All of us want to be able to earn a lot of money. And many times we feel that by starting a Business or expanding an existing business we can earn much more! On today’s show, I had the pleasure of talking to Kajal and Hiten Sheth about getting successful in business.

The World Hindu Economic Forum started 4 years ago and its aim is to work together as a community towards collective growth for a secure future. Kajal said that even though it is the ‘’Hindu’’ world economic forum, there are people on the board from various communities. The work Hindu was just used to form a base and to bring a community together. In the conference there will be discussions on a number of topics like venture capitals- how to raise funds, technology, they will be calling speakers who have succeeded in different industries across the globe talking about what they have done or are doing or what they are bringing to this conference and what the delegates can get from them. There are different topics throughout the weekend and there will also be a networking session. Kajal said that there are different communities who have gone out and had such forums and they too have been successful. Depending on what you benefit from it people can register for the conference. Hiten feels that this can be a platform for youth who want to set up a business.

Speaking about the qualities that are needed in a team leader Hiten said that the person needs to be absolutely organised and be engaging. He said that when a person studies a degree, they don’t necessarily learn the practicality of the business but study just the theoretical aspect of it. He feels people can learn leadership qualities or engaging qualities from voluntary work and these are essential when working in a corporate or even when starting up your own business. Being a good team leader is one of the most essential qualities needed for someone who wants to start out on his or her own.

Kajal added that in terms of giving presentations, you can go to university, do your course and still you may not know how to give a good presentation.  She has been involved in teaching how to give a good presentation, how to speak to an audience, how to engage an audience, making sure there are not too many works on the presentation slide etc. and this is very important for someone who is thinking of starting a business as it will be necessary to get financing for the project and that person will be better convinced to put money in your idea after seeing it presented very well.

When starting up a business, if a person has an idea that he or she wants to turn into a successful business Kajal said that the first thing for that person to do would be to take a step back and look at it from an external perspective:

  • Introspection is very important
  • Know what you wish to achieve from it, money, being the best, doing something unique
  • Assess and then do the research
  • Look at your competition
  • Not a one man show – involve the right people around you

Hiten added that people should not be embarrassed to share their ideas. Be open minded, and take feedback from experienced people. Also, just having a great business idea is not enough, it’s important to find someone who will invest in the idea for it to turn into reality. Kajal said that people need to believe in the idea and then showcase it. Hiten added that having the right information, being realistic about the predictions about how you see it growing and finding the right investor is very important.

Business is not a one man job, having the right people around you is another factor to consider. The qualities that are essential in the right to employees according to Kajal are

  • Someone who you can trust
  • Diligent
  • Has passion and drive
  • Who will give 100% to his work
  • Who enjoys their work

Kajal said that when conducting an interview for any position in the business she would put forth scenario-based questions to judge the capacity of an individual and conduct a few rounds of interviews to be sure of who is the best person to hire and who will be most beneficial for the business. Judging if the person is actually what they have put down on the CV is an integral part of any interview according to Hiten.

 In this day and age Kajal thinks that the technological aspect is the first and foremost thing that needs to be thought of when starting a new business. Hiten said that technology has made a lot of things efficient and people are surrounded by it. Nowadays almost every business has an app making it more accessible to people. But technology has also increased the competition.

When developing a business it’s important to know who your target audience is. Look at the consumers now and also think of how that will develop in 20 or 30 years and also take into consideration the development of technology.

Once you have set up a business, depending on whether you are focussing on volume or generating more income marketing is very important, you have to reach your consumer and both of them suggest taking help from marketing specialists to get across to people.

One of the best things to do is to reduce the risk factor in any start up and to join hands with someone, distributing the risk according to Kajal. Sometimes ego gets in the way or possessiveness of the idea gets in the way but people need to overcome that and find the right partner according to Hiten. Financial planning is an important aspect and everyone needs to decide individually how much of their savings they want to put in a business and how much to keep safe for a rainy day.

They gave these tips to aspiring entrepreneurs

  • Be confident
  • Work for different organisations and develop yourself
  • Network with the right people

I had a great time talking to Kajal and Hiten about their perspectives to gain Success in Business.