ISEC Talks : Sector Talk on Retail

As the old saying goes ‘Experience is the best teacher’, people at Samavesh in association with GNIMS’s ISEC had organized a conference of young retail business intellectuals, to share their experiences with the management students and guide them on the path of being a successful entrepreneur. Samavesh being an off-shoot of AIFMB (Asian Institute of Family Managed Business), focused this conference on motivating the students present to get back to their family business and grab the opportunities in retail sector. There was excitement amongst the attendants as even before the commencement of the conference, eager students had started interacting with the speakers in the ADMI lobby. The conference was held on an oval shaped table so that there would be free flow of ideas and thoughts.

CA Falguni Shah commencing the conference by addressing the audience

The first guest speaker was CA. Falguni Shah (Visiting Faculty at Pearl Academy, Luxury and Fashion Business Consultant), who began the conference by addressing the basic questions arising in the minds of those willing to startup their own business. She continued her talk by explaining about omnichannel and cross channel retailing. Being a consultant for entrepreneurs and specializing in fashion segment of retail industry, people tend to ask her professional advice while setting up their business. She recollected that there was one question in particular she would ask her clients – Do you have a strategy? Majority of them used to deny and counter question her, that whether she had one for their business. She believed that, every business was like a child to the entrepreneur and only the owner can understand and nurture it by creating their own business strategy. Her motif behind this sector talk was to motivate young minds into execution and bring them back to the family business. She encouraged all to aim at the retail sector as it had huge potential for the family business to flourish. The last message for the student audience, with which she concluded her talk was:

“Get out of the cell phones! Keep your eyes & ears open and talk to each other, as that will help you gather ideas and people to make your entrepreneurial journey successful.”

Mr. Manas Shah talking with the audience while other guest speakers listening intently

The discussion was taken further by Mr. Manas Shah (Director at Integrated Drive Systems Pvt. Ltd. Mumbai Area) who is Currently involved with the launch of an all new range of handcrafted space saving and multi utility furniture by the brand ‘R Cube Furniture’. Coming from a business background and handling his family business from past 10 years, he shared his ideas of doing business. His core business was manufacturing of machinery as per client requirements so his prime focus had been on cost scalability of business. When asked about what eventually got you into retail, his honest reply was that he was still taking baby steps and have got a lot to learn about the retail industry. Before getting into the retail business we need to think whether the product will be attractive to the customer and does it have a potential to be big, thus was his mindset when he got into the retail industry. His focus was on how to capitalize an opportunity and the product development stages. Online presence and a place where people can come and get an actual feel of the product was his strategy to go with.

He encapsulated the audience by sharing various examples of businessmen, whom he got to know due to his line of family business, who amplified their family businesses through innovation and smart work. He narrated a story about a gentleman who innovated his family business of Almonds by flavoring them and became a huge success.  The idea behind his retail venture had been hovering in his mind for 5-6 years, which made him do his thorough market research in the meanwhile. When he found out that there was a market for multipurpose & less-space occupying furniture and he could make the same using most of the components used in his manufacturing business, he decided to venture into it. He advised all the students to do the same – To research and understand the product side and market side for the product before setting up the business.

The last Guest speaker who rejuvenated the crowd with his vibrancy was Mr. Amit Sarda. Being an entrepreneur since the age of 14 and nurturing his passion for Entrepreneurship, Customer-centricity, Strategy & Data Sensing; there was a lot to listen from a man of such caliber. He shared the stories of his entrepreneurial journey since childhood, which was an inspiration to all. His topic was Go-to-Market, in which he narrated the significance of reaching the masses in the nooks and corners of our nation. He gave his own company’s example of how they reached almost 1200 towns in the far regions of our country through strategic planning and using simple mediums such as WhatsApp. A Brand is an important asset for any business and an important insight on it was shared by Mr. Amit, that businessman is just the custodian of brand while consumers build the brand. He urged the youth present there

Mr. Amit Sarda addressing the students

to go to the market and study consumers’ buying behavior. There is a lot of power in today’s youth and your perception on things matter, said Amit. He told the audience of a GEN8 Board of millennials in his company who validate their business ideas and suggest them. Many students were enchanted by his struggle and entrepreneurial journey and showed curiosity to know more about him and his company. There was a Q & A session in the end where the guest speakers were bombarded with questions by the curious audience including students and faculty alike. In the end Mr. Amit Sarda concluded the conference with a thought provoking message:-

“Use the Simplest of Idea to start your business and always focus on building a Business Model.”