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WORLD ZARATHUSHTI CHAMBER OF COMMERCE
WZCC heartily welcomes all Delegates from across the World to
Singapore
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PRESIDENT’S MESSAGE
Business Economic Forum Minoo Shroff
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nother eventful year has rolled by. There has been a spurt in our activities. In a global body like ours, it is obvious that there is a wide divergence in the tempo. Nevertheless, the trend is positive and heartening. Our Board decided to enthuse our diaspora in Singapore and Hong Kong to join us in enlarging our movement. We have a small but very vibrant and thriving business communities there. Hence, we will be holding our AGM in Singapore in January 2013 to ensure a more globally representative participation and provide better opportunities for networking among geographies. Our office-bearers have visited Singapore and tied-up the Hotel and logistic arrangements with close cooperation and support of local Zoroastrian community leaders. Let us all ensure that we make it a grand success by being here in person. At the AGM this time we are launching a Business Economic Forum where we are inviting individuals with global experience to share their insights of how Zoroastrian entrepreneurs, particularly the budding ones, can participate and succeed in a highly globalized and competitive environment. We will be privileged to have with us Mr. Neville Shroff, a business baron of Hong Kong, to preside and moderate the interactive session with a highly distinguished panel. During the AGM the Keynote Speaker will be Mr. Jal Shroff, an Honorary Member of WZCC, and a highly celebrated businessman with a vast worldwide network. In recent years we have seen a resurgence of women breaking the glass ceiling and venturing into entrepreneurship. To give this trend a forward thrust, “WE” (Women Entrepreneurs) – was launched. It is an initiate to recognize Women Entrepreneurs as a force to accelerate economic growth. Great enthusiasm was evinced at this move and we look forward to WE gathering seam in the coming months.
Encouraged by the success of the entrepreneurial development programmes conducted in Mumbai, during the last three years we have decided to sharpen our focus by building a partnership with NEN (National Entrepreneurship Network), a well recognized organization set up with the cooperation of leading institutions in India to develop entrepreneurial skills specially among the younger generation. The term of our seven International Board Members is expiring by end 2012 and we look forward to inducting new Members on the Board so that we get the benefit of their inputs and reinvigorate our mission. Above all we can only strengthen our mission. Above all we can only strengthen the WZCC by our own energetic involvement. Hence, let us all redouble our efforts in this direction. u Minoo Shroff is Global President and Honorary Member of WZCC
and Past Chairman, Bombay Parsi Punchayet.
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VICE PRESIDENT’S MESSAGE
Focus on SEAN Rustom Engineer
2 Considering the strength of the emerging markets of the South East Asian Nations and the leadership role played by Singapore, the choice of venue could not have been better.
012 was a year full of challenges. No matter what part of the world you lived in, everybody was affected by the debt crisis in Europe, the political instabilities in the Middle East, charges of corruptions, conflicts of political ideologies and other events slowing down economies everywhere leaving 200 million unemployed around the world. In spite of these adversary conditions, WZCC managed to move forward with its clear mission by offering networking opportunities, seminars on career guidance, visits to business and manufacturing sites, talks on business, financial education, tax management, entrepreneurship, etc. Thanks to the optimism and guidance provided by the WZCC President Mr. Minoo Shroff and the dedicated teamwork of Mumbai Chapter members, we look forward to a
successful Annual General Meeting in Singapore. Considering the strength of the emerging markets of the South East Asian Nations and the leadership role played by Singapore, the choice of venue could not have been better. The Zarathushti Community in Singapore too is growing in size and influence and we feel confident that a strong Chapter in this region will help us energize the Zarathushti entrepreneurial spirit. I look forward to a peaceful and prosperous 2013 in which WZCC achieves substantial progress. u Rustom Engineer is the Vice President of the Global Board of WZCC. After working in the Automotive Engineering in the mid-west for about 20 years, he has extensive experience in founding and operating small businesses. He currently resides in Houston, Texas and is actively involved with the local Zarathushti Community.
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Kersi Limathwalla
Multifaceted Success
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veryone wants success for oneself, whether in business or generally in life. But success eludes some and does not come easy to most.
After all the material success in the west with burgeoning Gross Domestic Product (GDP) there is a shift in evaluation through a new quotient of happiness as compared to pure economics.
The need therefore, for a quick fix formula for success, depending on ones concept of success. To most success in the context of business, is high net worth. Though it may not be the ideal concept, but that is how the world generally measures success. Some may experience success in pursuing ones passion, while others may measure it by the circle of contacts in high places; or it may just be attaining name and fame at whatever cost. This is how multifaceted success can be. But the most acclaimed and sustainable success is value based – depending on ones inclination towards society, environment, innovation etc. Besides value based success gives a feeling of lasting inner happiness, fulfillment and well being.
After all the material success in the west with burgeoning Gross Domestic Product (GDP) there is a shift in evaluation through a new quotient of happiness as compared to pure economics. There is a realization that real success should be measured in terms of Gross Happiness Product not Gross Domestic Product. In a survey across the globe the finding were very revealing. The states where business is value driven people are generally happy in spite of high level of taxation like the Scandinavian countries. They are neither the largest nor the wealthiest state but they are the happiest. This is akin to Zarathushti philosophy of pursuit of excellence in ones chosen field and happiness and enjoyment in life through honourable means and righteous conduct. u Kersi Limathwalla is a graduate in commerce and law and is a Fellow of the Institute of Chartered Accountants of India. His area of specialisation is taxation, mediation and arbitration. He is associated with several cultural, welfare and religious organisations locally and internationally.
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Dinshaw Kaiki Tamboly
Necessity to reignite minds of GenNext
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uring her tenure as Member of National Commission for Minorities, New Delhi, Dr. (Miss) Mehroo D. Bengalee commissioned Tata Institute of Social Sciences (TISS), Mumbai to undertake a study on “Socio-Economic and Educational Status of the Parsi Community in India”. The ‘Conclusions and Recommendations’ in the TISS report (December 2009) will be found by those with open minds to be very enlightening and for those genuinely concerned about the community to be very frightening. The TISS survey covered 263 households having 763 members in the States of Maharashtra & Gujarat; 75% of those surveyed resided in urban areas and 25% in rural. Pertinent sections from the ‘Conclusions’ are reproduced:“At the current juncture, as the community faces serious challenges on the demographic front, issues of economic vulnerability of the community have drawn considerable attention”.
History will vouch that only those countries or communities that have been economically sound have provided effective leadership amongst their contemporaries
“Despite the perceived general economic affluence of the community, there are reasons to believe that Parsis are a heterogeneous community in terms of their socio-economic status. The WPR (Work Participation Rate) of the community is the lowest among all religious minorities barring only Muslims. The growing dependency ratio, which is a fall out of the skewed demographic profile, has restricted the proportion of economically active population in the community. Poverty in the community may not be conspicuous due to the support extended by the Trusts/ institutions. Provision of shelter at nominal rent has been one of the major help provided by such institutions. Hence, Parsi poor may not be visible on the streets or even in slums. However, certain sections of the community are economically disadvantaged and live on very low subsistence support. Contrary to the general belief, this study reveals that there is a small fraction of the community which exists even below the poverty line (BPL) as per the official definition of poverty”. Such an unenviable position that our community presently finds itself mired into is a far cry from the
days of yore when we lead by example and were the toast in all areas of human endeavour. There is no denying the fact that, we Zarathushti’s have a proud heritage. Who amongst us does not take pride or bask in the glory of our great ancestors. Sir Jamsetjee Jeejeebhoy, Dr. Dadabhoy Naoroji, Sir Pherozesha Mehta, Jamsetjee Tata, Homi Bhabha, are but a few names in a list that is endless. We, as a community have been singularly fortunate that some of the stalwarts of the recent past have not only matched the contributions made by our pioneering forefathers but have also continued the proud traditions of providing leadership in all that needs to be done for the greater good of the society in which we live. J. R. D. & Naval Tata, scions of the Godrej family, Wadia family, Field Marshal Sam Maneckshaw, Nani Palkhivala and very many more individuals are part of the luminous circle that have excelled for community and country. The responsibility of upholding the standards established by Zarathushtis of yore is onerous; nothing short of achieving excellence in diverse areas of nation and community building would suffice in matching the benchmarks established by our forebears. Excellence is one asset which cannot be inherited; it can be attained only by combining 1% inspiration with 99% perspiration. The accomplishments of the past and the present must be analysed rationally, if the same accepted and expected standards of leadership in society are to be maintained in the future. History will vouch that only those countries or communities that have been economically sound have provided effective leadership amongst their contemporaries. It is therefore very significant that those aspiring to provide leadership in the future should be in tune with the economic realities prevailing at present. We Zarathushtis have traditionally enjoyed an edge over other communities in India, perhaps mainly due to the 100% literacy of our members, the plethora of a very large number of trust funds who extend financial support in various spheres ranging from providing housing to extending financial
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support towards educational, medical and all our other needs. The community is indeed fortunate that its members can draw upon these diverse resources literally from the womb to the tomb. However, not many of us know that in spite of being assured of and receiving such solid backing, the economic health of the rank and file of Zarathushtis is in a dismal state of decline. There are no doubt, pockets of immense affluence, which one sincerely hopes will continue to grow, but by and large Zarathushtis too have begun to slide increasingly into grim economic situations which urgently need to be arrested and reversed. It is an inconvenient truth that we Zarathushtis have begun to take our rights for granted, conveniently forgetting all about our duties. It seems that the extensive infrastructure available to meet all our needs have made our members complacent, and blunted the edge so very essential in an intensely competitive environment. The trouble-free availability of charity funds to many in the community, has, barring a very few exceptions, lulled the Zarathushti spirit of enterprise, allowed it to become dormant for quite some time now. The youth are reconciled to earn their routine college degrees, land white collar jobs, work to a routine, and remain content with a regularly increasing monthly ‘pay packet’ which meets their short term social needs. The vision required to grow, to excel, to provide leadership, appears today to extend not beyond the tips of our nose. Mediocrity in all areas of existence seems to have been not only accepted but also embraced by our gen-next. The vision required to grow, to excel, to provide leadership, appears today to extend not beyond the tips of our nose.
Zarathushtis entrepreneurs have become the exception rather than the rule. Our chests swell with pride when we talk about Jamsetjee Tata - the Zarathushti who foresaw the need for developing a strong industrial infrastructure for an independent India, even before politicians had dreamt of agitating for independence. How many of us have
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made even a semblance of an effort to emulate Jamsetjee Tata? Attaining and holding on to leadership in the future, will be possible, only if there is a distinct change of disposition amongst our youth. The transition from remaining a white collar community towards entrepreneurship needs to be first understood, then accepted and thereafter accelerated. The most sustainable assets of a country or a community are its people. The people and the people alone are the motive force in creating world history. At such a critical juncture in our existence, one can only hope that the brilliance and eminence achieved by Zarathushtis from the past and of the present rubs off on our gen-next, and motivates them to strive towards achieving excellence. A fond dream for our community that remains firmly etched in my mind, is that of a community, healthy in body and spirit; a community free from want, a community with vision, a community which takes pride in its past but which does not dwell there; a community which focuses on the present and plans for the future. The community is fortunate that it has within it an institution such as WZCC which has the potential to become the vehicle of our economic resurgence, through the abundance of community achievers connected with it. These winners can and should take promising members of our gen-next cadre under their wings and mould them into becoming leaders in their own right. Therein alone lays the salvation of the Zarathushti community. u Dinshaw Tamboly provides management and counselling services to companies in India and overseas, plans business strategies and provides services on developing and promoting exports to North America & Europe. He has been actively involved in public welfare activities since 1983 and is one of the founding Trustees of the three WZO Trusts in India and spearheads their multifarious welfare activities. He was a Trustee of Bombay Parsi Punchayet from November 1996 to September 2008. He is a Trustee in many other institutions comprising Trusts, hospitals and Agyari’s.
With Best Compliments From
a Well WiSher
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Meher Bhesania
ASHAVANS: A Legacy of Leadership
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very Once In A While, A Community needs to celebrate its identity and uniqueness and rejoice in being what it is. It needs to take pride in itself – recall its glorious past, reaffirm its robust present and motivate its future generation to carry the torch of greatness forward. Nowhere is it truer than in the case of the small, but vibrant Zoroastrian community. A community without borders, it has not only enriched itself, but also the countries to which the members have migrated. As world citizens, Zoroastrians have risen to eminence, wherever they have chosen to live. It is this essence of eminence that ASHAVANS – A Legacy of Leadership, a new book on outstanding Zoroastrians captures. Featuring the profiles of 101 achievers and community stalwarts from various walks of life, such as Ratan Tata, Adi Godrej, Nadir Godrej, Lord Karan Bilimoria, H.E. CJI, Sarosh Kapadia, Minoo Shroff, Dr. Farokh Udwadia, Dr. Dhun Noria, Jal Shroff, Neville Shroff and many more, it not only depicts their career graphs, but also offers rare personal glimpses. It opens a window to the lives and ideologies of these high performers, coming from different geographical regions around the world, from Iran to India and from Hong Kong to Europe and North America.
Within the covers of the book are portrayals of not only community patriarchs, but also of young and enterprising Zoroastrian entrepreneurs and professionals who have made their mark.
This coffee table book is an eclectic array of outstanding personalities from different spheres of human endeavours, such as Business, Finance, Art, Literature, Science, Religion, Technology, Medicine, Law, Community service and other areas. It is a reflection of and a testament to how and how much our small, but remarkable community has contributed in myriad ways towards the economy, the social milieu and the cultural fabric of countries around the world, and finally, towards nationbuilding itself. Within the covers of the book are portrayals of not only community patriarchs, but also of young and enterprising Zoroastrian entrepreneurs and professionals who have made their mark. Apart from containing profiles of Zoroastrian men and women who are actively involved in their chosen fields, it also has an ‘In Memoriam’ section, which pays tribute to stalwarts of yesteryears, who laid the foundation on which the community’s achievements now rest. ASHAVANS – A Legacy of Leadership, is indeed, an inspiring read! The volume authored by me, was released on 9th
May 2012. The year-long of hard work which went into its making, has been a challenging and an insightful journey. I hope that ASHAVANS – A Legacy of Leadership will carve a niche in the hearts of the Zoroastrians worldwide. With each profile carefully crafted and aesthetically designed, the book comes with an offering of an audio Compact Disc of our important ancient prayers, with a lucid translation and evocative music.
ASHAVANS – A Legacy of Leadership, is undoubtedly a collector’s item, and an enduring edifice for posterity. It will find a pride of place in libraries and will inspire generations to follow in the footsteps of the 101 outstanding Zoroastrians, and motivate them to excel in their chosen fields. It will, perhaps, reinvigorate an entire legion of Zoroastrian youth to emulate the vision, integrity, the empowering philosophies and the spirit of philanthropy of the Ashavans, and help bring greater glory to the community. ASHAVANS – A Legacy of Leadership, with its eternal message of the triumph of the indomitable human spirit in the face of challenges, also has a universal appeal and will find a ready echo in the hearts of anyone who reads it. u Meher Bhesania Founding Director, WZCC Middle East region, Founding Director SynergyZ – publication of WZCC Chair, 9th World Zoroastrian Congress, Dubai - 2009
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Umeed Kothavala
Travel and Mobile Technology Ongoing and Upcoming Changes to the Business of Travel
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he travel industry, particularly small-medium travel businesses, has been slow to come to the mobility table. However, they have now woken up to its possibilities. The single major reason is the rise of the smartphone. The smartphone has shaken the definition of personal computing, with sudden and far reaching consequences that affect many industries. The travel industry is the latest such example, first influenced by the Internet and travel websites, and now being shaped by mobile devices. The reason the smartphone is such a powerful tool is because it can be used to access the Internet on the move. And this, coupled with location sensitivity and personal information, gives us what I like to call the power of “Here and Now” – a handheld device you carry with you that knows where you are, is connected to the world and knows who you are. In addition to serving as a bi-directional communication tool, this empowers the traveler with vital information such as reviews of hotels, travel forums, flight prices, and even updated travel itineraries.
Recall the times when we had to travel to the agent’s dingy office to get updates and itineraries, or they have to call you? Now it is just a matter of checking the smartphone
Travel business expert Mark Luckey says, ‘The biggest challenge modern day travel agents face is competing with online travel agencies. As Internet usage patterns shift towards smartphones, the mobile device battle field is where travel agencies are facing particular challenges. It’s a technology driven, full frontal assault that is making survival difficult. It’s time for travel agents to innovate, fight back, or perish.’
He quotes an interesting fact: Expedia has twice as many hits as the next B2C competitor. so by using Expedia, travel agents are supporting a business that will drive them out of business in the long run. As the travel industry starts to go mobile, here’s what we’re hearing and seeing: ‘Using my airline’s mobile app, right here on the beach. Yes, they have seats on the 1st!’ ‘Any way to post reviews on this hotel other than on FB? I’m looking to share with friends and on TripAdvisor.’ ‘I’m able to access itineraries and instant updates on mobile using this travel app! Cheers from somewhere in the Pacific!’ ‘Recall the times when we had to travel to the agent’s dingy office to get updates and itineraries, or they have to call you? Now it is just a matter of checking the smartphone.’ The numbers around mobility, technology and travel make interesting reading: l Globally about 50% of all travel is now booked online l The uptake of smartphones in the world continues to rise exponentially l 60 to 75% of all travel websites don't operate correctly on a mobile device l Many airlines, hotels, and travel destinations now offer mobile applications l Travelers are increasingly using location based services on mobile for directions, local information, offers from local businesses and more Until recently, the travel agent did not feature in the above list, making them extremely vulnerable in the mobile space, as technology marched ahead delivering to travelers what they wanted.
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To get a share of the traveler's dollar, travel agents absolutely have to adopt a strategic presence on mobile. Here are some interesting ways in which the smartphone improves and changes the travel experience: Information at the airport: Apps like GateGuru help users save time at the airport by providing important information. It can guide users to amenities, gates, and much more, quickening transitions between flights. It even allows users to preorder duty-free items, saving time at the destination. Holds important documents: Passbook is an app that stores your boarding passes and hotel reservations in your phone. The app detects your proximity to the airport and automatically displays your boarding pass. Handles travel itineraries: An application that can handle travel itineraries is very handy when on the move. Trip in a Pocket is one such app that organizes flight details, accommodation vouchers, restaurant information, and more. It is designed to be a link between travel agents and their customers, letting agents create and send itineraries to customers quickly and easily. These itineraries can be accessed offline as well and can be updated quickly and easily.
Broadband on roaming is extremely expensive as well. In time, when mobile broadband connections become more accessible, cheaper, and more travel friendly, the apps that have gained ground will face their real test.
Instant and powerful translation: Translation apps have been around for a while now, but the experience hasn’t ever been so seamless, instant, and accurate. Google Translate and our own Translator With Speech (TWS) are good examples of such apps. Using them is as simple as pressing a button, speaking into the device, and listening to the translation when you’re done. This could mean the difference between being lost for hours in a foreign city, and finding help within minutes of losing your way. There is obviously a great demand for such easy-touse utility apps. We found TWS ranked at the top of the travel category on the Windows Phone store, immediately after launch! The biggest challenge to this revolution is sadly the very thing that drives it – a broadband connection. Travel apps rely heavily on the internet and it can be
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tricky to find a strong, cheap mobile broadband connection in a new country. For the individual who moves between countries frequently, finding good local connections would involve an impractical amount of research. Broadband on roaming is extremely expensive as well. In time, when mobile broadband connections become more accessible, cheaper, and more travel friendly, the apps that have gained ground will face their real test. NFC Near field communication, (NFC) is another new smartphone feature with the potential to make travel smoother. NFC helps users establish radio communication via smartphone by bringing the devices in close proximity. It facilitates a number of transactions, including data exchanges, ticketing, access control, and contactless payment, usually through an app. These apps (like Google Wallet) let users store important details like credit card and loyalty card information, and employs NFC terminals to enable quick and simple transactions. The Chinese national bus service, for example, has successfully employed the technology across the country. NFC has been included in smartphone specs by big names, including BlackBerry and devices with Windows Phone 8. Though the technology hasn’t been seen on the Apple iPhone so far, Apple has recently landed a patent for an NFC based shopping application. With these industry leaders putting so much faith in the technology, it is safe to assume NFC will be adopted strongly in coming years. We’ve been in the business of travel platform technology as well as mobile application
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development for a while now. From our experience, and from conversations with travel professionals, here are a few suggestions for travel businesses:
Create a ‘ knowledge leader/advice/tips’ blog that is specifically tailored for mobile device users.
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Ensure your website renders well, is easy to use on Apple and Android devices, and uses standard technology available on most devices. Keep it simple, smart and slick.
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Form partnerships, work with technology providers to create innovative apps, get mobile exposure, get your brand into the traveling customer’s hand, and move with changes in digital marketing that impact your business.
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Create a ‘knowledge leader/advice/tips’ blog that is specifically tailored for mobile device users.
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Look for creative ways to gain brand recognition, brand penetration and customer loyalty and engagement. There are cost-effective ways to deliver compelling value to travelers and your customers should benefit from your experience and the technology that you are able to deploy for them.
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Don’t let this opportunity pass you by – as much as changing the rules and shifting focus and
attention in the travel business, technology and mobility create new opportunities. Identify new services you can offer, old ones that can be extended and cool things that your customers will start to associate with you. Gain the advantage from the opportunity. Mobile technology and travel are now intertwined smartphones are empowering travelers and travel service providers in a way not anticipated until recently. Very soon, it will be difficult to imagine there was a time without any of this. u Umeed Kothavala, CEO, Extentia Information Technology.
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Adi B. Siganporia
Good Appetite For Bad Money A Global Phenomenon
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n the long past, a businessman would concentrate in his own locality. His vision was limited. Then gradually he tried to expand his market and spread his net much wider. He then attempts to cover his entire Region and then took giant strides to cover larger grounds. He then circled his entire Nation, went forward and then became multi-national and virtually encapsulated the Global Market which is popularly talked about as “Globalization”. This process of globalization had one crucial element deeply embedded in it which is the joy of operating in the world market, knowing and operating in differing cultures, embracing and then reacting to various likes and dislikes of customers, experiencing differing attitudes of life etc.; was a pleasure to be encountered. This, of course, is a good part of doing business. However, the disturbing part which becomes dominant over a period of time is profiteering ! Just as a leopard goes berserk when he tastes the blood, a businessman’s appetite increases substantially and he goes all out to make money – not only good money but preferably bad money and that too in the shortest possible time !
The highest form of governance is the governance of one’s mind. Business will remain clean only if the mind that governs business is clean and pure.
This is then the starting point of pollution in the financial world. Everything becomes impure. Lenders lend money without due diligence, borrowers borrow money with both their eyes closed, an average consumer spends money recklessly, good habit of saving money takes a backseat, the tendency to spend more than what one earns increases substantially, luxurious living and mindless spending without any future back-up becomes the way of life and ultimately the entire business world becomes the slave of the senses. Application of good mind is simply forgotten. The result is economic depression, global downturn, global financial crisis etc. etc. In reality, it is the onset of global mental depression, it is nothing but gross depreciation of human character, it is mental and moral degradation. We talk of checks, we talk of controls, we talk of transparency, we talk of Statutory Audits, we talk of Internal Audit, we talk of regulations and the role of regulatory bodies and since long, we have been talking of the importance of Governance : Governance of what ? This question is still
remaining unanswered. Unless and until today’s human being governs and controls his own mind and remains on the right track, I am afraid no amount of rules and regulations, no amount of legal framework, no amount of policing will ever be able to cleanse today’s highly polluted business environment. When “wants” replace “needs”, we invite disaster. One of the weaknesses of our age is our apparent inability to distinguish our need from our greed. Greed creates madness. Madness of a minute throws a person from the pinnacle into the pit. Businessmen prefer to have nexus with those who are in power – generally bureaucrats and politicians. Politicians prefer to have nexus with goons ! Surprisingly, no one thinks of establishing nexus with his own Maker – The Almighty. The so-called powerful forget that the more-powerful is sitting right above him but is not visible. In today’s global scenario, arrogance has replaced humility, credibility and self-respect are thrown aside. Those who are quiet and humble are considered to be meek and weak. What is loved today is cheap popularity and false pride. Those who are “bad” and know that they are “bad” have no guts to call themselves “bad” but they have lot of gumption to call others “bad”. The highest form of governance is the governance of one’s mind. Business will remain clean only if the mind that governs business is clean and pure. Businessmen can certainly make as much money as possible but this has to be within a broad framework of law, ethics and customs. Ethics involves moral principles. All of us practice “Yoga” but the most important form of Yoga, namely “Karma-Yoga” is conveniently forgotten. The greatest of all Auditor Generals – The Almighty – is watching us of every step we take – he knows every thought we generate, every word we utter and every action we take. Shakespeare said – “When character is lost, everything is lost”. Today, we seem to be turning Shakespeare in his grave when we seem to have redefined what he said years ago. Are we now saying – “When character is lost, nothing is lost”! May Almighty help us ! High time we take a u-turn and pray “let us have Good Appetite only for Good Money”. u Adi Siganporia is the Secretary of WZCC India Chamber, Vice Chairman of WZCC Mumbai Chapter and a Retired Senior Executive of the Tata Group.
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The Tri-State weathers Sandy and prevails with Industry & Integrity! Best wishes for the
2013
WZCC AGM in Singapore from
WZCC-NY A Dynamic Team Edul Daver Noshir Dutia Natalie Gandhi Rusi Gandhi Meher Hodiwala Dinyar Hodiwala Arnaz Maneckshana Framroze Patel
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With best wishes from : World Zarathushti Chamber of Commerce -
Pune Chapter.
Committee members Chairman
:
Viraf Deboo
Vice Chairman
:
Umeed Kothavala
ex – Chairman
:
Adi Engineer
Treasurer
:
Tehmasp Bharucha
Secretary
:
Khushru Minocherhomji
Jt. Secretary
:
Vistasp Dastur
Accounts
:
Rohinton Udachia
Member
:
Farokh Irani
email: wzccpune@gmail.com
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Dolly Dhamodiwala
Why We Need More Women in Business
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“God has given us both Brain and Heart. Successful are those who use Both Together” Gatot Siswanto
n the modern day culture that measures leaders by their ability to project strength and confidence and define who they are by their external accomplishments and capacity to prevail over others, men often score over women. But in doing this, most leaders become oblivious to the fact that a critical aspect of true leadership is to take care of the people you lead and to create a safe and supportive space for them to thrive - Empathy or the ability to recognize and experience what others feel. An effective leader is the one who blends intellectual qualities with emotional ones. The ability to think analytically, strategically and creatively needs to be mixed with an equal doze of empathy, selfawareness and humility. And there can be no doubt that it’s the women leaders more than men, who have displayed this blend of qualities. In business, both males and females have to work together and the business leader has to manage both outcomes and emotions of those whom they lead not to mention their expectations. Women more than men bring to leadership, a complete range of qualities - self-awareness, emotional attunement, humility and authenticity. But most women fail to build on these abilities in their race to adopt male styled leadership. Men are generally more aggressive and overvalue their strengths and often seek to win and succeed. But women can adopt a different approach capitalizing on their own qualities of greater self awareness, better networking ability, superior understanding of human nature, stronger connection with their staff, power of intuition and greater humility. Women can excel if they resolve to strengthen their leadership styles differently and build on these inherent qualities. After all it is widely accepted today that so many purchase decisions are made through an appeal to the buyer’s emotional quotient. With the entry of more and more women in the labour force – in USA it has increased from one-third to 47% - there is a sure case for a higher percentage of women on the boards of public limited companies. In Europe the percentage of women directors on boards varies from 6% in Italy to 22% in France. In the emerging Asian economies the percentage is significantly lower. Sir Richard Branson on Strategies for Success points out that if 70% of the household purchase decisions ( including big ticket items such as cars and vacations) are taken by women and if nearly 40-50% of the company’s staff comprises women, then what is the rationale for leaving women out of the key decision
making process in the board rooms? The benefit of having more women in board rooms makes sense both Strategic and Financial. At Virgin, there has been a steady rise in the number of women occupying senior management positions. Virgin Money and Virgin Holidays are run by female CEOs. A Board is more balanced and decision making is more effective when both men and women with their inherent strengths stand together and learn from each other thus adding greater value to their company and also creating value for all their stakeholders. What can be true for public limited companies can also be applied to private and small businesses. Small businesses more likely to succeed, are those which have both men and women working jointly in the decision making process, supporting each other and accepting their opposites. For women to work jointly with men as equals or even branch out on their own, they need to step out with confidence, self assurance and determination. They need to develop greater awareness of the business opportunities around them and the support systems available to them. Knowledge of product or services to be offered is usually there but that is not enough. It needs to be backed up with the necessary managerial skills and basic understanding of finances. Once they are empowered with these skill sets, women can really work wonders in business. Women in India, who aspire to start their own businesses, have to shake off their usually submissive and supportive image, adopt an entrepreneurial mindset and equip themselves with managerial skills to take advantage of the emerging opportunities in the SME sector. The sector spans over numerous women oriented small industries and businesses such as IT, healthcare, travel and tourism, hospitality, education, food processing, garments, etc. with rapidly growing domestic and export markets. Support from Central and State Governments, Banks and State level financial institutions is available at every stage of the business, to economically viable and bankable projects. However curiously most women in business prefer the entrepreneurial community itself like their counterparts in other businesses, as the most important support centre in their entrepreneurial journey. u CEO, Business Beacon Management Consultants-SME Development and Finance Currently, Senior Researcher, S P Jain Inst. of Management & Research – Corporate Governance Area.
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147 years, 20 sectors and over 23,000 employees. Shapoorji Pallonji continues to grow and strengthen
Subroto Roy Sahara Stadium, Pune Construction & Precast Design by SP Engineering & Construction
Hotel Trident, New Delhi Electrification by Sterling & Wilson
Waverock, Hyderabad External Facade by SP FAB
Corporate Office : SP Centre 41/44 Minoo Desai Marg , Colaba, Mumbai 400 005, India Tel +91 22 6749 0000, www.sp-group.co.in
Magarpatta Township, Pune Water treatment plant by Eureka Forbes
Nad Al Sheba Racecourse, Dubai lnfrastructure by AFCONS
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WORLD ZARATHUSHTI CHAMBER OF COMMERCE
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AGM - 2012
Pheroze P. Kharas
Road To Entrepreneurial Success
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any successful entrepreneurs start their careers working as a subordinate in an organisation. In these initial years you are judged by your ability to manage tasks and deliver reliable results. The methods you follow to accomplish results also becomes a measure of your performance. Your ability to acquire and apply new knowledge, becomes important. You have to obtain results with people who do not report to you, which means developing relationships. These skills that you acquire, helps you to become a good leader and manager. During the time span of one’s career, it is important to acquire the knowledge on the work of managing an enterprise. However there is more to success than acquiring knowledge and entrepreneurial skills ; and that is “Managing Oneself” , as described in the Articles (published in 1999) by the management visionary - the late Peter Drucker. What he says is so relevant today for the younger generation. “Throughout history people had little need to manage their careers – they were born into their stations in life or, in the recent past they relied on their companies to chart their career paths. Today we must all learn to manage ourselves.”
He then explains what this means : “we have to learn to develop ourselves. We have to place ourselves where we can make the greatest contribution to our organisation and the community. And we have to stay mentally alert and engaged during a fifty year working life; which means knowing how and when to change the work we do.”
The work of Management began to be studied from the early years of the two most successful companies in the world then, Ford Motor Company and General Motors.
“Today’s successful careers are not planned out in advance. They develop when people are prepared for opportunities because they have asked themselves the right questions such as: - What are my strengths? - What are my values? - How can I keep improving my performance? - Is my contribution providing value to the organisation? - Where should I be, so I can perform to my maximum potential?” The answers to these questions help an individual to assess his unique characteristics and to plan his future. The implications of these questions is clear ; only when you operate from a combination of your
strengths and self knowledge can you achieve true and lasting excellence. Every entrepreneur becomes a manager when he has people reporting to him. That is when he has to get results through and with people. Management is the work of securing the most effective results through and with people. Before I discuss management work I believe that an entrepreneur, either embarking on a new business venture or already in business must write a Vision and a Mission Statement. A Vision statement is a perceived unique characteristic or a broad objective to which the organisation is committed to sustain the growth and profitability of the enterprise, over the longer term. A Mission statement is a set of commitments that best describes what the organisation will do to ensure growth and profitability of the enterprise. It also states the commitment to stake holders, to the environment, to the laws and regulations that apply to the business and preferably also to the Society in which it operates. You may well ask about the purpose and value of these statements. The answer lies in the “Principle of the Objective” which is, that “organisational efficiency tends to increase as the work performed is directed towards a stated objective”. It means, there is no point in deciding what work should be done and what decisions should be made unless and until we have established what end results we are trying to accomplish. It also follows that when you assign responsibility and authority it should be directed towards clearly defined objectives. The work of Management began to be studied from the early years of the two most successful companies in the world then, Ford Motor Company and General Motors. The thoughts on modern management were initiated by Alfred P. Sloan, head of General Motors, in his book “My Years with General Motors”. Since then the subject of Management has been widely explored and documented; one major and renowned contributor to management being Peter Drucker and his most widely read books titled: “ The Practice of Management” and “Managing for Results”. It was not until 60’s that the management
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AGM - 2012
WORLD ZARATHUSHTI CHAMBER OF COMMERCE
consultancy firm of Louis Allen Associates classified management work logically into four basic Functions, namely : Planning, Organising, Leading & Controlling and the related Activities. These four Functions of management and the twenty Activities involved are covered in a series of thirteen articles in the WZCC – Mumbai Chapter Newsletter, from January 2011 to August 2012, under the title ‘Introduction to Management’. All newsletters are on the WZCC Website : wzcc.net In this classification the work of each Function and Activity is distinct and unique, yet there is strong inter-relationship, to the extent that no one Activity conducted in isolation, can yield results. For example : - The effectiveness of a planning system depends to a large extent on the Control exercised – Measuring, Evaluating and Correcting, performance. - Objectives cannot be attained unless the right people are Selected, Motivated and Developed. - A CEO cannot Delegate unless the work for each position in an organization is logically arranged (Organisation), the Performance required is specified and the criteria for Measuring Performance is defined. The Annual Planning and Budgeting Process in most organizations is a good example, of the work of Management. All key positions in an organisation should have a statement of Responsibility and the Ongoing Performance expected from the work assigned to that position generally termed “Critical Performance Area.’ (CPA). A CPA is more than just a job description. It is a statement of responsibility and the ongoing performance standard expected from the work assigned to that position. Each responsibility starts with a Result statement . The following definitions are relevant to writing an effective CPA.
The Annual Planning and Budgeting Process in most organizations is a good example, of the work of Management.
The key definitions are : Responsibility Work which is a continuing obligation of a position. It is the physical and mental effort a person is obliged to make to achieve Performance Standards in order to fulfil either the requirements or attain Results, expected from the Position. Performance Standards Criteria by which work and results can be measured and evaluated. Results The outcome of performance. Work purposefully directed will lead to results. Position l A group of related responsibilities organized for performance on a continuing basis, by one suitably qualified individual. l A position is a basic
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unit in an organization structure. Why do we need a CPA ? 1. A CPA is made to ensure that all critical on-going work and expected results for a position is defined, understood and accepted by the individual in that position. 2. A CPA allows one to ensure that there is a logical grouping of work, without ambiguity or overlap or conflict with the work of other positions in the organization. 3. It provides a basis for making a “gap” or “deficiency” analysis and to develop a Specific Objective for either eliminating the deficiency or for making improvements. 4. A CPA allows the individual to delegate work and the authority for decision making, to subordinates by developing their CPA’s, without ambiguity or conflict with others in the same department. 5. A CPA forms the basis for evaluating the performance of an individual, determine counselling or training needs, with the objective of developing the individual for taking greater responsibility and adding value to the Organisation. An appropriate management system should be developed in an organisation based on the four management Functions and Activities, because it is a ladder to improvement and results. If you are planning a business venture, please attempt to qualify by meeting the following minimum criteria: l Do you have an idea, a product or service, that is of Value to the customer, or will it meet a need hitherto unfulfilled. l Do you have the capability or alternately a person within the Organisation who has the essential knowledge to produce and sell the product or service. l Do you have the capability to make a credible project report or business plan to show the future cash earnings potential and financial ratios. l Is there a clear evidence of your leadership capabilities. l Are you capable of developing a management system best suited to your needs, to sustain growth and profitability. If you can honestly rate yourself on these five criteria and come up with a positive response, you can assume that the risk involved in starting a new venture, has been significantly reduced. Alternately, you may need to acquire knowledge and skills on managing an enterprise. u Pheroze P. Kharas is the Chapter Chair for WZCC – Mumbai Chapter. Professionally, he is the Chairman of Ecoplast Ltd. and Member of Governing Council of Indian Center for Plastics in Environment. He is past President of The Organisation of Plastics Processors
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