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Monday, 25 February 2019

A letter to an Entrepreneur - 3

Dear friend,

     You have been telling me from our college days that you want to become a Businessman like your father, but don't want to join his family business. That's really good; it shows that you want to create your own personality and doesn't want to hide under the shadow of your Dad's empire. But I have observed in the past two years that you are not enjoying what you are doing. Most of the time you seems to be frustrated with your job and running away from reality. I know you are doing a job only to keep yourself busy. But what's the use of such business where you don't have any goal and just working to turn the pages of the calendar of your life? I think you seriously need some career guidance and you must share your confusion with someone you really look-up as a mentor; in your case your dad.

                     Friend. you want to set-up a business in the field in which you completed your education. You know the cost of a start-up in the Hospitality industry is very high and you also know that the dream of your own hotel is still too far. You are not ready to start with Restaurant; as most of the restaurants in Mumbai are running at very low margins and some of them already shut down due to high real estate rates and inflation in food items. One thing is really true that you do have good knowledge about what's happening in your industry, which is a really good thing. But I know that lending foundation of your own Hotel is not a piece of cake.
                     But if you are really serious about your plan; I can suggest you few things. In any business; it's very important to understand the demand-supply scenario. So Market Research is very important. So before taking any liabilities on your shoulder, you can try to do the analysis of the Inflow-Outflow or Revenue model of the industry. Hence I will advise you to take a job as a Sales Executive/ Business Development Executive in your field for year or two. Study the business properly on ground level. Once you get a fair idea about how leads are generated, the demand-supply equation is met; the next step would be to start your own Freelance Marketing for the same client base. Yes; you got it right. You can personally meet with Hotel Managers in Konkan region areas and tell them that you are ready to work on a commission basis for them. Avoid crossing your earlier employers path. Once you learn these things properly and.... if you managed to do everything properly up to this things will fall in place automatically. You will be very much experienced to take a risk to start your own hotel/resort with some venture funding.

              My point is: Sales and Marketing are very essential parts of any business. Once you know how & where to sell your product/service; you can easily think of producing it by yourself. Hope you agree with me. All the best for your future.
 Take Care.

Deepak Doddamani

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