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ENTREPRENEURIALSKILLSBy G RAJ NARAYAN
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
WHO TREADS THIS PATH?
Challenges, Freedom and Passion
Keen desire to achieve
Strong will to succeed
Capability to work 24x7
Out of the box thinking
Explore off the beaten track
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
REQUIRED SKILLS Good planning capabilities
Domain knowledge
Competitive, Leadership and Innovation skills
Multi-tasking skills
Resource Management: finances, employees, time
Ability to stick to schedules
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
ATTITUDINAL REQUIREMENTS Assertive personality
Open mind for learning
Open to criticism
Strong desire to please and satisfy
Networking capabilities
Ability to withstand failures
Hard work and Perseverance
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
FAMILY REQUIREMENTS
Should have at least moral support from immediate family members
Not too many family commitments, either psychological or financial
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
FINANCIAL STRENGTHS
Reserves to sustain without any returns for a year or two
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
PROBLEMS OF A START-UP
Financial assistance from Banks
Marketing skills
Finding Manpower
Multi-skilled and Multi-tasking needs
Interactions with Government departments:
Electricity, Pollution Control Board, Excise, Sales Tax,
Service Tax, Labour, Municipal Corporation etc
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
ROAD TO SUCCESS
Let the right attitude show
Focus on Quality
Stick to promised schedules
Communicate with customers
Upgrade knowledge, skills and technology
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
UNIQUENESS OF RADEL
Small and modest beginning
Innovative solutions
Promoters’ passion for the products
Customer-centred approach
Rapid turnover of cash flow
Continuous innovation
Scale model of ideal industry
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
SMALL AND MODEST BEGINNING
Established:1979
Initial Capital: Rs.10,000/-
Sub-contract manufacturer for BHEL
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
INNOVATIVE SOLUTIONS
Developed Multilayer coil tester and ensured zero defect
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
Problem: No equipment available to test multi-layer coils
PROMOTER’S PASSION
Inventions of electronic musical instruments: 1979
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
CUSTOMER-CENTRIC APPROACHExtracts from Appreciation Letters from Customers
I am most impressed with the swiftness of your reply and your service. Now I can see why the rest of the world feels threatened of Indians.
Paresh Shah, London
I must say I am very, very impressed with Radel's customer service. Your responses to my questions have been both fast and friendly. My overall opinion is that Radel is a first-rate company in all aspects, and I will be sure to spread the word among my fellow students of Indian music here in the United States.Tom Austin
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
CUSTOMER-CENTRIC APPROACHExtracts from Appreciation Letters from Customers
You have a very satisfied customer here :-).It’s obvious to me that your company is committed to innovation, customer satisfaction, and refinement. It's certain you will see more orders from me.Suresh, Australia
Your package arrived in excellent condition on June 24, a mere 7 days for delivery. Your excellent packaging would have prevented all damage from anything less than the direct crush of an elephant's foot. Both instruments work well. Consider me a well-pleased customer.George Graves USA
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
CUSTOMER-CENTRIC APPROACHExtracts from Appreciation Letters from Customers
I really appreciate the service rendered by RadelIt is really nice to note that the after service rendered by your company is far beyond service rendered by many of the service industry.I don’t have any words to express my satisfactionGanesh, Hyderabad
Any one who thinks of a "sruti box” it should be RADEL. Dr.S.A.S Sarma, Pondicherry
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
Design and manufacture of electronic fan regulators:1981
Design and manufacture of automated home lighting controls: 1982
CONTINUOUS INNOVATION:EXPANSION OF PORTFOLIO
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
First model of electronic tambura for Indian music:1979
CONSTANT UPGRADATION OF PRODUCT PORTFOLIO
One of the new models of
Digital tambura: 2014
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
Invented electronic Tabla
for North Indian music:1987
CONSTANT UPGRADATION OF PRODUCT PORTFOLIO
The first electronic tabla Taalmala
The latest model of
digital tabla: 2014
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
Digital VeenaInvented and Patented: 2002
NEW INVENTION ADDEDTO PRODUCT PORTFOLIO
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
Management of:
•Cash Flow
•Product Portfolio
•Marketing Skills
•Quality Awareness
•Customer-Centric Approach
Led to growth and set up of a Private Ltd company: 1994
DRIVERS OF STEADY GROWTH
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
TIMELY EXPANSION
Set up a state of the art factory in Electronics City Bangalore: 1995 Obtained ISO 9001:2000 Certification: 2003
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
PROBLEMS OF GROWTH
Creation of core team
Need for quality Managerial staff
Higher overheads
Wider applicability of statutory laws
Wider area of operation - Sales & Marketing costs
Competition from unorganized sector
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
PROS & CONS OF REVOLUTIONARY PRODUCTS
PROS
First mover: Creates Buzz
Less Competition initially
CONS
Concept Selling
Slow Customer Adoption
Innovative Marketing needed
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
PROS & CONS OF ASMALL PLAYER IN A NICHE MARKET
PROS
Fewer Competitors
Better Margins
CONS
Small market - Limited Growth options
Small marketing budget - Limited Visibility
Employees disconnect with product line
Batch Production
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
PROBLEMS & SOLUTIONS SOLUTIONS
Be fair and transparent
Be Law-abiding, principled
Upgrade continuously
Hire and train
Optimize Cash Flow
PROBLEMS
Ethics - Employees, Customers, Dealers Govt. Agencies
Copy-cats
Manpower
Funding
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
DIVERSIFICATION
Leveraged extensive domain knowledge in the Aerospace sector to set up an Aerospace company: 2005
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
Electronic bomb release
Speed Switch for Dornier
RMI tester
Distributor for Jaguar
AEROSPACE PRODUCTS
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
QUALITY CERTIFICATIONS
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
AWARDS IMM BINATONE Award for Innovative marketing: 1987 Karnataka Rajyotsava Award: 1996 Karnataka Kalashree Award: 2001 (Govt of Karnataka) R&D Award from Govt. of India: 2010
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
When Creativity and Innovation combine with
Stringent Military Quality, you get
Radel
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
SO WHAT DOES IT TAKE TO BE
AN ENTREPRENEUR?
All of these qualities
Plus
Your own DNA
Content prepared by G Raj Narayan, 2014. Not to be reproduced.
GOOD LUCK!
Content prepared by G Raj Narayan, 2014. Not to be reproduced.