms as well.

3%%$ #!0)4!, Rs.10,000 #!. "% 34!24%$ &2/- (/-% Yes 2/) 0%2)/$ Immediate 2%3/52#%3 If you are not trained already, pursue a short course or workshop at an institute like Symbiosis Centre for Distance Learning or IGNOU %80%#4%$ 2%6%.5%3 Rs.10 lakh (5 years); Rs.20 lakh (10 years) /&&)#% 2%15)2%-%.43 One 10x10 room as office space, laptop (with internet), phone, printer, fax, own stationery (visiting cards + letterheads) ,)#%.3).' !.$ 0%2-)33)/.3 You will need a specific permission on running a commercial business out of your home from your local authority

50 Entrepreneur + January 2011

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Globalization and the positives in business infrastructure mean that even small and medium businesses now work across at least a few nations. But this comes with the hurdle of language in which they invariably need assistance. So, if you know any language of business, you are going to be in business yourself as translators are in big need. A translation service would be required to interpret all sorts of documents, but its greatest source of revenue will be legal and medical companies. You can specialize in the one or two languages you speak fluently, or you can hire other linguists to translate dozens of other tongues.

3%%$ #!0)4!, Rs.10,000 #!. "% 34!24%$ &2/- (/-% Yes 2/) 0%2)/$ Immediate 2%3/52#%3 If you are not trained already, pursue French at Alliance Francaise, German at the Max Mueller Bhavan, Spanish at Instituto Hispanico, Chinese at the India China Chamber of Commerce & Industry and Japanese at the Language School of Indo-Japan Chamber of Commerce %80%#4%$ 2%6%.5%3 Rs.20 lakh (5 years); Rs.40 lakh (10 years) /&&)#% 2%15)2%-%.43 One 10x10 room as office space, laptop (with internet), phone, printer, fax, own stationery (visiting cards + letterheads) ,)#%.3).' !.$ 0%2-)33)/.3 You will need a specific permission on running a commercial business out of your home from your local authority

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This is a business idea that can bring huge revenue.

Most SMBs do not have boardrooms of their own owing to space crunch in big cities. Also, some do not want to commit that much investment towards a boardroom of their own and hence, they rent boardrooms. If you have space of your own, you can easily modify it to suit a business’ needs.

3%%$ #!0)4!, Rs.2 lakh (Assuming you have space) #!. "% 34!24%$ &2/- (/-% No 2/) 0%2)/$ 1 year 2%3/52#%3 No training needed. One must look up the internet to see what business facilities are in trend %80%#4%$ 2%6%.5%3 Rs.30 lakh (5 years); Rs.60 lakh (10 years) /&&)#% 2%15)2%-%.43 One 10x10 room as office space, laptop (with internet), phone, printer, fax, own stationery (visiting cards + letterheads). Projectors, laptop, broadband connection, tea and coffee machines, fax, stationery needed for boardrooms ,)#%.3).' !.$ 0%2-)33)/.3 You need specific permission to run a commercial business out of your home from your local authority. You need fire safety clearance from local fire department in some cases

3%%$ #!0)4!, Rs.30,000 #!. "% 34!24%$ &2/- (/-% Yes 2/) 0%2)/$ Immediate 2%3/52#%3 No specific qualification is essential but industry knowledge helps %80%#4%$ 2%6%.5%3 Rs.15 lakh (5 years); Rs.25 lakh (10 years) /&&)#% 2%15)2%-%.43 One 10x10 room as office space, laptop (with internet), phone, printer, fax, own stationery (visiting cards + letterheads), and lots of material on hospitals in India ,)#%.3).' !.$ 0%2-)33)/.3 You will need a specific permission on running a commercial business out of your home from your local authority

3%%$ #!0)4!, Rs.1 lakh #!. "% 34!24%$ &2/- (/-% Yes 2/) 0%2)/$ 6 months 2%3/52#%3 No specific training needed, but knowledge of RTO procedures will come in handy %80%#4%$ 2%6%.5%3 Rs.50 lakh (5 years); Rs.1 crore (10 years) /&&)#% 2%15)2%-%.43 One 10x10 room as office space, laptop (with internet), phone, printer, fax, own stationery (visiting cards + letterheads), and at least 2 more assistants ,)#%.3).' !.$ 0%2-)33)/.3 You will need a specific permission on running a commercial business out of your home from your local authority

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That India has some of the best-trained and qualified medical professionals is a foregone conclusion. What is of note to us, however, is that medical costs in India are also one of the lowest in the world. This is why many foreign nationals come to India for surgeries or medical treatment.

This has created an opportunity for Indian entrepreneurs to offer services to overseas patients looking to get treated at local hospitals.

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Eating right is as big as working out amongst the ‘fitness crowd’ in our urban cities. However, that cannot be b e done without a bit of external guidance and this is where a dietary consultant comes in. This is a business for the dietitian or nutritionist to start up. Given that more and more of urban India has progressively lesser time to eat and take care of their diet, clientele size will always be growing in this sector.

3%%$ #!0)4!, Rs.10,000 #!. "% 34!24%$ &2/- (/-% Yes 2/) 0%2)/$ Immediate 2%3/52#%3 A course in nutrition would be necessary here.

You can do such courses at the National Institute of Nutrition, the International Life Sciences Institute and J. D. Birla Institute %80%#4%$ 2%6%.5%3 Rs.10 lakh (5 years); Rs.20 lakh (10 years) /&&)#% 2%15)2%-%.43 One 10x10 room as office space, laptop (with internet), phone, printer, fax, own stationery (visiting cards + letterheads) ,)#%.3).' !.$ 0%2-)33)/.3 You will need a specific permission on running a commercial business out of your home from your local authority

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Buying a car is a status symbol in our country now, and many middle-class Indians think it is necessary to own one. But, given that costs of new cars are very prohibitive, the need for having used cars on the market is justified.

You can start a dealership with not much if you make your first sales on a commission basis rather than a buy-and-sell basis.

Also, the used car market tends to do better in a slow market and that is one big positive.

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This one is for the engineers and trained mechanics.

Garages tend to be in the more grey parts of any town and the car does not always break down there. Mobile mechanics are then a Godsend. You can start this service with just a motorcycle of your own and a couple of assistants.

You can even offer packages for car owners by tying up with dealerships.

3%%$ #!0)4!, Rs.1 lakh (Assuming you have some transport of your own) #!. "% 34!24%$ &2/- (/-% Yes 2/) 0%2)/$ 1 year 2%3/52#%3 No specific training needed %80%#4%$ 2%6%.5%3 Rs.10 lakh (5 years); Rs.20 lakh (10 years) /&&)#% 2%15)2%-%.43 One 10x10 room as office space, laptop (with internet), phone, printer, fax, own stationery (visiting cards + letterheads), garage equipment, and at least 2 more assistants ,)#%.3).' !.$ 0%2-)33)/.3 You will need a specific permission on running a commercial business out of your home from your local authority

To read more, grab the January issue Entrepreneur of Entrepreneur + January 2011 51 To Subscribe, visit www.entrepreneurindia.in

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&5.$ 4!34)# 9%!2 !(%!$ India’s top venture capitalists predict what will rule in 2011.

By Team Young Turks

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-ANAGING $IRECTOR #ANAAN 0ARTNERS ???????????????????????????????????

,//+).' "!#+ !4 Last year has been good for entrepreneurs and investors. We invested a lot on the internet; and e-commerce is finally taking of. I think that’s a big hit, not just for e-commerce businesses, but even for online advertising because e-commerce gives rise to more such advertising. The other notable thing that happened in the year 2010 was that venture investors started seeing exits. For example, public market exits like MakeMyTrip or SKS Microfinance or private exits like Dr Lal Pathlabs. Finally, there is some proof that venture investing works in India and that’s a big endorsement that will allow more money to be invested in India now. This is good news for entrepreneurs.

/00/245.)4)%3 ).

I hope this year will be equally positive. There are a bunch of companies in the exit pipeline.

If the markets don’t fall through the crack, we should see many more positives stories about venture investing being successful in India.

In terms of sectors, 3G should lead to a lot of internet adoptions that should drive a lot of consumption of content on mobile phones. So, that will be one area for investment. We are also looking forward to social and commercial objectives. People should also start feeling more comfortable with the mix of the two.

Hopefully, the MFI issues will get resolved and people will know how to deal with it. That will set the stage for other such businesses so that the bottom of the pyramid starts drawing more and more commercial capital and achieves the scale that they need to.

#!.!!. 0!24.%23k3 ,//+ /54 &/2 Our objective remains relatively stable over time. In venture investing, the typical time to exit is four to six years, so we don’t really look at economic cycles. Last year the Sensex was up, but one never knows what the Sensex will read, say, six years from now. So, our objectives

To read more, grab the January issue Entrepreneur of Entrepreneur + January 2011 77 To Subscribe, visit www.entrepreneurindia.in

cover story only what’s going to happen in the next six months from a value creation standpoint.

).6%34-%.4 3#%.!2)/ You will see us doing more early-stage investments in 2011. We have been operational for four to five years, so some of the investments that we made in the earlier part of our existence here are beginning to mature now. We have more than five companies now that are all generating over Rs.100 crore in revenue.

So, with them, we will start looking for some exit options now. We believe we have a portfolio which is well-balanced with both early-stage companies and those which will mature soon.

3!.$%%0 3).(!

-ANAGING 0ARTNER ,UMIS 0ARTNERS ???????????????????????????????????

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l). 6%.452% ).6%34).'

4(% 490)#!, 4)-% 4/ %8)4 )3 &/52 4/ 3)8 9%!23 3/ 7% $/.k4 2%!,,9 ,//+ !4 %#/./-)# #9#,%3 m !,/+ -)44!, remain constant—to be behind an entrepreneur where we see good market opportunity.

Looking at sectors, e-commerce is one area which has started showing traction so we will continue to look at that. The other focal areas are 3G and MFI. We also look forward to the opening up of the broader bottom-of-the-pyramid investing space in 2011.

! 7/2$ /& #!54)/.

Entrepreneurs need to look out for a bubble. If the bubble looks great only in the short term, it never works in the long run. So, entrepreneurs should stay focused on building businesses which will be great value generators over the next five to six years. They should not look at 78 Entrepreneur + January 2011

I think it was an interesting year. We look at three specific sectors—education, healthcare and tech—as a private equity fund. The challenges one faces in India have remained constant over the years; valuations are souring and there are a few good players in the industry. For entrepreneurs with proven track record, the valuation tends to go through the sky. But there are very few players in that segment in India. Again, you often see some unrealistic performances in the market. For example, if you look at the education sector, there are a couple of listed players here who have significantly exuberant valuations.

That becomes a challenge because some ventures are not sustainable and when these fail, they bring down the whole sector. These usually see abnormal traction in the first couple of months and then go down, setting a bad precedence for everybody across the board. It also creates wrong expectations. You will notice that many entrepreneurs run to the education sector but very few people have really understood its challenges from a regulation standpoint. They also fail to grasp the challenges from the scalability and profitability standpoints. But we should hopefully see some level of correction happening in the year going forward. It is much better for any company to get listed on reasonable grounds.

IllustrationsŠ Chaitanya Surpur

")' "%43 &/2 We are a focused-fund, and primarily look at the sectors we are interested in. Within the education sector, vocational training is one space where we are seeing a lot of traction and employability. In healthcare, the focus is to look more at the services side and less at capital. In tech, the BPO segment is becoming more and more niche now that generic service is moving away. It’s going to the next level of knowledge process outsourcing where there is significantly more intellectual arbitrage involved, apart from just manual labor. So, those are some of the areas we are focusing on.

! 7/2$ /& #!54)/.

As an entrepreneur, you should first focus on assembling the right people for your venture, both within the team and as an ecosystem of mentors around them. Look at business models which are sustainable, scalable and profitable.

It all sounds very simple, but these are things which get left out in the overall rush to start your venture.

I also think it is important to stay away from some of the ‘flash and pan’ events because these try to create the herd mentality where everybody starts running after an idea without understanding their own abilities. But undue passion in something they don’t understand well will just lead to failure. So, entrepreneurs should go back to the tried and tested methods of focusing on their core strength, the team and scale.

Regulations will be a challenge in the education sector, because these keep getting altered.

You should focus on the supplementary side of education, which is less regulated and has far more value to add. In the healthcare sector, regulations can play a significant role in the core care-giving segment.

If you are setting up a brick and mortar facility providing core care-giving, you should keep your eyes open to the means of driving profitability and how it infringes upon government regulations.

/00/245.)4)%3 !(%!$ We are yet to enter the market in a big way, so we are looking at making significant investments. We are looking at large-scale entries but we won’t be exiting any of the businesses in the next 12 months.

l). 4(% %$5#!4)/. 3%#4/2 6/#!4)/.!, 42!).).' )3 /.% 30!#% 7(%2% 7% !2% 3%%).' ! ,/4 /& 42!#4)/. m 3!.$%%0 3).(!

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#HAIRMAN AND &OUNDER )NDIAN !NGEL .ETWORK ???????????????????????????????????

,//+).' "!#+ !4 Last year was a very pleasant surprise. We were coming out of a bad crisis, there was talk of a double-dip recession, of global markets not picking up and yet, as far as we were concerned, India saw a booming economy. In just about every single way, as far as investors

To read more, grab the January issue of Entrepreneur Entrepreneur + January 2011 79 To Subscribe, visit www.entrepreneurindia.in

spot light

$ELL /NE Ankush Chibber traveled to Dell’s Global HQ in Austin, Texas, U.S.A., for the company’s international launch of the Take Your Own Path Campaign.

In this exclusive interview, Michael Dell, Founder, Dell Inc, talks about all things technology and small business. $ELLkS CONNECT WITH SMALL BUSINESSES The SME business space is something the company and I particularly identify with. We started out as a small company. Actually, when you think about it, all the big companies started out as small companies. No company is all of a sudden a large company. There is need for new businesses to be created. We see that all over the world. They are the engines of job creation around the world. That is why we are taking a breath and recognizing what entrepreneurs bring to the table. We need new jobs. And so we need entrepreneurs.

(OW ENTREPRENEURSHIP HAS EVOLVED The entrepreneurs of this era are growing and expanding much faster than when I was an entrepreneur. If you look at the various lists of fastest-growing businesses, you see growth rates that are much higher than the age I was an entrepreneur.

7HAT IT TAKES TO BE AN ENTREPRENEUR One thing that is important in any society, or any country, is that there has to be a degree of acceptance of risk. Without this, you will never take chances and start new companies. There are a lot of smart people and capital out there in the world. But the acceptance of risk is far scarcer in the equation. That’s why I admire entrepreneurs because you go out there in the business world at the risk of failing and build perfect businesses against all odds.

-ANY 3-%S STILL NOT LEVERAGING )4 For every new technology, there is an adoption cycle. There are cultural issues. There are cost issues. But the good news is that the adoption cycle is getting shorter i.e. the adoption is fast94 Entrepreneur + January 2011

er. Our job is to enable these new capabilities faster. With every product, though, we have to make sure that the adoption is so easy that it is kind of automatic. That is what will make the difference to the small business. $ELLkS CHANGING FACE Dell is clearly changing as a company. We are going from being a PC maker to an IT solutions provider and as we do that, we are changing the role that we play for customers. So, if you look back about five years ago, we would have a series of ingredients that we would sell to customers: laptops, servers, desktops, storage etc.

But now we are evolving to be able to provide a complete solution to business institutions of all sizes. To do that we need new ingredients and you can see that we are buying a couple of companies a year. And you will see us continue to do that in areas we see inflection points; in technology where a lot of value can be created for our customers. Virtualization, cloud, and mobility are certainly the main focus here.

6IRTUALIZATION FOR SMALL BUSINESSES The thing about virtualization is that there has been a lot of conversation about it. It has been around for 10 years. You see some really advanced companies using virtualization. But if you look at the enormous number of companies out there, there is still a long way to go in utilizing the power of virtualization. We see ourselves as one of the enablers for companies who are yet to tap the power of virtualization.

7HAT THE CLOUD MEANS TO SMALL BUSINESSES The cloud is in an early stage where you have just a very small percentage of IT occurring in

a cloud-like environment. It’s an area which will grow tremendously and we are making investments to get our customers to embrace that technology; to figure a seamless way to migrate from an on-premise framework to the cloud.

What you will see from us is a focus on certain verticals and building private clouds for customers. We are building a large datacenter in Quincy, Washington, and we will build more around the world. We are providing cloudbased services for customers and we are looking at building private clouds for business institutions of all sizes in different verticals.

-OBILITY IS THE NEXT BIG THING Mobility is one of the most exciting things going on in the industry. There is this incredible growth in high-speed networks that is creating bandwidth so we can take out information usage into any form we want and in any device we want. It is changing and enabling new business models in the market.

If you look at the mobile phone market, there are about five billion phones in the world right now in use. And mobile phones started out as voice phones, transitioned to being feature phones, and now we have smartphones. These smartphones are really small computers.

Yet, what we see is that no more than 200 million of the five billion phones are smartphones and that is definitely a huge opportunity; not only for us, but also for small businesses in terms of the various ways they can integrate mobility into their operations or innovate business models on top of this huge mobility gap.

Our job will be to assist in this transition as a provider of technologies that support mobility in business. $ELLkS SUCCESSFUL USE OF SOCIAL MEDIA What social media denotes for me is that as a business, you want to have big ears. You want to be clued in to what is happening in your marketplace. And social media is a fantastic way for us to engage and listen to our customers. We have a lot of customers and hence way too many conversations. It makes sense for us to systematically do that and we have, for the same, just established a Social Media Command Center at our headquarters. Every company must figure out what is the best way to engage with its customers. Social media is a fantastic way to build reputation and do it on an Internet scale.

“We’l build private clouds for customers.”

Entrepreneur + January 2011 95

KEEPING IT CLEAN: PavLin HIGH NET-WORTH: co-founders Milin Pandia (l.) and Ajit Balakrishnan Pavneet Singh.

96 Entrepreneur + January 2011

PhotoŠ Mexy Xavier

success inc

WILL HE DO IT

Ajit Balakrishnan is on a mission. He wants his businesses to lead to 'disruptive innovation.' Having flirted with near disasters many times, will India’s original Internet man pull it off this time?

By Bindi Mehta

IT

is often said that passion is the single biggest driver of entrepreneurship. Ajit Balakrishnan’s entrepreneurial journey is no exception. Just that this one was flagged off by a different kind of passion. It was the love of football that took the very enterprising Balakrishnan from his hometown, Kannur in Kerala, to the state capital Thiruvananthapuram and turned around his life forever in 1968.

“There was a football match in Thiruvananthapuram that I was keen to attend. Those were the days when the IIMs had just started in India. An uncle suggested that I take the entrance test. Coincidentally, the test was on the same day as the football match. So I agreed. That way I could take the trip, give the entrance exam in the morning and enjoy the match in the evening. It was the match that was most important for me. Till date, I have this dream of leading my own football team to victory in an international tournament,” says Ajit Balakrishnan, serial entrepreneur and Chairman, Founder and CEO, Rediff.com.

Well, like on the football field, Balakrishnan has cleverly used strategy to make the right moves, spot opportunities and achieve his goals in the entrepreneurial space.

His first successful venture was ad agency Rediffusion (now known as

Rediffusion—Dentsu, Young & Rubicam) that he co-founded with advertising stalwarts Diwan Arun Nanda and Mohammed Khan in 1973. “When I took the IIM entrance test, I had no idea how much that one move would change my life. I got through both IIMAhmedabad and IIM-Calcutta. Once again, my love for football influenced my choice. Kolkata was the football capital of eastern India while Ahmedabad was a place I had barely heard of.

So Kolkata it was. At IIM-C, I learnt a whole new way of looking at the world. I was exposed to subjects like economic history, sociology and psychology for the first time in my life.

Before that, I had pursued the science stream for graduation. Now, I began to understand concepts like social democracy and economic democracy,” says Balakrishnan.

His association with media was also seeded at his esteemed alma mater. Balakrishnan edited the student magazine on campus for two years, covering themes on the lines of ‘Is IIM an upper-class institution?’

His early exposure to communism in his hometown in Kerala (the state was the epicenter of communism in that decade) and the thoughts that took shape on the IIM campus eventually led him to coin Rediff journalism’s motto as ‘Journalism to protect the weak against the powerful.’

To read more, grab the January issue of Entrepreneur Entrepreneur + January 2011 97 To Subscribe, visit www.entrepreneurindia.in

how to [... do just about anything]

Get Environmental Clearance It pays to run a green business in today’s ecological climate.

By Nithya Nagarathinam

C

onsidering recent events, triple bottomline sustainable development, in particular concerning the environment, has become crucial to a startup’s growth.

An understanding of environmental clearance procedures is indispensable for any entrepreneur. We answer a few of the questions.

WHO NEEDS TO OBTAIN A CLEARANCE?

CASES WHERE THE EIA REPORT IS USUALLY RECOMMENDED I]dhZ l]^X] XVc

h^\c^ÑXVcian VaiZg i]Z aVcYhXVeZ! aVcY jhZ eViiZgc VcY aZVY id XdcXZcigVi^dc d[ ldg`^c\ VcY hZgk^XZ edejaVi^dc0 I]dhZ l]^X] cZZY jehigZVb YZkZadebZci VXi^k^in a^`Z VhhjgZY b^cZgVa VcY [dgZhi egdYjXih hjeean dg YdlchigZVb ^cYjhig^Va egdXZhh YZkZadebZci0 I]dhZ ^ckdak^c\ bVcj[VXijgZ! ]VcYa^c\ VcY jhZ d[ ]VoVgYdjh bViZg^Vah0 I]dhZ l]^X] VgZ h^iZY cZVg ZXdad\^XVaan hZch^i^kZ VgZVh! jgWVc XZciZgh! ]^aa gZhdgih! eaVXZh d[ hX^Zci^ÑX VcY gZa^\^djh ^bedgiVcXZ# >cYjhig^Va ZhiViZh l^i] Xdchi^ijZci jc^ih d[ kVg^djh ineZh l]^X] XdjaY XjbjaVi^kZan XVjhZ h^\c^ÑXVci Zck^gdcbZciVa YVbV\Z 112 Entrepreneur + January 2011

Though every business impacts the environment in some way or the other, the magnitude and intensity of such impact varies.

While some projects require a detailed analysis clause by clause, some may just get passed with an initial evaluation. An entrepreneur is required to obtain environmental clearance from the Union Ministry of Environment and Forests (MoEF) for undertaking any new projects or expansion of existing projects that fall in the official list of the MoEF.

HOW LONG DOES IT TAKE? Projects are grouped under three categories—Category A, Category B1, Category B2.

While Category A is appraised by the MoEF, Category B is appraised by the state government. So procedurally, clearance for Category A involves more steps than for Category B. It takes about seven months for the former and three months for the latter.

HOW TO OBTAIN SUCH CLEARANCE? The procedure to obtain clearance can be broadly described in two phases.

PHASE 1: BEFORE SUBMITTING THE APPLICATION. BROADLY, THERE ARE 5 STEPS IN THIS PHASE. 1. Site selection and site clearance Ensure compliance with guidelines issued for the location chosen for the proposed

plant. This involves obtaining an industrial license from the state pollution control board.

The entrepreneur should provide details of proposed project site, pollution abatement measures and such other relevant information as required for review from the environmental angle. The detailed guidelines are available at the site of the MoEF. 2. Draft Environmental Impact Assessment (EIA) study An EIA study will have to be carried out by the entrepreneur. He/she can carry out the study directly or avail the services of a consultant.

3.Screening, scoping, public hearing Screening: This phase is applicable only to Category B projects (state government). A state-level Expert Appraisal Committee carries out initial evaluation to determine whether a detailed EIA report has to be made, depending on the nature and location of the project. EIA reports are not required for the B2 category and are mandatory for Category A. Scoping: This applies to Category A and Category B1 businesses where an expert committee will decide the Terms of Reference (TOR) for preparing an EIA report. This takes about 60 days.

Public hearing: The public hearing is a mandatory step in the process of environmental clearance for certain developmental projects that arouse public interest. This provides a legal space for people of an area to come face-to-face with the project proponent and the government and express their concerns.

The hearing committee hears the objections/ suggestions from the public and after inserting certain clauses, it is passed on to the next stage of approval. Announcement is made for such hearings through newspapers 30 days in advance. This takes 45 days.

4. Detailed EIA report, if required If, after preliminary inspection and study, it is recommended that a detailed EIA report has to be prepared, then the entrepreneur will have to prepare one along the lines of the TOR recommended by the reviewing committee.

5. Submit application/other documents The entrepreneur should submit the application along with the EIA report and/or site clearance, as required, to the MoEF. The application is available at the ministry website.

PHASE 2: AFTER SUBMITTING THE APPLICATION Once the application is submitted to the ministry, it may constitute an expert committee to review the application. The entire phase takes a maximum of about 105 days. The steps involved in this procedure are: 1.

Appraisal by Expert Appraisal Committee The Expert Appraisal Committee (for Category A) or State Level Expert Appraisal Committee (for Category B) then evaluates the application and other documents submitted by the IllustrationŠ Chaitanya Surpur

applicant for grant of environmental clearance. This takes about 60 days.

2. Technical review by the MoEF Once the expert committee gives the green signal, the ministry carries out one last technical review and makes the final decision within 30 days. Should the ministry fail to take a decision within the stipulated time, the decision made by the Expert Appraisal Committee stands to be final.

Thereafter, the entrepreneur needs to submit a half-yearly progress report for postclearance monitoring. The validity period of the clearance is generally five years, but longer for certain projects. For instance, mining projects have a maximum lifetime of 30 years and river valley projects, 10 years.

The procedure is actually simple, inexpensive and as long as one doesn’t want to bend rules, a smooth sail. With rising concerns about the global climatic change, the future undoubtedly belongs to environmentally-sustainable businesses.

To read more, grab the January issue of Entrepreneur Entrepreneur + January 2011 113 To Subscribe, visit www.entrepreneurindia.in

spend it

no holds barred Escobar tempts you with its 77-feet bar, the ‘longest in the country.’

By Sriya Ray Chaudhuri

126 Entrepreneur + January 2011

restaurants DRINK & BE MERRY

2

4

1, 4 & 5. The bar runs through the length of Escobar; there’s indoor and outdoor seating arrangements 2. Asparagus manchego and chicken involtini (Rs.395) 3. Chocolate twisted martini (Rs.325) 1

3

5

he bar is long, really long. And the array of liquors very impressive. That’s the first thing which strikes you when you enter Escobar, located right in the middle of the hustle and bustle of Linking Road, Bandra. Escobar claims it is the longest bar in India (77 feet). The bartenders (quite a few of them) create delectable concoctions while the outdoor dining area is packed even on a Tuesday evening.

The chocolate twisted martini is oh-so-sweet, but the distinctive Irish Bailey’s taste is all thanks to an imported liqueur, informs the bartender.

The wine list looks confusing at first, but the same helpful bartender is quite informed about what’s on offer and helps with the selection. He looks offended if you ask for a mocktail, and asks

T

if he should add “some vodka/gin at least” to the drink! The cuisine is continental and sits light on the stomach. The herb crusted prawns with feta is a must-try, so is the spinach and ricotta involtini. The roasted duck with basil pesto pasta is delightful; olive oil is mixed in generous measure with the pesto.

Not much attention seems to have been given to the desserts section, which could do with some beefing up. Still, the blueberry cheesecake (with extra compote and a freshly-cut strawberry) and the tiramisu do not disappoint. Sitting at a candlelit table on the terrace, sipping heady cocktails and eating your fill of a tasty meal: that’s what Escobar offers. The prices do not pinch and the staff is obliging yet not interfering. Sounds great? Try it.

To read more, grab the January issue of Entrepreneur Entrepreneur + January 2011 127 To Subscribe, visit www.entrepreneurindia.in

back+stage 9 STUPID IDEA I S S… …that should have never been businesses.

By Ankush Chibber

1.THE MILLION DOLLAR HOMEPAGE: Set up a page. 10,000,00 pixels. Charge a dollar per pixel.

Die rich.

2. PETS.COM: Sell doggy supplies online. And actually attempt to go for an IPO with it.

3. SANTA TA MAIL: Letters from Santa Claus T for kids across North America. Really now?

4. TELEMARKETING: Turning the art of intrusion into a business model. Buzz off. I don’t want any more credit cards.

5. ELECTRIC CIGARETTES: I know smokers who would rather die of cancer than smoke this.

6. MOOD RINGS: Not only are they ugly, they also seem to never really change color according to your mood.

7. PET ROCKS: Even if you are mad enough to want one, why on earth would you pay for it?

8. THE SEGWAY: Bush falling off one was its high point. But paying Rs.315,000 for selftransportation at 20 km per hour? Are you on drugs?

9.ANY COFFEE SHOP: We do not need another one in the neighborhood, thank you.

130 Entrepreneur + January 2011

Illustration© Chaitanya Surpur