Start Business with No Money in India & Business Secrets - Rajiv Talreja | FO368 Raj Shamani

0:28Why do some people can't make a big business? So, workable business model is an indicator of survival. At success, the fact indicator is you have a second line of leaders who are managing day-to-day. So, owner can focus on growth, expansion, diversification, all of that. If you have 1 crore, what will you start a business today? Something that every household needs. What? See, like that. Where do you feel what is the next billion dollar opportunity in India? Something in the infrahouse space. Family business. The kids say, Dad, we give our opportunity. First, when you get your children to join your business, please do not give them a cabin, please do not give them director, vice president status.

1:07First, listen to the two generations. You need to have three relationships with each other. One, you have to have a relationship of the family. Second, you need to have a relationship of a business partner. And there's a third relationship that needs to happen of a mentor and a mentee. You have expanded so many businesses. The most common business is like this. Like, I...

1:55My business models, challenges and how they make big of it All of them, Rajiv always helps me Because they have helped me in life That's why I'm putting a link in the description in the description If you also have to learn Rajiv from Rajiv And you have to do a lot of business You can click on the link and enroll in his course He has helped me a lot and I hope he helps you too I don't have money for this I don't have any endorsement for paying me. I'm just giving you an option that as they help me, you can also help me in expanding your business. In this episode, we will know how to find the right business coach.

2:38What are the business stages of your business? How do you understand how strong leaders can build in our organization? And if someone starts zero, what are the best opportunities? and if your business is dying stage then how do you do it safe? This episode will be done and tell me what you learned from this episode from this episode. Enjoy the show.

3:08Let's get the case. Let's say, I have a big business. Okay, there is clarity that I have a big business, a legacy business. I have a lot of money, a lot of big names, make a lot of things. We will do this. Done. Sorted. How can I make a big business make a big business? Why do some people make a big business make a big business? Why do some people make a big business? Starts are the same in the field. More people, some business start with hope and optimism. That if I will launch this product, this service, I will launch this product, then I will make money. If anyone else starts with this thought, he will not start.

3:45So, every hope and optimism will start. Now, you know, you can get out of your product or service to make a assumption that everything will be good, will be good, will be good, will be good. If you have three dots connected not to do that, then you will not make money or not. You will not make money or not. What is your three dots? First, to define who is the right customer. Who is the right customer? Who is the right customer? The right customer is the person which has your product or service to be paid and the need for your product or service and the need for your product or service If you don't have money then what you're talking about doesn't keep the money.

4:29So figuring out who's the right customer. A better question on this. Let's say this is my cup business. Does it all come to anyone? No. This cup look, feel, vibe who will appreciate? Modern couples. Exactly. Aesthetic sense Aesthetic sense You can give me my mom To pay for it First of all Tension That the work Is clean To remove What will happen Right So to profile Your customer First figuring out Right customer Right customer Money and need Then figuring out Right product Or service For that customer For which the customer Is willing to spend the money But look I can go as a parenting coach and I can teach 10 ,000 things I can teach saying be non-reactive when your child falls I can teach saying how to put the baby to sleep on time how to develop brain so that he becomes an achiever achiever right now watch if I am positioning myself as a parenting coach and I have 10 ,000 solutions for 10 ,000 problems के लिए है और मैं सब के बारे में बात कर रहे हूं मैं customer को confused कर रहे हूं बहले ही आप अपने customer के लिए 1000 problems solve कर पाओ बड़ा पहले बात उसके बारे में करो जहां पर वो पैसे खर्च करने के लिए ready हो ओके यह आपने एक और example तो इसका कोई दूसरे business का boring traditional business so say for example a jewelry store simple like I'll give you a take my jewelry store has everything and I go out in the market and say someone can come versus if I my messaging focus we are experts in wedding jewelry now if you have married and there are two stores and a store is the jewelry store and a store positioning, storytelling, branding messaging, promotion we are the best wedding jewelry store in the city when you have a wedding store where you enter?

6:44wedding volume exactly exactly exactly someone who can buy it for a wedding for a wedding that's why it's a brand that's why it's a big market capture Zara and H &M for a lot of money and more money now people think that if I talk about just wedding then my other customer will be removed see if you are trying to be everything to everyone you will be nothing to no one you got to be something to someone before now if this customer came in because I am the top leading wedding collection stocking jewelry store and I have shown value I have made a relationship I have shown variety also dikhah di phir this customer will probably come back to me jab bachcha bhi paita hooga hmm kyunki ull ko pata hai yahan par hai us customer ko ander kese la raha ho what is that one pinpoint or one need or one desire that you are fulfilling that you are bringing the customer to yourself very specific very specific jinn business kaya tiyo specific pinpoint ne tata wo lose kata large business mein bhi same hoota hai wo generalist ban jate hai okay and generalist generally suffer even to existing businesses 10-15 years old businesses I tell them ki look if your business is stable only because of your existing customers that's no longer stable because if one I have seen businesses that are successful and stable only because of existing customers and existing customers come to them only because their operations are strong their delivery is strong but one existing customer from stability or success these guys slip into survival and struggle so you mean that I first

8:39I'll give you an example one of my clients is Jumbo King and burgers Jumbo King is an Indian burger brand but what do you see outside the store burgers Jumbo King what do you see outside the store they talk about a 20 rupee 25 rupee vada pao the vada pao brings and the store is on the left side of the local train station in the evening that's their positioning so customer when she comes in the evening she comes back from work she comes back from Mumbai from local train she comes back from Jumbo King left side she will see vada pao when he comes inside I will do a hygienic snack he gets a route he gets a route but he looks good when he goes inside and he sees here is Indian burger, Italian burger Mexican burger, American burger Chinese burger where they put Chinese bread Mexican burger nachos then the customer is like let's go they try today tomorrow they come to try but they are bringing the customer in on that big what's that what should be the question people first is what is the right customer second customer would be what is a need or desire that I can fulfill that will get the customer to come to me okay so this is second third what is the price point jahaan per my product or service is competitive for the customer and profitable for me woh price point kya hai jahaan per customer ko laghe ki yaar worth exploring this dhekhou agar aapka price point range itna variant hai from other market alternatives till you are not a significant enough brand or till you don't have that higher demand jahaan per log queue mein khadhe or kuch bhi poll do to give you ready until you have to keep the price point at least competitive where they think if I compare they are in the same range and to then to make it work at that price point and make it profitable for yourself see today you make money not from the customer you make money from your internal optimization because every thing is competition so that price point figure out and produce that price point is your fault that you get a reward but price point usually in businesses market standards set so the price point is set by the market standards from a competitive point of view now you have to make that price point work and make it profitable for you so this is the formula struggle to survival you have to get these three right now from survival if you have to go to stability what do I need to get right I have to make sure marketing consistently consistently हो रही है ताकि leads consistently हाए, sales consistently हो रही है ताकि leads को convert करके revenue consistently हाए, operations consistently हो रही है, ताकि customer को value मिले, और accounts ठीक से हो रहा है ताकि कोई officer आके दुकान पे ना बैठे या factory में ना बैठे, to make sure that compliance is in place, accuracy is in place, अब typically क्या होता है न, more businesses are in survival because sales are also business owner and operations also when sales and operations are not happening if a business owner has a project and he is busy and most business owners think this is business that magically and mystically they are doing good work and they are going to be a point that many customers will become word of mouth word of mouth word of mouth word of mouth product and service metric is good our product and service this is why we have a referal but if you can control word of mouth how much referal do you have to no word of mouth is an unhealthy way of building a business for a small business owner so what do you need you need to build an engine of marketing कि जहाँ पर मेरा outreach consistently हो मेरी relationship building consistently हो मेरे बारे में awareness consistently हो मेरी credibility consistently बढ़ती रहे ताकि curiosity की वज़े से inbound बे मुझे उतने leads आए तो सथेज पे लोगों क्या build करना चाहिए तो survival से अगर आपको stability तक पहुंच नहीं है तो आपको marketing skills or marketing engine بنana padega or marketing is like Gangotri that's the source where the water is coming from then sales can sell no okay so typically the businesses that move from survival to stability are businesses that set up marketing to generate leads set up sales and have operations and accounts in place these 4 at least fundamental stability but people feel very proud feel کرتے ہیں کہ ہم marketing نہیں کرتے ایسی ہمارا dhendah بہت چلتا ہے یہ وہی لوگ بول سکتے ہیں جو 10-15 سال سے dhendah میں مجھے ایک نیا business دکھاؤ جہاں پر بینا marketing کے dhendah آ رہا ہے

14:20نہیں ہے but ان کو seek بھی ایسی ملتی ہے ان کے president سے تو وہی بھائی تم کرتے جاؤ کام اپنے آپ کام آئے گا تم کو جو ملا ہے پہلے وہ اچھے سے کرو isn't that right thing or wrong thing so I'll tell you that's an incomplete way of thinking see delivering a good product good service is a basic now usko aap achievement mat samjhe agar aap acha product or service nahi de paa rheo then you have no right to be in business to ab stability ki baat karte ab marketing ki baat kareo ki agar kishi business ko survival se bahar nikalna hai to usko marketing karna hi padegi yeah her business marketing kaise karhe kyunki technically के लिए अधिकतर business तो same ही चीज बेच रहे हैं, कैसे मैं stand out करूं, marketing में stand out करना सबसे important है, and I'll tell you something जितना traditional आपका business, उतना easy to market, because आपके industry में जादा तर लोग marketing के बारे में सोच ही नहीं रहे है, so you said first is your struggle, struggle से survival पहाना है, survival से stability stability when you make marketing sales operations and accounts typically you notice the people stability there is a pattern in 4 departments there is a team and the manager is a business owner there is department there is a team business owner is a doer like for example most common pattern people have the operations के लिए team है product और service बनाने के लिए deliver करने के लिए team है बट उस team के manager खुद है business owner वो client interface manage करते हैं accounts के लिए एक accountant होगा accounts का manager business owner marketing और sales में team नहीं है business owner खुद marketing और sales करते है they are doers they are not managers success is a stage जहां पर एक business owner realizes कि hey listen marketing important है sales important है operations important है accounts important है human resources important है management important है और यह सब चीजे important है और यह सब चीजे मैं नहीं कर पाऊंगा खुद नहीं मैं इन सब में manager बन पाऊंगा तो मुझे अगर success तक पहुंचना है I will have to build a second line of managers now you look at the skill set required stability तक पहुंचने के लिए आपको खुद marketing good sales or good department manage but stability success you have to go out and close and stay to build second line of managers to build culture to build process it seems boring to business owners because they get people to get people to people to get maturity this is that stage of Dhoni going from being an opener one down to becoming captain

17:23which requires a serious personality transformation till stability you can bring up your business stability is a success you will have to build a chariot of horses you can't be the horse why do you fail here business temperament required to lead is very different from temperament required to market and sell skill set required to lead is very different from skill set required to do marketing and sales explain because you are talking about natural progression and common sense is that I made a business where I have money and I have money so my next thing is that I have a team and all the people manage and all the people manage and all the people manage team is all the leaders so what happens so people have such business but people have given them who are chatted

18:15because business owner patience come in that who listens to him give him a job who listens to him who listens to him who listens to him who listens to him don't give him so bias takes over and then retention becomes a problem human resources issues here are the most more than the one problem is that you start business now some people start everything you don't know starting someone you don't know you don't know not money, not so big brand, not so big attraction, that one person will work with you, that there are big people who come to work with you, anyone comes to you, you make it. slowly, slowly, slowly, slowly, slowly, you become the main people, because you know, that they have a business.

19:02Exactly, in fact, I recommend that big people, why? Because I believe, for a homegrown business, the leadership also has to be homegrown. I've seen how many times, I have seen a big brand with a big brand. Then, because you are so much in the past, you also have to be in the past. So, I am a big believer that you have to be leaders in the inside. You have to find some leaders. You have to find some leaders. You have to grow your business. You have to write some things. Serendipity. Coincidentally, you have to be leaders. Maybe you have to be leading skills. I have no skills. I have no skills. You have no skills.

19:46You have no skills. You have no skills. Because you have a lot of people. And they are the most important business. You have become leaders. By virtue they become. What is the problem? In leaders. There are many capabilities. They can build a big team. Yes. They have all the work themselves. की होता है तो इनमें इतना capability नहीं होती कि यह अपने under लोग hire करके उन्हें train करें और उन्हें अपने जैसा बना है तो यह चीज को कैसे solve करेंगे क्योंकि मैंने तो मेरा जो सबसे बरोसे मन्द आत्मी था उसको बोल दिया भाई तू account देख ले तू marketing What you are saying is absolutely right. That no business owner by default does this.

20:35That's what I am saying. You are defaulting to trial error. You will have something to put in your own. But if you are designing. You will have a piece of work. How to do it? How to become a leader? So firstly what you need to understand is. One of your human evaluation. In your workplace. place में इसमें आपका personal bias और personal रिष्टा नहीं बीच में आना चाहिए देखो मैं कैसे bias नहीं करूँ जिस इनसान ने मुझे 10 ,000 रुपे में उसका career है कि नहीं इसलिए join कर दिया भाई जोतर को दे देना वो मेरे साथ आज तक जोड़ावा है और वो 3-4 साल में मेरी company का part in involved is in the way I don't have to be biased but I'll tell you what happens see loyalty cannot be your only matrix of bias loyalty plus capability creates performance now I'll tell you I've seen business owners being biased not just because of loyalty and capability but because of good communication that I talk to you I am your insider so that's why you give me a responsibility and the responsibility is to do who performed and who has result and who has and who is loyal and who has bias that's not that's rewarding you are rewarding the person for his capability his commitment and his performance right so that has to be your benchmark that has to be a benchmark that the person is capable commitment honesty company towards a sense of gratitude or loyalty so that capability and commitment when that's turning into performance and empower that person to become a leader or manager great now only give him a position that I won't finish my job many business owners come to us Rajiv I have the most loyal sable capable team member manager banao hai but woh logo se kama karwanene ke baje logo ka kama kar raha aaj exactly exactly haan kyunki aap ne usko position di hai but sikhaya nahi hai kyunki aapko bhi shayad woh sikhaana aata nahi hai to woh kaysay sikha hai aap bolne ko sikhaana semajtate hai mat kar kitnhi baar bolaya aap aapke bolne se dunya So, what do you think?

23:06So, just a temple is made in your name. Right? How do you do it? How do you do it? How do you learn? How do you learn? And the skill is called leadership. How do you do it? Now, first, reward merit, competence plus commitment. which are demonstrating these two things that's your leadership pipeline but they don't show delegate and training there are committed people and competent people you can promote you can promote you can't stop you can start the practical reality you can promote you can think that your job is done you can do it no it's learning your job is okay so you can learn to learn you can learn to learn now what do you teach like I'll give a simple example business owners sir I'm trying to make sales team but I'm not sure how to make we don't know how to make okay so tell me what I taught you no I'm not sure how to make we have to learn product service product product میں خاصیت کیا ہے سب سکھایا तो میں پوچھا आपने product training की या sales training की ये product training को sales training बोलते है असाइड नई ये product training है ये sales training है तो sales training क्या होती है कौन से सवाल पوचना requirement समझने के लिए कौन से सवाल पूचा वो सवाल पوचने का skill सिखाना first step फिर which is the answer which is how to summarize and how to summarize and create your alignment that is your need customer clarity that is the selling skill then product and service positioning which is the product and service which is the positioning then storytelling that is the skill then position करने के बाद customer के सवाल और objections और उनके doubts को from turning them from a no to a yes objection handling वो selling skill है फिर making the offer in a manner जहाँ पर आप जब price बोल रहे हो hitchhitchh art के साथ नहीं बड़े conviction के साथ एक value position के साथ बोल रहे हो वो selling skill है फिर negotiate करना और negotiate का मतलब नहीं मैं го발 barrack take a plug take a job Haas consumes

26:12you're going to talk about product amount compartment just

26:23Technologies client customer our

26:34conversation you're going to to learn how to learn. So that you can see the conviction. Every business is a leadership business. If the business has made more leaders, the business has achieved growth. So this question is, I have learned so much to anyone. I have a leader. I train them. And they leave somewhere else. They leave money for themselves. They leave money for themselves. Absolutely. So, how can we get success to scale? How can we get success? success to scale when you have prepared for success success is the second line of leaders day to day you are looking at future or product innovation or distribution or expansion or whatever now when leaders retain leaders retain when they have a future that this level well the game toh main I can't make myself so I might as well be a part of a journey where we are going to grow big you can retain leaders only when you expand the vision only when you expand the opportunity something that makes them feel that and you should be willing to give even the financial benefits of it it's not just that you have to have that that stage where you show them visibility saying okay because you're helping me expand the pie you get a piece of it so then a person will evaluate no from ground freelancer let me be an entrepreneur here and it's not just entrepreneur namesake ke liye there's an ownership there's an ESOP there is a financial future to unlock wealth yeah right and this is not some frivolous ESOP of a startup which will never see the realization till it goes to an IPO this is a hardcore ESOP you are getting dividends boss so if you believe that I become a leader and I teach my whole job and I do all and I tell everyone that we will make so big business so I don't leave you go and you go and you go that's what happens when you get married you don't have to stay kids and parents don't live with it so don't stay in this world that people will go but this is your job then you will then you will then you will tick and you will law of nature nothing in this world is foolproof do you feel that people leave this that they will make a successful business entrepreneur entrepreneur بن جائیں اور بہت بڑا business کریں کیونکہ آج کل بہت noise ہے everywhere do you think ہر کسی کو بننا چاہی entrepreneur ہر کوئی بن سکتا ہے successful entrepreneur میرا اس پہ نا تھوڑا answer is a confusing yes and no answer مطلب سپنے دیکھنے کا حق میرے ساب سے ہر کسی کا ہے ٹھیک ہے اور سپنے کو ایک chance dene ka ki zimnaydarhi har kisi ki bhi hai ki agar apne sapna dekha hai na chul hai yaar ya toh puri karnei padegi ya pujhanei padegi like I'll give you an example I'll give you a very simple example I had a telecaller on my team he was an engineering dropout okay telecaller we should make call set up appointments go now this telecaller engineering drop out south indian family and because he failed in engineering and his year back his family kind of lost respect for him now this guy had very low self worth at one point of time because he was always talking about that you are useless you have liability how many so every day he's getting that as an engineer he joined us as an intern for telecalling and telecalling is not a job that people desire for it's a job mostly taken by people who have no other option he worked with us as an intern couldn't clear his ear back so parents were like you're useless we said look we don't care about a degree work with us full time you're doing well you're biting into this skill really well you're doing well he worked with us full time as a telecaller for a good 5 years okay did really well for himself added a lot of value to us as well there came a stage where I felt we didn't have a bigger game for him okay and there also came a stage where he wanted to play bigger we were not capable enough to give him a bigger opportunity the scope of that work was limited so and he was very hesitant to start a business I said look you have a hunger do you want to start do you want to start your own business and he's like what should I start I said look so many small businesses need telemarketing as services can you build a telemarketing agency okay I think the one of the most highlight moments of my journey as an entrepreneur was not when he started when two years after him starting he came back and signed up for coaching with us as a client saying I'm scaling my team I need your help it was the most special feelings yeah now I know there were people in my team who are not happy with me having this conversation with him literally to persuade him to start I asked him to go I said do this people are like why we could have done this I said I believe he has a bigger game there yeah if I look at it from a transactional view I have lost talent talent that I have developed for 7 years, 2 years as an intern 5 years as a full timer but I know this story of this telemarketer starting his own business inspire so many of my team members to own this organization as their own saying that we will do this and that trust is a responsibility to be lived up to every single day we are talking about what people leave and go on let's get one step because we have talked about the stages of business that you are in zero there you are struggle mode peh hoteyo struggle se survival peh hoteyo survival se stability peh hoteyo se success peh jateo success se tum scale karteo scale me do aar chiz hai ek toho road map for leaders to see a career which is big enough for them and this is where you turn them into intrapreneurs slash entrepreneurs aur ek chiz aati hai scale me is I think at scale you got to look at what is the strategic direction of your business are you gonna scale only through organic customer acquisition or marketing or sales or customers scale also success to scale is also a stage where you can afford to buy smaller businesses okay so acquisition becomes an active option for you success to scale is also a stage where you can sell your company out and become a director in a larger business and be a part of a larger game okay and it works for those who are willing to acknowledge that my capacity was to bring it till here okay you have to give another hand and with another work cash out so that is also a path to scale okay or scale is also saying okay let's prepare for listing the company and having a bigger vision for which we are going to the market and saying this is why we need your money okay so that strategic decision is very important at success stage to start preparing for how do you want to unlock the stage of scale the vehicle has to be clear for you so that vehicle with a strong management and at scale I also see that for a lot of businesses brand building becomes an important outcome okay and when I am talking about brand building I think today for a micro business there is a stage of marketing where the purpose of marketing is lead generation we need inquiry for our product but success to scale you get you got to play the game of building a brand bigger vision bigger mission involve more people into you how do you build a household name where people know that you exist and all of that so I think that becomes a very active outcome there like how do you go from being a yoga teacher to Baba Ram Dev like people should know the brand yeah okay and if they don't know you it's fine but if they know the brand then you build legacy yeah so how do you know which stage So, there are two things.

36:22You asked that when someone feels like we are in success, 1 ,000 ,000 ,000. When someone feels like we are in struggle, 25 ,000 ,000 ,000. So, there are two indicators. One is fact indicator, one is feeling indicator. So, fact indicator is that struggle is a phase where you have the right product, right customer, right price figure out. and therefore you are not able to get enough business and you are constantly putting money back to just sustain the business okay that is the indicator that's the fact indicator of struggle fact indicator of survival is where you have a workable product or service you know the right customer you have the right price point and you are organically getting how much you are getting and you so workable business model is the indicator of survival okay for stability workable indicator is you are getting enough business to be able to take back money for yourself as well.

37:24So, workable business model at survival a profitable business model at stability. At success the fact indicator is you have a second line of leaders who are managing day to day. So, there is no owner dependency on day to day. So, owner can focus on growth, expansion, diversification all of that. That's the fact indicator. at scale the fact indicator is that you have a proper management team who are now not just managing day-to-day activity but they are creating the vision the strategies for future see managers who are at success stage what you have is manager they manage people they manage projects they manage process but in scale stage the maturity is of a management team who have business acumen who have strategic thinking who have decision making courage and they take the company to the next level so these are all fact indicator now what you spoke about that someone thinks that is a 1 ,000 ,000 rupiah that is a success that's a feeling indicator and I'll tell you why that feeling happens when you enter any stage so say from struggle if I go to survival and I figure out the right product the right customer the right price I feel a sense of success but then after that I realized this is a trap I have to sell here I have to do service here so anything that you accomplish new feels success then after some time you stagnated it then it becomes struggle same happens at stability when you reach a point where leads are also sales are also operations are also accounts are also you feel success initially but then you feel like I am that I am doing I am doing payment collection I am doing I'm doing the team.

39:12Same happens at success. Initially, when you have second line of leaders taking care of things and you are free, you feel, wow, see, I've built a successful business. Then after some time, what happens is if you've not scaled and you have your leaders leaving, you're like, yeah, so that's that feeling of accomplishment happens when you enter a stage, you remain in it for too long. That same accomplishment will feel like. so I think excellence is a moving what do you say it's a moving target like an escalator that he goes up and we think that he goes down at every stage so I look at fact indicators rather than feeling indicators and fact indicators you just explained yeah absolutely fair if you want to start a business what do you need to ask yourself I think that with this question, maybe a business model will be a little bit.

40:10I gave you my basic. Okay, when I start a business or when I talk to my friends, or I started all the business, these are the usual questions I ask. The first question is which industry I am obsessed with. Okay. Which I consume most often. Maybe I read the automobile magazine all day. भर या मैं तिन भर podcast consume करता रहता हूँ या मैं game खिलता रहता हूँ whatever जो भी मैं consume करता हूँ इंटीरियर के बारे नए ने घर देखता रहता हूँ जो मैं सबसे अदा consume करता हूँ that is one second question मैं पूछता हूँ कि मेरे पास कौन सी skill है जो जिसमें मैं खुश हूँ या ऐसी जो मु� And everyone who has a bond, natural skills, leadership, people learn something here.

41:07So which skill is it? And then I ask the third question, okay, I can match this skill in this industry and where can become a business. Okay. This is a framework I used to give you more narrative. So is there a framework like this? In the beginning, you ask, who do I want to serve? Who's that segment I want to serve? And whether it's B2B or B2C, get specific about a segment like for example if I say I want to serve business owners then I will work backwards from what are the biggest unfulfilled needs of the business owners but don't you think usually who you serve are you looking for yourself no need largely yes but no need I mean I ask an example because I am interrupting you to get better I think the first question is I think who is going to serve?

42:08So either I have my unfulfilled needs or my problems in life or I have noticed or that can be and the other can be where the world is going, where is the gap? That's another way So if I have seen parenting is a gap now I don't own parent

42:31So when you are looking at who do you want to serve You also obviously Will have a framework of in what context Do you want to serve them Like say for example You realize parenting is a big need Okay but you are not a parent yourself Okay you are not a parent yourself But probably you realize That okay one of the things for new Parents which is a big challenge is There is lack of clarity in their life about how do they want to design their professional journey how do they want to navigate through their financial journey now you can start creating that kind of content to help them in that context I see who do you want to serve as a great start point to at least start zeroing down on needs that what is the need of need so one is a customer and need based approach the other is a trend and opportunity based approach and the third is a skill and capability based approach.

43:28So there are three approaches. One is you can pick a segment, you can decode and then you can fulfill the needs capability, product or service. One approach is that you have seen a trend, a industry that everybody is talking about AI. Before there was a wave of everybody talking about social media. So there are so many digital marketing agencies that have become AI. Now everyone is talking about AI. So is there a possibility of becoming an ai enabler ai agency ai tools right so then you build on that trend and you build capability and product for that the third approach like i said is more from the point of view of what is your existing skill and who can you add value through the skill so the third one is more intrinsic me to the world the second one is more extrinsic from an opportunity and trend point of view and the first one is more from a need of an individual or a segment of customers that you want to serve now the thing is you can analyze and create ideas using all three yeah and then kind of see the match between where there is capability fitment from your side where there is resources fitment of what it takes to make that business work which business has the highest probability and where there is the highest opportunity fitment so whatever idea comes that's the game to play true and I got three example cases of example so I'll tell you okay so first is opportunity and trend yeah I was watching Jeff Bezos documentary so he read a paper in that paper that internet shopping and internet businesses which are thousands of x are growing very fast and never anything like that so he has seen this insight that opportunity is that people want to buy very fast and internet people want to buy what they can do there and that's how the books business started selling or the amazon started building so that's one way of building so amazon made like that then second i know a business which has taken a segment and has seen that the travel is increasing from india so travelers in a segment i will solve some problem for them so their unfulfilling needs which was the case, he noticed that in the visa, there are a lot of problems in people's place.

45:52And thousands of people make it without a doubt. And there is no guarantee of when it gets it, how it gets it, how it gets it. So he made a whole business where they better make it a visa for people. Now it's a venture-backed business which is doing very well. And it only helps you to go anywhere. You're a student, you're a tourist, you're a professional, you need a visa, I'll give you a visa. And that's a business to be built. right that's a second type of business and third let's say zero it's classic skill type business what they talk about yeah that we have seen traders from traders so we have solved that skill and solved it for them and we have solved it for them and we have solved it for them and we have increased it so all three businesses or all three approaches work yeah all three work absolutely interesting yeah so anything which can be done.

46:41Okay. Now, if you have zero rupees, which business is going to be skill driven? What? Anything. If you had to start something from zero today, and you don't have any money, what business start? Today, I think content creation.

47:09Why? because I think when you don't have money then you only have one thing that is you and if you can just develop the nuance and the skill to be able to tell your story the right way and either educate or entertain people then today the opportunity is great as a content creator both can be learnt yeah but it seems like that there is a lot of saturation see the market is so much so much every third person has a podcast I think now it's the start. Really? The way I see it is now it's the start. See, look at what is happening in the world right now. Today you have a mother who only restricted her life to a kitchen.

48:00Having the opportunity to showcase how she's cooking food and then monetizing it. today you have a working professional who's in a job that he or she hates but can rant about it and people will resonate with it and therefore the brands will go to that individual so I think it's not a game of it's a game of

48:30if you're able to connect it now there is a definite question about the shelf life okay relevance yeah and there is also a definite and that's where I think it's not any more about virality and reach okay but I think it's about creating a unique persona that people want to connect with they want to watch it there should be something why people come back to you. I think the virality game is today hackable but the substance it could be the substance from a point of view of competence could be the substance of the story how engaging it is, how humorous it is how entertaining it is. So I think you should be able to capture that and I think the only way to capture that is go more inside out.

49:31I think content creation is a fair venture to start with zero. Like if there are guys on the internet who can throw themselves into slush and garbage bins and make money then kuch bhi vikhen ga. And if you have 1 crore rupiah then what business will start today? I would identify a product may not build it but trade it and probably give a shot to something like using performance marketing on which I would try to see what kind of RO I can establish. What product? Tell me. Today we have to make it. Today we have to start. Something that every household needs. What? It's a good product. Brand plug-in ladies and gentlemen.

50:17It's a good product. What's your name? YFLhome.com You'll get this. It's a great product. See like now you look at this product for example. How many people would love to have a kettle where they can get constant access to hot water? in a certain weather, in a certain season. That looks fancy, that looks sexy. So identify a product, something like this, which would be a utility product. And a utility product that probably people have not paid that much attention to. And spice it up with design and then explore distribution through performance marketing. Okay. And you feel that will work for you?

50:59Yeah, I would do that or I would not use the entire one crore and use a smaller portion of money and start a QSR, a quick service restaurant. Why? I believe if you can get a QSR right, you can scale it up through franchising really well. Really? Yeah. Aysa bolte hai ki QSR joh business hai, restaurant business hai, quick service restaurant business, woh graveyard hai. No, restaurants are a graveyard. QSRs are not. Koun sa cuisine kero ga in India, koun sa cuisine aapko lagta hai, joh bhi QSR ki opportunity hai? I think South Indian food. Really? Enough? Not in the northern part of India, not in the central part of India.

51:41In the authentic South Indian way. Considering I'm a Bangalorean. When I eat 99 types of cheese dosas, I'm like, why? I think South Indian food is a very undertapped market. In North India? In North India, in Central India. Southern India I will not do South Indian Because I will tell you Tamil Nadu Has its own preference Of South Indian food Bangalore has its own preference Of South Karnadaka has its own preference Telangana Andhra Has its own preference Of South Indian food And we have ego battles Between us Saying Kiski sambar achi Kiski chattani achi But in teeno states Ka authentic expression Of South Indian food Aap north Then it's crazy So that's A QSR I would give a QSR business a shot where I'd focus first on getting the product right stage to focus on getting that particular unit that restaurant profitable moment I get profitable I know this is now has to be replicated interesting I have a very good QSR which I've said about exactly related to QSR entrepreneur in India is very strong if you want to open Chinese then you would never open the same thing you said that if you want to open South Indian then you want to open South India open it on the other path so local cuisine don't open that use that as a mechanism to promote in the world I just realized recently I was in Malaysia and my client is Chinese Maorijan and I just realized that our Chinese is not Chinese our Indo-Chinese our Punjabi Chinese where do you feel India next billion dollar opportunity something in the infrastructure space.

53:30Indian residential real estate at a premium segment is evolving. Okay. Nobody has built a marketplace to service all the needs. Like if like I would say an Amazon for residential material requirements with localized distribution. It's something like what an Asian paints has done they've cracked the distribution that you can get a refill in a day but like a one stop solution doesn't exist I'm probably talking from my own bias of recently building a home that how many people have to go to see all the things but if I had like a one stop solution someone who can crack that problem at a scale that would be an interesting market place where marbles we get sanitary we get decor items shade cards automation I'm sure inframarket is but for builders yeah like residential real estate consolidation and I'm talking premium segment because there is the price that is like I haven't seen spends like that India in so luxury say 1.5 crore and above 1.5 crore and above 40 % increase 40 % that's a wild increase like I give you an experience I had when we were putting together our home theater room so we went to this brand called Focal it's a french brand so I selected whatever we had to select then the guy says I want to show you something as a demo he opens the door like it was a wall you wouldn't know there's a door you go inside and he has like two speakers that would be close to like six feet tall two speakers and he played a song from Lagan Radha Kaisinajali he told me to sit he played the song it felt like Udit Narayan was standing there and singing okay and I asked him how much is this?

55:39he said this pair comes with three and a half crores I'm like three and a half crores is making a life and he is giving this speaker and I asked him have you ever sold? that was my question he said we sold 7 last year 7 so imagine 7 is a big number for that value of a product 20-25 crores you are only making out of just that yeah now imagine now let's go reverse in the price ranges on everything that goes into a home your bathroom fittings to your bathtubs to your sliding doors your wooden flooring I mean it's nobody's curated all the possibilities that exist on a platform but it's so expensive the market and so big I'm saying you don't have to go up that I'm saying let's go below that value no what I meant if you're making a luxury house I think what I've seen they get to choose and do things so they don't forget online see this I gave you like an extreme example of what's possible anything let's say if you have 10 lakh rupees possible then you experience and then you buy yes absolutely I'm not talking about ordering online I'm talking about that's what I said Asian Paints is our model like I don't have a platform firstly to see what's possible okay and I don't have a platform then to go experience it before I buy it like I have to go to 10 20 different people Yes.

57:24Maybe somebody will solve it. And do you think this luxury space is growing in India? 100%. Because this is what you're talking about. This is 5 crores and above market. I'm thinking in my head luxury, like I didn't know that they called 1.5 crores. In my head luxury segment was 3.5 crores plus. I was looking at it from that view. So, someone buys 3-4 crores. I don't have an insight on it. So I don't want to just. You know, I don't know if that's true or not, that you have top 1 % in a country, so how much you earn in India? If you earn 1.40 million, so if you earn 1.40 million, you earn in the bank or earn, I don't know what's the exact thing.

58:09So you come in top 1%. So you earn 1 % of the audience, you earn 1%. Yeah, and in the premium segment, you don't work for the masses you're working for the premium segment you've seen so many businesses so many businesses expand most of which business makes money I think the question itself like how do I answer that for you see there's a saying boring business yes I have all of them so who will I ask explain boring business or glamorous business difference what happens I have a fertilizer manufacturer who manufactures fertilizers and sells pretty much every farmer in Gujarat is this client now how do I even quantify that how do I even quantify that how do I do it he is 1000 crore plus I have a copper it will be made by years yes today there is a new person that is fertilizing everything is boring business I think this problem is a boring business.