1 ENTREPRENEURSHIP- A KEY TO ETERNAL HAPPINESS OF SELF & SOCIETY 2 WISH YOU VERY VERY ,VERY HAPPY, PEACEFUL, PROSPEROUS NEW YEAR Dr. Rajkumar S. Adukia author of more than 300 books Global business growth and motivational coach Passionate to make anyone speaker, writer, assisting in acquiring professional qualifications and promotion in job member IFRS SMEIG London 2018-2020 ex director - SBI mutual fund, BOI mutual fund B. Com (Hons.), M.Com.,FCA, FCS, FCMA, LL.B, MBA, Dip IFRS (UK), DLL&LW, DIPR, Dip in Criminology, Ph.D, IP(IBBI), MBF, Dip HRM student of , MA(psychology), LLM, CFE, IBBI(RV)+++++++++++++++++ ranks mumbai university 5th , inter CA 1st , final CA 6th , final CMA 3rd +++ Chairman western region ICAI 1997 Council Member ICAI 1998-2016 Mob: 98200 61049 Request to contact through email only advdrrajkumaradukia@gmail.com 3 Way forward Robin Sharma said ―Everything is created twice, first in the mind and then in reality.‖ Nearly everything around you- your chair, your laptop, - was first conceived in someone's mind, then created in the physical world. To create the life you want, you must start by creating the right thoughts. It's great to visualize, but it's also very important to act - create some plan, or just start to implement first steps. As Tony Robbins says - ―If you talk about it, it's a dream, if you envision it, it's possible, but if you schedule it, it's real‖. 4 WE AS GLOBAL ENTREPRENEURS MENTOR An Entrepreneur is not born, but he is developed from different vocations. Entrepreneur is influence not by a single factor but is the result of interaction of many such as further. a) Family background b) Socio-economic change. c) Standard of education and technical knowledge. d) Financial stability. e) Political stability. f) Government policy. g) Caste and religious affiliation. h) Availability of supporting facilities. i) Achievements ( aims and objectives) j) Motivation. k) Personality and personal skill. An Entrepreneur has to initiate the process of development crossing all the barriers in his way. Successful entrepreneur must possess the following qualities: He should be a motivator. He must possess self confidence. He must be committed to the project He must be prepared to work for longer hours He must be a problem solver. He must have initiative, accepting personal responsibility for actions and above all make good use of resources. 5 He must be a goal setter. He must be a moderate risk taker Entrepreneur Mentorship: Success in any business is a combination of many factors and one of them is to keep learning about your business. The entrepreneur mentors have a direct impact on the growth and survival of their business. The early years of any business are therefore a crucial make-or-break period, and business mentors are vital to their success. 89% of small business owners who didn‘t have a mentor wish that they did. These highlight a need in the entrepreneurial community to find and connect with qualified mentors who can deliver solid advice to help a business over those shaky first years. We at Adukia Law Chambers can assist you and your organisation by being your mentor in willing to act as a trusted confidante over an extended period of time with an objective to provide advice, counselling from a fresh perspective, collaborate and help you as an entrepreneur stay focused on their long-term goal of making their venture a success. We as a navigator : It is important for budding entrepreneurs to understand the right route to reach their destination while embarking on their entrepreneurial journey. We as your Business mentors can expand an entrepreneur‘s viewpoint, helping you with multiple perspectives to solve problems and give them the ability and confidence to collaborate with trusted sources, ensuring you have a smooth and safe drive to your destination. Providing unbiased views: With our development-driven attitude, we firmly believe that we can view your business with fresh, unbiased eyes and guide you, instead of solving problems for you. 6 Dear Colleague, As we change the calendars to a new year on our desks and on the walls of our homes, we are welcoming new possibilities. We find the nature around us preparing for the spring. The weaving birds building the nests and the chirping of the new born birdlings creates a symphony of new songs that the life is suggesting us. The more we align to the nature the easier we feel is the flow of life energy that builds us for the journey called life. As professionals we are moving into a new phase of adaptability. Whether moving our office to home or managing our employees who are working from home, we are seeing changes everywhere. Our services to our clients have also undergone change, change in the matters on which our advise is sought and also the manner in which it is delivered. The court hearings are now online and so are the arbitration matters. Our webinars are online and so are our Board meetings. The metamorphosis we are experiencing is bound to make our wings stronger. It is helping us take higher flights. As Wallace D. Wattles says in his book, “The science of getting Rich”, the universe responds to our desires and the collective desires shape the universe’s desire. Creation and accumulation of wealth or riches is also very fundamental to this book which I use as a bible of my life. I am particularly drawn to the philosophy that one must work towards creating wealth in life. This may 7 seem quiet contrasting to the belief that lot of money is sin. I believe that money is source for creating endless services to society. We need money for the very charity that we wanted to do for so many years. Whether it is our desire to provide for education of your house-help or providing food for the needy, it cannot be only met with desire. It has to be backed by money. The desire to earn riches vibrates with the universe because universe responds to this vibration and brings in , lot of abundance into our lives. And our collective desire creates abundance in nature. As Stephen Covey i n his book “7 Habits of Highly Effective People” mentions that the synergy and not competition is the way to creating of wealth and success. He explains that with more people joining you , the pie gets a lot bigger than the common notion that it gets divided into smaller pieces. I also resonate with the 8th habit mentioned by Stephen Covey which says “Find your voice and help others to find theirs”. Stephen Covey makes the use of the word “Voice” to mean "unique personal significance." I believe that as professionals, our voice is to serve as many people in the society as possible. Our work creates for us our unique personal significance. We professionals collectively have the capacity to shape the future for ourselves and the nations. Today’s leadership is guided by this habit of the Covey. The other book which significantly has influenced me specially since celebrating my 61st birthday is “Die empty” by Todd Henry. The philosophy of this book motivated me to spend my day in the best possible manner. It taught me not to postpone the most significant task of my life to even a single minute. The author says that we should not withhold any desire today as this gets accumulated filling up the essence of our life. 8 Instead, if we bring our desire into action today and stop procrastinating, we would die empty, empty from unfulfilled desires. The philosophy also resonated with me, as I believe, the knowledge that one has gained over years should not die with us. It should be disseminated to others. And I have chosen to disseminate it by wring books. My “Die empty” moment comes when I write a book on any subject on which I have gained knowledge by research or taking up a any new course. This has motivated me to acquire knowledge through various courses. Some on professional development and some on self- development. Whether it is to write a book on Leadership and management Philosophies from Bhagvat Geeta and Bhagvat or to any technical subject, I have emptied my knowledge in the books with passion sown in very page. The book that I am sharing with you today is also one such attempt to share my knowledge. With wishing you a very happy new year, I invite you to write a book with me on the subject of your passion or we can discuss any new professional opportunity. Lets get together to create many happy days in the new year. You can reach out to me on 9820061049 or on email at advdrrajkumaradukia@gmail.com With best wishes. Dr. Rajkumar S adukia 9 INDEX Sr. No. Content 1 Skills of Entrepreneur & Marketing 2 Steps to Become a Good Entrepreneur 3 How to Expand Your Business or Profession by using the Marketing Strategies 4 Diversification 5 How to sale? Things to remember 6 Lessons to learn from the examples of strategies applied by successful businesses 7 Opportunities / Doors of Marketing 8 Brand Loyalty in the World of Marketing 9 Marketing trends 10 Digital marketing 1 1 Communication skills that are crucial for sale success 1 2 A relationship between Marketing and innovation 1 3 Marketing - a conceptual study 14 Government e Marketplace 1 5 Micro small and medium enterprises 16 Opportunities in agriculture sector 1 7 Make in India 1 8 Start - ups India 1 9 Invest India 20 Foreign trade policy 2 1 Export & Import 2 2 Commercial contract 2 3 Negotiation & Mediation Way forward 10 Chapter 1 SKILLS OF ENTREPRENEUR AND MARKETING Life is a sum of choices. What we choose consciously or sub-consciously – we receive. Self-actualization or the need to realize one's own maximum potential and possibilities is a desire which most people dream to achieve. Realizing the Power of ̳YOU‘ is the basis of life. What ̳YOU‘ think, ̳YOU‘ become. What idea ̳YOU‘ conceive, turns ̳YOU‘ into a success story. What ̳YOU‘ believe in truthfully and blindly from the depth of your heart ultimately happens to ̳YOU‘. ̳YOU‘ can change your destiny by ̳YOUR‘ karma. ̳YOU‘ are the architect of your own future. YOUR future is in YOUR hands. The essence of achievement in life is the acceptance of the fact that YOU cannot always determine what comes your way in life, but you need to equip yourself well enough so that you can steer yourself towards a more effective and fulfilling life – a life which takes you from Employment seeker to Employment creator to be an Entrepreneur !! To be an entrepreneur is to think differently. While most people seek refuge, entrepreneurs t ake risks. They don‘t want a job; they want to create jobs. Their goal is not just to think outside the box but to own the box. Entrepreneurs don‘t follow the market; they define the market. This backward way of thinking is referred by Kevin D Johnson in his book ― The Entrepreneur Mind‖ to as the Entrepreneur Mind. Strategies for Entrepreneurs All entrepreneurs must ask themselves three vital questions that concern their business strategy: Where are we now? Where do we want to be? How do we get 11 there? If we don‘t know the answers to these questions, we don‘t have a strategy for success. Businesses with a clear and a solid strategy are prepared to win. ―Thinking Big‖ Despite its popularity,―Think big‖ is ubiquitous and the saying has no clear me aning, especially as it relates to business. In business, ―thinking big‖ simply means pursuing ideas that maximize the scope of your potential. Likewise, it can mean pursuing ideas that have maximum impact in the world. Despite its simple definition, thinking big is difficult to do for many reasons, but if you are aware of the obstacles you can avoid them altogether One of the main obstacles to thinking big is the inability to outgrow our environment and this result in inability to create businesses that go beyond the confines of their reality or environment. In other words, the environment in which we operate restricts our thinking to the point that the business suffers limited growth or even death. Many entrepreneurs lack the motivation to pursue big ideas. This mentality is prevalent among entrepreneurs who have had some level of monetary success in business that diminishes their willingness to pursue bigger ideas. The entrepreneurs remain in their comfort or have become accustomed to going for low-hanging fruit. It could also be that, these entrepreneurs could simply be overwhelmed with running their own business and don‘t have the bandwidth to do anything else. For overcoming lack of motivation, entrepreneurs should find an individual or team to hold them accountable for pursing their big idea, step by step. Several entrepreneurs lack the self- confidence to think big. They don‘t see themselves running a large organization, or they are frozen by the immensity of their idea. They may ask themselves, where do I start? How will I build a team capable of pulling this of? Where will I get the start-up capital for such a huge idea? To boost your self-confidence, devise and take small steps that start you 12 working on your idea. For example, do some basic research about your idea or write down your ideas. If you are like most people, these small wins will add up to increase your confidence and to propel you forward. An Entrepreneur may often lack the diversity and expertise of influencers required to think and eventually to execute in a big way. To jump this hurdle, one must establish a diverse network of individuals who think big and understand what it takes to arrive at that level. Likewise, they can help you to vet and improve your idea. Create New Markets If I had asked people what they wanted, they would have said faster horses. — Henry Ford, founder, Ford Motor Company There are two kinds of entrepreneurs one those who create markets and second those who do not. On the one hand, the entrepreneur who creates markets is considered a revolutionary. On the other hand, the entrepreneur who competes in well-established markets is considered ordinary. Both approaches can lead to success in business, but research indicates that the creative entrepreneur has a better strategic position. Blue Ocean Strategy, a best-selling business book, makes a cogent argument that creating new markets known as ―blue oceans‖ is better than competing in overcrowded industries known as ―red oceans.‖Which kind of entrepreneur are you? If you have a blue ocean, you are on your way to tremendous success. However, if you are competing in a red ocean, it‘s time to adopt strategies to spawn innovation, leading your company to significant profits and to a sustainable competitive advantage. Work on Your Business, Not in Your Business 13 If your business depends on you, you don’t own a business— you have a job. — Michael Gerber, author, The E-Myth Until an entrepreneur‘s company runs without the founder, that person is just self - employed, the lowest rung in the hierarchy of entrepreneurs. The entrepreneurs are often overwhelmed with their business, doing everything from their own taxes to taking out the trash. They work nonstop not because they want to but because they have to. They may act as though they have a team that takes care of everything, but they don‘t. Before you even start your business, focus on planning how to get rid of yourself, especially if the business is service-oriented and you are the one serving. This outlook is absolutely imperative because once the business gets going; you won‘t have time to dedicate to planning when work piles up. You naturally will give priority to serving clients and generating revenue rather than planning your replacement. Finding quality people to fill all-important roles puts you in the frame of mind of running a business. In this mode, you are really an entrepreneur, and that‘s what it is all about. Once you have successfully eliminated the dependency of your business on you, you can focus on growing your business or even moving on to your next venture. All Risk Isn’t Risky Risk comes from not knowing what you are doing. — Warren Buffett, businessman, investor, philanthropist Among the several definitions of an ―entrepreneur,‖ there is a common word ―risk,‖ which is what truly defines an entrepreneur. The following simple definition by Merriam- Webster is one of the best: ―An entrepreneur is one who organizes, manages, and assumes the risks of a business or enterprise.‖ The focus then becomes understanding risk and how it factors into being an entrepreneur. 14 ―Risk,‖ as defined by the same dictionary, is the ―possibility of loss.‖ What‘s most interesting about this definition — and contrary to popular belief —is that it doesn‘t impart a negative value judgment; the definition merely declares the possibility of loss. In other words, an event can have a 1 percent or a 99 percent probability of loss. Our response to an interpretation of those two levels of risk makes all the difference. Entrepreneurs have a higher tolerance for risk than the average person when it comes to starting and running a business. Don’t Waste Time Procrastination is opportunity’s natural assassin. — Victor Kim, entrepreneur; former owner, New England Patriots The best entrepreneurs create environments of stressful urgency. Entrepreneurs know that startups rarely get anything done in a relaxed, take-your-time environment. For example, Steve Jobs, the cofounder of Apple, was notorious for pushing his team beyond its limits by setting seemingly unrealistic timelines. As a result, his company created products quicker than they had ever imagined was possible and thus gained a huge competitive advantage over rival companies like IBM. Doctors and psychologists believe that stress caused by time constraints or urgency has an upside. In fact, they argue that we all need stress in our lives to perform certain tasks at a high level, ranging from avoiding a car accident to finishing a report for work. A recent MSNBC.com article explored the benefits of stress: ―When the brain perceives physical or psychological stress, it starts pumping the chemicals cortical, epinephrine (adrenaline) and nor epinephrine into the body. Instantly, the heart beats faster, blood pressure increases, senses sharpen, a rise in blo od glucose invigorates us and we‘re ready to rock.‖ The article also quoted Janet DiPietro, a developmental psychologist at the Johns Hopkins Bloomberg School of Public Health: ―When you have a deadline, when you have to perform, 15 you want some stress to he lp you do your best.‖ If you lack the sense of urgency to grow your business, evaluate why you want to be in business. Ask for Help Tell everyone what you want to do and someone will want to help you do it. — W. Clement Stone, businessman, philanthropist. When you start your business, lose the ego immediately. It‘s the main reason that entrepreneurs don‘t seek help. An overinflated ego even prevents those who ask for help from receiving it. Rarely do people want to help those who act as though they don‘t need it. And there‘s a difference between being confident and having an ego that‘s too big for your own good. Confidence attracts people; ego repels them. Do What’s Most Important First the key is not to prioritize what’s on your schedule, but to schedule your priorities. — Stephen Covey, best-selling author, The Seven Habits of Highly Effective People. Doing the tasks that are most important in business is counterintuitive. Normally, these crucial tasks demand more time, energy, and focus than we care to give. Thus, we avoid them, doing those simpler tasks that really don‘t have a major impact on our business Require Criticism and Disagreement in Your Company Honest disagreement is often a good sign of progress. — Mahatma Gandhi, Indian nationalism leader, social activist. Making the decision to pass on a customer is especially difficult for young or new entrepreneurs who are hungry for business and revenues. However, choosing bad customers can cause a lot of frustration, drain resources, damage your reputation, and eventually put you out of business. To help you decide what customers are worth your time, consider four important signs which indicate that you should not take a client and gracefully move on from the relationship. These signs apply especially to entrepreneurs who run a service-oriented or consulting business. 16 1. be skeptical of a client who seems not to know what is needed or who constantly makes changes. For example, if you have a web or graphic design company, explain clearly your creative process and the time needed for the project. Also, a client should be comfortable with your capabilities and what to expect from you. Find out from new clients what attracted them to your work. Show your portfolio. 2. be careful if a client is not willing to pay an hourly rate or a piece rate of some kind. Agreeing to a fixed cost for your work is not bad per se. However, it‘s not so great if you end up doing more work than you anticipated. Many clients encourage you to lower your cost to lock in a good rate. In a gesture of good faith, sometimes the client will pay you all the money up front. That way, you are beholden to the client until it receives a deliverable it likes. These types of arrangements can be especially stressful and strain a relationship to the point of litigation. 3. Avoid any client who hesitates to sign a well-written agreement. This is a true test of whether a client is worth your time and effort. An agreement or contract protects both parties and outlines expectations. Without a comprehensive agreement you have no way to protect your interests, assess the progress of the work you have done, and verify the deliverable. 4. Take heed of any less than good feelings you have about a potential client. Don‘t be afraid to fire a client. Just because some custome rs want you doesn‘t mean you need them. A Bad Economy Is a Great Opportunity A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty. — Winston Churchill, prime minister, United Kingdom (1940 – 45, 1951 – 55) In short, entrepreneurs do not allow a bad economy to hold them back from accomplishing their goals. Ironically, poor economic conditions often have the opposite effect; they motivate entrepreneurs more and propel them to succeed even faster. Times are not as great as I write, but entrepreneurs ignore the zeitgeist and 17 create positive circumstances. They roll up their sleeves and get to work, anticipating the next growth period. That‘s where you want to be: ready to grab the bull by its horns and ride. Chapter 2 STEPS TO BECOME A GOOD ENTREPRENEUR KNOW YOU ARE ENOUGH! You need to know that you are enough. Before anything else, it is of paramount importance that you are completely empty of self-doubt, self-limiting and unhealthy negative thoughts. Our self-image in our own eyes is the most important determinant of success. If an individual himself/herself has self-doubt of his/her ability and is skeptical of achievement of goals – it is impossible that success is ever attained by him/her. Every person is able and capable and there is perfection in every creation. Accept yourself and connect totally with who you are. Be comfortable with your identity which makes you what you are. Your beliefs, your likes, your dislikes, your perceptions, your character need not be similar to others. Your identity is central to you and controls your growth, if you waver and question your identity, then the growth trajectory also falters. Do not imitate others to achieve success. Be aware of yourself and that will give you confidence to succeed as yourself. 3 STEPS FIRST STEP – SET A GOAL TO BECOME ENTREPRENEUR Whatever it is that you aspire for, if you are passionate about it and desire it truly – it is your goal. ̳Goal‘ is serious business. Be 100% clear about the reason you have set your goal and the value your goal holds for you. When your goal is set in 18 the correct way, automatically the personality you desire to achieve this goal will come to you. Your goal can be attained only and only when it seems real to you. If you truthfully and faithfully believe in what you desire you will most definitely attain it. Nothing can stop you; no amount of roadblocks and no failures seem like dead-ends when you are focused on your goal and nothing else. Belief, faith, conviction are words th at move mountains. It is a state of one‘s mind which can lead the owner of that mind to achieve things that no one has ever achieved just by the mere presence of this small little word ―Belief‖ - Belief in your idea, belief in your line of action, belief in the outcome, belief in yourself. Condition your mind to see that whatever comes in your way in your journey towards the attainment of your desire are not obstacles but situations which you will mold in your favor. The universe will work with you for you to achieve what you desire. REMEMBER STEP #1 - Set a GOAL to chart a journey from seeker to creator. SECOND STEP - ALIGN YOUR THOUGHTS WITH YOUR GOAL The ultimate power lies in your own thoughts. The single most important factor which directly determines your position in life is your own mind. The ̳Placebo Effect‘ is a proven fact that some patients' health improves after taking what they believe is an effective drug but which is in fact only a placebo (a substance or treatment of no intended therapeutic value). Therefore a person can recover from illness just by his own mind only thinking that he is being treated. Your achievement is a consequence of how your mind thinks. A ̳Thought‘ is the Alpha and Omega of success. Buddha said ̳what you think, you become‘. Accomplishment of your goal has already started when the seed was sown in your 19 brain as a thought. To be successful, you have to first train your mind. You must master your mind and have dominance over your thought. Imagine wealth, victory, success – and you will achieve it. You want success and the universe will serve it to you if you can control your thought process. A human mind is a reservoir of power: It can conjure up zillion thoughts. The art is in taking that one thought which you believe in, and turning it into reality. Fill your mind with positive thoughts. Let there be no place for negativity, gossip, worry and criticism. You will destroy the beautiful seed of pure thought even before it germinates. Water your thought, nurture it and let it grow into unimaginable wealth and success. Every individual is his own person. He alone knows what motivates him and drives him to achieve. With his personal experiences and emotions he alone can work on his impulse to make it a reality. Don‘t poison that beautiful ability by clouding it with negative thoughts. The aphorism, "As a man thinketh in his heart so is he," not only embraces the whole of a man's being, but is so comprehensive as to reach out to every condition and circumstance of his life. REMEMBER STEP #2 – Align your Thoughts with your goal THIRD STEP – JUST GO FOR IT! TAKE ACTION TO ACHIEVE Niyata ṁ kuru karma tva ṁ karma jyāyohyakarmaṇ a ḥ | Śarīrayātrāpi ca tenaprasiddhyedakarmaṇ a ḥ ||8|| Sri Krishna said: Perform your prescribed duty (karma) because action (karma) is superior to inaction. Even the maintenance of your body cannot be accomplished through inaction. 20 Action is imperative to achieve. Action is just the simple act of doing. It is common knowledge that no idea can be turned into reality without action on the idea. Creation of an idea and the desire to turn it into reality backed by all the monetary power available will still not guarantee riches unless there is action performed towards that idea. Over- analyzing and over-thinking will kill the idea even before inception. So, the key is to start and start now! If you want to earn your millions in your profession, have faith in yourself, just pick up a pen and paper and write down a detailed plan action schedule regarding the steps you will take to achieve your goal. Be ready to give yourself that push of ignition to just ̳begin‘ like the starter in a vehicle – your initiation of action to attain your goal can be compared to the starter in a vehicle because it is the most important device which is used to rotate an internal-combustion engine so as to initiate the engine's operation under its own power, without which the entire vehicle, the time and money spent on its creation is a waste, and the same holds true for your ̳action‘. So, if you want to become rich, successful, reach the great heights of success you have imagined in your life – it‘s not going to come to you while you just sit there at your table dreaming about it. The more you work, struggle and do whatever it takes to reach closer to your goal, you will observe that the worst is over and somehow things are getting better and better. Remember your goal and your well defined plan to achieve your goal, just focus on it; it will give you the strength to keep moving forward. Patiently persist. Don‘t lose your enthusiasm when you suffer setbacks on your road to success. They are mere stumbling blocks. Gather your determination and tenaciousness and with single-minded strength of purpose forge ahead. The harder you work, the closer your goal will seem. To reach the pinnacle of success you have to climb the small little steps on the staircase which will take you there.