The Ideator
Sydenham Institute of Management Studies, Research and Entrepreneurship Education
Issue 1
September 2012
Editorial Team Mehul Sheth Dhiraj Nemade Suhas Sonvalkar
Layout and Design Raul Pinto
In This Issue Life @ SIMSREE The batch of 2012-14 begins their MBA journey at SIMSREE
Business Badshah The Entreprenurial side of every MBA student on display
Interview The success story of our very own SIMSREE Alum, Rishikesh Rumde
Book Review Mr. Jayesh Talpade reviews Rework by Jason Fried
Hola! from the Editorial Team The Entrepreneurship Cell at SIMSREE aims at creating and nurturing the Entrepreneurial spirit among SIMSREE students. Not only do we at E-Cell show you the doors of opportunity but we also help you to walk through it by providing resources such as seed funding, mentoring, networking with other entrepreneurs, frequent interactive sessions and Competitions.
With full- fledged support from the institute, the Cell has been successful in its mission right from its foundation in the year 2009. As part of the same effort, we are starting with E-Cell Newsletter from this year and are happy to present you the first issue. Hope you enjoy reading it and get inspired! Editorial Team
ecell@simsree.net
About E-Cell Newsletter We at Ecell-SIMSREE felt the need to communicate to young aspiring students of SIMSREE on a regular basis. That gave birth to the idea of a fortnightly newsletter that will serve the purpose of guiding and inspiring the young minds to be an entrepreneur. The name of the newsletter ‘The Ideator’ also
emphasizes on the importance of creating productive ideas and transforming them into successful businesses. Developing an entrepreneurial culture is the ultimate goal we want to achieve through this newsletter. Editorial Team
ecell@simsree.net
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SIMSREE E-CELL
Life @ SIMSREE
Business Badshah
Ankita Taksande Media Committee MMS 2012-14
Priyanka Gawande MMS 2012-14
An action packed journey through the highs and lows of MBA begins
Business Badshah at SIMSREE - Not Just a Game!
Allotment of SIMSREE: Sydenham Institute of Management Studies, Research and Entrepreneurship Education culminated the tedious long drawn struggle with quant and verbal and gave way to joy, excitement and hope.
Business Badshah was organised by SIMSREE Entrepreneurship Cell for the new batch of 2012-14 during the induction program. It was an event organised for the students to get real time experience of working on the field and gaining basic learning of management through practical experience. It was an initiative to make students more in tune with the sales and marketing and aspect of management studies.
A day before D-day, I got a mail mentioning the code of conduct and the things
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the fact that it is Student Driven, which is our USP. A unified student body headed by two student chairman, a very capable and hardworking Placement Committee under the able guidance of the Director, Dr. M.A. Khan. All activities in the Campus and outside are all governed by the students. In the
true sense of the word, to do list, attire etc. It was SIMSREE is “for the stuthen that the fact that I was Asked to put my experidents, by the students and about to attend a B-school ence in one line I would of the students.” struck me, not just any Bsay “You’ve heard it School, its SIMSREE. So Coming to the fun part, there I was, trekking to SIMand you know its right, two incidents that stand SREE, wearing new clothes, we SIMSREE-ites are dyout the most and are, first sparkling new shoes and a namites!!” the Independence Day folcopy of the day’s Economic lowed by the ice breaking Times, a hallmark of the identity of a B-school student and a bag session with seniors. One of the best senfull of dreams and expectations. ior-junior rapports I have experienced. And if we‘re talking about fun how can I For the first two days “EBITDA” was our forget: The Manori Outbound! Sheer fun Morning Greeting and “REPO” was our activities all enveloped with learning conlunch companion, both the terms being cepts. equally alien to me. I soon realised that a lot of effort would be needed to survive The month so far in SIMSREE has been a in a big ocean, where only the fittest surpalette full of colours. Everything from vive, and nay, succeed. But I took all this the ET sessions, the guest lectures, the very positively. All of us were enamoured team activities, Manju’s chai and not to by our esteemed Alumni. So did I have it forget Marine drive, Asked to put my exin me to step in the successful shoes of perience in one line I would say “You’ve my Alumni, I wondered. heard it and you know its right, we SIMSomething that sets SIMSREE apart is SREE-ites are dynamites!!”
The purpose of this competition was to encourage the brainstorming of ideas from different intellects and bring them into practice. During the activity, students from the batch of 180 were divided into group of 12 each and were told to make business with a capital of Rs.100. Students showed their commitment toward the task and reached the profits of Rs.1000 – 1700 within 4 hours. Students got a chance to become leaders and learnt how to convince people, how to gain the customer by attractive pricing & packaging. They experienced the managing of funds & available resources to the fullest. For students new to management field Business Badshah was a challenge to show a combination of creativity, planning, team work. A chance to showcase
their effective performance, channelize the energy of the team and overcome all odds. The profits and satisfaction earned as a result of these efforts filled everyone with confidence and enthusiasm. Small tasks like making mehndi, selling wada-pav, making attractive cards, dancing & singing, mouth organ & mimicry shows fetched money for the teams and also taught the basic concepts of segmentation, targeting, pricing. Students even worked on innovative ideas like quilling or even providing free dental checkups. Through these activities they got the funda “With a little courage, team work and determination any task can be accomplished”. Business Badshah introduced the feeling of competitiveness, working for a goal, starting from scratch, forming a creative and dedicated team, leading the team, managing a business in all aspect like an entrepreneur does. Business Badshah was not just a game but an effort to light the spark of entrepreneurship in the minds of new comers and giving them a confidence boost and making them realise.“Yes, you can.” Business Badshah is a very effective and creative step towards making the first E in SIMSREE more meaningful.
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The Path Less Taken The story of a boy who was doing MBA but not for ‘PLACEMENT’ rather to do something for himself and try and make some difference to the society “Why???” it seems like a small word. But this word has got so much power; that the answer to it will fulfil your dream
Rishikesh Rumde (Founder, Zelos n Zest) Interview by Nilesh Pethkar & Priyanka Gawande
FIRST IMPRESSION During our induction period, our seniors arranged a guest lecture of an alumnus who is an entrepreneur. When I heard the word “Entrepreneur” I was excited to have an interaction with him. We were in formals but when he entered the auditorium we were shocked to see him entering in casuals, with a ponytail beard and a complete Yo! type look. My first thought was ‘Is this guy an entrepreneur?’ But after he shared his experience, I was more than convinced that not only he is an entrepreneur but also a successful one. In his session, he shared his ideas that motivated him to start his venture, the difficulties he faced to start his business and the way he overcame all the obstacles to make it possible.
BACKGROUND Rishikesh Rumde belongs to Maharashtrian family, where people believe in doing a job rather than starting their own business. Having completed his graduation in commerce, he was strongly advised to follow the footsteps of his elder brother to join a B-School. He had something different in his mind but then like many young graduates; he had no option but to join a B-school. So he gave CET in 2008 and landed in one of the finest B school in Maharashtra or rather India, Sydenham Institute of Management Studies, Research and Entrepreneurship Education, SIMSREE.
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THE JOURNEY SO FAR From the start he wanted to be different, he wanted to make some difference to the society. He used to visit Natural Ice-cream Parlour near the college. As he was fond of ice-cream, a thought of opening an ice-cream parlour came to his mind. So he started concentrating on finance and operations, as he says these are the most important parts for his business. He did an actual field study by observing various ice-cream parlours for different time gaps and on different days. So this is how he started to develop his idea to start his own ice cream parlour. He also found a peer who wanted to invest in his business but at the last moment his alias backed out and he was left alone with his business idea. But he did not lose hope and had full belief and faith in his idea and also the confidence which was needed. He made his idea into a concrete plan and presented it to many investors and finally his struggle paid off when one investor got ready to fund him and help him fulfil his financial needs. Thus, an Entrepreneur was born, his idea finally getting implemented and his dream getting fulfilled. He opened an ice cream parlour named ‘Zelos n Zest’. But the road ahead was not that easy. On the inauguration day, one of the machines faulted and everything was supposed to get spoiled. But he did not lose hope, he took help from nearby restaurant and made some ingredients of ice cream and finally made everything perfect for till the time of inauguration.
DURING BUSINESS DAYS - THE LEARNINGS It is a well known proverb that ‘experience is the best teacher’ and he also agrees with it. He shared with us his experiences and learning’s. He says “Things don’t happen overnight. You have to nourish your idea over the time, make a business plan and try to make it successful. Also you should remember whatever you learn in your management education and try to apply it to your business plan”. “Every business idea needs patience to fructify. Once you start a business it might not grow as expected but you shouldn’t lose hope but concentrate on money rolling and strategic planning instead. You should not even think about profits in the initial days. For an entrepreneur, each area is important be it marketing, finance or operations. Patience and hard work are key to success”, he says.
“Always keep in mind that “change” is very important. Customers always want new things so always fulfil customer demands and your business is bound to grow by leaps and bounds. Lastly, Follow your dreams and Chase your passions”, were the some of the insights that he shares.
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SIMSREE E-CELL Spending other people’s money may sound great but there’s a noose attached. Here’s why: You give up control.You need less than you think. Great companies start in garages all the time. Yours can too.
Book Review: Rework
Start a business, not a start-up The start up is a magical place. It’s a place whereexpenses are someone else’s problem. Actual businesses have to deal with actual things like bills and payroll. Actual businesses worry about profit from day one. Act like an actual business and you’ll havea much better shot at succeeding.
Jayesh Talpade CEO, Acumen Business Consulting
Less mass Embrace the idea of having less mass. Embrace constraints “I don’t have enough time, money, people or experience.” Stop whining.
Author - Jason Fried REWORK by JASON FRIED, is a book that everybody in the field of management must read. It is not a book that is same genre as the classics of management, written by the likes of Peter Drucker, an academician. It is written by the owner of a software firm, which started out in 1999, as a 3 man company and today has 3 million customers, around the world! When someone with a track record like that speaks; the wise listen.
Be a Starter Replace the fancy-sounding word with something a bit more down-to-earth. Instead of entrepreneurs, let’s just call them starters. Anyone who creates a new business is a starter. You don’t need an MBA, a certificate, a fancy suit, a briefcase, or anabove-average tolerance for risk. You just need an idea, a touch of confidence, and a pushto get started.
The following is a summary of the some of the Insights the book provides:
Make a dent in the universe To do great work, you need to feel that you’re makinga difference. That you’re putting a meaningful dent in the universe.That you’re part ofsomething important. This doesn’t mean you need to find the cure for cancer. It’s just that your efforts need to feel valuable. You want your customers to say, “This makes my lifebetter.”
Ignore the real world This real world sounds like an awfully depressing place to live. It’s a place where new ideas, unfamiliar approaches, and foreign concepts always lose.The only things that win are what people already know and do, even if those things areflawed and inefficient. Learning from mistakes is overrated With so much failure in the air, you can’t help butbreathe it in. Don’t inhale. Don’t get fooled by the stats. Planning is guessing Unless you’re a fortune-teller, long-term business planning is afantasy. There are just too many factors that are out of your hands: market conditions, competitors, customers, the economy, etc. Writing a plan makes you feel in control of things you can’t actually control. Why grow? Don’t be insecure about aiming to be a small business. Anyone who runs abusiness that’s sustainable and profitable, whether it’s big or small, should be proud.
Scratch your own itch The easiest, most straight forward way to create a great productor service is to make something you want to use. Start making something. No time is no excuse The most common excuse people give. There’s always enough time if you spend it right. Draw a line in the sand As you get going, keep in mind why you’re doing what you’re doing. Great businesses have a point of view, not just a product or service. Mission statement impossible There’s a world of difference between truly standing forsomething and having a mission statement that says you stand for something. Outside money is Plan Z In fact, no matter what kind of business you’re starting, takeon as little outside cash as you can.
Build half a product, not a half-assed product You can turn a bunch of great ideas intoa crappy product real fast by trying to do them all at once. You just can’t do everything you want to do and do it well. You have limited time, resources, ability, and focus. It’s hard enough to do one thing right. You’re better off with a kick-ass half than a half-assed whole. Start at the epicentre When you start anything new, there are forces pulling you in avariety of directions. There’s the stuff you could do, the stuff you want to do, and the stuff you have to do. The stuff you have to do is where you should begin. Start at the epicentre. Making the call is making progress When you put off decisions, they pile up. Whenever you can, swap “Let’s think about it” for “Let’s decide on it.” Decide and move forward. Focus on what won’t change A lot of companies focus on the next big thing. They latch on to what’s hot and new. They follow the latest trends and technology. The core of your business should be built around things that won’t change. Things that people are going to want today and ten years from now. Reasons to quit It’s easy to put your head down and just work on what you think needs tobe done. It’s a lot harder to pull your head up and ask why. Ask: Why are you doing this? What problem are you solving? Is this actually useful? Quick wins Momentum fuels motivation. It keeps you going. It drives you. Without it,you can’t go anywhere. If you aren’t motivated by what you’re working on, it won’t be very good. The way you build momentum is by getting something done and then movingon to the next thing.
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Don’t be a hero A lot of times it’s better to be a quitter than a hero. Go to sleep. Forgoing sleep is a bad idea. Sure, you get those extra hours right now, butyou pay in spades later: You destroy your creativity, morale, and attitude.Your estimates suck. We’re all terrible estimators. Make tiny decisions Big decisions are hard to make and hard to change. And once you make one, the tendency is to continue believing you made the right decision, even if you didn’t. When you make tiny decisions, you can’t make big mistakes. Hire when it hurts Don’t hire for pleasure; hire to kill pain. Always ask yourself: What if we don’t hire anyone? Is that extra work that’s burdening us really necessary?Hire great writers. If you are trying to decide among a few people to fill a position, hire the best writer. It doesn’t matter if that person is a marketer, sales person, designer, programmer, or whatever; their writing skills will pay off. That’s because being a good writer is about more than writing. Clear writing is a sign of clear thinking. Own your bad news When something goes wrong, someone is going to tell the story.When something bad happens, tell your customers. People will respect you more if youare open, honest, public, and responsive during a crisis. Four-letter words There are four-letter words you should never use in business. They’re need, must, can’t, easy, just, only, and fast. These words get inthe way of healthy communication. They are red flags that introduce animosity, torpedogood discussions, and cause projects to be late. The book is full of wisdom like this. What is stated above is not all, but a selection. Thereader may find some of the points mentioned here, debatable, like the one on planning. But it does get the reader thinking. It is a good book to read, it is easy without being frivolous, it does not talk down to the reader, and gives examples and explanations onhow to apply the insights. So go to the nearest library or bookshop and get the book. You would be doing yourself a service.
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Fun Zone - By Vivek Dharamshi
A young businessman had just started his own firm. He rented a beautiful office andhad it furnished with antiques. Sitting there, he saw a man come into the outer office. Wishing to appear the hot shot, the businessman picked up the phone and started topretend he had a big deal working. He threw huge figures around and made giant commitments. Finally he hung up andasked the visitor, “Can I help you?” The man said, “Yeah, I’ve come to activate your phone lines.” “So, what made you decide to go into business for yourself?” “It was something my last boss said.” “Really, what was that?” “You’re fired.”