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SUCCESS STORIES

1) Domestic Connections

2) Weaving New Alternatives

Domestic Connections (Entrepreneur : Asha Mistry)

The metamorphosis from a tense, aggressive and determined girl, impatient to get to the top, to a woman at peace with herself, did not come easy for thirty year old Asha Mistry.

She never had any ambition for achieving higher education on an employment. On the contrary, she always wanted to become self-reliant through self-employment. She tried out embroidery work at home and selling it to nearby fancy stores. But the money she earned was very less, in comparison to the time she spent for it. She felt that doing business is not an easy path to tread. So her only alternative was to take up a job commensurating with her educational qualification. Having studied upto 12th standard, and not possessing any technical skill, Asha did not have many options open.

To keep herself engaged and to acquire some skills, Asha took up a job as a worker in a Mixer-Grinder servicing agency. In the process, she acquired the technical skill of servicing and also the methods of assembling mixer-grinders. The job not only provided her with first-hand experience, but also helped her to understand the seamier side of business.

But practical knowledge alone did not make Asha capable of plunging into business. She was alien to marketing and management. To overcome this drawback, Asha joined ICECD’s training programme and turned into a new leaf, efficient in problem-solving, management, marketing, and client-relationship.

This made her impatient to start a business of mixer-grinder assembling in which she had sufficient knowledge and skill. Unfortunately the loan that she applied for to the Bank, did not come through for starting the business. She waited for six months with her exhilaration of setting up business, wearing off.

Once again her hope revived when her father and friends helped her with Rs.64,300 to start the unit in a small, dilapidated rented room. Her enthusiasm saw no boundaries and without much difficulty, she purchased the required equipment and a testing board for Rs.7,000.

This particular business involved a lot of difficulties and therefore Asha was forced to employ two workers even though it was beyond her initial capacity. But she had to face a lot of labour problems. It was not only difficult to get labour, but also managing them. Sometimes they were picked away by her competitors by offering higher salary and she would be left alone to do the work of assembling and marketing all on her own. Her brother helped her to some extent, during these grueling days. Only in procuring raw materials, she did not have to face any problem. She knew the right place and person because of her experience in this field.

To meet the competition that grew for her product day by day, Asha evolved several marketing strategies and the most effective being practical demonstration in public. She personally moved from house-to-house for demonstration. When she found that it did not adjust with her timings, she hired a few sales girls for demonstration. Constant exhibitions and revival meetings further boosted her sales. The demonstration coupled with mouth to mouth advertisement worked wonders. One plus point in her is the power of convincing and persuasion which is a very important factor in business, And this she was strengthened with the training at ICECD.

As days elapsed, Asha’s product made a breakthrough in the market and reached break-even point. But sustaining a product in the market, needs a lot of innovation and quality control. To mention one speciality about her product, which is yet to be found in any make of mixer-grinders in the country, is its total unbreakbility. And Asha does not desire to disclose the secret behind this uniqueness.

Her “Shanty Mixer-Grinder”, which has made a name in the market today, is showing a steady growth curve, and this is attributed to Asha’s strategy of exchanging the old mixers with her new one, at marginal cost difference.

The soundness of this formula has been proved by results- the turnover exceeding Rs.150,000 with a 30% profit. She travels 20 days in a month with an eye to explore the market demand and also to gradually expand her enterprise to manufacture of washing machines. He ambitions are to manufacture the spare parts of mixer-grinders which at present she procures from other parts of India

Her advice to capture the market through quality product and at a price lower than those sold by reputed companies, is definitely a worthy point to be remembered by the potential entrepreneurs, thinking of venturing into business.

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Weaving New Alternatives (Entrepreneur : Chandrika J. Mistry)

Chandrika Mistry, the 37-year old entrepreneur, claims the unique distinction of having succeeded in establishing her own identity at a time when there was a lot of competition in the field of twisted yarn.

This first generation entrepreneur had a brilliant academic career and she completed her Master in Economic with flying colours. But taking up a job was out of question for Chandrika because being a person of an independent nature she did not want to get tied up in a job. Also being the only educated person in the family, her ambition was to do something independent in life and shine out. Her objective of choosing economics in college was primarily to become self-employed.

Even after getting married to an accountant, Chandrika’s thirst for business did not subside. For six long years, she fulfilled the responsibility of a devoted wife and an attached mother. But being a voracious reader, Chandrika always kept herself abreast with the economic developments of the country. In due course, she came to know of the various schemes/ facilities introduced by the government for providing economic development of women.

To keep herself engaged temporarily, she thought of taking over a sick hosiery unit belonging to one of her friends, and start manufacture of undergarments. While talks for the deal was in the offing, she came to know of the ICECD training and grabbed the opportunity.

The training provided to be a guiding force and it increased her self-confidence to the extent that she chose a project which required an investment of Rs.14 lakhs. This was quite a surprise because before the training, even to invest Rs.50,000 for the hosiery unit, she had to think twice. But the thorough market survey boosted her hope of setting up a yarn twisting unit in a place near her home town, a textile city. In fact, she was optimistic of easy raw material procurement and manpower. To avail the Govt. subsidy of 35% of the project cost, Chandrika chose a location 30 kms away from the main town to set up the unit.

Having put together all her business plans, Chandrika set about to establish the business. But she was faced with the problem of raising the necessary capital. Each time she approached the State Financial Corporation they made her redo her business plan over and over again. Obviously she got fed up, but there was no other way. To get such a large amount on her own was not an easy task and she did not want to do anything that would put her in a long debt. In fact, she was mentally prepared for all risk takings as the entrepreneurship development training got ingrained in her. And also she was of the opinion that entrepreneurs have to be risk takers by nature.

While Chandrika was oscillating with such perplexities, she underwent a technical training in yarn twisting to acquire some basic knowledge. Due to her good grace she got her loan sanctioned during that time, and within six months she could launch her unit with the necessary machinery.

For marketing, Chandrika did not face much of a problem because of the market survey conducted during the training and some contacts developed during that time. In the first year itself, her turnover touched a stunning stage. This could not be maintained for long, because of the unstable economic conditions and recession in textiles prevailing in the country.

This gave her a temporary setback. But because of Chandrika’s personal supervision and the night and day toil of her skilled workers, the unit could exceed the initial turnover within a short span, and “Om Twisters” could make a name.

She personally supervised production and spent atleast 5-6 hours in a factory to oversee the management aspects. Her family members helped her in marketing.

She paid frequent visits to her customers and maintained continuous contacts. There is a lot of demand for the product in the local markets itself and a lot of competition too. Her personal contacts became an asset to her business.

Her only problem was in commuting 60 K.M. a day to reach the unit. At the end of the day she get totally exhausted, leaving very little energy to attend to the social responsibilities. But the satisfaction of business keeps her spirits bubbling and this is what she expects every entrepreneur to be – “to learn the hard way”.

She is one of those successful women entrepreneurs who is regular in paying her installment dues and has set an example for the potential entrepreneurs of the town, besides, creating credibility amongst the bankers and financial institutions.