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· 3 min read
Gaurav Parashar

YouTube has become a breeding ground for diverse talents. It is extremely competitive and rewarding as well.

One notable trend that has emerged is the transformation of stand-up comedians into YouTube influencers. Leading this wave of comedic YouTubers is Tanmay Bhat, a prominent figure in the Indian entertainment industry.

Tanmay Bhat: The Indian YouTube Sensation

Tanmay Bhat, a co-founder of the popular comedy group All India Bakchod (AIB), transitioned from live comedy performances to creating engaging YouTube videos. His channel has millions of subscribers and features content that ranges from comedians reviewing videos to dissecting memes and tweets. This evolution from live comedy to online video content showcases the adaptability of comedians in the digital age.

Global Influencers Following Suit

While Tanmay Bhat is a shining example in India, this trend is not confined to a single region. Comedians-turned-YouTubers are making waves worldwide. One such influencer is the UK's Jack Whitehall, who started his YouTube channel to share humorous takes on various topics, building on his stand-up comedy success.

In the United States, the duo Rhett and Link, known for their hilarious talk show Good Mythical Morning are prime examples of comedians who've found success on YouTube. They've built a massive following by creating content that reviews bizarre products, tests unusual food combinations, and explores internet phenomena, all while infusing humor into their videos.

The Generation Z Connection

One of the key factors contributing to the success of comedians turned YouTube influencers is their ability to resonate with the younger demographic. Generation Z and teenagers are the biggest target audience for such content. These viewers, who are deeply immersed in internet culture and social media, find the humor and relatability in these videos appealing.

In a world where short attention spans rule, YouTubers like Tanmay Bhat have perfected the art of creating engaging, bite-sized content. Whether it's dissecting viral memes or reacting to funny tweets, these influencers provide their younger audience with the quick doses of humor and entertainment they crave.

The rise of comedians like Tanmay Bhat, who successfully transition from stand-up comedy to YouTube fame, is a testament to the changing landscape of entertainment. Their ability to adapt, connect with Generation Z, and create content that resonates with a global audience is truly remarkable. As we continue to witness this trend, it's evident that humor is a universal language that transcends traditional boundaries, making these comedians-cum-influencers a force to be reckoned with in the digital age.

· 3 min read
Gaurav Parashar

In any professional setting, teams are the driving force behind success. The dynamics within a team can vary significantly, leading to divergent outcomes. Observing the traits of high-performing and low-performing team members provides valuable insights into what contributes to overall team efficacy. Moreover, understanding the concept of compounding small habits, both positive and negative, sheds light on how these traits can shape the performance of team resources. Let's delve into these aspects to uncover the secrets behind high-performing teams.

Traits of High-Performing Team Members

1. Proactive Initiative: High-performing team members take initiative without waiting for directions. They identify opportunities and challenges, and proactively contribute to solutions.

2. Collaborative Spirit: Collaboration is at the core of successful teams. High performers actively engage with colleagues, listen, and contribute ideas, fostering an environment of mutual respect.

3. Adaptability: In rapidly changing work landscapes, adaptability is crucial. High-performing individuals embrace change, thrive in dynamic scenarios, and exhibit a willingness to learn new skills.

4. Ownership and Accountability: These team members take ownership of their tasks, meeting deadlines and taking responsibility for outcomes, even in the face of setbacks.

5. Continuous Learning: High performers are lifelong learners. They seek out opportunities to expand their knowledge and skillset, staying at the forefront of industry developments.

Traits of Low-Performing Team Members

1. Passive Engagement: Low performers often lack enthusiasm and engagement. They may complete tasks without initiative, contributing less to the team's overall objectives.

2. Resistance to Change: Adapting to change can be challenging for low-performing individuals. They might struggle with new processes or technologies, hindering progress.

3. Lack of Accountability: These team members may deflect blame or fail to take responsibility for their actions, impacting the team's cohesion and efficiency.

4. Complacency: Low performers may not actively seek growth opportunities or challenge themselves. This can lead to stagnant skill development and diminished productivity.

5. Negative Attitude: A negative outlook can bring down team morale. Low-performing individuals might express cynicism or frustration, affecting team dynamics.

The Power of Compounding Small Habits

The concept of compounding applies not only to financial investments but also to personal and professional habits. Over time, consistently practicing small positive habits accumulates into significant growth. Conversely, neglecting positive habits in favor of negative ones can lead to deteriorating performance. For example, consistently engaging in open communication and active listening builds trust and camaraderie among team members, contributing to high performance. Conversely, neglecting communication can lead to misunderstandings, decreased collaboration, and a decline in overall team effectiveness.

In conclusion, understanding the traits of high and low-performing team members provides valuable insights into team dynamics and productivity. Moreover, recognizing the power of compounding small habits underscores the importance of cultivating positive behaviors within teams. By fostering proactive initiative, collaborative spirit, adaptability, ownership, and continuous learning, organizations can nurture a culture of high performance and drive success.

· 4 min read
Gaurav Parashar

In a country as diverse and populous as India, ensuring financial inclusion for all citizens has been a significant challenge. However, with the introduction of the Pradhan Mantri Jan-Dhan Yojana (PMJDY) nine years ago, India embarked on a transformative journey towards providing accessible financial services to every corner of the nation. This landmark initiative has not only paved the way for economic empowerment but also spurred development and growth across various sectors.

Importance of Pradhan Mantri Jan-Dhan Yojana

Launched on August 28, 2014, by Prime Minister Narendra Modi, the Pradhan Mantri Jan-Dhan Yojana aimed to address the issue of financial untouchability and bridge the gap between the rich and the marginalized. The scheme targeted the unbanked and underbanked sections of society, providing them with access to banking facilities, insurance, credit, and pension services.

This initiative holds paramount importance in India's socio-economic landscape. With almost 50 crore bank accounts opened under the scheme totalling deposits of over Rs 2 lakh crores (average balance of ~ Rs 4,000), PMJDY has significantly reduced the number of households without access to formal financial services. The program has also been instrumental in promoting direct benefit transfers, thereby eliminating intermediaries and minimizing leakages.

Rupay: Revolutionizing Debit Card Issuance

A total of ~34 crore debit cards have issued under the scheme. Issuing debit cards to such a massive number of beneficiaries was a logistical challenge that the government addressed effectively through the utilization of the Rupay payment system. Rupay, India's indigenous card payment network, played a pivotal role in this endeavor by offering a cost-effective solution for issuing debit cards. This not only streamlined the process but also promoted financial inclusion in rural and remote areas.

The adoption of Rupay has been instrumental in reducing the dependency on international card networks, resulting in cost savings for the government. The system's security features and compatibility with various digital payment platforms have also encouraged the uptake of cashless transactions among Jan-Dhan account holders.

Impact and Future Prospects

The Pradhan Mantri Jan-Dhan Yojana has brought about a sea change in the financial landscape of India. It has empowered women, farmers, and the economically weaker sections by enabling them to access formal credit and savings mechanisms. Additionally, it has facilitated the dissemination of government subsidies, pensions, and relief funds directly to beneficiaries, thus reducing corruption and leakages.

Growth in PMJDY

  • PMJDY stands at 50 crore accounts with balance of Rs 2 lakh crore => average balance of Rs 4000.
  • As of 31 Jan 2015, it stood at 12.5 crore accounts with balance of Rs 10k crore => average balance of Rs 800. So from 2015 till 2023, the balance has grown 5 folds.
  • The top 4 participants in PMJDY - i.e. State Bank of India, Punjab National Bank, Bank of Baroda, Bank of India - account for 70% of the accounts and deposits.
  • Monthly average balance is crucial in banking for profitability. Major private banks stand out in PMJDY accounts with average balance of Rs 42k and Rs 30k respectively. It is indeed clear that they have found a way to make PMJDY as profitable as possible.

On another note, I have my banking relationship with HDFC and Axis only - wonder how profitable am I as a client to them? As they say - If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem.

Looking ahead, the program's success story is a testament to the Indian government's commitment to inclusive growth. As technology continues to play a pivotal role, leveraging digital solutions for banking services is expected to drive the next phase of this initiative. The continued integration of Rupay into the digital ecosystem will further expand financial services to the remotest corners of the country.

· 4 min read
Gaurav Parashar

In the new customer-centric world, businesses strive to build trust and loyalty by delivering exceptional products and services. However, some companies resort to passing on their responsibilities to vendors or service providers, leading to a breach of trust for the customer. The detrimental effects of shifting the blame are severe on customer satisfaction and brand reputation. I can vouch for it drawing upon my recent personal experiences with Urban Ladder and Birkenstock.

Right or wrong, the customer is always right.

The Breach of Trust: A Customer's Perspective

When a customer chooses a particular brand, they expect a seamless experience from start to finish. However, businesses that shift their responsibilities onto vendors or service providers create a disjointed and frustrating experience for customers. I recently encountered two such incidents that left me disappointed and questioning the integrity of these brands.

Urban Ladder's Sheesham Bed Saga

During my quest for a queen-size sheesham bed, I placed an order with Urban Ladder, a renowned furniture brand. However, the delivery process was marred with delays, miscommunication, and lack of coordination between Urban Ladder and their logistics partner. When I reached out to Urban Ladder's customer service for assistance, they shifted the blame to the logistics company, absolving themselves of any responsibility. This experience left me feeling frustrated and betrayed as a customer.

Birkenstock's E-Gift Card Mishap

In another instance, I decided to gift my friend an e-gift card from Birkenstock, a popular footwear brand. Unfortunately, the e-gift card was not delivered on time, causing inconvenience and disappointment to both my friend and me. When I contacted Birkenstock's customer support, they also deflected responsibility by stating that the issue lay with their third-party service provider. This experience not only tarnished Birkenstock's reputation but also affected my perception of their brand.

The Negative Impact on Brand Reputation

Passing on responsibility to service providers not only breaks the trust of customers but also dilutes the brand's reputation. Customers associate their experiences with the brand itself, regardless of the involvement of vendors or service providers. When businesses fail to take ownership and resolve issues promptly, customers may perceive the brand as untrustworthy, unreliable, and indifferent to their concerns. This erosion of reputation can result in a loss of customers and damage to long-term brand loyalty.

Thank your customer for complaining and mean it. Most will never bother to complain. They’ll just walk away.

Learnings for Customer-Facing Businesses

  1. Take Ownership of the Customer Experience: As a business, it is vital to take full responsibility for the end-to-end customer journey. Customers expect transparency, accountability, and timely resolutions when issues arise. Avoid shifting blame to vendors or service providers, and instead proactively address customer concerns.
  2. Ensure Effective Vendor Management: While working with vendors or service providers, establish clear expectations, communication channels, and performance metrics. Regularly evaluate their performance to maintain quality standards and ensure a consistent customer experience.
  3. Communicate Openly and Transparently: Effective communication is key to maintaining customer trust. Be honest and transparent with customers about any challenges or issues, and provide regular updates on their resolution. By demonstrating transparency, businesses can minimize the impact of potential disruptions.

Customer service shouldn’t just be a department, it should be the entire company.

Passing on responsibility to vendors or service providers will have severe repercussions for businesses. It erodes customer trust, damages brand reputation, and leads to dissatisfaction among consumers. The personal experiences I had with Urban Ladder and Birkenstock highlight the importance of taking ownership and prioritizing the customer experience. By learning from these examples and implementing effective vendor management, businesses can build stronger customer relationships and foster a positive brand image.

· 2 min read
Gaurav Parashar

Life has a way of reminding us of its unpredictable nature, and sometimes, it delivers heartbreaking news that leaves us shaken. Recently, I received the devastating news of the demise of a dear batchmate from IIM Bangalore. I want to pay homage to the departed soul, express condolences to their family and also reflect on the fragility of life. Moments like these serve as a poignant reminder to cherish our blessings, express gratitude, and make a positive impact on the world while we can.

Honoring a Life Lost

Losing a batchmate is not just a personal loss but also a loss to the entire community. Virendra was a bright, talented, and vibrant individual who touched the lives of many during their time at IIM Bangalore. Their enthusiasm, intellect, and warm presence will be deeply missed. Let me take a moment to remember and honor his life, the contributions he made, and the positive impact he left us behind with.

Embracing Life's Fragility

The passing of some you know serves as a stark reminder of life's fragility. It is a humbling realization that none of us are exempt from the transient nature of our existence. It is a reminder that every day is a gift, and we must make the most of the time we have. This news is a wake-up call, urging us to evaluate our priorities, appreciate the present moment, and live with intention.

Being Present with Loved Ones

The demise also compels me to reflect on the importance of nurturing relationships and being present with our loved ones. Life's uncertainties make it imperative to cherish the moments we share with family, friends, and those who bring meaning to our lives. Take the time to connect, listen, and create memories together. Let us strive to deepen our bonds, for these connections are what truly enrich our lives.

The loss of a beloved batchmate from IIM Bangalore serves as a solemn reminder of life's fragility and the importance of gratitude, cherishing loved ones, and making a positive impact. My heart goes out to the family and friends of the departed soul, and I offer my deepest condolences and strength during these difficult times.

May we all strive to live with gratitude, love, and purpose, creating a meaningful existence and leaving behind a world that is better.

· 2 min read
Gaurav Parashar

Today, I was trying to close a business deal with one of the biggest coaching institutes in India for design-related courses. I was prepared for a challenging negotiation process as the founder is sharp and tough, who is known for his Gujarati shrewdness and skilled negotiation tactics. While it may seem daunting, understanding the founder's negotiation style and employing effective strategies will hopefully lead to a successful agreement. Additionally, I note down the importance of maintaining professionalism and providing exceptional service in the face of tough negotiations.

The Founder: A Sharp Gujarati and a Tough Negotiator

The founder of this prominent coaching institute is widely recognized for his sharp business acumen and tough negotiation skills. Being a Gujarati, known for their astute entrepreneurial spirit, he approaches negotiations with a strategic mindset and a strong focus on maximizing his interests. He skillfully layers his negotiation tactics, continuously threatening to jeopardize the deal if his conditions are not met. It is crucial to be well-prepared and equipped with effective negotiation strategies to navigate through his tough negotiating style.

Strategies for Successful Negotiation

Focus on Mutual Benefits

I tried to emphasize how the proposed partnership will benefit both parties. Demonstrating a win-win situation is crucial for a successful negotiation in service based deals.

Prepare for Counterarguments

I tried to anticipate the founder's negotiation tactics and objections. I tried to give well-researched responses and was prepared to justify my terms and conditions.

Be Firm, Yet Polite

Standing my ground on important aspects of the negotiation was crucial, but I always tried to maintain a polite and respectful tone. I hope this help preserve the relationship and foster a more collaborative environment.

Negotiating a business deal with one of the biggest coaching institutes in India can be a daunting task, particularly when faced with a sharp Gujarati founder known for his tough negotiation style. Remember, negotiation is an art, and practicing effective strategies will help us secure a favorable outcome while preserving a healthy business relationship. If it worked, only time will tell.

· 3 min read
Gaurav Parashar

During shopping for shifting houses, I had an unfortunate encounter with Wooden Street, specifically with the store located in Golf Course Road, Gurgaon. With their upfront payment policy and promised delivery within 2 to 6 weeks, I was hopping to furnish my home with their stylish bed side tables and crisper chairs. However, my experience quickly turned sour when I faced consistent ghosting from their sales team and encountered frustrating customer support and archaic refund policies.

Ghosting by the Sales Team

Upon placing my order, I expected some level of communication from Wooden Street to keep me informed about the progress of my purchase. Unfortunately, this was not the case. The sales team seemed to disappear completely after they had made the sale. Phone calls and emails went unanswered, and the promises of timely updates were broken. This lack of communication and transparency left me feeling frustrated and neglected as a customer. It is essential for any business to maintain consistent and open communication with their customers to build trust and ensure customer satisfaction.

Poor Customer Support

When I finally managed to get in touch with Wooden Street's customer support team, I encountered further disappointment. The representatives appeared untrained and ill-equipped to handle customer queries effectively. They seemed unaware of the status of my order and failed to provide any concrete information. It was disheartening to realize that even after spending money, I was left to navigate through a maze of inefficient customer support. A prompt and knowledgeable customer support team is crucial in resolving customer issues and providing a positive shopping experience.

Refund Policies

In addition to the lack of communication and poor customer support, Wooden Street's refund policies left much to be desired. Despite the delayed delivery of my items, the company was reluctant to provide a refund or any form of compensation for the inconvenience caused. This rigid approach to refunds is not customer-centric and fails to acknowledge the impact of their poor service on the customers. A more flexible and empathetic refund policy would go a long way in resolving customer grievances and maintaining a positive brand image.

My shopping experience at Wooden Street Golf Course Road Gurgaon was a disappointing one, marred by ghosting from the sales team, poor customer support, and unsatisfactory refund policies. As a customer, I believe that it is essential for businesses to prioritize effective communication, prompt support, and flexible refund policies. These factors play a significant role in building customer trust and loyalty.

I would really not like to buy anything from Wooden Street again due to this poor experience.

· 2 min read
Gaurav Parashar

B2B business with SMBs

In the complex world of B2B business in India, there are several challenges that companies face, one of them being ghosting and difficulties in collections. Ghosting refers to the sudden disappearance or unresponsiveness of customers, leaving businesses in a state of uncertainty. This phenomenon can significantly impact cash flow and hinder business growth. Moreover, the collection process from small and medium-sized businesses (SMBs) comes with its own set of challenges, making it crucial for companies to navigate these issues effectively.

Ghosting in B2B

Ghosting can be a frustrating and all-too-common occurrence in the B2B landscape. It often happens when a customer abruptly ceases communication, leaving businesses unsure of the status of a deal or pending payment. This behavior can be attributed to various reasons, such as financial troubles, internal issues, or even communication breakdowns. Regardless of the cause, ghosting can have a detrimental effect on a company's financial health and overall operations.

Collections from SMBs

Dealing with SMB collections can be particularly challenging due to a variety of factors.

Lack of Financial Resources

Many SMBs operate on tight budgets and may struggle to pay their invoices promptly. Limited financial resources and cash flow issues can result in delayed or missed payments.

Inefficient Payment Processes

SMBs often lack well-established accounting systems and standardized payment procedures. This can lead to delays, errors, and confusion in the collection process, making it harder for businesses to track and receive payments on time.

Communication Barriers

Effective communication is crucial for successful collections, but language barriers and miscommunication can hinder the process when dealing with SMBs. Cultural differences and varying business practices also play a role, further complicating the collection efforts.

Today, I realized that we got ghosted by one of the long term customers of Exambazaar (Director of Trishul Defence Academy). He was communicating with us but kept on lying about the financial troubles, health issues in family and finally went cold. Obviously it doesn't feel great to waste time, energy and resources.

Hence, I have kept a principle of saying no very quickly to all sales and business development teams. With that clarity, any further efforts from them are purely their choice and investment of time & resources.

· 2 min read
Gaurav Parashar

Moving to a new city is an adventure that often entails furnishing a new living space. Seeking convenience and flexibility, I opted for the Furlenco Unlmtd plan upon shifting to Gurgaon in 2021. Today, I am sharing my experience with Furlenco's customer support, their unfair refund practices, and the persistent technological challenges that plagued their app and website. As an early adopter of the Furlenco Unlmtd plan, my hopes were dashed as I encountered numerous obstacles along the way.

The Promise of Furlenco Unlmtd

When I first subscribed to the Furlenco Unlmtd plan, I was enticed by its unlimited furniture rental option, providing the flexibility to change and upgrade my furniture as needed. The convenience of hassle-free renting, combined with a curated selection of furniture, seemed like the perfect solution for my furnishing needs.

Technological Mishaps

Furlenco's technological infrastructure proved to be unreliable. Their app and website frequently encountered glitches and errors, making it a cumbersome experience to manage my subscription, schedule deliveries, or even browse through their furniture catalog. The persistent issues with their technology undermined the convenience they promised and left me feeling helpless in my attempts to resolve any issues.

Customer support woes

Perhaps the most exasperating aspect of my experience was dealing with Furlenco's customer support. Upon reaching out for assistance, I encountered long wait times, unresponsive representatives, and a lack of empathy towards my concerns. The inability of their customer support team to effectively address my grievances only added to my growing frustration.

My experience with Furlenco's Unlmtd plan, customer support, and technological mishaps has been a challenging one. From encountering unfair refund practices upon cancellation to grappling with persistent glitches in their app and website, my hopes for a seamless and convenient furniture rental experience were shattered. As an early adopter, I expected better treatment and a smoother journey. Through this ordeal, I urge others to approach such services with caution, conducting thorough research and weighing all aspects before making a commitment. Transparency, fairness, and robust technological infrastructure are vital components of a reliable and customer-centric service, and sadly, Furlenco fell short in these areas.

· 2 min read
Gaurav Parashar

Frankfinn Institute of Air Hostess Training

Today, I met the business team of Frankfinn Institute of Air Hostess Training and enjoyed the conversation with them. Frankfinn is the World's No. 1 Air Hostess Training Institute and offers courses in the field of Aviation, Hospitality, Travel and Customer Service. You might have seen Alia Bhatt in one of Frankfinn ads.

At its core, Frankfinn offers a comprehensive range of certificates courses to students aspiring for a career in the Aviation, Hospitality, Travel and Customer Service sectors. They offer placement assistance but do not guarantee placements.

Scale of business

Some of the stats shared were mind boggling and are worth double-clicking. I am enumerating them below:

  • Frankfinn has an in-house student counselling team of 1000 callers
  • Online to offline flow of student leads is: unqualified lead -> 3 connects within 24 hours -> 5 connects within 48 hours -> Appointment for Center Visit
  • They have appetite to consume 6 Lakh leads a month. Let's pause for a minute and think about the magnitude of that.
  • They get around 4500-6000 admissions a month i.e. a conversation rate of 0.75%.
  • The courses vary between Rs 1,20,000 to Rs 1,65,000
  • Estimated annual revenue is ~ Rs 800 crore

Monopoly player

Frankfinn does not face a lot of competition in the market. It is one of the few players who operate in this niche. Being founded in 1990s, Frankfinn bring 30 years of experience in the domain with network connections. But such profit pools are tough to defend. Especially with the disruption in Edtech, I will try to deepdive about it in another post.