“The pandemic has really highlighted the resilience and ability of the best entrepreneurs”
When the virus first arrived, we were incredibly concerned. Our company SFC Capital has a portfolio of about 200 companies; and so, March and April were worrying months. Were investors going to stop investing? Would our company survive? But it soon became clear that the problems were going to be focused on certain sectors, namely travel and hospitality, while big opportunities were opening up for companies involved in other businesses, such as delivery and remote working. Some of our portfolio companies had a very tough time; but some thrived, and a dozen or so witnessed their revenues shoot through the roof – including a flower delivery business, a company that makes kits to upgrade pushbikes to electric, and a sustainable packaging company that transitioned to producing recyclable PPE. Before the virus, they were supplying paper straws to McDonald’s, so their story is a good example of innovation. The pandemic has really highlighted the resilience and ability of the best entrepreneurs. So far, we have not lost a company, some have flourished, while others have hunkered down and waited.
Good entrepreneurs can pretty much survive a nuclear war – they will be able to pivot, transition, rally their team, adapt. They are people-centric, which is hugely important. When we assess companies to invest in, we always look at how the CEOs and leaders interact with their employees, how they behave together in the bunker, so to speak. Are they all pushing in the same direction? The virus has stoked a kind of war-time spirit and the best entrepreneurs are making sure their companies are coming out the other side stronger.
As an early stage investor, at SFC Capital we use a marking matrix to guide us, 50% of which scrutinizes the CEO, leaders, co-founders, and team of each company. How do they come across; how do they behave? Have they got their finger on the pulse? If there is only one founder, they are really up against it from day one; it’s a negative in many ways, but we certainly do not exclude them. Sole founders need to be seriously good for us to invest in them. We are looking for that real spark. We do psychometric testing, we have lots of discussions with them, we see how they respond to our questions on due diligence, and we do a deep dive on each company. If we do decide to invest, later when we are considering whether to reinvest, we re-evaluate them, check their resilience and perseverance, have they built a good team? These are important factors to consider.
“Good entrepreneurs can pretty much survive a nuclear war – they will be able to pivot, transition, rally their team, adapt”
“The virus has stoked a kind of war-time spirit and the best entrepreneurs are making sure their companies are coming out the other side stronger”
Quite often, we are presented with a brilliant idea but the team is lacking. I would rather have a great team with an average idea than an average team with a great idea. A great team will forge something even during the toughest times. One of SFC capital’s first investments was an identity verification company called Onfido. When we invested, they had no revenue, the product wasn’t really there, but the team was so exceptional that we knew it was going to be something special. The company is now worth more than £350 million. It is all about the people.
Remarkably, during the pandemic, valuations have not gone down. People generally tend to overvalue their businesses – how can a company with zero revenue, that is three months old, be worth £2 million? We see crazy valuations like this all the time. I do believe that the pandemic is potentially a good thing for entrepreneurship. We are going to see a lot of people out of work when the furlough scheme in the UK comes to an end. There should be no shortage of startups. The UK is a very entrepreneurial country; but it also probably means we will see some people who should not be entrepreneurs trying their luck coming to the market and demanding corporate salaries.
For budding entrepreneurs in the times of Covid, and even generally, I would advise:
Ø If you don’t have a co-founder, get one. It is extremely difficult going it alone. If you find someone who is compatible with your vision it takes a great deal of pressure off.
Ø Take time to work out a detailed plan and don’t rush things. Be clear when you talk to your potential investors – don’t assume they know anything. Investors tend to be generalists, so you need to be clear.
Ø Don’t overvalue your company. High valuations can destroy companies for so many reasons, not least because it will take so long to source enough investment that you run the risk of someone stealing your idea in the meantime.
Entrepreneurship is the foundation on which the future of business will be built. With the fractures in manufacturing and supply chain, which became evident during the COVID-19 pandemic, there is an immediate opportunity to start businesses with innovative models and solutions, and those having services or products that fill our current challenges and needs. Among established small businesses, which are the backbone of our communities, many are struggling to regain their footing during this challenging and unprecedented time. If we approach the future of business with a new outlook, discarding what we knew to be true about the past, creating what will be true about the future, businesses will transform, going from a position of vulnerability to a position of strength.
When businesses are enduring difficult times, either due to internal or external catalysts, we must all have a distinctive approach to confronting these challenges and crafting customized solutions. While many businesses are looking at the situation from a linear standpoint (“How can I take what you already have and just tweak it to find a solution?”), businesses who approach the challenges using an out-of-the-box thought-process will be the ones shaping the future. When revitalizing business plans, innovating models, or helping a distressed business to recover and accelerate, focus not only on ways to do it differently, but create a unique roadmap for your company, measuring these changes through integration and implementation, so that you can quantify the impact to your stakeholders, customers and employees. Businesses should not simply improve or solve a problem in their operations; they MUST find ways to differentiate themselves from their competitors, carving a unique niche for themselves in an overcrowded marketspace. This not only increases profitability, but it generates value, impact, consumer confidence and profitability.
While this is a very disruptive time for business, disruption leads to transformation. As businesses around the world are channeling large portions of their budgets into cybersecurity and making sure their employees have access to technology and connectivity while working remotely, and as physical office space sits empty, we are embracing this as our new way-forward. Even when this pandemic stabilizes and it is safe to go back to “normal”, it will be far too costly and inefficient to put things back the way they once were. We can’t go back to normal when normal was clearly the problem. KPIs are up, overhead is down…welcome to the new norm.
Many business experts are advising clients to pull in their sails, but I fully disagree! You are missing a phenomenal opportunity! This is the time when fortunes will be made, and fortunes will be lost. While many businesses will sit back licking their wounds, waiting to see how the dust will settle, those who are proactive, examining the gaps that are appearing, and formulating unique solutions will be the ones leading the pack into our transformational future. There is a way back “in” for every business and industry. Finding it, however, requires us to step out of the cattle chute of “business as it’s always been done”, and begin to look at our businesses through fresh eyes, understanding that it may require us to scrap much of our existing model in favor of innovation and change. When adversity becomes a chapter in the handbook of our business, remember that you are the author of the story. You determine what happens next. Whether the story ends or continues depends on your willingness to step out of your comfort zone, being brave enough to disrupt your existing model, and lead the way in a new direction. The beauty in writing each chapter of our lives is that we can take the eraser to the words and redo them any time. Life is never written with a Sharpie. If you make a mess of today, forgive yourself and start fresh with the sunrise.
“While this is a very disruptive time for business, disruption leads to transformation”
“This is the time when fortunes will be made, and fortunes will be lost.”
During COVID-19, we witnessed the breakdown of our global governments at many levels. As businesses, we count on our governmental policies to be our beacon in the night. One of our biggest lessons-learned during the pandemic is that we must take responsibility for our own circumstances. We’ve allowed ourselves to get too comfortable in the somewhat erroneous belief that our government will be able to come to our rescue in times of economic downturn, natural disaster or, clearly, pandemic. Perhaps we are learning a hard lesson about our role in our systemic recovery and resiliency. As we re-evaluate our strategies, implementing new mechanisms and policies which will transform our operations, we must establish contingencies for the fractures which have appeared – and continue to appear, in our supply chains, operations, distribution and services. It would not be unreasonable to use the past few months as the measure by which we reshape our strategy, ensuring that we weigh each catalyst and consequence to formulate flexible and adaptable plans for our new enterprise models.
2020 was about as predictable as the path of a Kansas cyclone. Not long after stepping into this new decade, as we all know, the world was blindsided with an unexpected reality – COVID-19. We went from commuting 90 minutes to/from the suburbs to commuting 30 seconds to our home office, which, for many folks, was/is the kitchen table, serving the dual purpose of conference room and classroom. Schools morphed into computer screens, airports became parking lots, and an elbow bump became the new handshake. We were gearing up for March madness, only to be shocked with an unexpected ‘madness’ in March. Four months ago, the education of our children was a daily routine – mindless clockwork. What time they get on and off the school bus; their spring sports schedules; SAT and ACT testing dates…all written in marker on our calendars. Why write it in pencil? These expectations and benchmarks were as predictable as the solstice – rigid, routine, unalterable.
Progress doesn’t stop because of a challenge, in fact, challenges are the catalysts for progress. It is said that the Stone Age didn’t end because we ran out of stones, it ended because of PROGRESS. We aspire to more sophisticated medical care. We find ways to use technology to automate and innovate. We create processes and operations to make our businesses competitive and relevant. As parents, we strive to enable our children to progress beyond us in terms of quality of life and success. Progress implies forward motion. Why then, in the face of COVID-19 and the challenges we are facing in our businesses, would we want to go BACK to the way things were? Why would we want to regress into the past – a past that was clearly laden with systemic fragility, catastrophic failures in governmental policy, supply gain inefficiencies and gaps, and ineffective plans for the management of risk. We can’t go back to normal because ‘normal’ was the problem.
“One of our biggest lessons-learned during the pandemic is that we must take responsibility for our own circumstances”
“Progress doesn’t stop because of a challenge, in fact, challenges are the catalysts for progress”
There is no magic formula which will determine how we emerge from the challenges of 2020; however, we need to look at this new year with a different mindset. Instead of letting 2021 shape us, we must shape 2021. Our success or failure is not predestined, arbitrary or accidental. We cannot attach blame or pass away the accountability. Too often, business owners or leaders fall into the ‘victim trap’, believing the there’s nothing they can do except lick their wounds and ride out the storm. However, to emerge from unprecedented and challenging times in a position of strength, flying as lead-bird, you cannot waste one minute ‘waiting it out’. While large multi-nationals have the internal teams or the access and resources to engage the large consulting firms for guidance and direction, buoyancy, weathering this storm and the subsequent recovery is much more challenging for entrepreneurs and small businesses. Small business owners bear the brunt of responsibility, carrying the weight of continuity, feeling the greatest impact from unexpected setbacks, closures and/or lapses in the supply chain. Small business owners are often required to step into all roles and positions within the company, meeting KPIs for the entire operational force. Being frugal with resources, doing more with less, and shouldering the uncertainty are, too often, the burden – and the survival strategy deployed by struggling small business owners. With the right tools and perspective, however, coupled with the courage to ‘reinvent’ in the face of adversity and challenge, small business owners have the singular opportunity to distinguish themselves, moving ahead of the pack of competitors, shaping themselves to be the vanguards of the future.
Accelerating our business depends on our ability to understand the need to re-strategize, then being courageous enough swerve off the pathway, recognizing that we have the power to pioneer a way-forward for others to follow. This is the motivation that will keep us driving ahead. But it all begins by making a commitment to persevere in the face of adversity and the determination to find the right key that will fit the lock of our new future.
We all know how beauty entrepreneurs and influencers have taken the driver’s seat when it comes to captivating people’s attention with innovative contents, make-up techniques, beauty hacks, product reviews and marking tremendous impact in the world of beauty business. Beauty market is growing at a phenomenal pace in India and spreading its roots stronger every day. Men, women, girls or boys all have come to the same platform of looking glamorous and personal grooming lately has been widely accepted like never before. Large numbers of global brands are eyeing on Indian market these days and major international salon chains and cosmetic brands are making their way to Indian market rapidly. We all know beauty has a way of capturing attentions and thanks to willing and growing consumers who have educated themselves on the latest trends and fashion. The changing market conditions and international trending beauty industry bolstered the demand for highly competent beauty professionals who can take the key positions as make-up artist, Hairstylist, Trainers, bloggers, retail managers for cosmetic brands, retail beauty consultants, aviation groomers, TV/film industry, Theaters, video albums, Netflix series, freelancers, and the name doesn’t end.
The world of beauty entrepreneurs has many pathways, here are few out lines for aspiring modern-day entrepreneurs for a successful future ahead.
Importance of Professional Certification: No matter whatever key roll you pursue to be in future the utmost importance is being professionally trained from any major well stablished academy and highly experienced trainers. Creative visions are seeing things that others tend to miss; this curiosity to examine things from all the angles may lead to discover more creativity. Look for exclusively designed curriculum which offers intensive conceptual practical study and training for a make-up artistry/hair styling professional course, and emphasize on highly professional trainings. Aspirants need strong visual understanding for a creative approach, market research and definitely a lot of hard work is required. If the question is who can apply the answers would be everyone and anyone willing to stablish there career as a beauty entrepreneurs. The aim of such program is to develop make-up professional and elevate interpersonal skills so that students can adapt confidence to the changing demands in people oriented industry.
Scope of professional courses:
Major academies are providing diploma and specially designed course in two categories; one is Bridal make-up and hairstyling and second is fashion editorial make-up which includes body art, prosthetic and many more. After specialization make-up professionals work either as freelancers or in the industry of media, advertising, cosmetic retail, and entertainment industry for theaters, movies/TV series and even work for designers to create a certain look for models, fashion photographers. They can even go beyond being beauty consultant; Asst. make-up artist for a well stablished professional artist, having their own makeup studio, or being beauty bloggers, beauty trainers, celebrity make-up artist and the list goes on. Opportunities are wide spread and endless, it all depends on the aspirant’s caliber and knowledge to take the best advantage of becoming a part of this billion dollar beauty industry.
What to expect from yourself: Becoming a great make-up artist and successful in the same professional field is eventually everybody’s dream but to achieve one has to work on skill sets which comes through knowledge, exposure and practice. Practice and only practice is the only key to success therefore one should never stop practicing on skill sets such as different face shapes, skin texture, skin tones, eye shapes. Hence the more practice can only bring perfection. There are more ways of gaining experience which includes working backstage at fashion shows, assisting stablished make-up artist and collaborating with other upcoming budding professionals like stylist, photographers, designers and people in other creative fields.
As a beauty professional myself I’m always being asked one question mostly, “Why should I get a certification course when I can learn from You Tube, beauty bloggers, beauty influencers and make-up videos? Well I would like to show the bigger picture here. First thing first, there is nothing wrong if you want to be self-taught and learn from these platforms but these can only guide you to a certain level i.e. for your daily routine in make-up and skincare and an update on how to use a new product which has been recently launched in the market. Not to forget we are living in an era where the competition is tough and industry is demanding and if you are planning your way to step into the industry of beauty professionals then professional education in the stream is vital because having a certificate shows your recognition of a valid professional eventually leading to many projects, clients and opportunities in future.
Off lately I’m been asked one question which surpasses all the questions “There are so many make-up artist in the industry what will be my chance to survive and getting opportunities”. Undoubtedly the number of people opting for a career as a make-up artist has massively increased in the past few years but that doesn’t say there is no future rather it shows the future is much more brighter, market will never stop with more new immerging national and international brands marking opportunities in the beauty business which is endless moreover people adopting grooming has become a part of their lifestyle and its growing every single day. The hard work put into your craft and wise investment never goes in vain.
The famous – Estee Lauder once said- I never dreamed about success, I worked for it.
Well I would like to say here- Dream about success and eventually work for it.
LaVar Arrington is a legend in football. Widely regarded as one of the top linebackers of all time coming out of Penn State University, he was selected #2 in the NFL draft by the Washington Redskins, where he went on to a legendary career as an all-time top linebacker. Famous for his spectacular ‘LaVar Leap’ on the field, Arrington has spent the years after football leaping into business as a successful entrepreneur and advocate for the development of youth. His career trajectory is a prime example of how pro athletes can continue to shine after their athletic careers have ended.
Sport is a common denominator around the world. It is the great unifier, the great motivator, and the global pastime. Regardless of which sport an individual plays, watches or supports, the attributes of an athlete are generally the same across all sports – the ability to function as part of a team, leadership skills, decision-making, patience and self-discipline. LaVar believes that, “While talent plays a role in levels of achievement, talent alone does not turn an athlete into an elite athlete. You must infuse the attributes listed above in order to become a ‘complete athlete’”.
Sport, specifically football, was the foundation of LaVar’s life from the time he was a young child in Pittsburgh, Pennsylvania – a city well-known for cultivating some of the greatest players in football history. LaVar was fortunate to have mentors and role models such as Dwight White, a legendary football player for the Pittsburgh Steelers, who was a neighbor in his community; and Jerome Bettis, from whom LaVar had the opportunity to learn many significant career and life skills.
“Sport is a common denominator around the world. It is the great unifier, the great motivator, and the global pastime”
“To be a complete athlete, LaVar represents that an athlete must be physically fit, but perhaps even more importantly, they must also prioritize their emotional, mental and financial well-being”
Over the course of his career LaVar came to recognize several learning gaps that impact the growth of an athlete, and his development as a businessman was based on an endeavor to fill those gaps for others – to help them build the attributes that make a complete athlete. To be a complete athlete, LaVar represents that an athlete must be physically fit, but perhaps even more importantly, they must also prioritize their emotional, mental and financial well-being. Committed to developing and nurturing youth to achieve their full potential, LaVar promotes the complete development of youth, providing an ecosystem of growth and development, focusing on helping youth to build the attributes which will allow them to be elite athletes and well-rounded human beings. LaVar is dedicated to shaping the future, one athlete at a time. Through the Complete Athlete and his Up on Game podcast, LaVar aspires to give young athletes the knowledge, tools and resources to help them develop themselves. In LaVar’s words, “If you can build winning habits as a person, and have winning thoughts and have a winning mindset and apply those attitudes to your life, then for me, we will have succeeded in putting one more positive person into our society; who can make a difference and will give back to others”.
The definition of success changes as we age and mature, and this is no different for an athlete. For the longest time, until LaVar got to an age where he was actually able to comprehend what success looked like and have physical interaction with top athletes, he saw success only as a dream. Now, as an entrepreneur and businessman, LaVar understands the important role that business leaders can play in preparing an athlete for success after their sports career. It is only when industry leaders humanize success – by opening up their daily routines, their decision-making strategies and methodologies – that the youth can see a real pathway to success, the actual steps they can take to achieve their goals. “I never took my talent for granted, pushing myself to always reach new levels and go beyond the limits that our minds – and sometimes our bodies, set for us. By never taking my talent for granted, I was always achieving new levels of personal success, which allowed me to be recognized as one of the greatest linebackers at Penn State University and continue to perform at a high-level in the NFL”, noted LaVar. “Now, as a businessman, I have the opportunity to influence young athletes in a different way – both helping to refine their talents on AND off the field.”
As an elite athlete, LaVar recognizes that his greatest responsibility is to enable youth to reach their full potential by empowering them to measure success through the personal and professional development necessary to become a complete athlete. According to LaVar, the methods of building success are truly a learned and applied process, and it’s not something that drops out of the sky. “You are not randomly chosen to be successful; rather, success comes to people who are willing to put in the time and energy and develop the beliefs that make success a reality”, notes Arrington.
LaVar recently launched the Up on Game podcast with fellow football legends, T.J. Houshmandzadeh and Plaxico Burress, allowing them to explore relevant issues in the world of sports and life. Through Up on Game, LaVar, T.J. and Plaxico endeavor to be a positive role models for youth, exploring issues and challenges relevant to young people today – at all levels of their game, helping them to overcome these challenges through their experience and lessons learned throughout their career. Additionally, he prioritizes bridging the communication gap between coaches and athletes, parents and kids, using Up on Game as a vehicle to spur conversation, discussion and positive impact.
Up on Game examines the issues and current events in sports, tying it to life, making it relevant for everyone. Edgy, honest, dynamic and raw, Up on Game allows Arrington, Houshmandzadeh and Burress to providementorship, experience, perspective and commitment to athletes of all ages. “Up on Game allows us to contribute to the development of athletes around the world, allowing us to impact lives, shape the character of athletes, developing the perspective and understanding of athletes, coaches, parents and families, who are integral to the success of the athlete”, notes Arrington. His aim is to build a culture of giving back, and to mentor athletes from a young age that a service mentality – embracing the impact that we must all make on society and for one another – is the most important ingredient to success at all levels of life, and it has been a fundamental pillar of LaVar’s life as an athlete and businessman.
“It is only when industry leaders humanize success – by opening up their daily routines, their decision-making strategies and methodologies – that the youth can see a real pathway to success, the actual steps they can take to achieve their goals”
“You are not randomly chosen to be successful; rather, success comes to people who are willing to put in the time and energy and develop the beliefs that make success a reality”
With the Complete Athlete and Up on Game, LaVar aims to familiarize the youth with critical self-development experiences. He believes that if you make youth aware of how important it is to learn who you are and to develop who you are, they will be on a course for a more enhanced life and future. “Had I done this, my life could have potentially been more enhanced, which may have even made me a more phenomenal athlete. In the end, I look at things from the very simplistic standpoint that, undoubtedly, I am more than enough, and also valuable enough to continue building and growing who I am, and that is my ‘magnificent obsession’, as C.T. Fletcher would say”, says Arrington.
Transitioning to the next stage of his career beyond football was easy for LaVar because of his love of helping people and being a person of service. He stresses that his awards and achievements in sports don’t amount to anything if he doesn’t use those experiences to help others achieve at a high level – high enough to potentially be an all-pro, pro-bowler or professional athlete. The Up on Game podcast allows him to have the opportunity to communicate with and mentor younger athletes, which is something he has always excelled at. “I’ve been a better teacher and a better mentor than I’ve ever been an active player. I take a great deal of pride in my ability to communicate clearly the different ways to approach sports AND life to be as successful as you can possibly be”, remarked Arrington. Helping to develop athletes into the complete athlete is something that has been a tremendous passion of his, and he recognizes that he has been blessed to have enough success where he can make this commitment to young athletes his daily focus in both life and business. He acknowledges that, “It is not about what LaVar can do for LaVar, it is about what impact and influence LaVar can have on humanity, and since my lane is sports, that’s where I endeavor to begin my ‘crusade of service’”.
Prioritizing personal development, professional development and continuing education programs for youth is critical to preparing young athletes to excel not only in sports but in their careers and life – by refining key life skills and building on the attributes of leadership that are found in athletics. When businesses commit a portion of their corporate social responsiblity budgets to programs that support the development of the next generation, they make a commitment to the sustainability of our collective future. Contributing to the development of youth means preparing them to be future elite athletes, entrepreneurs, innovators, and humanitarians – better equipped to take the reins of leadership in our metamorphic future.
LaVar’s advice to young athletes is to put as much effort into their personal growth as they do to their athletic growth, urging them not to neglect their mental health. Take risks. To quote William Shedd, “A ship is safe in the harbor, but that’s not what a ship was built for”. Greatness doesn’t come from comfort zones. As LaVar says, “Dream big, work hard, and don’t give up.”
The contribution by the Indian food service sector is multi-dimensional. Being a people intensive industry, it engages more than five million people directly and seven to eight million indirectly. The industry employs unskilled, fully skilled as well as differently-abled people.
The food service industry encourages growth and value addition in many related industries such as real estate, commercial kitchen and equipment, beverages, food processing and supply chain. research shows that both the organized and unorganized sectors have been contributing to the economy and employment. It is important to note that currently only 30% of the industry is organized, clearly indicating a large growth opportunity.
Quick Service Restaurants (QSRs) enjoy the largest share of revenue in the food service industry and 44.7% share of the food service market in 2019-20, with a size of INR 16,920 crore/ USD 2.35 billion. This segment in India is largely dominated by international chains including Domino’s, KFC, McDonald’s, Pizza Hut, Burger King, and Subway. The large Indian QSR players are Haldiram’s, Bikanerwala, Wow Momo and Jumbo King.
The evolution of aggregator deliverers (such as Swiggy and Zomato) in India has challenged QSRs who previously dominated the delivery market. Consumers now have a plethora of F&B options that can reach them swiftly. QSRs are somewhat cautious of being overly reliant on aggregator deliverers given, in part, that none of the aggregators are yet profitable. To this extent, there is a latent interest in maintaining control over delivery and all aspects its value chain.
The food service delivery market in India is already among the top ten in terms of Gross Market Value (GMV) – a key metric that measures value at the level of consumer spend (as opposed to aggregator income for example). Delivery aggregators – companies that capture orders from customers and deliver the ordered restaurant meals – are largely responsible for the recent rapid growth. The growth in the food delivery business has been powered by the rise of aggregators, cloud kitchens, logistics providers, own-brand ordering apps and a plethora of ancillary services that include enhanced POS software, innovation in technical fields such as AI and robotics, and data analytics.
Currently, growth strategies being pursued by aggregators appear clear: acquire new customers, enter new markets and expand share – and do this primarily on a ‘value’ or discounting stance. To this end, profitability has been a secondary issue but there are signs that this is changing, especially as Covid is likely to have a very material impact on balance sheets. There are still significant growth opportunities for entrepreneurs in this segment – from technology solutions to specialized logistic solutions and of course cloud kitchen concepts.
My Journey
My career spans over 30 years. I started at the bottom of the pyramid – washing dishes and bussing tables during a summer job while at The Doon School! After working part-time during school and college vacations, I did my Hotel and Restaurant Management degree from the Cornell Hotel School, USA. Subsequently, I worked for two years in the US – at The Four Seasons Hotel, Philadelphia and Spring Garden Bar & Grills, North Carolina.
I came back to India in 1992 and joined Nirula’s as a Technical Advisor and worked in various areas including operations, business development, marketing and PR. I helped establish Nirula’s in Muscat, Oman. In my second stint between 2006 and early 2012, I was a co-investor and CEO. We significantly grew the busines and contemporized the brand. This included creating new smaller formats which were replicable in various retail settings including airports, metro stations and highways. Nirula’s expanded from 35 outlets in 2 cities to 85 outlets in 8 cities. The Nirula’s brand has a strong emotional connect across generations, as it is Indian to the core of its heart, while still being international in look and feel.
From 2001 to 2004, I set up over 100 Pizza Hut and KFC restaurants in India, Sri Lanka, Mauritius and Bangladesh for Yum Restaurants as Manager (Development) for the Indian Sub-Continent. I was then Joint Managing Director of MARS Hotels and Restaurants in Mumbai, India from 2004 to 2006; the company operated diverse F&B Concepts and boutique Hotels in Mumbai, Pune and Bangalore.
Eventually, by identifying the niche for operational consulting and leveraging my diversity of work and start-up experience, I founded Tasanaya Hospitality in 2012. We serve clients across the Food Service, Hotel, Retail, and other related industries and have executed over 100 projects in the past 8 years. I have a very hands-on approach, have always promoted empowerment in my teams and fostered a culture of innovation. I like to recruit people who are driven, hard-working and take initiative.
Although becoming a hotelier was an impromptu decision for me, I can’t see myself doing anything else! My career has enabled me to travel all over India and the world, allowing me to gain first-hand knowledge from some of the top hoteliers in the industry.
The hospitality industry naturally engenders a multi-cultural environment. Working in a hotel does not mean that internationalism within the establishment stops at the clients, as the people behind the reception, in the kitchen and at the offices come from all corners of the world, and bring with them their own language, varying cultural backgrounds and ideas on how to efficiently work within the industry.
During my internship I worked with people from different cultural backgrounds and all these people taught me how to maximize my working capabilities based on their own personal experience, from their own place of origin. This not only enriched my practical skills but my knowledge of other parts of our country and the world. Working with such diversity all around me resulted in great development of my communication skills and, ultimately, the feeling of being a part of one big team.
The hospitality industry allowed me to develop professionally and as a person. Not only did I master the professional skills I had learnt during my education, but with time and commitment I learnt others, as I was put to the test with exposure to a vast variety of colleagues, clients and situations. From organisational skills, communication and working in a team, to more technical competencies such as serving, revenue management, accounting and facilities management; I learnt it all.
One of the most important factors in hospitality, literally, is taking care of people. My experience taught me that it takes empathy and commitment to put another person’s needs and desires ahead of your own – while keeping a smile on your face. Customers want an experience, irrespective of their reasons to stay in a hotel, and just as people differ greatly, so does the care and commitment each hotelier exhibits to the clients’ needs. I always enjoyed stepping out of the box to ensure that the needs of my customers were met.
I love hospitality simply because it’s fun and enjoyable. All the dynamics, all the shifting with different responsibilities and the feeling I got when I started in training and ended up in management positions is more than satisfactory. For me personally, the fact that I got the opportunity to meet and socialize with people representing a wide range of nationalities is the career highlight of my profession. The hotel industry is a pretty interesting and pleasant domain to get involved in. As with any other job, it has its ups and downs, and that’s the great part of it: there is always a place for innovation and there will always be innovators like myself.
One such innovation I am proud to be a part of is EazyDiner. I have been a part of the hospitality industry since 1997 and have been with EazyDiner, as Co-founder and Chief Innovation Officer, creating India’s leading restaurant reservation app since 2014. EazyDiner is one of the success stories in the new wave of digital start-ups in the Food and Beverage industry.
Being a major foodie with a strong desire to change the way India dines, I have maintained the role of Chief Innovations Officer, with primary focus on app development, creating crazy deals and initiating and executing new ideas with customers always in mind. As one of the Co-founders, I have been involved in the establishment of the initial platform of the company and in executing the core values and goals. From sales to team building (which incorporated recruitment and training), I have actively contributed to the growth of EazyDiner. I have been involved in and strategizing for and execution of customer building, from zero to almost 6.5 million. I was also deputed to Dubai in 2016 for the launch of EazyDiner from the foundation level, resulting in a success story for the company.
My Advice to the Younger Generation
If you are at a complete loss when it comes to career choice, talk to people who know you. Family, friends, tutors, and so on can often give illuminating feedback.
Turn to someone you admire. Everyone has a role model in their lives, someone who could be the most inspirational person for you. Often, you want to follow in the footsteps of your role model and it is motivating and inspiring to be like them.
Don’t base your career choice on job titles. Roles change over time, and you may well have the chance to develop yours. For this reason, focus on finding companies where you feel you would develop professionally, rather than being led solely by job title.
Follow your heart and avoid the traps of employment and accidental career paths. Many people spend years in education, only to stumble into the first job offered to them, and 20 years later they find themselves in a career they hate. Make the right choices at the start of your career to ensure that you have the freedom and flexibility to evolve as you move through life.
Seek career advice as you prepare to join the workforce and pay attention to tips from advisors, as they are the counsellors who have your best interests at heart. Always remember, you are the future.
Once you have embarked on your career pathway, time gets away at lightning speed. My advice would be to regularly spend time really thinking about your career. Professional development is vital for growth, both career-wise and personally. Do a career mapping by giving yourself a career objective and/or pathway. Have a concrete time frame of where you want to be in certain period of time – with defined goals such as seeing yourself getting promoted or even owning your own business one day. These motivational thoughts keep you excited as well as grounded.
Going through the textbook descriptions of leadership traits, one would likely come across dozens of chapters on integrity, dynamism, charisma, vision, positivity, inspiration, et al. Rarely would one come across the nuances of leadership decision making under stressful and difficult situations, or relative to complex relationships and conflicting goals.
I am often confronted with situations while multi-tasking, where quick decisions are required to be taken under stressful conditions with negligible reaction time and with important long-term consequences. Over the years I have somehow become seasoned in dealing with these types of situations. However, I was recently stumped by an unusual audience question during an Educational leadership Conference where I was the keynote speaker. I was asked by a professor of a medical college to name the one single key to good decision making in such situations. I dare to confess, I did not have a straight answer. There was no magic mantra which I could spell out. And that led me to reckon and introspect within to get an answer; and I did!
‘Smart Switching’ is what I figured out. It is no secret that all of us in leadership roles constantly multi-task. Good leaders follow the principles of prioritization and queuing of urgent and important work (incidentally they are different and poles apart in functionality). However, when confronted with multiple urgent and important decisions, under constraints of time, the leader either buckles under stress or his decisions lack impetus and depth.
That is the time when one has to exercise a ‘Smart Switch’. It’s actually simple if practiced over a course of time. Imagine a typical situation of a Monday morning for the CEO of a multinational company. He could be faced with a situation which demands multiple quick decisions – all at the same time. Say, a finance decision on one hand as it’s the finance quarter-end closing, an urgent procurement to be negotiated by lunch, a prescheduled new-product presentation to attend, the usual Monday morning weekly meeting of Heads of Departments, a conference call with overseas office before they close, the list seems endless. And not to forget the nagging friend asking for a nine-hole game in the evening, his wife’s long text message pleading to attend the first equestrian class of the son, and if that is not enough, the Outlook inbox showing hundreds of unread mails from over the weekend – two of which are reminders from headquarters of a missed deadline of the monthly sales report. Gosh! While it seems impossible to many, it is a situation which a leader faces more often than not.
So what do we do? We make a ‘Smart Switch’. Take each decision at a time. Concentrate, focus and collect the right ‘dashboard’ for a decision. The dashboard being a set of right inputs, suggestions, risks and consequences given by your teams. Trust the dashboard. Decide to decide fast and not procrastinate. Once decided, believe in your decision. Give a clear path for execution and then forget about it. Switch to the next situation. Concentrate on the next dashboard. Repeat the process. Decide, forget and move on.
As I said, it is not easy and comes with time and experience. But one has to begin somewhere. For me ‘Smart Switching’ has always paid off, with the right decisions being made in a short period of time. Remember, leaders do not have all the time in the world to decide. Decision-making requirements keep pouring in and the leader has to keep pace. And, frankly speaking, that is the leader’s job; to make measured decisions.
As we see the disruptive environment that Covid has thrust on us as business owners, leaders and professionals, one must wonder if the challenges associated with pivoting and formulating recovery strategies directly correlates to the fact that we are married to our legacy business models, unable to easily innovate and adapt. On the other hand, our youth have been reared in an era of hyperconnectivity, global connectiveness and digital transformation; allowing them to take these cataclysmic business shifts in stride. Our youth recognize that we are stakeholders of the planet – mandating sustainability and social inclusiveness, allowing businesses to truly embrace the world as a global marketplace.
So, how can the ‘old guard’ empower the next generation of entrepreneurs, business leaders and professionals to achieve the full measure of their potential? Incorporating disruptive, rapidly progressing technologies with the wisdom and lessons-learned through years of experience? For the youth, as they prepare to step into life, moving toward a future of decision-making, responsibility and adventure, I have a few suggestions which I hope will allow them to be the change-makers of the future, healing our badly damaged planet, incorporating technological innovation with the established business methodologies of the past.
Do not say goodbye to education. Your education is only just beginning. Life never stops teaching, so you should never stop learning. As President John F. Kennedy said, ‘Leadership and learning are indispensable to one another’. To be a great leader, continue to adjust your perspective, refine your skills, enhance your knowledge and recognize that experience, while important, represents the past, but education empowers the future.
Be ethical and altruistic leaders, building a legacy along with a career. Make ‘giving back’ an integral part of your ethos, weaving it into your business model from the very first day. Embrace sustainability as our collective mandate for the future. We did not inherit the planet from the past; we are borrowing it from the future. So far, we have done a horrible job of preparing the future for the next generation. We recognize that we have a responsibility to prepare you for our collective future now; therefore, as we give you the tools on which to build this future, recognize the gift you have in the Sustainable Development Goals*. Select one or two of these Goals, which are a blueprint to the future. Your impact on one goal will have an ancillary impact on many others. Perhaps the most important goal is number 17: Partnerships for the Goals; recognizing that we are stronger together. We have no ‘Planet B’. We can only heal our troubled world if we work together. It can no longer be us against each other; it must be us together for a solution.
You must find ways to differentiate yourselves. These are the times when fortunes and made and fortunes are lost.To be the former, don’t be afraid to throw away ‘the way it’s always been done’ and write a new way-forward. Recognize the value in the word ‘team’. As Phil Jackson said, ‘The strength of the team is each individual member. The strength of each member is the team’. When great minds come together with purpose, commitment and vision, the results can be transformational. As a business owner or leader, trust in the value of your employees, making them stakeholders in your company’s future. Delegate responsibility giving your employees the freedom and confidence to develop and refine their skills, and count on the diversity of their perspective when the chips are down and your company needs to pivot. As leaders, we often get trapped in the cattle chutes of worry, burdened with solving problems without sharing that burden with our team. Use your team to help ‘hack’ apart the problem and brainstorm the solution, and you will have a company that will always be the industry or sector leader. YOU have the power to define the future. Your personal and professional success or failure is not predestined, arbitrary or accidental. You cannot attach blame or pass away the accountability. When adversity becomes a chapter in the handbook of your business, YOU have the power to decide how that chapter is written. It begins by making a commitment to persevere in the face of adversity and the determination to stay the course.
Take risks. To quote William Shedd, ‘A ship is safe in the harbor, but that’s not what a ship was built for’. Greatness doesn’t come from comfort zones. Dream big, work hard, and don’t give up. You may have to try 1,000 keys before you can find the one that opens the door, but if you quit, that door will stay shut forever.
Be open to adjusting your route and relishing the unexpected detours that life bestows. What you expect to be, the life plan that you’ve drawn for yourself, will be as ever-changing as a Dubai street map. The detours will lead you to unimaginable experiences, destinations and people, often missed by those who are too inflexible, fearful or distracted to see these diversions as opportunities. Put down your phone. Look up. SEE the world. Destiny will walk right by those who are too busy taking selfies.
Be strong in your convictions, even if those convictions are contrary to popular opinion. With each juncture in life, you will need to make a decision. Do not be afraid to swim against the current. Make your decision, believe in that decision, and follow it through to the end – regardless of the outcome. Do not doubt yourself. YOU are the one person with whom you can have complete trust. Make mistakes. Mistakes are as much a part of life as successes, and they often teach you the largest, most important lessons. Do not be afraid to fail. Failure is one of the necessary stepping-stones of life. Follow your endeavors through to the end – sometimes the end is bitter, and sometimes sweet, but each conclusion you reach will leave you stronger than you were at inception. There will always be people who tell you ‘it can’t be done’. Remember, people say you can’t because they are afraid you WILL.
Follow your dreams, but do not be afraid to change those dreams. As you grow and evolve, so will your hopes, goals and aspirations. Life is unpredictable, and ever changing. Be brave enough to change with it. As Darwin said, ‘It is not the strongest of the species that survives, nor the most intelligent; it is the one most adaptable to change’. Do not be afraid to embrace change. The ones who are crazy enough to believe they can change the world, are the ones who do.
While it is never good to judge a book by its cover, learn to trust your instincts. They rarely steer you wrong. Always treat others with dignity and compassion. Be helpful, not hurtful. You may never know how deeply an unkind word will affect someone. Be empathetic. Compassion, honesty, commitment and humor are necessary qualities found in all great leaders. Believe that YOU have what it takes to be a great leader. If you believe it, you will achieve it.
You never know how strong you are until being strong is your only option. Do not hold on to the past. Do not be afraid of the future. Enjoy today and learn from it. If you make a mess of today, forgive yourself, and start fresh with the sunrise. Each day is a clean slate. Each path you take will be an adventure, and remember, the greatest surprises and joys will be found on those unexpected detours.
Sustainable Development Goals: The Sustainable Development Goals (SDGs) – also known as Global Goals – were set by the UN General Assembly in 2015 as a part of the UN Resolution called ‘The 2030 Agenda’. There are a total of 17 SGDs, each set with the intention of achieving a better and more sustainable future for all. The SGDs are integrated and interdependent, and have the definitive purpose of balancing development with social, economic and environmental sustainability.
They say “Grown men don’t cry”. I did, in the initial stages of becoming an entrepreneur!
Flash back – thirteen years ago – when I was at the peak of my corporate career as the Chief Operating Officer for India and South Asia of India’s leading, Swiss-owned tourism company Kuoni Destination management. Things could not have been better, but for the internal nudge most mornings when I reached work, “What are you contributing today?”
I have always believed that you should quit when you are at the top – in no matter what you do. Quit, not out of defeat or insecurity, but out of the confidence in your own self to be able to start something from ground zero all over again. Thoughts of building a small, boutique resort which challenged traditional norms of hospitality had been taking shape in my mind for over a decade by then.
So I took the plunge from the corporate world to entrepreneurship in 2008, when I started building the Tree of Life Resort & Spa, Jaipur. It was just 13 villas on 7 acres of land, 15 kilometers outside Jaipur city. Well-wishers and industry friends cautioned me on the business model and my loan for the project was rejected in the first round on account of ‘project not being viable’. I pushed on, believing in my gut feeling that this is what travelers of the future would look out for – space, privacy, calm. And yes, it was in those days of insecurity that I occasionally cried, wondering if I had made the right move.
Fast forward to 2020 – the Tree of Life Resorts is presently operating nine properties across the country, and we should be closing another four this year. Over the last decade we have stuck to the non-negotiables that I started out with a decade ago: Stay small – each of our properties are between 10 and 20 keys; Away from city centers – we will always be 10 to 15 kilometers away from the noise and crowds of city centers; Pet-friendly – all our resorts welcome our four legged furries; No buffets – we prefer to serve our food fresh and on the table. And post Corona, while hotels and resorts try and adjust to the ‘new normal’ in travel, we have been practicing these norms for a decade now!
What did it take for me to do what I did?
First – a blind trust in my own self and in what I was doing. Yes, I occasionally wavered, but not once did I lose confidence in the path I had set out for myself. I just knew it had to work.
Next – I was not in it for ‘big bucks’, like most entrepreneurs are. I wanted to create a space which I believed in and have fun operating it. Even today, while the hospitality industry operates on ROI – Return on Investment, I operate the Tree of Life Resorts on ROE – Return on Emotion. I want my guests to enjoy what we offer and to keep coming back to us. Money is important, but it does not drive us. So yes, improvise – but do not waiver from what you believe in.
And, most importantly for me – the sort of people I associate with in business. Both sides must have a similar belief system, otherwise no matter how lucrative the deal is, I walk away from it. The challenges as the Tree of Life Resort grows are actually related only to growth – how ’big’ do we want to get? Size matters, but ‘small’ is also a size! I see us staying in the boutique niche that we have carved for ourselves. The number of properties under the brand is not important – how satisfied are our customers; do we continue to believe in what the brand stands for; are we able to look after our team members to the best of our availability; are we considered good business partners – these are the priorities for us as we move ahead.
First off, let us define ‘successful’ as personally fulfilling and financially rewarding. Follow some important rules and a career in real estate will bring you those rewards.
Rule number one
Estate agency is not a get-rich-quick scheme. It is a profession in which you must be trained and constantly improve. Learn everything there is to know about property. Learn about the history of property, the art of construction and architecture, the improvements that have been made over the years and also the mistakes that have been made, especially in recent years. Learn everything about the future of construction, sustainability, ecology, smart technology and more. Learn about the basic principles of architecture and interior design. Understand that, just like properties are constantly evolving, so is the profession of selling it. Be ahead of the game, learn about the latest software, including virtual reality viewings.
Rule number two
Be passionate about what you do. Real estate is the number one commodity for every living being on the planet. Whether you help a young family to buy their very first home or whether you assist a king to buy a castle in Europe, be truthful and honest and always try to understand your clients’ needs. Listen more than you speak. Observe more than you show. When you speak, do so mostly to ask questions. Be your customers’ advisor.
If you want to reach the top of your game, you will truly have to excel in three main areas which are the pillars of every successful estate agency. These are: A) first class service, B) exceptional presentation and C) best possible exposure.
Rules one and two will help you to provide a first class service.
Your presentation of the property will have to make it stand out from the crowd and shine in front of potential buyers. Your presentation has to include professional photography, possibly interior design or staging, as well as state-of-the-art marketing. Join or build your own team of marketing specialists and invest in a modern, stylish and easily navigable website.
Depending on the market segment and geographical area in which you operate, exposure of the property to the widest and biggest possible market is of great importance. The general rule is that – the higher the price, the further you need to reach for the suitable buyer of your property. The mix of exposure consists of traditional print advertising, social media and online activities, as well as direct sales including exhibitions and private events. This can be very costly and only very few specialists and skilled companies can operate successfully in the highest segments, which brings us to the next rule.
Rule number three
Consider joining a franchise or license operation. The two main pillars of presentation and exposure require very hard work and considerable expenses. Many of those services are provided by, or at least supported by, franchise operations. Do your market research, decide in which segment you want to work, and then on the basis of your decisions choose the right franchisor or license partner who can help you to reach the top.
Above all, remember to enjoy your profession, always try to excel and success will come to you.
