Business Start Up: What C K Prahald never taught?
When shyamal started his business after completing his MBA from a reputed B school, he was going against the tide. His parents, relatives and friends all have warned him against this. He belongs to a well respected middle class family where both parents were government employees. They had decent earnings and respect of others. They had a good life working 10 to 5 and never getting bugged down by pressures or challenges of deadlines that is normal in corporate world.
They had a nuclear family with a daughter and son. The daughter is married to a software engineer who is working in a reputed company with a handsome salary. Both the parents wanted their son to follow their foot steps, but the moment Shyamal decide to do MBA they were a bit sceptical. However after seeing that corporate jobs can also be well secured as their son –in- law’s, they did not mind much.
They have always encouraged Shyamal to excel in his studies and provided him with all the necessary resources. They probably have decided what is best for their son and wanted to lead him in that direction. As with every parent they in their deepest of heart, they wanted the best for their son.
As always Shymal excelled in his studies and was the top performer in his batch. His thinking was heavily influenced by Management thinkers such as C.K. Prahalad, Garry & Hemel etc. He read ‘The Fortune at the bottom of The Pyramid by C.K. Prahalad’ many a times. He very much liked the ideas described in the book. And he became an ardent follower of him, eagerly read all his articles and listened to all his lectures.
Towards the end of second year in B-school, Shyamal decided to be an entrepreneur and thought he had learnt enough of business strategy to make it a success. He did not sit for any campus interview. His parents were shocked and pleaded against it. However Shyamal was hell bent on working for him. He thought working for others is a waste of time and without much scope to utilise the full range of his skills and knowledge. Also he was convinced that he has learned enough strategies to make his business a success.
He was adamant about his decision; it is not to say he did not respect his parent’s opinion but wanted to experience the world on his own way. After much of pleading and counselling, every body including his parents gave up to his determination.
So Shyamal started on a new journey to set up his own venture which was never done before in his family. And he knew he would not get much of the support from anyone around him.
He had developed a business idea and had chalked out plans for an ‘Event Management Company’ during his studies. In fact he had received good grades from his lecturer on the business report he submitted on that same topic. He was reassured that his plans will be successful and he will soon be on his way to be a successful entrepreneur.
His parents bowing down to his decision had decided to finance his business. He started with only four employees: two for marketing, one as Event Manager and the other as an office boy. He was very cautious at the beginning not to fork out a lot of money on anything till he gets a feel of the market. He had rented the top floor of a 3-storied building which belonged to one of his friend’s aunt.
He set up office with the minimum infrastructure required to carry out business. He was positive and hopeful of the future. Since he grew up in that town he had many contacts and there will be no shortage of business for him, at least that’s what he thought.
In the first week of business he was referred to his first client by one of his cousin. They wanted to organise a small event for their club members. Which he readily agreed to and provided them with necessary documents; the co-ordinator took the documents and assured him of business. The event was scheduled to be held after a week. It was almost a picture perfect beginning for...
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