Michael Dell was in India recently. While addressing an audience he was asked, what is the secret of becoming a successful entrepreneur? His answer was something that surprised everyone. He said, “You need to be crazy!” If people call you crazy take it as a compliment for it means you are doing something that has never been done before! An entrepreneur is someone who dares to take risks, who dares to go off the beaten path. In fact, that is actually what success truly means. However, the irony is that it is success that prevents us from taking risks. Once we are successful we are too scared to change and do something different. Sticking to the same way of doing things seems to be the safest way to prevent failure. Take the case of a singer. Once his song becomes a hit he continues to make songs which are similar to the hit song, for fear that if he attempts something different it may not appeal to his fans. Same is the case with actors, painters, and even entrepreneurs! Once they find their ‘comfort zone’ seldom do they want to venture too far away from it?

However, a true business leader is one, who does not fear change, rather thrives on it! This is the only way to maintain your success, otherwise most often you may find yourself being left behind. Success comes not just when you do something different but when you continuously keep reinventing yourself. The ability to identify the changing needs with changing times is the key to long lasting and continuous success.

The people who can change with changing times are the ones who have a unique ability, and that is – to think different. The ability to think different keeps you ahead of others, beat competitors, and even tide over bad times. No wonder the highest rate of entrepreneurial activity took place in 2010 when the economy was in a slump (according to research done by Kaufman Foundation). Although logically starting a new business during times of recession sounds illogical, as it’s very risky to start something new and if times are bad the chances of failure become even higher, 2010 saw the highest rate of entrepreneurial activity and highest rate of innovation. It’s said when the going gets tough, the tough get going. Hence, the tough times saw the birth of the most ingenious of businesses. “Hangover Helpers” is one such business that two college boys named Regis and Kelly started. After partying all night, the next morning is the worst. You have a hangover, a messy house, and no energy to sort it out. This is where the ‘Hangover Helpers’ come in. They come with breakfast, energy drinks and cleaners who make you and your apartment sparkle once again! A simple idea, a little crazy too, but they were the first to think about it and have the courage to actually implement it, and they sure have hit the bulls eye, for these boys have been featured in Forbes magazine, on various talk shows on TV, and they have their hands full with so many hangovers to take care of!

Alex, a marine biology student, went to visit an aquarium. And while others were admiring the different species of fishes, a business idea struck him. He realised that the most popular exhibit was the jellyfish exhibit and decided to sell jellyfish tanks! His business has been doubling its profits quarterly, and he now supplies jellyfish tanks all over the world. You could order one too from www.jellyfishart.com!

Crazy they may sound but if you look closely all these business ideas were based on a deep understanding of human needs. When Josh Opperman saw his fiancée walk out on him just three months after the engagement he was devastated sure, but not blinded with grief. He saw an interesting opportunity here. He started a website called ‘I do now I don’t‘ just to get even with his fiancée. The site, which has been featured in The New York Times, on CNN and various other mainstream media, is now a big hit. You can sell your engagement ring to other buyers at a price better than the one offered by the jeweller from whom you bought the ring in the first place. Sounds like a crazy idea, but think about it, right from the name to the ‘value for money’ proposition, everything fits so well and connects so well with the consumer and his needs. It’s a well-packaged deal!

Finally, successful entrepreneurs are those who not just had an apparently crazy idea but knew how to market that idea well too. Consider the story of this young army officer Nair, who left the army and joined his father-in-law’s handloom business. His factory used to manufacture a fabric that was dyed using vegetable dyes. As a result the colour would bleed with every wash. When he exported the fabric to US the buyer was furious when he found consumers complaining that the colour was not fast. He threatened to sue Nair. But Nair was unperturbed. He told the American buyer “Why did you not put washing instructions on the garment stating clearly that the fabric bleeds with every wash?” The buyer was confused, and then Nair explained that this was the speciality of the cloth. It was meant to look different after every wash! An article in the popular fashion magazine named ‘Seventeen’ picked up this fascinating concept and soon the fabric became a craze in the West. Now everybody wanted the ‘Bleeding Madras’ fabric. That’s the power of packaging a concept correctly. This same Nair invested in a beach property in Goa. However, the problem was that this property was located in the south of Goa, while almost all tourists went to the north of Goa. As expected no one came to his hotel. Once again he put on his thinking cap and this time came up with an advertisement, which said that the last man to walk on this beach was Vasco da Gama. It intrigued a lot of people and he says in one day he got 1,000 queries. The resort sold out and since then there was no turning back. Yes, you guessed it right. The man in question is the Founder of The Leela Palaces Hotels and Resorts (named after his wife Leela) and his property The Leela Goa is today a very successful and happening resort. However, the more interesting part is that it was at the age of 65 that Nair decided to close down his textile business and think of venturing into the hotel business. Yes, it would have sounded like a totally crazy idea at that time to think of starting something at this age when most people are planning their retirement and that too a business that he had no formal training in. But he believed in himself and today, at 91, he is one of India’s biggest success stories!   Read More....

An Initiative of IIPMMalay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned Links

SC slams AICTE's illicit control on MBA courses
MBA, MCA courses no longer under AICTE
2012 : DNA National B-School Survey 2012
Ranked 1st in International Exposure (ahead of all the IIMs)
Ranked 6th Overall

Zee Business Best B-School Survey 2012
Prof. Arindam Chaudhuri’s Session at IMA Indore
IIPM strong hold on Placement : 10000 Students Placed in last 5 year
IIPM’s Management Consulting Arm-Planman Consulting
Professor Arindam Chaudhuri – A Man For The Society….
IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
Management Guru Arindam Chaudhuri
Rajita Chaudhuri-The New Age Woman
IIPM B-School Facebook Page

IIPM Global Exposure
IIPM Best B School India
IIPM B-School Detail

IIPM Links
IIPM : The B-School with a Human Face