Learn the recipe of success from the two masterminds of Emami Ltd - RS Goenka and RS Agarwal, who established an Rs 8,000 crore conglomerate with hard work and perseverance.
When Emami founders - RS Agarwal and RS Goenka - started their venture in 1960, with meager Rs20,000, it wasn’t the apt period to kick off a venture. Distilled in an easy-to-read, insightful narrative of business tips, the founders of multinational Emami Group of India, Radheyshyam Agarwal and Radheyshyam Goenka, are the legends of India’s beauty business.
Here is the edited excerpt from their insightful book- Business: The Emami Way - for those daredevils who dream of turning their wisdom into reality.
1. Success is a teamwork
Victory or failure of a venture totally depends upon the wisdom of its leader, dedication and self-motivational factors of its workforce, a good team, efficient management of cost and expenses, innovation, marketing, time management, high team morale and last but not the least, the manner in which you conduct your business.
2. High values and moral
An entrepreneur needs to build and run the company based on high values and morals. He or she must also learn the ropes to keep the consumer happy and always be way ahead of the competition.
3. No quality compromise
Quality of your product or service is your biggest identity- your most effective brand ambassador. The silent promise you make to the customer.Quality assurance is the key to gain trust of not just one time consumers, but to earn loyalty of their future generations as well. Exactly the way Emami Group did.
4. Never lose focus
Only you can reckon the best possible way to maintain focus in every situation - good or bad. It’s essential for an entrepreneur to remain focused, maintain dignity and courage while remaining calm and composed at all times, especially during crises and out-of-control situations.
5. The joy of sharing
Success should not refer to or mean only your ‘personal achievement’. The joy of success will increase when you as an entrepreneur fulfill your responsibility towards the society, the national and humanity.
6. Youth empowerment
Work towards youth empowerment and employment is essential for a lasting venture. Thereby, if you’re thinking of expansion, think of those sectors or industries which may create employment. Moreover, your organisation must be aligned with the policies and priorities of the government and this will enable you to reap benefits of the special concessions offered by the government.
7. Must bring disruption
As a leader, be prepared to develop yourself at every stage, be flexible and creative, always be ready to innovate and add elements of your creative imagination to disrupt the industry. Disrupt will help you challenge yourself and bring success even if you fail first.
8.Team play is a must
To run a business seamlessly, it is essential that your Think, Plan and then Act. Make sure that your team is on the same page as your creative and ambitious goals are. Often interact with your team and motivate them in a manner that they start taking your ambitious plans as their own, this will surely buck up them to put in those extra effort which is required for your business.
9. Try to read minds
Even if you know all the features of your beauty product and are very much aware of pros and cons of your organisational structure, but you won’t get success, unless and until you read the minds of your consumers and the people who work for your or with you. Every single soul surrounds you - be it clients, employees, partners, investors or even the house keeping staff of your firm, they all need your backing to donate you their support in return. So, be judgmental enough to make them comfortable working with or for you.
10. Be ready to grab opportunities
As they say, opportunities may knock your doors anytime. It is essential for a business leader to be equipped to ride the wave of opportunities as and when they appear. DO NOT be complacent or lethargic and allow opportunities pass you by.
According to a motivational writer, coach and the author of The Magic of Thinking Big, David J. Schwartz said,“The size of your success is determined by the size of your belief. Think little goals and expect little achievements. Think big goals and bag big achievements. Remember this too, big deals and plans are often easier- certainly no more difficult than small ideas and plans.”