Scaling up the business to a bigger enterprise needs infusing innovative ideas, capital, plans and the like. Every startup struggles to achieve big and is eager to know the trade secrest to do that. DARE Webinar second day witnessed a very exciting session of Vineet Bajpai, Founder of Magnan Solutions and a best selling author as well. The Webinar session was attended by over 100 attendees including entrepreneurs, CXOs, aspiring entrepreneurs, students etc.
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Vineet Bajpai is the founder of Magnon Solutions, one of the largest Digital Media companies in India at the young age of 22, with a couple of hundred dollars and two rented computers. Today Magnon employs nearly 125 people, has offices in New Delhi and Mumbai (India), with extensive international operations via his second group company, Magnon International. Magnon has been ranked among the Top 25 Internet companies in the country in the year 2010. Bajpai is also a widely respected Human Resources and Leadership Development trainer.
On the second day of DARE Webinar, Vineet discussed some exciting aspects of entrepreneurial growth and how to build winning companies. His second book, “The Street to the Highway” revolves around the essentials of scaling up business enterprises. Vineet said there are books for aspiring entrepreneurs, for people who want to start businesses, on how to get an idea, like his first book on “Built from Scratch”. Then there are books for large enterprises- but not for entrepreneurs who had started out well, who have talent but have not been able to build their companies up to their winning level they had thought. His second book is to gap this void. He said, there are companies that started with three employees and remain so even after few years of operation. He feels the missing thread for these companies scaling up is the lack of correct guidance. These entrepreneurs have enough potential to grow but they remain so because of lack of correct guidance of what has to be done.
He stressed on having certain amount of planned approach with discipline. He said there are certain tactics, certain strategies and certain proven paths that successful entrepreneurs take, but unfortunately few management books are able to whisper the basic secrets to building up companies. He himself learnt the tricks through mistakes and through discovering.
Vineet’s second book talks about the basics of individual preparedness and entrepreneurial preparedness. Planning a larger company and being able to take active actions, planned steps are different. Individual leadership is what is required. As an individual are you committed to growth?
He cited his experience here to make things clearer. One of the days, he went out with his few entrepreneur friends, to watch a movie named -The Aviator, of legendary director Howard Hughes. When they stepped out of the movie one of his friend said I want to be like Howard, I want to build company like he does. After a week passed, Vineet enquired him about this and noticed there was no excitement remaining in him. Vineet asked his friend as to what steps he had taken to turn things into action. The friend answered that it was a movie only. So there are differences in aspiration than actual deed. There are few instances of putting ambitious thoughts into ambitious deed. Vineet told him, "You need to know what new steps you have taken. Don’t wait for growth to happen. There are companies who wait growth to happen and remain in the same size after few years of operation." According to Vineet, if anybody wants to scale up they need to be committed to growth.
He shared another experience. When he worked as a sales professional, after closing a big deal he went out to celebrate with his friends. That was the summer month of June in Delhi. They went to some juice store. There during the time spent, Vineet took out his pad and started working on to find out next deal to work on. His friend got irritated and said why he is doing this. Vineet’s friend asked after closing such a big deal don’t they deserve a rest. To that Vineet replied that they are in the formative years of their career. So if they would like to be a mediocre entrepreneur they can think of resting. But if someone aspires to have an edge over the mediocre entrepreneurs than they have to think of using the resting time or holidays to make plans to work.
That year. Vineet also suggested having clarity of vision, mission, objective, goal etc. He said the time they were at management schools, they used to think about these mission and vision as nothing. But now he understands mission and vision as very crucial. Smaller companies need to have the vision clearer than bigger companies. They need to have clear measurable idea with measurable plan. Once Vineet called up his sales team and ask them to sign a paper- on which it was written - "I promise to make this a $1 million company." Though the team members laughed at that time, but the team achieved that goal
According to Vineet perseverance is another technique to achieve big. He suggested believing in one's business, to giving time to their business and having patience.
The webinar ended with a audience asking many questions, like - "What is the gist of winning ways?" to which Vineet answered : "This is a loaded question. I would say there are 4 Ps required. That can be said as 4 Ps of Vineet Bajpai. The 4 Ps are - People, Potential, Performance and Profit."
Another entreporeneur asked : "How important is it to delegate work?" to which Vineet answered by giving his personal example. He said, "I had worked as receptionist, sweeper, sales person and in many roles when our company started. Decentralization and delegation are the life blood of your growth. It’s not 'I' but 'We'. You have to believe in people around you that they would deliver better than you would, as a smart entrepreneur is one who keeps smarter people."
Do read the webinar report of Day 1 here. Do register for the eweek here, if you still haven't.
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written by nifty options tips, December 20, 2010
written by nifty options tips, December 20, 2010
written by Nimesh, December 17, 2010
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