• Deccan Chronicle
  • Andhra Bhoomi
  • Asian Age
  • ePaper
  •  Auto Refresh
Home

ePaper
Last Updated:03:54 PM IST | Wednesday, May 25, 2022
  • Home
  • Politics, Plan And Policy
  • Markets
  • Companies
  • Economy
  • In Other News
  • Autos
  • Just In
Menu
  • Home
  • Politics, Plan And Policy
  • Markets
  • Companies
  • Economy
  • In Other News
  • Autos
  • Just In
Home > In Other News > 4 traditional business skills that will help develop strong entrepreneurial
In Other News
4 traditional business skills that will help develop strong entrepreneurial
By  
DECCAN CHRONICLE   , Published : Oct 10, 2019, 1:38 pm IST | Updated : Oct 10, 2019, 1:38 pm IST

The modern entrepreneurs now rely more on external and bookish wisdom and advice and learnings.

The modern Indian is now going to foreign universities, gaining MBAs, which over the last 50 years is clashing with traditional business wisdom. (Representational image)
The modern Indian is now going to foreign universities, gaining MBAs, which over the last 50 years is clashing with traditional business wisdom. (Representational image)

India has been traditionally a trading nation. We were never ‘hunter-gatherers ‘as some people were around the world.  We are a very old Asian country which shaped itself around agriculture and trade. It can be said business is in our blood from millennia. 

The traders from Rajasthan used to carry their wares on camels across the country doing trade. Those were the days when communication was limited to snail mail, letters being posted. Traders from Gujarat and Rajasthan honed and shaped the wisdom of business then. The son would begin working at an early age, joining the father and passing on that knowledge to his son and so on. (I am not mentioning the daughters as then they were meant to be married off, not involved in the business).

 India, over the ages, was ruled by many masters including Moguls and British.  They too, in their own way brought their wisdom in their methods of trade. This mix and match developed the skills of buying selling, planning, execution, over the centuries. 

The modern Indian is now going to foreign universities, gaining MBAs, which over the last 50 years is clashing with traditional business wisdom. Technology has also changed decision making. Data is now available at call, projections of possible results such decisions are possible now. The modern entrepreneurs now rely more on external and bookish wisdom and advice and learnings. Older people are not being consulted in the pass down effect of traditional business thinking and culture, effectively choking the thousands of years of experience. 

It’s like the Vastu principles, which relied on thousands of years of cause and effect of where different rooms are laid out, the placement of the kitchen (fire), bathrooms (water) windows and doors, etc. Modern architects no longer rely on tradition, so is it with modern entrepreneurs, who benchmark imported success stories. It’s not that the modern methods are wrong; they have produced large numbers of overnight billionaires. 

What India needs a blend of both, the traditional and the new.  It’s a new world brought about by modern communications, technology advances, new products which did not exist before. Let us adopt the middle path. Neo Entrepreneurs blended with traditional wisdom, and soon we will rule the world of commerce.

 Traditional business skills to help entrepreneurs are:-

1) Business Instinct: It is important to have a business instinct to be able to judge business opportunities as and when they come. This happens by way of being a keen observer of success and failures in others. Long before the Google era, businessmen honed their observation skills. They observed the changing trends and customer preferences. Now you can leverage technology to attain a conclusive understanding using CRM and Date Analysis.

2) Understanding People: Develop a keen understanding of people. It’s essential to be out at business networking events, get to know those who attend such events, etc.  Most people are more relaxed and open to talk about their business with a glass in their hands. In-office people are always on their guard.  In the present day, social media, online review sites, help to get knowledge of people, be it a vendor, an employee, a potential partner or a client. Understanding the DNA of a person is an essential part of making the right business decisions.

3)  Negotiation Skills: From time immemorial, business people have been negotiating, buying or selling. It’s not just haggling.  Negotiation goes much beyond that.  It entails timelines of delivery or product or service, payment terms, clauses to fall back on in case of defaults or anything going wrong, terms of MOUs or Contracts, etc.

4) Consumer Pulse: It’s very important to know the preferences of your customers. This helps in modulating your offer to suit his needs effectively. If a customer is looking for a round peg, no point in offering a square. Tailor your offers carefully.

By Vikash Mittersain (Chairman & Managing Director, Nazara Technologies Ltd. & Founder & President, India Business Group Chamber of Commerce)

end-of
Tags: 
business skills, entrepreneurs
Latest From In Other News
Kaleshwaram Irrigation Project. Picture credits : ANI

NGT says environmental clearance for Kaleshwaram violates law

Internet and Mobile Association of India too had sought clarification on the issue. (Photo: PTI)

DPIIT to soon issue clarification on 26 pc FDI in digital media sector

In financial year 2018-19 the proportion of gross non-performing assets (NPAs) to total loans decreased to 9.1 per cent compared to 11.2 per cent in 2017-18.

RBI sees corporate governance 'fault lines' at some lenders

Most Popular

Mukesh Ambani 9th richest on Forbes' real-time billionaires list
Top credit card myths harmful for your financial well-being
Microsoft CEO Satya Nadella tops Fortune's Businessperson of the Year 2019
Employment growth slowed down in last two years: report
GST structure: key challenges and its solutions

Editor's Picks

Income tax e-filers drop by over 6.6 lakh in FY19: Official data
Swiping on your smartphone reveals a lot about you to your social media company
  • Read Financial Chronicle as it appears in print.
  • Subscribe, and get it delivered in the inbox everyday.
  • Politics, Plan And Policy
  • Markets
  • Companies
  • Economy
  • In Other News
  • Autos
  • Just In
  • Home
  • About Us
  • Contact Us
  • Terms of Service
  • Privacy Guidelines
  • Copyright © 2019 Financial Chronicle, All rights reserved
Developed & Maintained By Daksham