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  • The Salvation Army…

    2010 - 03.10

    In the waking hours of a devastating 8.8 magnitude earthquake in Chile, Salvation Army emergency services were immediately mobilized to provide support and supplies to the effected and displaced Chileans. Salvation Army’s International Headquarters has already pledged financial assistance to assist with these efforts.

    Currently, The Salvation Army in Chile is already distributing food, water, first aid kits, emergency packets, blankets, candles and other urgently required supplies. The Salvation Army mobile canteen is one of the key relief vehicles on site. In addition to financial assistance for the initial relief response, assistance coordinated by The Salvation Army’s International Headquarters Emergency Team will provide assistance in coordinating ongoing relief in the medium and long term.

    Water, gas and electricity have been cut off in affected areas and will stay disconnected until emergency crews can assess the damage and prioritize immediate needs.

    “People have flocked to the streets as numerous aftershocks continue to pummel the country, severely affecting older buildings in the more historical areas of larger cities,” said Lt. Col. F. Bradford Bailey, Chief Secretary for The Salvation Army in South America.

    The Colonel adds communication with Salvation Army centers throughout the country has been extremely difficult, as all phone lines (mobile and landlines) have been disrupted.

    To assist in this effort, the public may contribute to The Salvation Army’s “Chile Earthquake” fund.  Donors may give via http://www.salvationarmy.org and designate donations as “Chile Earthquake” on the online form.  Also, donors can give by phone at 1-800-SAL-ARMY and through the mail at: The Salvation Army, Chile Disaster Relief, PO Box 80066, Prescott, AZ. 86304-8066 with designation “Chile Earthquake.”

    The Salvation Army has had a presence in Chile since 1909 and operates schools, day-care centers, senior housing, children’s and foster youth homes, churches and provides a myriad of other services to the people of Chile.

    The Green Traveller…

    2010 - 03.10

    Its that time of the year when the atmosphere really heats up and people start to plan for the vacations to far off places in order to chill down a bit and relax the stressed muscles. However this time of the year try and undertake precautions, as mentioned below, to contribute in the efforts to saving the Earth. Become a Green Traveller for a change! 

    To become a part of Eco Tourism travel, avoid going for any kind of purchase made from animal stuff. Most endangered animal’s products that are commonly on sale include ivory, tortoise shell, reptile skins, furs and some corals and seashells. Buy souvenirs such as locally carved handicrafts made from non-animal materials. 

    Use water economically, it is quite valuable in many countries, as there is a scarcity of clean and safe drinking water. Take precautions not to shed litter, take it home with you, waste disposal is a major expenditure in developing countries. 

    Your regard for local culture traditions and pilgrimage sites bless you with immense respect – ask for permission before you photograph local people, don’t take photographs of holy shrines, it might be an offense in some countries. 

    Before taking up any tour to any country, it is very important to know and read up about the country you plan to visit. You are more warmly welcomed if you take an interest and speak even a few words of the local language. 

    Increase your vital imagination and also think on much smaller aspects when booking a holiday – for example, bed and breakfasts, village houses and locally owned accommodation benefit local families. Travel like Mahatma Gandhi – with simple clothes, open eyes and an orderly mind to become a part of Eco Tourism. 

    It is important to understand that the people in the country you are visiting have different culture, time concepts and thought patterns from your own, it doesn’t mean that they are inferior to others in any way, just that they are a little different. 

    Go for public transport wherever possible – hire a bus, rickshaw or walk where convenient, you will be encountering with local life and will get the opportunity to know the place. 

    Manage Thy Moolah…

    2010 - 03.10

    By, Meenu

    We are seeing a spurt in young enterprises in the world. Money is what it takes to keep your business alive and kicking. Rahul Kapoor takes money management to a new plane.

    The growing economy has given birth to plenty of new-age entrepreneurs, those who are running small businesses to meet the needs of the corporate world – like training, event management, making of corporate films, caterers, graphic designiers, corporate gif providers, etc..

    This new breed of entrepreneurs consists of people who gave up secure jobs or youngsters just out of college, wanting to carve their own destiny outside the box. The influx of this kind of entrepreneurs has never been seen before.

    But being in business for yourself has its own pros and cons. Some of the good things about running your own business are that you get to create your own special world, something that is truly yours. You get to work as per your terms and requirements. You can choose how much and how long you want to work and therefore also choose how much you want to earn.

    On the other hand, running your own business also means that you have your share of problems. For instance, the security of earning a monthly salary, assured assignments for your day-to-day activities, definite performance appraisals at the end of each year, perks of various kinds from your company, etc. all go away at one go. Plus the added issues of renting out a place, buying equipment, hiring and managing people, ensuring a continuous flow of business to sustain and the added risk of making losses.

    Yet more often than not, people succeed in business because of their unlimited passion, hardwork and perseverance.  To top it all, the economy is doing so well that it is difficult for people to fail in business, provided their business model is sound. However, there is one issue, which is often not handled properly by most young entrepreneurs and that is “finance”. Let me illustrate some important aspects of finance where we as young professionals may go wrong.

    The Profitability Issue

    A new business normally fetches good profits in the initial stages. This is because your overheads are very few and you are personally involved in the execution of your work. However, as you continuously deliver quality results, your business begins to grow. Thanks to the feel-good factor you may expand too quickly. Hiring new people, investing in infrastructure, expanding facilities and diversifying your business become your top priorities. A careful analysis at this point in time will highlight that your turnover may be increasing but your profitability is not increasing proportionately.

    As a result, you may land up working harder and longer but not getting enough returns. In such situations, you need to take quick action and control your costs. To do this you may hve to spend a few hours every day for about a week, but it’s worth spending this time. The sooner you do it the better it is for the future of your business.

    Managing Customer Expectations

    A customer is normally the happiest man when he gets to deal with a relatively new entrepreneur. That’s simply because it increases his bargaining strength. He is aware of the fact that you need business and thus you will go out of your way to get the deal. So, he makes the best use of this opportunity. He uses classic lines like ‘Give me the best price and I will give you continuous business’ or ‘I do not have great budgets now, but I will make up for it the next time’ or ‘Make me happy and see how I will promote you with other departments or companies’.

    Generally however, nobody ever gives you repeat business or refers you to someone else on the strength of pricing alone. The world wants quality first and everything alse follows. So evaluate each business deal and figure out your profit margin. If you think it’s worth taking an assignment then take the next step forward. Otherwise, you are wasting your time, resources and energy. Learn to say ‘no’ to one-sided deals. The great strategist Chanakya said that it is not worth working on a project if your profits cannot match your efforts.

    Payments on Time

    Many young businessmen suffer from the ‘compliment syndrome’. Based on their performance, they get repeat business from their clients and also unlimited appreciation and compliments. But they get so caried away with these good words that they forget the real reason for being in business. Invariably, they begin to extend credit to their customers (note- a seven to ten day’s credit period is acceptable in today’s corporate world). Some do not raise their bills in time. As a result, they spend money from their pockets for most of the work done and find themselves in a difficult situation. Their working capital begins to reduce drastically, tax planning suffers, they are unable to make investments, they start to ask for credit from their own vendors and spoil their reputation and sometimes, even get into bad debts.

    They reach such a point where they cannot even push their clients to get their money in time and if they do try, then they risk spoiling their relationship. All in all, there is only one loser in this entire deal and that is – You. Agreed that one needs to maintain friendly relationships with all one’s clients but do not mix business and friendship. Be professional in your approach and you will succeed in business.

    Managing Growth

    If you plan to stay in business for long, then the first thing you must do is to hire a very good auditor and a hardworking knowledgeable accountant. Good professionals cost good money, but do not hesitate to invest in these. They are the men who will guide you on maximising your wealth, they will help you plan your taxes, ensure that all legal aspects like income tax, services tax, TDS are handled well. All young businessmen should note that it is very important to get all your finance aspects right during the first year of setting up shop. It might take a lot of your effort and time, but it’s worth every bit and it is the only thing which can help you steady your business in the long run. Also, do not hire an auditor simply because he is a family friend or a neighbour. Take your time and source out an efficient professional, else be prepared for a lifelong mess.

    The bottomline to running a successful business is that if you get the money aspect right then perhaps you will get the business right too. So, keep track of every penny you spend and account for it. Maintain a simple petty cash book as it will help you control your expenses. Have financial goals for each year and create an action plan to achieve them.

    Happy business days!

    You Be the Boss!!

    2010 - 03.10

    It’s not all that difficult to kickstart a start-up. The only things you need are the right setting and oodles of determination, recommends Shoba Fernandes.

    In these difficult times, when work environments are gettings increasingly stressful and working hours incredibly longer, there are many who have made a conscious decision to move away from a nine-to-nine job, for it gives them the freedom to do what they love the best in life. These trailblazers have gone ahead and set up their own consultancy, their own business – in short, they have decided to be their own boss.

    Listed below are a few careers which have been profiled exclusively for the flexibility they offer. After the initial three to five years of hard work that one needs to put in to establish these careers, one can start one’s own business or even become a consultant in the field.

    Information Technology/Programming:

    This is one field which allows for flexi-timings or even allows one to work on an assignment basis. Srushti was working in a consultancy firm as a programmer handling several client’s requirements. But with her first pregnancy, she developed several health complications and had to quit her job. Says she, “When my child was four years old and no longer needed me so much, I decided to pick up from where I had left off. I brushed up my skills, and approached the same company. They gave me the opportunity to work from home. Now, I only go to office when it is essential and when there are any client meetings scheduled.” Then there is computer hardware and network management. People with non-engineering backgrounds who possess good knowledge of computer fundamentals can also enter this field. In addition, however, global certifications are needed. John decided to break away after five years of experience in a company. “Now I serve more than 10 to 15 clients through annual maintenance contracts. This way, I take home a cool packet, and at the same time, have ample free time to do what I want. However, in today’s competitive environment, it is best to possess software as well as hardware skills to give you that extra edge.”

    Designing:

    Designing may include jewellery designing, web designing, or fashion/dress designing, footware designing, furniture desining, murals, etc. All these fields offer ample scope for freelancing or starting your own set-up. This is one field where the creative types of the entrepreneural cadre achieve amazing feats!

    Writing/Journalism:

    Soemone proficient in English and a passion for writing can become a writer or a technical writer. Writing for niche markets is an important skill and is likely to see maximum growth. Even today, financial writers, economic journalists, as well as entertainment writers, are in great demand. Salary scales in web writing are much higher than those in other media – some companies offer content developers as much as they do programmers! Journalism is yet another field where once someone has acquired some experience, he or she can easily turn into a freelancer. A course in mass communication helps too. As writer Shanu Subramaniam puts it, “My ten years of experience as an entertainment journalist stood me in good stead when I decided to return after I had quit my job in favour of looking after my two growing sons.” This was during the dotcom era, when websites were mushrooming and content developers were in great demand. A smart entrepreneur, Shanu established her own company where she trained aspiring journalists and contributed content to many websites on a contractual basis. “At present, because of my contacts with the publishing groups, I contribute to newpapers in Mumbai and outside Mumbai, I contribute content on entertainment and other news,” she says.

    Beauty and Hair Industry:

    The beauty business is booming like never before. A course in beauty treatments from a reputed institute with hands-on experience of about three to five years in a leading beauty salon can make one capable of starting their own beauty parlour in one of the extra rooms at home. What started off as a hobby for Sarah Geller is now a big business with her swanky ‘Liona Salon’. She remembers,”I started out from home, with a minor investment. Then I went on to start my own salon in New York.” With training from London and Paris and 20 years of experience to back her, Geller is now a creative hair dresser for L’Oreal. May be that is what prompted 19 year old Anne to follow her mother’s footsteps – the teenager too has been chosen as a creative hair dresser for L’Oreal.

    Architecture:

    Zubin Zainuddin, architect and interior designer, had worked with Hafeez Contractor and ABM Architects for a few years before forking out in his own. “I found there was ample demand for the kind of work my wife and I do – i.e. Contemporary Architecture and Interior Designing. So we decided to start off on our own. Innivation rather than duplication goes a long way in this career. Though there is ample money in this field, I would say any career choice should be driven by the heart rather than by the money it can get you,” he says.

    Teaching:

    Clemy D’Souza, senior teacher at Sacred Heart High School, says, “Teaching offers you that extra time to be with your children when they need you the most. It allows you time to take up any extracurricular activities. Then the month-long summer holidays and the Christmas holidays that we get also give us the much needed break and the privilege of going on long vacations.”

    Law:

    Rajiv Thakur, advocate, putting forth his view adds, “One should be focused about where one wants to be in life. Once you complete your LLB, you can join a senior lawyer or a firm. You can also do LLM, part time. But be sure to pick up a field you are interested in and specialise in it. Once you have three to five years of experience, you should be able to set up your own practice. You may start from the basics, from the lower courts, then go to the District Court, then the High Court, and slowly rise to the Supreme Court. By this time, you will certainly become an expert in the field and would have established a name for yourself.”

    Ups and downs are but a part of life; the important thing is to take them in one’s stride and forge ahead. For, at the end of the day, it is the satisfaction that one achieves, which will be the reward for the hard work that one might have to put in initially.

    Core Ideology…

    2010 - 03.10

    By, Meenu

     

    There has never been a better time to be an entrepreneur.

    Entrepreneurs are different in both behavior and thought than those who are content to live their life from 9-to-5. Entrepreneurs are often able to see the larger picture, and endeavor to find ways to pursue opportunity which seem to elude most of the general population. We’ve seen an extraordinary amount of job loss over the past year. Yet entrepreneurs, optimists, and opportunists alike all see this as a blessing. It is in the doldrums where true magic can sometimes happen. When dropped into a sink or swim situation, the entrepreneur will start instantly swimming for shore.

    However there is a very thin line between the success and failure of a person as an entrepreneur. They are capable of all the hard work and they do it but some of them go through terrible failures if they forget to get into the shoes of the thinker and build a vision for their company. Without a vision it is difficult to say where their company is headed to in the future.

    In order to build that ultimate vision they need to understand that a vision consists of mainly two parts: Core Values and Core Purpose. The Vision of a company is something that remains fixed while the business strategies and practices endlessly adapt to the changing world. The vision is something that should never change as the company progresses to higher and higher levels of success, whereas the strategies and practices are always open for change in order to survive the cut-throat competition.

                                                         Vision
                                                        /        \
                                                      /             \
                                       Core Ideology          Envisioned Future

    The ‘Core Ideology’ is what the company stands for and the reason for it to exist. It is like the yin of the chinese, which remains forever unchanging. No matter what situation arises the core ideology remains as it is. The ‘Envisioned Future’ is something that a company or organization aspires to become, to achieve or to create. Just like the Yang of the Chinese Symbol, which means that there can be significant changes in this part of the vision.

    Core ideology acts as a glue that holds an organization or a company together through time. It possesses an enduring character and a consistent identity. Core values, a part of the Core Ideology, is actually a system of guiding principles or tenets, while the Core Purpose is the company or organization’s most fundamental reason for existence. Core Values do not require any external justification for their formulation. They have an intrinsic value which are highly important to those who work in the company or organization, the people who are inside the company.

    Core values of a company is not something that is theoretically manipulated or brought about as a conclusion to several vertical and horizontal company analysis. To discover core values one needs to look inside the company and answer a few honest self-analyzing questions. They are not formulated just for the sake of it, they are made to give the organization and its efforts a rock solid platform on which it will continue to stand irrespective of the circumstances and crisis, and the core values will be withheld even if they became a competitive disadvantage at times. And it really doesn’t matter what core values the company has since it is only important that it has them. Usually every organization has at least three to five of them. The most important ones for sure since they should not under any circumstance get mixed up or confused with the business strategies of the day.

    Core purpose can be discovered on the oher hand through asking a few fundamental questions regarding the company’s activities. What is it that we are aiming for? So fine what is the ultimate result of all of our efforts? How does our service or product affect the end user? How does it bring about a change in either the ways of thinking or the ways of living of the people? Does what we achieve make us happy? Are we contented with what we are doing or are we trying to achieve something else? Lots of such fundamental questions will literally open up the eyes of the people who are the part of the group coming up with the core purpose for the company.

    No matter what happens and what situations arise, the question of whether the company will survive for the coming 100 years will fundamentally be determined by the way the Core Ideology is formulated and adhered to by one and all in the company! It is the base and the foundation of a company’s existence and there need not be any more reasons to explain why we need to formulate them. An entrepreneur as the person who creatively and actively participates in the creation of a company it is important that he or she clearly understands the need to make them and stick to them as a rule. For when the foundation is strong it is certain that no storm can destroy the building!