Blog of An Indian Entrepreneur

When Dreams come true

In 2005, operating from a two room office in India, I got to know of the Internet Retailer Conference - a large - first of its kind tradeshow exclusively for US online retailers. It was fascinating to read about the show, the participants and all the new exciting stuff in the online retail industry. For me .. sitting 12,000 miles away in Hyderabad.. this seemed like a different world. A world that seemed so distant and so impossible to get to.

When you are an entrepreneur you may not have clients or cash or resources... one thing that you definitely have is an ability to dream. No one can control your dreams. That's all yours. I also dared to dream. My dream was to one day become a speaker at the Internet Retailer Show. It was an audacious dream for someone whose firm had zero revenues, no US presence and very little cash (as I have mentioned in one of my earlier posts, we had at one time, approximately $5 in our corporate bank account) to survive on.

On 15th June 2009 (2 days back) I was lucky enough to fulfill my dream.

I spoke in front of an audience of 500+ online retailers and online advertising experts at the Internet Retailer show in Boston. It was a very important moment in my life. The presentation was well appreciated. More than 20 retailer attendees walked up to me and expressed their appreciation.The Director of Online Marketing of one very large retail firm mentioned that his only complain with my pesentation was that it was too short.

 Needless to mention, I was humbled.

As I write this post sitting in Amtrak from Boston to New Jersey, I can't help feeling nostalgic. I am so very thankful to God and my family, friends, team, clients and well wishers for helping me realize my dream.

I remember those days of desperately trying to build contacts in US through LinkedIn sitting in India, the endless number of 3am India time phone calls to US hoping to get new business or sales partners, the struggle to remain cheerful and positive even when nothing seemed to be working, being literally lifted and carried into the AA flight from Atlanta to Detroit in an unconscious state (I was in hospital for 15 days after reaching Ann Arbor - typhoid+pneumonia+severe sodium-potassium imbalance), mustering courage and cash to exhibit in 2006 edition of Internet Retailer, devoring any material that I could lay my hands on related to online retail and online advertising...

Yes, Dreams do come true. Life gives every person a fair chance to achieve his dreams. I believe this 100%. It is all about being patient and persistent, maintaining razor focus, working very very hard and believing in one's dreams.

- Udayan

Time zones

I am really bad with time zones. Embarrassingly bad. I need to blame my passion for some of the confusion.

For example, I grabbed my German friend, Jens Bargmann on Skype, today and wanted to show him the latest version of our product. Jens - forever the perfect gentleman, was silent for a bit and then said, "I need to spend some time with my family...". I checked the time - it was 9.45pm Germany time. Was I embarrassed.

A few days earlier I had messed up again. I called up my colleague Dominik and was wondering why he did not pick up the phone after 2 rings(as he normally does). Dominik picked up the phone and answered in a sleepy voice - "Udayan it is midnight, here.. anything urgent?" 

Its difficult. Especially as an entrepreneur you experience these surges of excitement and you need to share that with as many relevant people as possible. Time zones become secondary.

Jens and Dominik are both great friends. They know me and my crazy levels of optimism and excitement. They have been patient enough (-:

But all said and done.. time zones drive me nuts.

Cheers,

Udayan

Recession is Good

Recession has been good for us. In the first 4 months of this year, we have launched two new products, started the office in London and conducted 2 solid research studies in our industry, one of which was recommended and published by Center for Media Research.

We are able to buy advertising at 50% of the 2008 price. I would not be surprised if the relevant visibility that we have gained this year, in the first 4 months, is more than what we got in entire 2008 and 2007 put together. (Of course, had we not created a base in 2007 and 2008, we would never have got here in the first place).

Warren Buffet stated a simple rule: Be fearful when others are greedy, and be greedy when others are fearful.

We are just following the rule.

- Udayan Bose

A long time dream realized - Starting an office in London

Just got back to NJ after a wonderful trip to London, Frankfurt and Munich. Realized a long time dream of starting an office in London. Feels good. Feels .. AHA (-:

I can not help getting awed by how in Europe business talks take anywhere between 2% to 5% of total meeting time. Its all about relationships.

Despite the on-going economy horror stories, I could not see signs as prominent as I could in US. Maybe, I was there for a very short period of time.. too short to notice any major impact. Swine flu, though, had generated significant scare. People with masks were everywhere.

London on a bright and sunny day can be amazing. To top it all, I was lucky to get an accomodation in Novotel, Paddington. Delightful hotel and exceptional service. This was the first time ever that I was so happy staying in a hotel anywhere in the world that I left a thank you note for Novotel's hotel manager, Nicolas Lazarou.

Also, tried to "get a hang of" the underground(tube) network in London. I think I am fairly familiar already.

Can't help feeling nostalgic and proud.

Indeed, the sweetest thing about entrepreneurship is - "you are only restricted by your ambitions and vision". I am fortunate to be able to work with people from so many diverse cultures. American, English, German, Korean, Dane, Croatian and of course Indian. This undoubtedly has been one of the biggest gains for me from my entrepreneurial journey.

- Udayan

Plan B and Plan C

Its a funny situation to blog. But, still..

We are participating in a tradeshow in Phoenix from 23rd - 25th of Feb. We have invested more time preparing for this tradeshow than we have ever before.

Since, 18th Feb - this Monday, something "funny" started happening.

Our booth, marketing collaterals and giveaways (that I had carried myself from India) were "misplaced" by the shipment/logistics Company, Yellow Freight. After non-stop phone calls by our team to Yellow Freight, they were able to track one box (we had shipped two large boxes). The box that had the giveaways has been declared "lost" (at 7pm EST, Friday, Yellow Freight called us up to inform).

It was too late for us to get into a mega salvaging plan. Still, we worked non-stop on 19th and 20th on Plan B.

Its 6pm EST on Saturday, 21st Feb, and it seems our Plan B has gone for a toss, as well.

We are working on Plan C - however, it may be too late to execute..

The pre-show direct mailers that our printer - Alpha Graphics - was supposed to print and mail on 12th, never reached the prospects. My umpteen calls and email to their contact person did not get answered.

All the above lapses are 100% due to the trusted service providers who have served us well earlier. What is even more infuriating is the atrocious customer support - no one has a clue of whats going on.

Its both surprising as well as disturbing to see customer service levels plummet to un-imaginable levels. This is a relatively new phenoemon. We think it has to do with a relentlessly sliding economy. However, isn't it counter - intuitive? One would think the customer support levels should actually have improved in these difficult times.

Has the uncertainty about future driven people to this state? I hope not.

Paranoid people can never reverse the track of a free-falling economy.

- Udayan

2009 Resolution#1:Aggregating Knowledge

I am an avid reader of business books. New ideas, new concepts and applicability of the concepts entice me. About 20% of the business books I have read so far have been truly outstanding and very helpful. These include books like The Profit Zone, Execution, Crossing the Chasm, Made to Stick and theKnack. In any business book the key ideas can be summarized on a single page. I have not done that so far. But, intend to do so this year.At least for the most "thought provoking books". I also hope to be able to share the key learnings with the readers of this blog once a month.

Have a wonderful 2009!

- Udayan

PS: I am now reading a book that may well be in the top 20% - its called "The Back of the Napkin" by Dan Roam.. check it out.

GoodBye 2008! Welcome 2009!

We will open the book.  Its pages are blank.  We are going to put words on them ourselves.  The book is called Opportunity and its first chapter is New Year's Day.  ~Edith Lovejoy Pierce

2008 glides into history. It has been an epic year. Only time will tell whether 2008 has been the "landmark year" of our times.

2008 has been a historical year for many reasons - Obama's victory, Wall Street collapse, Mumbai Terror Attacks. To rate the events in terms of impact and importance would be "cheap".

2008 will stand out as the year when the world changed. There is a silent sociological change that is sweeping the globe. There have been multiple events that lack precedence. While election of Barack Obama was "the big change event" of the year. There were events that - according to me - were equally important. Important because they symbolized change.

The peace march in Mumbai post the terror attacks showed the determined face of India. The New India. The fact that the Indian of the Year 2008 is "the Unknown Soldier" (and Mr.Hemant Karkare was rated second) not a cricket player or a Bollywood artist is so extremely encouraging. Or the fact that the "socially underprivileged" stormed a temple that was "closed for them"- demanding equal rights. So refreshing. So different.

I have read commentaries by prominent global magazines on how Indian growth engine has been jolted because of western world's economic turmoils and then the terror attacks. I think all such commentaries are shortsighted. They are based on short term economic fluctuations (and needless to mention, any predictions on economic parameters in today's world will be flawed). 2008 showed the world, the face of the New Indian - a resilient - confident - progressive face that will build the New India.

Any change comes with its share of pain. And 2008 has been no different. (Many if not most people are happy that 2008 is finally over).However, I have no doubt in my mind that when we look back in time - we would realize that 2008 was the year when the world became a bit different or maybe a lot different.

Happy New Year to you and your families.

Udayan

One of the best books on entrepreneurship

Just finished reading The Knack by Norm Brodsky and Bo Burlingham.

http://800ceoread.com/products/?ISBN=9781591842217

I would rate this as one of the best if not "the best" for entrepreneurs.

You can relate easily to the cases mentioned in the book. Moreover, the lessons offered are very practical.

I had got so tired of books about "changing the world", the Knack came as a gust of fresh air. 

- Udayan Bose

The importance of steady progress

We will end this year with revenues approximately 80% higher than 2007. More importantly, we will have a profitable 2008. Our competitors focus on top line. Most if not all of them are in red..they have been in red since they started operations. While our revenue growth is lower than my expectations, the profits make me very happy. Understandably.

After having spent 4 exciting entrepreneurial years, I have acquired a certain set of funadmental beliefs ("fundas"). I must state that as has been the case over the past 4 years, some of these fundas may change with time. (Though, I suspect the core should stay unchanged).

Start Up Funda List#1 -

• A firm has to progress continually - if growth stops, the firm would perish (in 9 cases out of 10)
• Topline growth is important (and in our industry has been the key focus), however, profits are equally important if not more.
• Each business has a certain zone in terms of revenue and profits - its a very thin zone - but it is a zone that every entrepreneur should focus on and remain in. Needless to mention, the profit zone varies from industry to industry.
• Lean operating structure helps. Lean is not only a "recessionary fad" - it is here to stay for ever
• While listening to a pitch focus on content and don't get blown away by style
• Its key to understand the "gut of a business" (hat tip to Ram Charan for this)
• Every individual - I mean every individual, has immense potential.. she just needs an environment to realize the potential
• Long term and short term plans are worth spending time on (I must confess I tried to dispute this for long.. and gave up)
• Do not act in a "crooked way" or for short term gains. It does not work. You get trapped in your tricks and fall flat on your face
• Finally, Small is beautfiul. Stay small. You serve your customers better. You act more responsibly. You are more nimble and aggressive. You are just.. better in every way.Period.

More fundas in a later post...

- Udayan Bose

Anarchy

The Mumbai terrorist attacks - that are still on as I write this post - resemble a Bollywood potboiler.

80 have been killed and 250 injured (so far as reported by TOI).

The way the attacks have been (or, are being) conducted is audacious to say the least. The "I couldn't care less about law and order" attitude is concerning. I hate to sound judgmental but the current Government's spinelessness has been responsible for this. This is the seventh major attack in 2008 itself.

These are the other attacks that happened in 2008:

May 13, 2008: A series of six explosions tore through Jaipur, a popular tourist destination in the Rajasthan state in western India, killing 63 people and injuring more than 150.

July 25, 2008: Seven blasts in quick succession across the south Indian tech city of Bangalore killed one and injured more than 150 people.

July 26, 2008: Serial blasts in the western Indian city of Ahmedabad killed 45 people and injured more than 150. A group calling itself Indian Mujahideen claimed responsibility.

Sept. 13, 2008: Five bomb blasts in New Delhi's popular shopping centers left 21 people dead and more than 100 injured. The Indian Mujahideen claimed responsibility.

Sept. 27, 2008: A blast in a New Delhi flower market left one dead.

Oct. 30, 2008: Thirteen bomb blasts in India's northeastern state of Assam and three other towns left at least 61 people dead more than 300 injured

Unless we all take this seriously and take STRONG STEPS to curb terrorism such incidents will keep happening and innocent people will keep losing their lives.

Nothing is worse than a sense of helplessness which such incidents create. Ineffective governance in India is the sole reason for this.

- Udayan

Power of Dreaming

Entrepreneurship provides you with some AHA moments. These moments are immensely satisfying and energize you like nothing else can.

Yesterday, my Technology Team presented me one such AHA moment through the new version launch of our technology platform. I couldn't help thinking about the last 3 years of the journey. A concept that was on paper has become an immensely powerful product today that is beating the world leaders in our industry hands down. And the best part is the product was built from scratch by a small team of people who dared to dream big and live their dreams.

Indeed, Impossible is Nothing!

- Udayan Bose

Making a Difference- Block by Block

A few days back I read a nice article in Mckinsey Quarterly by Prof Tarun Khanna on Nurturing Entrepreneurship in Indian villages.

Here is the link (registration required):

http://www.mckinseyquarterly.com/Strategy/Globalization/Nurturing_entrepreneurship_in_Indias_villages_2237

I posted my comments on the article. Here is what I wrote -

The lack of homogeneity in wealth distribution in India is shocking. The world relates India with the glass towers in Gurgaon and Bangalore. What it does not see is the real India that lives in Indian villages.

In 2000 during my stint as the Sales Manager of a Large Indian CPG company I had an opportunity to visit the most remote villages in Orissa (one of India's poorest states). During a visit to the Kalahandi(Koraput) region (area rich in coal)an unusual site greeted me. I always knew that this was one of the poorest places in the world where laborers slaved in sub-human conditions for less than $1 per month income. The shocking part was, the number of Mercedes Cars I saw there on that day in 1999 was far greater than what one might expect to see even in the most affluent parts of New Delhi.

This article by Professor Khanna touches a pertinent issue and suggests a relevant potential solution. However, the magnitude of task on hand is unfathomably large. It calls for a combined effort from not only from large corporations but also small businesses. Just think,how powerful India would become if each business with an annual revenue in excess of Rupees one crore (~$200,000) were to support one entrepreneurial initiative in a small town or village.

I am suggesting a "mass entrepreneurial movement" at a level that has never ever happened in India. However, there would be numerous road blocks that would have to be surmounted. It also does not help that we as Indians are not the best team workers. There has to be a force or forces that keeps the movement united and focused. Media's role would be critical.I already see and know of localized examples of inspired work. It just needs to be amplified a million times.

There is hope. The Indian youth today is developing an increasing level of social consciousness. There is this willingness to "go beyond".

- Udayan Bose

The importance of "not panicking"

Tough economy continues to pose unique challenges. In normal conditions the challenges have a certain level of predictability. In today's scenario, predictability is non existent.

Its also quite an experience watching senior business executives in various businesses react. Understandably, different people have different "stress threshold". The real trouble starts when business veterans start "panicking". Its not easy not to panic when your revenues have gone down by 30% - your bank has cut your credit line - your account receivables position has spiralled out of control. An uncertain future and constant dosage of gloom and doom stories compound the restlessness.

Panic is bad because it has a domino effect. Attempts have to be made very consciously to look at the bigger picture (easier said than done). Data helps. Rational thinking helps. Smart Advisors help. Taking more time for critical decision making helps. In today's world, where businesses are so very interconnected and interdependent, any hasty action is bound to have a much larger impact than what one might expect.

Its important to control a situation before panic creeps in. Its easier said than done. However, its do-able. In prevailing economic conditions, all of us need to act and think differently and have to be responsible for not only our actions but also the "overall outcome of our action".

- Udayan Bose  

More Learnings

Our firm has been going through yet another interesting phase of evolution. Even during times when things keep changing at a furious pace, our vision keeps us on track and our values act as support blocks.

Its interesting to see how people respond when you "believe in them". Good people need challenges.I can't contain my excitement when I see how they stretch themselves thereby exceeding all expectations.

I have touched upon this earlier but still can't help emphasizing the importance of "respecting individuals". Each action - each decision - anything that we do has to adhere to this core value. Every person deserves respect - yes, every person. Just because the situation has prompted the individual to do something that you did not agree with, does not mean that the individual is "bad or wrong". That does not mean that the individual deserves any less respect.

Any decision needs to be based on three elements - a) facts b) context c) future impact/implications. Trusted advisors help in sound decision making. Different viewpoints - different angles always help. I am so very thankful that I have Professor Ramachandran of ISB  and Manas as advisors. Their contribution to our Company has been enormous (to say the least).

Happy Durga Puja and Dussehra to All!

Udayan

Building an Open Culture - a culture of transparency and trust

Many entrepreneurs (if not all) suffer from "loss of control" paranoia. I am no exception. Or maybe, I "was" no exception.

By being the single person doing everything from cleaning the office to CEO meetings, for the first 6-8 months, a certain degree of "I have to do everything" attitude develops. The company grows and even though you try to delegate you still can't help "poking your nose" in everything.

That's why I took a stand last month to make a serious attempt at creating an "open culture".

Here is what my idea of an open culture is -
1. free flow of communication
2. any issue (however harsh) that has the potential to impact operations is brought on the table - everyone learns of the issue and collaborate to find a good solution
3. Detailed financials are shared in the meeting
4. Issues are all fact based
5. Members are not afraid to present difficult issues in open because rather than pointing fingers and launching into verbal assaults, the team works together to solve them
6. Delegation matrix is clearly laid out and followed - everyone knows how his/her contribution is impacting the topline and bottomline

Why did I suddenly transform? Have I really changed my style of operation?
I asked myself one day a simple question -- I have so many exceptionally talented team members - if I delegate - whats the worst possible outcome that might happen? I did not have a solid answer.. hence I started.

It was impossibly difficult in the first 10 days or so. Thankfully, I was on a vacation. Still, many times a day I just picked up my blackberry to call up a clients or talk to a colleague or ... but managed to muster the will power not to. Its difficult for "anyone" to understand this "control pang" that the founders experience. After all our start up is our life. However, we have to realize that the entrepreneurs life can be more fulfilling by having others - share - collaborate - enjoy the journey.

Now I feel better than I have felt for a very long time. Suddenly, our motto of "Building Teams, Building Dreams" looks real. Suddenly, we are  SOLID UNIFIED FORCE.

- Udayan Bose

Shame!

It’s official: Tatas set to bid Singur goodbye
http://timesofindia.indiatimes.com/Its_official_Tatas_set_to_bid_Singur_goodbye/articleshow/3437628.cms

I am shocked beyond words. Even as people & countries across the globe keeping scaling new heights, cheap politics keeps on bringing shame to India.

- Udayan

Three Customer Service Aspects I liked the most - Disneyland

I was in Disneyland last week with my family. Its a different world - an enthralling world.

I had heard about and read (http://www.amazon.com/BE-OUR-GUEST-Disney-Institute/dp/0786853948) about its legendary customer service. Now I had the chance of experiencing it in person.

Here are the three things I liked the most -
1. Setting Expectations: Each ride in Disneyland has an "estimated wait time". The actual wait time was "always" lesser than estimated wait time.
2. Managing Crisis:While we were doing the "Pirates of Caribbean" ride there was a technical glitch and the boats stopped midway. From the announcement to the apologetic demeanor of the attendants, every aspect was perfectly conducted - a very clear evidence of the amount of training that's imparted at Disney
3. Experience Management: From the set up to the politeness of the help staff (and yes, everyone in a Disneyland attire - from a food store guy to a floor cleaner knew enough to be able to help us) to the end of the fireworks, everything was designed towards creating an unforgettable experience.Disney sets the experience bar so high, its difficult to even imagine.. Most importantly, the experience simply "flows" -- there are just no interruptions -- and when you consider the widely different cultures that are being entertained there -- its an enormous achievement

We went to Universal too. And I must admit that they were very good as well. However, I would rate them a little less than Disney on the above parameters (especially,point 1 - wait time)

- Udayan

Jumping In and out

Yesterday, I had the pleasure of talking to CEO of a UK based business development firm. We have been looking for a Sales Partner in UK for a while. The call was to discuss a potential partnership. I was extremely pleased with the way the communication progressed. We ended the call with an agreement to re-connect next week after doing more research.It was a very "open - mature- progressive" conversation.

Many conversations that I have had did not progress the same way.Either I was too much willing to jump in or the other party was. The problem was these associations did not last long.

I think if a curve is drawn relating "time to start an association" and "time for which the association lasted", it would take a bell shape. When time to start an association is very short - the association life is short. When time to start an association is "medium" - the association has maximum life span. And when time to start an association is too long the association is short, as well!!

Well how do you explain the third case - very long time to start the partnership --short life. My observation has been that in this case there is a persistent scepticism or even "lack of trust" which keeps on nagging the parties even after the association starts and the moment the first trigger happens, the partnership collapses.

Our associations (and here association refers to partnerships, customer relations, even employee associations) follow the above curve. There have been a few exceptions, though. In all the exceptional cases, both parties had to put an extra amount of effort to really make the partnership work.

- Udayan Bose

On Entrepreneurship

Excerpts of my Interview at ICFAI Business School, Hyderabad. I am grateful to Prof.Nagendra Chowdhary for this.

You might have to cut paste this on your browser

http://www.youtube.com/watch?v=qtKDk_jXY7w

- Udayan

Touching Lives

Just visualize a world where people are "dots" and the only connection is the "knowledge network". Free - unrestricted - unbiased - flow of information. People pick and choose what information they want to use. Utopian world. The internet has helped in making impossible - possible. Knowledge Communities have been formed. Everyone is equal (albeit, some egotists - self professed gurus - are hell bent on creating classes here also.. I hate them). Touching millions of lives suddenly looks possible. A change seems possible.

Entrepreneurship is all about realizing dreams. Touching lives was my dream. Entrepreneurship helped me do that. Suddenly a lot of people I was in contact with started "believing - dreaming - doing - chasing the impossible". Thankfully, many of them were a part of my team. We grew as individuals. We grew as a Company. More importantly we built (and keep building) something infinitely more precious for the Company- "credibility". Understandably this took a lot of time and we are not even 20% there. But what the heck, 4 years back we did not have any! It was definitely not easy but at least we have progressed.

Today, when a team member talks about beating our American or European competitors, it is music to my ears.  A few years back such talks would have been (I am sure in many firms in India they still are) dismissed as immature rubbish. Today, we have made this a regular reality. Just imagine a bright 20 something  building something world class. Thats the power of believing in your dreams. It is all about "touching lives".

- Udayan

A Proud Moment

Abhinav Bindra made us all very proud.

Here is a HAT TIP for this exceptional sportsman. We are indeed privileged to witness history getting made.

Its all about "believing in your dreams and believing YOURSELF".

- Udayan Bose

I wish..

I love meeting people. There is so much to experience - the perspectives of a new personality - their experiences - a new and often different point of view. There are some people you enjoy meeting so much that you feel refreshed. Meeting my friend's father left me with that feeling today. How can a 60+ year - ex- Professor - create such an impact.
He symbolized the best of Indian culture - modesty, intellectual depth, enterprise, awareness about literally everything thats worth knowing.
The meeting made me wonder about a few things - a)how can the "best" of Indian culture get passed on to generations (unfortunately, the world identifies Indian culture with Bollywood cinema more than anything else) b)there is this huge asset in India - the generation of our parents - that has so much to offer in terms of pure Indianness  c) it is so important for India to bring the true Indianness to the world - I am a firm believer that if each nation brings its true culture and uniqueness to the "party of the world" - the world will be a much more beautiful place than it is today

So, what..

I wish I could start a school for kids - a la Gurukul - where the teachers are from our "parental generation" - that could imbibe in the students the "true Indian-ness" - the culture - the values - the "best of India".

- Udayan

Its a force

In the past few days a couple of my IIT batch mates contacted me (after almost 14 years!) They were doing their "own thing".

Nothing gives me greater joy than seeing my batch mates take the plunge. By my estimates 15% of my IIT batch - mates are running their own start ups at present, and I am sure the number will rise to 20% in another 5 years. This is a phenomenal number by any means, out of a batch of approximately 400 B.Tech Students (batch of 1994) - 80 will be entrepreneurs.

I believe entrepreneurship is a wave. Its a force. One batch mate tries to help the other.. and this spreads.. and soon the probability of a big success increases. A wave like this has the potential to transform lives and hopefully the "Indian landscape".

- Udayan Bose

Don't think!

Today's USA Today has a front page story on Olympic swimming champion Michael Phelps. The story - "Built to swim, Phelps found a focus and refuge in water"-  inspires.
http://www.usatoday.com/sports/olympics/beijing/swimming/2008-07-31-phelps_N.htm?loc=interstitialskip
(Registration needed)

When asked what is on his mind as he races - Phelps answers - Very Little / Nothing. Amazing reply. But, how true it is.

"Don't think - just focus". This is one of the key learnings that I have had in my entrepreneurial journey.

A start up is an amazing journey. You take each day as it comes.  You plan - execute - move on.  Some work - some don't. You still move on.  The moment  you start thinking excessively about the outcome- you get enveloped with uncertainty - and that's the worst thing to happen to any entrepreneur. Focus is the key. Achieving the set goal needs persistence - creativity and immense determination. You can't think - you just keep working towards the set goal.

- Udayan

Jamie Dimon on Leadership

I had the privilege of listening to a brilliant address by Jamie Dimon of JPMorgan Chase at the IIT Meet in NYC.

Here are the key points he mentioned on leadership:

1. Build an Open Environment
2. Create Discipline
3. Focus on what we don't do well
4. Display fortitude
5. Encourage Meritocracy
6. Have at least one person who tells you THE TRUTH
7. Circulate people
8. Respect people

- Udayan Bose

Big Learning

I had a wonderful meeting today with a self made successful entrepreneur, Rick Giles. He runs a sports management firm in Princeton. The meeting was remarkable because of a few things - all related to Rick.

1. Active Listening: Rick knew very little about what we do. But through active listening and smart questions he was able to figure reasonably well what we do by the end of our meeting. He went one step beyond and started to think how what we do related to his business. Many entrepreneurs  - including me - are poor listeners. We tend to listen what we "want to listen". In this process we often stand the risk of missing the core message.

2. Don't try to beat the market: I asked Rick during our conversation what his biggest learnings were in his 14 years of entrepreneurial journey. He pointed my attention to a Lacrosse Jersey. In 1999 - boosted by the success of having organized a phenomenal World Championship of Lacrosse in US in 1998 (after a span of 14 years) he tried to organize a US versus Canada mini-series. That bombed. He said that incident taught him the valuable lesson - "rules are defined by the market - not individuals". Market was not ready for Lacrosse (over more popular sports like basketball) "every year".. they turned the 1999 event into a big flop. The jersey ensured that he never forgot the lesson he had learnt in 1999 - "dont try to beat the market"

Its so easy for us entrepreneurs to think that just because we have built "a cool technology" the market would accept it. Its so important to keep a close tab on the market - successful entrepreneurs can sense where the market is moving - anticipate the change and jump in to encash the opportunity before others are able to do the same.

It was a very valuable meeting for me. A great learning experience.

- Udayan

IIT Mumbai Golden Jubilee celebrations in NYC

Just got back from the IIT Mumbai Golden Jubilee celebrations at Mariott NYC. It was an epic event by all proportions. Great agenda, top quality speakers and panelists, enthusiastic participants and superb organization on display.

Here are the top 3 things that I enjoyed the most and One (yes, just one) that I did not.

1. Quality of speakers: Imagine listening to Jamie Dimon, Victor Menezes, Romesh Wadhwani and Rajat Gupta in one event. (Not to mention many more great names like Robyn Meredith, Ajit Ranade, Tapan Desai). For me it was literally dream come true.No wonder alma mater inspires. I loved the energy, passion, clarity of thought and expression that the top guns demonstrated. Creating, packaging and communicating a quality message is not easy - all the speakers demonstrated this adequately.

 2.Camaraderie - It felt like "going back to the IIT days". The same warmth (even though all IITs with exception of mumbai formed the minority), the same energy levels, the same fun...

3. Quality of organization: superb. Its difficult to organize an event of this proportion. The event planning was flawless, the execution was impeccable. It was a top class performance. Kudos to the group of organizers.

The only session that I did not like (or could not relate to).The IIT-TIE mentorship launch (mentorcircle) session. I am an entrepreneur. I have had my fair chunk of ups and downs.I hate getting canned replies from people especially those(actually one coordinator) who have little or no experience in entrepreneurship.

One thing that I have constantly tried to do during my interaction with entrepreneurs is to "understand" them.Listen to their experiences and challenges. Share my experiences.Help them by making them "believe".
And here I was,sitting in a session where there were exchanges like this: a)Question:can I become a mentor - here are my credentials (quite impeccable) and interest for the same. Reply: we have an elaborate application process and we can not guarantee

b) I don't live in greater NYC area. I am willing to fly down from Minneapolis every month for the mentorship session.. I need help. Reply: No sorry, the program is only for Greater NYC entrepreneurs.

 I must say that I was disappointed. I could sense stupid bureaucracy being injected to demotivate entrepreneurs. I wish the more experienced mentors who were there could have intervened.

A great event comes to a close. I met some great people, reconnected with old friends. It was a wonderful time. Thanks IIT Mumbai team. You have set high standards for us, IIT- Delhi guys to follow.

- Udayan Bose

Writing this post from the Heathrow airport. And of course, its regarding the "aarrghh" customer support of British Airways.

I used to fly BA regularly till 2005. And then I decided, I had had enough of its truly terrible customer service.. and vowed not to fly BA ever.

Positive PR on BA's new management and their "so called urnaround" made me break my vow. (Of course, economics played a part).

And here is what I got from them for my "let me give it another shot" -

My flight from Heathrow to Newark gets cancelled - till now (and after asking their customer service desk in person and on phone at least 10 times), no plausible reason has been cited for the cancellation (each time I got a different reason for cancellation- one BA customer service agent even stated - "they always do like this" - I found the use of "they" quite amusing).

I was sent an email (I was lucky that I checked my inbox at 11pm Germany time after reaching my Frankfurt hotel room) - am copying the email below.

In the world that's obessing with customer experience this email depicts the apathy of the airlines for its customers. The tone is typically aloof and even has a distinct "I don't care" flavour.

--------------------------------------------------------------------------------------------------------------------------------------------
The email from BA

Dear Customer,

We regret to inform you that flight BA0189 from Heathrow (London) to Newark (New York) on 29 Jun 2008 has been cancelled.(No reason cited for canceling an international flight)

Please accept our apologies for any inconvenience this may cause.

We have sent you this information as quickly as possible by automated email and hope it reaches you in time to allow alternative arrangements to be made.
Please do not respond to this email as we will be unable to reply.

It may be possible (check out the "maybe") to view your options and rebook or cancel your flights on ba.com. To check please click the link below:

http://www.ba.com/mmb

Alternatively, please call us on:

-       United Kingdom 0844 493 0787
-       USA 877-767-7970
-       or click the link below for numbers elsewhere:
        http://ba.com/contactus

Please note that office hours for our call centres vary.  (No one picked up the phone here between 11pm Germany time and 1am Germany time)