INTRODUCTION

NEED FOR THE PROJECT

The need for the project ‘IDEAS – THE MOST INNOVATIVE TOOL FOR SUCCESS’ is
basically to look at the innovative ideas entering the market & finding success with their
innovation in the business products.

You can say, searching for ideas which generate money & ideas which generate more
money is the basis of this project.

OBJECTIVE OF THE PROJECT

The objective of the project is to let people know about those entrepreneurs who are not
TATA’s or BIRLA’s but normal human beings or common man as we call it, & who are
ready to think out of the box which means taking your thinking to that level where no
one could reach & producing quality ideas, processing it & serving it as the most
refreshing business & they are rewarded with money for their service to the society.

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 WHAT IS ENTREPRENEURSHIP?

ENTREPRENEURSHIP IS

DOING SOMETHING

NEW & INNOVATIVE BY ASSUMING RISKS & UNCERTAINTIES

ASSOCIATED WITH IT.

WHAT IS AN IDEA?

AN IDEA IS AN INNOVATION WHICH IS USED BY ANY INDIVIDUAL TO DO

ANYTHING

WHAT HAPPENS WHEN IDEAS COMBINE WITH

ENTREPRENEURSHIP?

MONEY IS GENERATED

Ideas are tools for success as ideas along with entrepreneurship generates money.

Ideas are tools for success as ideas are the most innovative output of out of the box
thinking.

Ideas are tools for success as ideas are refreshing & new.

SOURCES OF NEW IDEAS!!!

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HERE ARE SOME OF THE SOURCES OF IDEAS WHICH ARE WACKY BUT AT
THE SAME TIME VERY USEFUL:

1. CONSUMER DEMANDS

2. INNOVATE EXISTING PRODUCTS

3. DISTRIBUTION CHANNELS

4. FEDERAL GOVERNMENT

5. RESEARCH & DEVELOPMENT

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CONSUMER DEMANDS:

 Potential entrepreneurs should continually pay attention to potential customers.

 This attention can take the form of informally monitoring potential ideas & needs or
formally arranging for consumers to have an opportunity to express their opinions.

 Care needs to be taken to be taken to ensure that idea or need represents a large
enough market to support a new venture.

INNOVATE EXISTING PRODUCTS:

• Potential entrepreneurs should also establish a formal method for monitoring &
evaluating competitive products& services on the market.

• Frequently, this analysis uncovers ways to improve on these offerings that may result
in a new product or service that has more market appeal.

• Basically, this means generating new ideas by innovating the existing product or
service.

DISTRIBUTION CHANNELS:

 Members of distribution channel are also excellent sources of new ideas because of
their familiarity with the needs of the market.
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  Not only do channel members frequently have suggestions for completely new
product, they can also help in marketing the entrepreneur’s newly developed product.

 One entrepreneur found out from the sales clerk in a large departmental store that the
reason his hosiery was not selling was its color.

 By heeding the suggestion & making appropriate color changes, his company became
one of the leading suppliers of non brand hosiery in that region of the United States.

FEDERAL GOVERNMENT:

o The federal government can be a source of new product ideas in 2 ways.

o First, files of patent office contain numerous new product possibilities.

o Although, the patent themselves may not be feasible, they can frequently suggest
other more marketable product ideas.

o Several government agencies & publications are helpful in monitoring patent

applications.

o Second, new product ideas can come in response to government regulations.

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 o For example, occupational safety & wealth act mandate that the first aid kits be
available in business establishments employing more than 3 people.

o One newly formed company, R & H Safety Sales company, was successful in
developing & selling first aid kits that allowed companies to comply with the act.

RESEARCH & DEVELOPMENT:

 The largest source of new ideas is the entrepreneur’s own ‘Research & Development’
efforts, which may be a formal endeavor connected with one’s current employment or
an informal lab in a basement or a garage.

 One research scientist in fortune 500 companies developed a ne plastic resin that
became the basis of a new product, a plastic molded modular cup pallet, as well as a
new venture - The Arnolite Palette Company Inc. – when the fortune 500 company
was not interested in developing the idea.

THE ABOVE SOURCES OF GENERATING IDEAS ARE THE BASE OF

ANY ENTREPRENEUR STEPPING IN THE FIELD OF
‘ENTREPRENEURSHIP’

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METHODS OF GENERATING IDEAS

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EVEN WITH A WIDE VARIETY OF SOURCES AVAILABLE,
COMING UP WITH AN IDEA TO SERVE FOR THE BASIS FOR A
NEW VENTURE STILL POSES A PROBLEM.

THE ENTREPRENEUR CAN USE SEVERAL METHODS TO HELP

GENERATE & TEST NEW IDEAS SUCH AS:

FOCUS GROUPS:

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  Focus groups have been used for a variety of purposes since the 1950’s.

 A moderator leads the group of people through an open, in depth discussion rather
than simply asking questions to solicit participant response.

 For a new product area, the moderator focuses the discussion of the group in either a
directive or a non directive manner.

 The group of 8 to 14 participants is stimulated by comments from other group

members in creatively conceptualizing & developing a new product idea to fulfill
market need.

 In addition to generating new ideas, the focus group is an excellent method for
initially screening ideas & concepts.

 Using one of the several procedures available, results can be analyzed more
quantitatively, making the focus group a useful method for generating new product
ideas.

BRAINSTORMING:

• This method allows people to be stimulated to greater creativity by meeting with

others & participating in organized group experiences.

• Although most of the ideas generated from the group have no basis for further
development, sometimes a good idea emerges.

• This has a greater frequency of occurrence when the brainstorming effort focuses on a
specific product or market area.

• When using brainstorming, these 4 rules should be followed:

1. No criticism is allowed by anyone in the group.

2. Freewheeling is encouraged – the wilder the idea, the better.

3. Quantity of ideas is desired – the greater the number of ideas, the greater the
likelihood of the emergence of useful ideas.
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 4. Combinations & improvements of ideas are encouraged; ideas of others can be used
to produce still another new idea.

• The brainstorming session should be fun, with no one dominating or inhibiting the
decision.

PROBLEM INVENTORY ANALYSIS:

 It uses individuals in a manner that is analogous to focus groups to generate new

product ideas.

 However, instead of generating new ideas themselves, consumers are provided with a
list of problems in a general product category.

 They are then asked to identify products in this category that have a particular
problem.

 This method is often effective since it is easier to relate known products to suggested
problems & arrive at a new product idea than to generate an entirely new product idea
by itself.

 Problem inventory analysis can also be used to test a product idea.

 Results from product inventory analysis must be carefully evaluated as they may not
actually reflect a new business opportunity.

PROFILE OF AN ENTREPRENEUR

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KISHORE BIYANI, PANTALOONS
Rewriting rules, retaining values

High on design and Creativity

As you enter the Pantaloon office in suburban Mumbai, the buzz is evident. One does
not expect anything less in India’s biggest organized retailing company. The man who has
created this buzz is Kishore Biyani. Kishore Biyani is high on design and creativity, by his
own admission. Both are evident at the reception. Behind the receptionist sits a painting
with a collage of palm prints representing the hand of every employee (“Every
employee has a hand”). The design of the office is not conventional, but unique in many
ways. From the ceilings hang banners which speak to visitors on the company’s philosophy
and vision.

Big dreams and big bets

As one enters KB’s room (senior employees refer to Kishore Biyani as KB), the first
thing that strikes you are the various quotes from world leaders like Mahatma Gandhi
to Albert Einstein and Azim Premji. One slot is still empty. Maybe the man behind the
organization would some day like to have his own quote there to inspire the next generation.
KB was just another small manufacturer and retailer of garments who dared to dream and if
the last few years are any indication then Pantaloon looks to be on course to be one of the
dominant players in the retailing sector in India, estimated to be an US$200bn opportunity.

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He dreams big and bets big — when other companies talk of doubling in three
years, KB bets on doubling his company’s size every year!

Background

A commerce graduate by background, Kishore Biyani lives in a joint family in Mumbai.

While his family was in joint family when he graduated, he decided not to join them but
instead start his own business supplying fabrics to garment manufacturers.

Later he went into manufacturing & started selling branded garments & also launched jeans
under the brand name ‘bare.’

His retailing foray evolved over time as he setup initial outlets to sell his garments & then
later expanded it to different formats.

Today, Pantaloon is the largest organized retailer in the country. He also has a discount store,
Food Bazaar & Central which sells various brands & Pantaloons which sells primarily its
own brands.

Hiring the best talent

KB has been the face of the organization.

But is there an organization behind the man or is it just a one-man show? Steadily and
methodically Kishore Biyani has been able to add the best in the class to his team.

People from Unilever group, Coca Cola India and other leading organizations have been
joining the retail revolution and the one-man show is a full fledged organization
today.

In 2004, every store opening meant that KB had to be physically present there and in
2005 over a weekend, four stores were opened in different locations and Kishore Biyani
was not present at any one of the locations. He was planning the next leap for the
company.

Evolution through the years

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 Timeline in history of Pantaloon

The Pantaloon Trouser — India’s first formal trouser brand launched 1987-88
BARE — Indian Jean brand launched 1989-90
John miller- Shirt inspired by America - Formal shirt in popular segment launched 1993-94
Distribution of branded garments through multi-brand retail outlets across nation and 1993-94
exports of garments
The Pantaloon Shoppe — Exclusive menswear store in franchisee format launched 1993-94
across nation
Pantaloons- India’s Family Store launched 1997-98
BIG BAZAAR - Isse se sasta aur acha kahi nahi! — Indian Hypermarket launched 2001-02
FOOD BAZAAR - Ab Ghar Chalaana Kitna Aasaan - chain of large supermarkets 2001-02
with a difference
GOLD BAZAAR - Sone pe suhaga. Shudh bhi, sasta bhi 2003
Added new retail format “Seamless Mall” (Central at Bangalore)
From 0.56msqft in FY03, crossed the 1msqft mark and almost doubled the 2003- 2004
number of stores from 22 to 42
Retail space reaches almost 2msqft. Crossed Rs10bn in revenue. Launched subsidiary 2004-2005
to specifically cater to the home solutions market
Launched real estate funds — “Kshitij” in the domestic market and ”Horizon” 2005-2006
in the international market. Launched a consumer fund ”In division Capital Fund”

INNOVATIVE IDEAS IN BUSINESS

IN INDIA

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Innovative ideas in business include the profiles of those entrepreneurs who have done some
very innovative thinking & developed ideas into successful businesses.

From Mr. Sarath Babu to Mr. Subramanian to Mrs. Roy to Mr. Gupta to Ms. Thakur
everyone has 1 thing similar in their stories that is they believed in themselves.

Let us look at the successful journeys of these entrepreneurs.

OF A RARE BREED

PROFILE OF MR. SARATH BABU

(FOODKING)

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He’s no SLUMDOG MILLIONAIRE, but his story is just as inspiring.

E.Sarath Babu found himself in spotlight in 2006 when he declined a plum offer from a
software company at IIM – A’s campus recruitment event.

Instead of joining the high flying MNC bandwagon, he decided to follow his dream: to
generate employment for the country’s poor.

So, with a meager sum of Rs. 2000 from personal savings & Rs. 1 lakh borrowed from
friends, Sarath Babu launched his company, FOODKING CATERING SERVICES in
Chennai back in April 2006 – one day before he graduated from IIM.

The food industry, which is considered to be a low lying sector for B school graduates, had a
special appeal for Sarath Babu.

“Food is an everlasting industry” he says. “ It generates jobs for everyone, including the poor
– unlike the infamous software business.”

Today Sarath Babu is popularly known as ‘IDLI MAN’ - a term linked to his childhood,
which he spent helping his mother sell idlis on the streets of Chennai.

According to Sarath Babu, if each entrepreneur in India can create 1 lakh jobs, it is possible
to directly support 5 lakh people.

Determined to prove these figures, Sarath Babu persisted in getting into India’s top notched
business school.

Once in, Sarath Babu, an elected member of the student body – tested the waters, actively
organizing catering services for big campus events.

These ventures fired him up to pursue his personal ambition.

“What mattered to me the most was my mother’s permission to pass up on a good job & start
my own business. The media attention I got for dropping a campus placement was
inconsequential to my decision.” Sarath says.

On the plus side, the publicity helped him get his first order- ironically, from a software
firm!!

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Four months after Sarath Babu founded FOODKING, he received funding of Rs. 9 lakh from
a bank & the Rotary club.

This helped him generate Rs. 40 lakh in revenue in the first year itself.

“I have had a good start, but I still have a long way to go to create one lakh jobs” says the
determined entrepreneur.

FOODKING now a Rs. 7 crore company caters to premier educational institutes & offices
across India.

But to Sarath Babu, the wealth of the employment that the company has spun is more
significant.

“I’ve always wanted to do something for the lower strata of the society, because I know what
it feels like to be there.”

The company now has 200 employees across 6 cities.

With a few more projects in the pipeline & a plan to get into food retailing, Sarath Babu is
confident about doubling his revenues & employee base in 4-6 months.

Giving an analogy for his zeal he says,

“A BAMBOO TREE ONLY GROWS 6 INCHES DURING THE FIRST 6

YEARS; THEN IT JUST SHOOTS UP TO 90 FEET IN THE NEXT 6
MONTHS.”

A FARM TO HOME BUSINESS

E-FARMING

SELLING VEGETABLES FROM A VAN ON THE STREETS OF CHENNAI MAY

NOT SEEM LIKE A LUCRATIVE IDEA, BUT THIS HUSBAND DUO ARE DOING
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A WHOLE LOT OF GOOD TO THE COMMUNITY & TO THEMSELVES BY
DOING JUST THAT.

“Are you guys doing all right?” that’s a question that Venkat Subramanian & his wife have to
deal on a regular basis.

But what invokes such concern for this entrepreneurial couple?

They spend their weekends traversing Chennai’s neighborhoods, selling vegetables from a
van.

An unusual business it may be, but e-Farm Solutions is an apt response to India’s agrarian
crisis.

Launched in January ‘08 as a sub division of Matchbox Solutions, e-Farm works on a

transparent, economical & farm to home model.

“Farmers need money for their hard work, not subsidies” says Subramanium.

In 2007, Subramanian quit his job at Wipro, in the U.S., to return to India & start on his own.

During his 12 years in the I.T. industry, Subramanian acquired considerable knowledge about
banking, finance & insurance.

His initial plan, then, was to get into the online insurance segment, which was still a nascent
industry in India.

With an investment of 10-12 lakhs from savings & help from his friends & family,
Subramanian launched MATCHBOX SOLUTIONS in mid 2007.

But the buck didn’t stop there.

Interactions with friends who were venturing into the ‘fields’, so to speak, left him smitten
with the idea of combining technology with a critical business segment like agriculture.

But it also left him deeply concerned at the lack of viable business model within the agrarian
system.

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“The real problem lies on the sales & marketing side. Farmers are constantly cheated within
the mandi system” he says.

Many branded retailers of agrarian produce spend their energies managing outlets, rather than
keeping a tab on their sourcing options.

But what creates the most chaos in the system is the fact that India has no set standard for
measuring produce.

Thus, e- Farm was created as a platform where buyers & sellers can come together- across
between dabbawalas of Mumbai & e-bay.

“We give customer service utmost importance, providing decent dealings, flat prices &
quality produce” Subramanian explains.

80 % of e-Farm’s customers are wholesale clients, such as hospitals & restaurants, who pay
farmers a special rate & help estimate weekly demand.

Target customers also include local kirana stores, push cart wala’s & households.

The company prefers to steer clear from big retailers, though as they tend to give perishable
commodities a longer shelf life.

“We are wholesale logistics providers,” says Subramanian. “Our niche is sourcing, not
retailing. That’s why e-Farm will not consider creating a branded retail chain.”

The branded e-Farm vans are as close to retailing as it gets; on weekends, a van doubles up as
an organic mandi.

Orders for vegetables are placed over mobile phones & cultivation is planned accordingly.

Microfinance organizations & NGO’s also form an important part of e-Farm’s network.

The company has partnered with NGOs that deal with mentally challenged & handicapped
people, weaving them into e-Farm’s ecosystem of social entrepreneurship.

They help in sorting, cutting & grading of the goods.

“NGOs pay us a basic remuneration for partnering with them, & we don not force our
business angle onto this wing of e-Farm” he says.

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Tamil Nadu has been known for its high density of self help groups & NGOs run by
knowledgeable women.

“Moving to Chennai was an eye opener for us in this space. I have learnt a lot from these
women” Krishnan adds.

Krishnan deals with the administration within the company & organizes marketing
campaigns.

But her most important role includes taking care of the tasks handled by women; she treats it
as her personal domain.

“The biggest challenge here, though, is convincing women that selling vegetables can be
lucrative” she says.

Being both entrepreneurial partners & life partners has its pro’s & cons.

“We did have initial teething problems when it came to decision making” says Krishnan.

E-Farm’s business model received an ICRISAT grant at he turn of 2009, & the company is
being incubated by the organization.

The grant money is being used to set up collection centers in rural areas across Tamil Nadu.

E-Farm has been growing at 25-35% every month, with revenues crossing Rs. 1.5 lakh a
month.

Five full time & 5 part time employees are keeping this socially conscious company running
with the help of 12 advisors.

But according to Subramanian, e-Farm’s biggest knowledge poolahs has been the farmers.

“Who knew that we have 100 varieties of Spinach alone!!!!” he says.

WOMEN ON WHEELS

WHEN INDIA’S FIRST WOMEN’S ONLY RENTAL TAXI SERVICE STARTED,

THERE WERE NO TAKERS.

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BUT ONCE THE LADIES IN TOWN GOT THE TASTE OF THIS SUPERIOR & SAFE
SERVICE, THE WHEELS HAVEN’T STOPPED SPINNING.

Revathy Roy has carefully kept aside her first earnings of Rs. 200 from her rental taxi
service, For She.

And with that money, she wants to buy the company’s shares when it goes public.

However, before jumping the gun on IPO, let us get to the humble beginnings of India’s first
taxi service for women, by women.

“I Love to drive & I love cars. I know how they work & I have always been the designated
driver for my family & friends. Despite this, my friends would still give me directions to
drive. One day, out of sheer frustration, I said, I would rather have a taxi service for women.
It was an impulsive outburst but the idea stuck with me till I did something about it,” Roy
recounts.

At the time she thought of setting up the service, Roy’s personal life was rife with misfortune.

With her husband in coma, all assets sold, no bank balance & 3 children to support Roy –
then 47 did not have any idea about the transport sector or the public transport market.

Despite the odds, Roy began looking for an advertising agency in Mumbai that would give
her publicity on credit – even before she had arranged for the cars.

She found Ubiquitous through a local dial-up service & struck a deal for logos & print
advertisements in local papers worth Rs. 5 lakh. If she could pay back the money within 3
months, she would pay half the advertising cost; if she failed to pay it back within 6 months,
she would forfeit the idea & business to the ad agency.

The first ad appeared in Jan ’07, announcing the launch of For She in March that year.

Four days later Roy’s husband passed away.

“I had nothing further to loose. Swami Vivekanand’s message that one needs vision more
than eyes inspired me to hit out on my own & shape the business up.”

A friend contributed 2 second hand cars, but the first customers only came in May ’07.

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A samaratarian gave her Rs. 5 lakh, & she paid off her advertising credit, taking a discount of
50%..

With the remaining amount Roy setup an office in a garage; she would fill fuel for the cars &
send them out with no passengers for publicity.

Roy herself drove taxi for ten months.

Later, some of her customers – predominantly senior citizens & families – helped her buy 12
more cars.

In November that year, a chance meeting with Orix Auto Infrastructure Limited led to a
strategic alliance between the company & For She.

Today, the fleet flaunts 41 Maruti Suzuki Versas, specially designed for Orix, with services
available in Mumbai & Delhi.

By end of this year, Roy plans to launch the service in Kolkata & another Indian metro.

Business is now moving into top gear, but the road’s been rough.

The hardest part was to convince authorities to issue 24 hour permits to run the cabs.

Hiring women drivers wasn’t a cakewalk either.

To tide over the latter, Roy started training women, mostly from the urban poor community.

Her training school run by her company For She Travels & Logistics Pvt. Ltd., trains 25 girls
every batch.

Upon graduating, they become associates with Orix & get a fixed salary of Rs.5000 a month
for working 12 hour shifts for 26 days.

In addition, they get per kilometer revenue, eventually earning between Rs.7000 – 10,000.

Since the drivers are not under anyone’s direct payroll, they are almost self employed.

Recently, the BMC also tied up with Roy’s training institute to sponsor the training of 23
girls & help mobilize the urban poor women into employment.

Apart from driving skills, they are trained in soft & language skills, martial arts & city/road
familiarization.
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This ensures safety while driving at night & girls can double up as tour guides for foreign
tourists, Roy explains.

Roy has moved away from hard core operations of the business.

But she is at the heart of it by providing manpower, which is at premium in this all women’s
business.

Roy is upbeat about the future & hopes to have 200 For She cabs on Indian streets by end of
the year.

Roy points out that Indian bank are of no help if you don’t have a business plan with
precedence.

She praises the bureaucrats who showed complete faith in her novel idea, & curses the lack of
competition, as it means she is the only one scouting for women drivers & training them.

But at the end of the day, Roy is a happy entrepreneur who fought to take her business plan
off the ground, despite all odds.

She is now turning the fortune of other women.

MARKET OPPORTUNITIES FOR THIS COMPANY

• Non metro cities

• Innovative pricing

• Niche markets

HELPING ARTISANS THRIVE

MANISH GUPTA TURNED HIS DESIRE FOR CULTURAL PRESERVATION INTO

A BOOMING BUSINESS.

Travelling through the diverse terrains of rural India, U.S. based entrepreneur Manish Gupta
witnessed a fading trade.

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“I met many artisans who made beautiful products, but couldn’t even make a dollar a day” he
says.

As a result, Gupta found that the younger generations in the villages he visited weren’t
interested in continuing the handicraft practices, & he feared that the art would disappear.

“I realized that I have a lot of opportunities & skills I could use to help these people & the
industry,” says Gupta, 30, who previously worked for Dell.

Inspired by his travels, he started Handmade Expressions in 2005, which sells products such
as handbags, jewelry, stationary & table accessories that Gupta sources from co-operatives.

“We travel to rural areas in India to understand the traditional art of that region. We then help
artisans make products that will appeal to an international market,” he explains.

“Regardless of how beautiful the art is, if its not high quality, it won’t sell.”

In addition, to his 6 employees, the Austin, Texas based company employees a team of 5
people based in India that meets with local co-operatives & works with artisans.

According to Gupta, fostering one on one partnership with the co-operatives is the key, since
communicating with the artisans is one of the biggest challenges.

“Some don’t have phones or e-mails, so we need people to meet with them face to face.”

Currently, Handmade Expressions works with 700 retail stores in the U.S., including Pottery
Barn, which rakes in an annual revenue of about $7,500,000, & the popular stationary store
Papyrus.

“I believe every company would like to sell fair trade products, but may not know where to
find them,” Gupta says.

Handmade Expressions is the sourcing partner for these products, ensuring that the artisans
are paid fairly & that environmental standards are met.

Gupta has even worked with companies to create custom products made by artisans he
employs.

All products come in tags explaining the significance of the art & the economic & social
impact the business is making in artisans communities.

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This entrepreneur believes that economic sustainability is the key to development.

“Many issues will go away if people have the ability to earn a living,” he says.

“For example if right now, someone doesn’t have enough food to eat, they don’t have the
ability to concentrate on education either.”

Gupta, who had moved to the U.S. to study, is focusing on creating opportunities for others in
his native country.

THE DESI IN DESIGN

Toilet paper that’s a spin off on Draupadi’s Cheer-Haran & a first aid kit that is aptly
named First Vaid. Divya Thakur is bringing India – hip back to design & how.

You know a designer is doing things right when she complains about having to reject work
due to an overload of projects, even as the front page of major tabloid is being redesigned in
her studio.

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Divya Thakur is the owner & creative director of Design Temple, an award winning multi
disciplinary design firm that’s been in the limelight for marrying chic designs with Indian
cultural wit.

It was after 8 years of working under ad personalities & design gurus that this art school
alumnus decided to gift herself the firm.

“Back in 1999, I decided to bring in the millennium year by going after my long cherished
dream: to have my own graphic design studio,” says Thakur.

“I started out with 2 computers & one designer in a tiny studio apartment in Bandra.”

But that’s a distant memory.

Design Temple is now a swanky studio in the heart of south Mumbai with 12 full time
employees.

Its portfolio includes the title design for Mira Nair’s ‘THE NAMESAKE’, the design for
Lights Camera Masala (a book on contemporary Indian cinema), & exhibitions held in Milan
& London.

With these came acclaim, but it was the firm’s quirky product range, launched in 2006, that
brought popularity.

The range includes bath & wellness products, stationary & storage lines that incorporate
Indian culture & mythology in wild, creative ways.

Case in point, Cheer Haran toilet paper – a cultural mash of toilet paper & Duryodhana’s
attempt to disrobe Draupadi in the Mahabharata.

The offbeat offerings, which garnered coverage from publications like Wallpaper & Vogue,
retails in lifestyle stores across the globe.

An online shop was recently setup, too, due to increasing overseas interest.

The buzz has of course helped the revenue, which was visible in Design Temple’s last year
turnover going past a couple of crore.

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“We do not want to scale up, but the caveat is that the bigger we get, the further we may drift
from our design sense. It comes down to finding a balance between our design identity &
commercial needs,” says Thakur.

PROFILE OF AN ENTREPRENEUR

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JIGNESH SHAH, FINANCIAL TECHNOLOGIES
JIGNESH KNOWS WHAT HE WANTS:
I knew in my early school days that I wanted to become an electronics engineer,
says Jignesh Shah and he became one. Jignesh Shah comes across as a man who knows
what he wants.
After his graduation he gave up traditional career choices such as going abroad for
an MS or joining a software firm and instead joined the Bombay Stock Exchange where
he got opportunity to work on automation and computerization of stock exchange, the
back office systems to start with.

BACKGROUND
Born and raised in a Gujarati-Jain family, Jignesh Shah grew up in Mumbai.

After obtaining an engineering degree, he joined Mumbai stock exchange and was put on
the team responsible for automation of the stock exchange.

He along with Dewang Neralla set up Financial Technologies in 1995 but software
operations began only in 1998.

Initially started creating front end for stock exchange software, he subsequently went
on to develop software for trading platforms including internet based trading
platforms and then later developed an exchange backbone on which MCX and DGCX
are based.

GLOBAL EXCHANGES ARE INSTITUTIONS WITH DECADES/CENTURIES OF

HISTORY

When one thinks of exchanges, one thinks of venerable institutions and organizations.

Who would believe that a young entrepreneur is behind the largest commodity exchange in
India (and one of the largest in Asia).

A space dominated by institutions like TOCOM, Nymex and LME, MCX is odd one out.

MCX is promoted by Financial Technologies, a small IT company started by a first

generation entrepreneur and not a big industrial group or an established financial institution.

The second largest commodity exchange in India is NCDEX promoted by ICICI Bank,
National Stock Exchange, Crisil and others.

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SUCCESSFULLY COMPETED WITH GIANTS LIKE TCS, TIBCO AND IBM

The Exchange space is not Jignesh Shah’s first success, although it has bought him
into the public limelight.

He has been successful in the products space — his core business. No one initially
believed that a small company — Financial Technologies — could compete against the
domestic and international biggies in the products space.

FT with only under 100 product programming employees was against the giant TCS
with 20,000 employees with international experience as well as global companies like
TIBCO and IBM.

FT continued on its success path within its niche areas of transaction processing, especially
for stock exchanges and commodity exchange trading.

Proof is demonstrated by the fact that FT has 80-90% market share in on-line trading
platforms.

ICICI direct, Share khan, India infoline all prefer to use FT software even though they
started with some other software systems.

Also, it has over 80-90% market share in trading software used by local as well as
foreign brokers for stock trading on BSE and NSE.

MCX WENT LIVE IN RECORD TIME

The big success came when FT was awarded the license to set up a
commodity exchange in 2003.
They went live in a record time of 9 months in Nov-2003.
Among many applicants who applied for license also included the Bombay Stock Exchange
(BSE).

IMPRESSIVE GROWTH IN REVENUES AND PROFIT

10 year financials for Financial Technologies

1,600 (RSM)
28
1,400 REVENUE

1,200

1000 47% cagr NET PROFIT

800

600

400

200

(200) FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06CL

FOREX MARKETS AS NEXT GROWTH OPPORTUNITY

I am very clear, that I would create wealth for shareholders as well as myself, says Jignesh
Shah.

Jignesh Shah is definitely driven and not content with his achievements. Jignesh realized
that trading volume in commodity markets are 10x equity markets and those in
foreign exchange market are 10x of commodity market.

He decided that currency markets were the place to be, so it applied to RBI,
demonstrated its capabilities and got the license for an inter bank foreign exchange
trading platform, IBS-Forex (in 2002/03).

MCX also has to its credit the setting up of the first national spot exchange, NSEAP, which
interlinks all-India APMC (agriculture produce market committee) markets electronically.

The network established by NSEAP and MCX will be used by producers for spot trading in
commodities.
STUDENTREPRENEURS!!!

29
Graduation day may be different in each of the Indian business &
engineering schools,

But perhaps none of them will reflect the gloomy mood of the current
placement season.

In fact, many students are dumping the corporate world to start their own
ventures.

Watch out global giants!!!!....

MAID TO ORDER

30
One such story is of Mr. Ankur Arora & Sunil Kaura ‘Maid to order’

IFISB students & first time entrepreneurs Ankur Arora & Sunil Kaura have their way, the
concept of having an ‘aaya’ for kids may soon go the way of other British Raj relics.

Students in the batch of 2008-09, Kaura & Arora come from diverse backgrounds: Kaura is a
C.A. by profession & Arora a techie from IIT Delhi.

That however, did not deter them from starting a yet unnamed chain of daycare centre for
children.

“Both of us were in the same quad at ISB,” says Kaura.

“After the first few months, we began bouncing around ideas off each other about starting
something of our own. We were thinking about everything from curry centers to education
till we finally settled on setting up childcare centers.”

Kaura believes that there is a genuine need for such centers in India, given the growth of
working mothers & nuclear families.

A number of surveys & focus groups at ISB initiated by the duo have further strengthened
their belief in the model.

“Today a working parent in a nuclear family only has an illiterate maid if he wants to leave
the kids behind,” says Kaura.

“What we are aiming to provide is a comfortable, reliable, safe & professional child care
service. Feedback from various companies that we have been in talks with has shown that
employees are willing to pay a premium for such a service.”

Arora believes emotional reasoning plays a major factor in childcare, so parents will only be
comfortable with someone who will take care of their child as they would.

As such, a parent will always prefer a trained & educated care taker over the regular ‘aaya’.

“This is where we plan to have constant one to one interactions between the caretaker & the
parent,” says Kaura.
31
“The parent will always be in contact with the caretaker & ultimately in constant control.”

Kaura & Arora are still not ready to disclose their full plans for the scale of the venture, but
hope to have it fully functional over the next 2-3 months.

They are ready to disclose their target audience, which would be people working in the BPO,
IT, ITES sectors in cities like Hyderabad, Pune & Bangalore - & that they will use
technology in a way that’s never been seen in this field.

Currently, in the business plan stage, this new venture will be incubated & monitored over
the next 2 years at ISB.

Post this, Kaura & Arora promise to provide a unique tech based service that will
revolutionize the concept of day care centers altogether.

INTERN NETWORK

Hello Intern company setup by students is an another aspiring story of

‘Studentrepreneurs’
32
While the recession was taking away the jobs of many, these student entrepreneurs were
helping their peers find part time employment.

Abhishek Sharma & Jatin Jindal – final year mechanical engineering students at IIT Bombay-
along with fellow IITians, Snehal Nimje & Raviraj Jain, run Hello intern from their hostel
room.

Their young startup is an online placement facility for students & fresh graduates.

The idea took shape back in 2006 when Sharma & Jindal found it hard to get summer
internships.

They soon realized that there was no platform to help students find jobs.

In August that year, Hello Intern came into operation.

The website offers free registration to students & companies looking for internships,
contractual projects & part time jobs.

Hello intern enjoys 75,000 page view a month on an average & has become especially
popular with startup companies.

So far, 300 companies have used their services.

This season alone, 100 companies & 15,000 students have registered with the website.

Though such a site would find a seasonal flavor with recruiters & job seekers, the recession
has helped garner good business in the past couple of quarters, admits Jindal.

“Companies have figured out that on an average, 40 % of the workforce is usually not fully
productive. However, if they let these people go, they still need some replacement to get that
work done,” Jindal adds.

The effort paid off with big names like Qualcomm, Kimberley-Clark & Cleartrip now
recruiting via their site.

To get them onboard, Sharma & his team approached these companies directly.

33
Involvement with student bodies on campuses & social networking sites also helped spread
the word.

So far, the business has been sustained through online advertisements & prize money won at
various business plan contests.

Costs are kept in check by handling the website development in – house & contacting
companies with the help of media coverage.

The team soon plans to implement a direct revenue generating model from activities on the
website.

Sharma & Jindal, who will be graduating this year, are already in talks with the investors &
plan to partner with colleges to bring more people in the team.

EARTH SAVERS

The story of Energy & Carbon Productivity Solutions (ECPS) company, is an aspiring
story of young students who are emerging as successful entrepreneurs at a small age &

34
consider themselves as Earth Savers with their out of the box thinking & it’s successful
journey is a part of ‘Studentrepreneurs.’

While, their fellow students are breathing polluted air, four students are doing their bit to
provide for a better tomorrow – through innovative software.

Gaurav Parashar, 21, sits back in his chair & talks about his startup with the confidence that
only a seasoned businessman can exude.

Clearly, it arises from his passion for his product & his faith in his potential.

An occasional disarming smile, however the guileless, energetic undergrad hiding behind the
façade of the serious entrepreneur.

This young entrepreneur is a 3rd year B. Tech computer science student at IIT Bombay, as is
Sunny Goyal, 20, his friend & business partner.

Joining forces with Abhishek Mittal, a fourth year electrical engineering student from their
college & their friend Abhijit Parashar, from IIM Bangalore, the quartet setup Energy &
Carbon Productivity Solutions (ECPS).

Mittal subsequently exited the venture.

The innovative software they offer, which is based on the Greenhouse Gas (GHG) Protocol,
enables real time capturing of carbon emissions of corporate & measures their energy usage.

Already, the startup has one filed patent & other is in process.

The scope is immense.

Gauging carbon footprints is mandatory in European countries, but in non compliance

markets like India & the U.S. too, the trend is fast picking up.

A growing no. of people will need a means to map their carbon footprint & energy
consumption to curb the excess.

“For companies, this is one time investment, as opposed to paying huge fees to consultants
for every upgrade,” Gaurav explains.

35
“The software is modular. So all you need to do is feed in data about any electrical appliance
& get the emission reading. For any new appliance or upgrade, only new data needs to be fed
into the software – at no additional cost. It also lets you map carbon footprints at multiple
locations, such as your office, home & car.”

Gaurav says their offer is lot cheaper than other existing services.

Companies would otherwise have to spend Rs. 3 lakh per month just on maintenance.

“We won a prize at the business place contest at Taper school of Management at Carnegie
Melon University. Following that, we received 17 letters of interests. Based on client interests
we conduct sector specific research,” says Parashar.

One of their surveys revealed how IPL can go carbon neutral at a price that’s less than the
cost of the tournament trophy.

“We want to build our core competencies in India & then expand to the U.S. & other non
compliance markets.”

“But we begin sales in 6 months,” says Gaurav.

“Till then, we want to have a research in place & improve valuation of the company, so we
can get a big investor once we hit the market.”

NO CRUNCH FOR THIS CREDIT

36
Nextgen PMS Pvt. Ltd’s story is an aspiring one for students wanting to think out of the
box & the willingness to perform at crunch situations which has earned them lots of
accolades for their contribution as ‘Studentrepreneurs.’

Two enthusiastic young students at BITS Pilani took part in a business plan competition held
at Dhirubhai Ambani College in Gandhinagar in late 2007.

They won, of course, because today their vision for a green business venture is an up &
running startup.

Their company Nextgen PMS Pvt. Ltd. is currently incubated by the N.S. Raghavan Center
for Entrepreneurial Learning at IIM – Bangalore - & they are the youngest incumbents there
this year.

Encouraged by their victory, Abhishek Humbad (Mumbai) & Gaurav Gupta (Madhya
Pradesh) decided to take their plan seriously in October 07.

They invited fellow student Snehil Taparia (Assam) as the third co-founder of their
environment & energy firm.

Started with small contributions from personal savings, Nextgen PMS has now clocked in
sales of Rs. 6 lakh since its inception.

“Our initial idea was to be a consultancy firm for which we did not need extra funding. Plus
the expenses involved are not very large,” says Taparia.

The team’s first main objective was to enhance their knowledge in this concept that is still
very new in India.

They did so by attending conferences & speaking with alumni.

By December 07, even though the company was formally registered, Taparia says they still
didn’t have a concrete plan in place; instead, they decide to go with the flow.

Overcoming the student tag & convincing people of the viability of their projects has been
their biggest challenge.

Bu this cloud had a silverlining too.

37
“Although, people are skeptical at first, being a student entrepreneur gives you the freedom to
make mistakes,” says Taparia gleefully.

Nextgen PMS’s first breakthrough was in 2008, when the team calculated the carbon
footprint for their own college fest OASIS & for the institutes Vice-Chancellor.

The success here was a catalyst to scoring more projects.

IIT Bombay & Rourkie invited the team to their campuses as well, providing them with a
huge launchpad for developing their venture.

Today, the student startup has completed projects for YES bank & Jain Irrigation Systems;
Intel India, Mindtree & BPCL are in the pipeline.

By February 09, the company had Vignan V. (Andhra Pradesh), Savil Gupta (Delhi), &
Nilakshi Das (an IIT Guwahati Graduate) on board, making it a company co-founded by 6
young guns, none keen on working for a corporate firm.

The Nextgen team has big plans for diversifying into the energy sector.

And the pilot project in Punjab presented a golden opportunity to lay the foundation of their
next stage of growth.

The firm worked with the local player to setup 30-40 bio-gas plants.

“Though we did not contribute with any funding, we analyzed the plants on the basis of
carbon credits & in return got the opportunity to oversee its operations,” says Taparia.

The young team has already started work on a biogas plant at the BITS Pilani campus, slated
to be operational by August-September 2009.

And they intend to move on full steam.

Says Taparia, “Over the next 3-4 years, we want expand on our verticals of Carbon Advisory
Services, Energy Management Software & green power solutions.”

BUSINESS IDEAS THAT CAN CLICK

38
Ever thought of starting your own business but wanting to do something different from
everyone else?

This section will definitely suit those people who would love to experiment & have the risk
taking ability to try something different.

Trying something different in your own business is no new job, excitement comes when you
develop that business or service which the world has never seen or heard before.

Ever heard of a doggie day care, ever heard of personal story time books, or ever heard of
junkyard creations?

Let’s take a look at some of the most interesting business ideas that can click.

1. CONVEYOR CAR WASH

ABOUT START UP COSTS

39
The start up costs provided in this database includes an approximate financial investment that
will be needed to start the business.

This is generalized information and should only be used as a yardstick to determine business
start up costs.

Your investment will vary based on factors such as equipment, transportation, licensing and
permits, operating location, working capital and initial marketing and advertising budgets.

Remember a successful entrepreneur is one who carefully researches and plans every aspect
of a new business venture, including the financial investment needed to start a business and
the working capital required to achieve positive cash flow.

Conveyor Car Wash

Start up Costs: $100,000 +
Franchises Available? No
Online Operation? No

BUSINESS OVERVIEW

When most people think of a car wash, they tend to think of an exterior-conveyor wash.

These are the washes that put cars on a motorized track and drag them through a tunnel where
they are rinsed, soaped up, washed, rinsed again and possibly waxed.
40
The cars them emerge clean (and perhaps relatively dry) at the other end.

Also fitting into this conveyor wash category is the full-service car wash, combining the
exterior conveyor cleaning with a manual interior cleaning.

In addition to offering cleaning cars, many car washes also have gas pumps, maintenance
stations and shops where customers can buy anything from snacks to gifts.

THE MARKET

Research suggests that women are more likely to use the services of an automatic wash,
perhaps because of the convenience.

As you might expect, the typical patron is a bit more affluent than those using self-service car
washes.

NEEDED EQUIPMENT

Possibly three separate areas of the car wash need to be equipped, depending on the type of
wash you operate.

Full-service and exterior-conveyor washes need the entire car washing equipment, such as the
power-wash units, vacuums, dryers and a water reclamation system.

The offices for these types of washes also need to be equipped with all the basics, such as
phones, fax machines, computers and calculators.

Both washes need cash registers, but full-service washes offering a shop or other services
may also need shelving, vending machines and inventory.

2. PERSONALIZED STORY TIME BOOK

3. Business At A Glance
Personalized Story Time Books

41
Start up Costs: $50,000 - $100,000

Home Based: Can be operated from home.

Part Time: Can be operated part-time.

Franchises Available? No

Online Operation? Yes

BUSINESS OVERVIEW

The market for personalized story time books for children is enormous.

Every child in the world loves to hear stories, and the best aspect of this new venture is the
fact that this business enables you to create books to include children into the story.

42
This is a business that once you have established a relationship with a client you will want to
keep that relationship strong as the product has the ability to almost be classified as a
consumable.

This means that once you form the relationship with the client, it's a given that the
relationship will continue to generate revenue for the business, providing the quality of
service and product remains excellent.

The average child can easily have five or six favorite books, and these books change on a
year-by-year basis.

This can add up to 20 to 30 different story time books that can be sold to the same client, and
that number can multiply by the number of children the client has.

There are software applications available including the reprint rights for creating this type of
book, or of course you can use the customer's and your imagination to create original stories.

A marketing technique that can help get you started is to pick relatives and friends with
children and customize books using their children's names.

Once you have the books produced, simply show the story time books to your friends and
relatives.

It will be nearly impossible for them to say no once they see the finished product and how
much work you put into creating the book.

Profit potential: Once you have established a solid client base, this business venture has the
ability to return excellent profits on a part- or full-time effort.

As with any business, be sure to use a bottom-up approach to product pricing.

Factor in all costs, including materials, labor and overhead, and multiply by the desired mark
up. The end result of this formula will give you your retail selling price.

NEEDED EQUIPMENT

You will need a good computer system and printer if you plan to produce the books yourself.

It can be very costly to have a print shop run a single copy of one item.

43
Additional requirements will include software that legally allows you to reprint the books or
good writing skills to create your own stories.

The latter is more fun, and you can base the stories on your local community and community
events.

3. HUMAN BILLBOARDS

Human Billboards
Start up Costs: $2,000 - $10,000

44
Home Based: Can be operated from home.

Part Time: Can be operated part-time.

Franchises Available? Yes

Online Operation? No

45
BUSINESS OVERVIEW

Here is a terrific home based business start up for entrepreneurs with good marketing skills,
but limited investment capital.

Human billboards advertise everything from new home developments to car dealerships and
are starting to catch on as a highly effective cost-efficient method of advertising and
promoting their products and services.

Human billboards are simply people that hold signs or banners emblazoned with promotional
and advertising messages in high-traffic areas of the community; usually outside, in front, or
in close proximity to the business they are promoting.

The objective of a human billboard is twofold.

First, get the attention of passing motorists and pedestrians, and once you have their attention,
get them to take action.

This simply means you want these people to go to the business that is being promoted.

There are really two aspects to operating this type of business: marketing and the people who
will be the actual human billboards.

In terms of the people who will work as the human billboards, seek to hire homemakers,
students, actors, musicians and retirees, basically anyone that is available to work on a part-
time, as-needed basis.

Additionally, you will want to develop a short training program.

Vital to the success of the business will be the ability of the human billboards to get the
desired response, which of course is to be noticed.

The training program can focus on body language and vocal phrasing, both of which, if used
correctly, can be highly effective.

Marketing the service can be as easy as setting appointments with local business to explain
and promote the benefits of your service.

Joining community business associations and networking clubs are also good ways to
promote the service.
46
Rates for human billboards vary based on factors such as the number of people (billboards),
the length of the promotion, and other items like signage and if the people (billboards) require
special costumes.

Ideally, you will want to develop a few packages.

As an example, a basic package could include one person for four hours with two large
promotional signs such as "sale today" or "stop here for a great deal" and a dozen helium-
filled balloons attached to the signs.

The cost of this basic program could be in the range $75 to $100 and you could have optional
upgrade packages.

People enlisted to work as the billboards could be paid on a subcontract hourly basis or on a
percentage of the value of the contract.

4. DOGGIE DAY CARE

47
Doggie Day Care
Start up Costs: $2,000 - $10,000

Franchises Available? Yes

Online Operation? No

Do you love your pets almost as much as you love your children? Start a doggie day care.

BUSINESS OVERVIEW

Day-care facilities for dogs are becoming increasingly popular, especially as more and more
caring dog owners are realizing the benefits of leaving their beloved dogs at day care with
other dogs instead of at home alone while they are at work.

Dogs, like people, are social creatures and need contact with people and other dogs to
become well-behaved and confident.

However, a doggie day care should not be confused with a kennel, which boards animals for
short- and long-term time spans.

48
A doggie day care is strictly a drop off in the morning and pick up in the evening, or anytime
during the day, type of operation.

If space allows and your neighbors don't mind the barking, you can open at home.

A better alternative is to rent commercial warehouse space and convert it into a doggie day
spa, complete with water features, fenced outdoor space and indoor couches to ensure your
clients have all the creature comforts they are used to at home.

Some doggie day-care centers install web cams throughout their facility so people at work
can watch the live footage online.

Current rates are in the range of $20 to $35 per day, with discounts for weekly service.

5. JUNKYARD FURNITURE CREATIONS

Junkyard Furniture Creations

49
Startup Costs: $10,000 - $50,000

Home Based: Can be operated from home.

Part Time: Can be operated part-time.

Franchises Available? No

Online Operation? No

Creating functional furniture from junkyard items doesn't have to be trashy. Just get creative.

BUSINESS OVERVIEW

50
If you're looking for a unique home based business that has minimal competition and
potential to generate a six-figure income, and then look no further.

Starting a business that manufactures and sells junkyard furniture is a very interesting
venture.

The key to its success is to create funky, yet functional furniture from discarded items
typically found at a wrecking yard or junkyard.

The most popular junkyard furniture items are generally couches and chairs that have been
partially assembled from antique auto parts, such as a couch fashioned out of a '57 Chevy
front end.

Starting this type of business does have its prerequisites--creative and artistic ability, a well-
equipped workshop, and design and construction skills. However, for the innovative
entrepreneur who possesses these abilities, a fun, interesting and potentially profitable
business venture is waiting.

HOW IDEAS BUILT YES BANK

51
YES bank, one of the largest private sector banks in India & one of the most successful one’s
too.

Ideas built yes bank, yes, its true. The M.D. of the bank Mr. Rana was sure about the success
of this bank just on the basis of ideas & innovation.

Today, the bank has achieved a turnover which HDFC had achieved in 8 years, but Yes Bank
did it in 5 years.

Let’s take a look at the ideas & innovative techniques utilized by Yes Bank to be in a position
of respect & dignity.

OUTSOURCING

52
TECHNOLOGY IN YES BANK ARE OUTSOURCED, ATMs ARE OUTSOURCED,
SOON EVEN BRANCH BUILDING MAY BE OUTSOURCED.

KNOWLEDGE BANKING

EXECUTIVES DON’T ONLY PEDDLE COMMON BANKING SOLUTIONS. THEY

ALSO ACT AS CONSULTANTS DELIVERING BUSINESS SOLUTIONS.

MICROFINANCE DIRECT

AMONG THE EARLIEST TO START OFFERING MICRO-LOANS DIRECTLY TO

POOR CUSTOMERS.

FUTURISTIC BRANCH

A CHIP EMBEDDED IN THE DEBIT CARDS OF TOP CUSTOMERS ALERTS

STAFF WHEN ONE WALKS IN.

AN EXECUTIVE MEETS HIM & GREETS HIM BY NAME.

THIS TECHNOLOGY IS ON TRIAL IN THE SOUTH EXTENSION BRANCH IN

DELHI.

DOUBLE SECURITY

BESIDES THEIR REGULAR PASSWORD, A SECOND CODE IS ALSO

GENERATED JUST IN TIME, & DELIVERED TO THE CUSTOMER’S MOBILE.

HONEY FARMING

53
THE BANK HAS EXTENDED SMALL LOANS OF ABOUT RS. 25,000 EACH TO
OVER 2000 BEE FARMERS.

THE FARMERS PROVIDE THEIR STOCKS OF HONEY AS COLLATERAL.

YES – PROFFESSIONAL ENTREPRENEURSHIP PROGRAMME

(YPEP)

THE BANK TAPPED THE B-SCHOOL ALUMNI NETWORK TO HIRE TOP

NOTCH GRADUATES UNHAPPY WITH THE JOBS THY HAD CHOSEN. THAT’S
NOW BECOME A CAMPUS STRATEGY.

RESPONSIBLE BANKING

A KEY DIFFERNTIATOR FOR THE BANK, THE PROGRAMME’S MAIN AIM IS

TO DEVELOP INNOVATIVE BUSINESS SOLUTIONS FOR SOCIAL &
ENVIRONMENTAL PROBLEMS.

MONEY MONITOR

SAVINGS ACCOUNT CUSTOMERS GET ONLINE PERSONAL FINANCE &

WEALTH MANAGEMENT SOFTWARE.

WORST IDEAS THAT MADE TONS OF MONEY

54
SOMETIMES IT IS BETTER TO BE LUCKY THAN SMART.

Ever wondered any wacky idea which is not feasible at all but still it is earning you millions
of bucks.

Funny or weirdest of ideas in this world have become huge hits.

As it is said nothing can be wrong if it earns you money, it holds true for this one as well.

Lets take a look at some of the weirdest ideas that have earned millions of money.

SELLING PROPERTY ON THE MOON

55
REAL ESTATE ON EARTH MIGHT BE UNDERGOING A MAJOR PRICE
CORRECTION, BUT PROPERTY ON THE MOON STILL HAS MANY SHELLING OUT
THE DOUGH.

FAKE WISHBONES

THESE PLASTIC WISHBONES SERVE NO PURPOSE, BUT CONSUMERS

PURCHASED THEM HOPING FOR A LUCKY BREAK.

THE MILLION DOLLAR HOMEPAGE

THE IDEA OF OWNING A PIECE OF INTERNET HISTORY CONVINCED MANY TO

BUY UP ALEX TEW’S MILLION PIXEL HOMEPAGE AT $1 PER PIXEL.

PET ROCK

NEVER MIND THAT CONSUMERS COULD FIND ONE ON THE GROUND FOR
FREE.

PAYING $3.95 FOR A ROCK THAT CAME WITH EYES & A TRAINING MANUAL
WAS MUCH MORE APPEALING - & TRANSFORMED ITS CREATOR INTO A
MILLIONARE.

GARBAGE PAIL KIDS

PERHAPS THE GROSSEST TRADING CARDS EVER, THEY CREATED QUITE A

STIR IN THE ‘80s.

PRAIRIE TUMBLEWEED FARM

56
WHO KNEW THAT THE KANSAS’ SPECIALITY – TUMBLEWEEDS – COULD BE A
HOT COMMODITY IN OTHER PARTS OF THE WORLD?

MOOD RING

THOUGH WILDLY POPULAR IN THE ‘70s, FACIAL EXPRESSIONS SERVED AS A

MUCH BETTER INDICATOR OF MOOD THAN THE COLORS OF THIS RING.

CHIA CARPETS

THESE ANIMAL – SHAPED CLAY FIGURES GREW POPULAR BY GROWING

SPROUTS THAT CLOSELY RESEMBLE ANIMAL FUR.

WHILE THEY’RE NOT NEARLY AS POPULAR NOW AS THEY WERE IN THE ‘80s,
THE NEW CHIA OBAMA MIGHT JUST BRING ABOUT A REBIRTH.

6 MOST INNOVATIVE

57
 BUSINESS IDEAS

RURAL SOLAR ENERGY

 WHAT IS IT?
58
 Harnessed by man over ages for a variety of uses, solar energy in the form of heat &
light is the most easily available alternative energy source for generating electricity.

 WHY IS IT A GOOD BUSINESS IDEA?

In most parts of India, power grids are so poorly developed that much of the power
generated never really reaches many areas.

The reason; apart from half baked government initiatives some areas have small
energy requirements that make grid extension impractical.

This is where solar power makes a completely different case.

Most parts in India have 300-330 sunny days in a year, which is equivalent to over
5000 trillion kWh per year – this is more than India’s total energy consumption per
year.

 CAPITAL REQUIRED?

Solar power can require a higher outlay in the beginning.

So it’s best to start small.

Currently, solar based power cost over Rs. 15 per kWh, but is quickly coming down
due to volume production of photovoltic cells.

Also, long term loans & funding for such projects is easily available from agencies
like Indian Renewable Energies Development Agency.

 GET STARTED….

More than 96,000 villages in India are left in the dark each night.

Take your pick & get your game face on.

And guess what? Government will watch your back with the proposed National Solar
mission that aims at ensuring large scale deployment of solar generated power for
both grids connected as well as decentralized energy services.

PRESCHOOLS

59
 WHAT IS IT?

Preschools or play schools are basically preparatory schools for children before they
start regular education.

These schools get children aged 2 to 4 involved in basic activities that help them
become independent faster.

 WHY IS IT A GOOD BUSINESS IDEA?

Preschools present a great opportunity for entrepreneurs looking to dive into the
education sector.

It is a high margin business idea that has a number of social factor driving its growth.

The biggest is the increasing number of single child nuclear families.

Another factor is the desire to prepare the child for admission to the main school &
have a smart kid overall when he enters it.

 CAPITAL REQUIRED?

Starting a preschool can be devastatingly cheap or expensive, depending on the locale,

clientele & also your own skills.

If you are an educator or child psychologist, you can start the business in your home,
garage or outhouse for less than Rs. 2 lakhs.

However, the franchise route maybe a tad more expensive, as leading franchise
players like Kangaroo educations & Egmont can charge you Rs.10-15 lakh in addition
to the required space.

 GET STARTED…

The franchising route is universally acknowledged as best bet to take.

Players like Egmont, Kangaroo Kids & Shamrock offer franchising opportunities in
almost Tier I & II towns in India.

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GYMNASIUMS

 WHAT IS IT?

Gymnasiums or gyms are centers where people come for physical exercise for a
variety of health & lifestyle reasons.

These gyms contain a variety of training equipments & have trainers to help
people get back in shape.

 WHY IS IT A GOOD BUSINESS IDEA?

Gyms are the next big thing in the Indian lifestyle & fitness sector.

The fitness & anti obesity market in India is estimated to be over 1800 crore,
comprising gymnasiums & slimming services, food supplements & ayurvedic
treatments.

This market is projected to grow at rate of 13 percent CAGR through 2010.

 CAPITAL REQUIRED?

The cost of starting a gym will depend on a number of factors.

While starting a gym in your house or garage can cost you as little as Rs. 1 lakh, a
bigger more posh gym can cost a small fortune.

Franchising of gyms is also taking off in a big way in India.

However, one must be ready to fork out anywhere between Rs. 20 lakh to upwards of
Rs. 1 crore for the franchising option.

 GET STARTED…..

If you will not be taking the slightly expensive franchising route, you can still open a
decent old school gym & expect good returns.

First, find out a location that has a high population density.

Second, invest in reliable equipment & hire reliable & certified staff.
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 Lastly, shout out your gym’s launch from the rooftops.

RAINWATER HARVESTING

 WHAT IS IT?

Rainwater harvesting or recycling is a process by which one simply collects rainwater

& then stores it until required.

This process not only reduces the demand for water from utilities, but also keeps a lot
of water out of the area’s drainage system, thereby helping to reduce flooding risks as
well.

 WHY IS IT A GOOD BUSINESS IDEA?

Public administration agencies in many cities are gearing up to make RWH

mandatory.

In early august, Bangalore passed an act that made RWH mandatory in buildings.

According to the act, new & old buildings, houses & apartments need to have system
in place within 9 months.

Considering the size of Bangalore, that’s a whole lot of houses & RWH systems to be
installed.

Add the annual maintenance service to this package & what you have is a gargantuan
business opportunity.

More importantly the act is expected to be replicated across major cities, even for
commercial buildings.

So get on to this business idea & see the raindrops falling into your ‘bank.’

 CAPITAL REQUIRED?

Apart from the usual costs required to set up business anywhere in India, it costs
around Rs. 5000 on an average to set up a roof based RWH system, inclusive of the
cost of materials & labor.

However, this could vary depending on the size of the building.

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 My take? You need a maximum of Rs. 1 lakh to start this business.

 GET STARTED…

The center for Science & Environment (CSE), Delhi offers a 5 day certificate course
on rainwater harvesting that teaches topics like principles, components, planning &
designing among others.

I suggest young entrepreneurs should take this up to know their trade better.

Priced at around Rs. 8800, it also gets you a chance to meet & interact with experts &
professionals in the field of rainwater harvesting.

A perfect launching pad for the bootstraper in young entrepreneurs.

EXPORT SURPLUS APPAREL

 WHAT IS IT?

India is a large producer & exporter of branded & designer apparel, exporting to a
number of western nations.

However, a small percentage of this apparel never makes it to heir destinations due to
variety of reasons- it finds its way back to the store shelves in India.

 WHY IS IT A GOOD BUSINESS IDEA?

This question would be best answered by your teenage cousin.

Ask him whether he would prefer Levis or Diesel pair of jeans & you are likely to be
scoffed at.

However, designer apparels are not cheap & out of reach for most of the middle class
youth.

This is where the retail of surplus apparel presents such a good business opportunity.

Surplus & rejected export apparel can be sourced in bulk at extremely low costs at
hubs like Ludhiana & Tirupur & sold in the market for the size of a medium sized
domestic brand.

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 If you are wondering what can be your profit margins in this kind of business, prepare
to be amazed.

Apparel makers usually sell their surplus & rejected apparel at super cheap Rs. 2 to 5
a piece in bulk.

These can be retailed at a staggering Rs. 300 – 500 per piece.

 CAPITAL REQUIRED?

For this kind of business you would need to account for cost for setting up your store,
hiring help that is conversant with brands, & logistical costs for getting the apparel
from hubs to your store.

Depending on the location of your store, you can start this business from anywhere
for in between Rs. 1 lakh to Rs. 5 lakh.

 GET STARTED…

This business would require you to do some mud work.

First up, you need to travel to hubs like Tirupur & Ludhiana to see how surplus
market works there.

Establishing relationships with apparel makers would hold you in good stead.

Also, prepare to be jostled by the competitors.

Don’t worry about marketing you business, though.

If your products are good the young will flock by word of mouth.

I.T. SECURITY

 WHAT IS IT?

IT SECURITY is basically the protection of an individual, institution or company’s

networks & systems against hacking, viruses & other security threats.

 WHY IS IT A GOOD BUSINESS IDEA?

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 According to ‘GLOBAL IT SECURITY MARKET FORECAST TO 2012’ emergence
of the SBM sector in India will result in surge in demand in IT Security solutions.

The segment is projected to account for 44-48 percent of the total IT spending.

The report estimates that the Indian IT Security market in 2006-07 was nearly Rs. 210
crore & by 2010 end, would surge to 2000 crore.

That’s one big pie you must take a bite off.

 CAPITAL REQUIRED?

Well, the initial costs entirely depend upon whether you are an IT guy yourself or not.

If you are, then such a business could be started from home with just equipment &
other associated business costs that wouldn’t exceed Rs. 2 lakh.

However, if you are not, then you will have to invest in human capital, & that will see
your initial capital outlay soar to Rs. 20 lakh or more.

 GET STARTED…

First, identify the target segment.

Most business requires 2 solutions; safe payment processing & data leak prevention.

Second, identifying the needs of your customers.

Third, buy the right equipment. Then, setup a website that is well laid & a reflection
of your abilities.

THESE BUSINESS IDEAS THOUGH ARE KNOWN TO EACH ONE OF

US, AS THESE ARE COMMON USAGE SERVICES OR COMMODITIES
WHICH ARE USED REGULARLY BY EVERY INDIVIDUAL.

THE IMPORTANCE OF THESE ACTIVITIES FROM THE POINT OF

VIEW OF BUSINESS IS NEVER KNOWN TO THE YOUNG
ENTREPRENEURS.
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THESE ACTIVITIES CAN GIVE BIGGER RETURNS WITH SMALL
INVESTMENTS TO THE YOUNG ASPIRING ENTREPRENEURS.

THE FUTURE OF ENTREPRENEURSHIP

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Both the Central Government and various State Governments are taking increased interest in
promoting the growth of entrepreneurship.

Individuals are being encouraged to form new businesses and are being provided such
government support as tax incentives, buildings, roads, and a communication system to
facilitate this creation process.

The encouragement by the central and state governments should continue in future as more
lawmakers are realizing that new enterprises create jobs and increase the economic output of
the region.

Every state government should develop its own innovative industrial strategies for fostering
entrepreneurial activity and timely development of the technology of the area. The states
should have their own state-sponsored venture funds, where a percentage of the funds have to
be invested in the ventures in the states. Society’s support of entrepreneurship should also
continue.

A major factor in the development of this societal approval is the media which should play a
powerful and constructive role by reporting on the general entrepreneurial spirit in the
country highlighting specific success cases of this spirit in operation. Finally, large
companies should show an interest in their special form of entrepreneurship intrapreneurship-
in the future.

CONCLUSION

The definition of entrepreneurship has evolved over time as the world’s economic structure
has changed and become more complex.

Risk taking, innovation, and creation of wealth are the criteria that have been developed as
the study of new business creations has evolved.

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The decision to start an entrepreneurial venture consists of several sequential steps

(1) The decision to leave a present career or lifestyle.

(2) The decision that an entrepreneurial venture is desirable; and

(3) The decision that both external and internal factors make new venture creation possible.

There are both pushing and pulling influences active in the decision to leave a present career:
the “push” of job dissatisfaction or even layoff, and the “pull” toward entrepreneurship of
seeing an unfilled need in the market place.

The desirability of starting one’s own company is strongly influenced by culture, sub-culture,
family, teachers, and peers.

Any of these influences can function as a source of encouragement for entrepreneurship, with
support ranging from government support that favor business to strong personal role models
of family or friends, Beyond the stage of seeing entrepreneurship as a “a good idea”, the
potential entrepreneur must possess or acquire the necessary education, management skills,
and financial resources for launching the venture.

The study of entrepreneurship has relevance today, not only because it helps entrepreneurs
better fulfill their personal needs but because of the economic contribution of the new
ventures.

More than increasing national income by creating new jobs, entrepreneurship acts as a
positive force in economic growth by serving as the bridge between innovation and market
place.

Although government gives great support to basic and applied research, it has or had great
success in translating the technological innovations to products or services.

Although intrapreneurship offers a promise of marriage of those research capabilities and

business skills that one expects from a large corporation, the results have not been
spectacular.

This leaves the entrepreneur, who frequently lacks both technical and business skills, to serve
as the major link in the process of innovation development, and economic growth and
revitalization. The study of entrepreneurship and education of potential entrepreneurs are
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essential parts of any attempt to strengthen this link so essential to a country’s economic
well-being.

Finally, this project ‘IDEAS – THE MOST INNOVATIVE TOOL FOR SUCCESS’ is a brief
introduction of unknown out of the box thinkers who have revolutionalized innovation in
business today.

BIBLIOGARPHY

www.entrepreneur.com

Entrepreneur Magazine

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www.google.co.in

‘Entrepreneurship’ – Robert Hisrich

Michael Peters

Dean Shepherd

Business Week Magazine

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