Business Adversity, A great Learning Opportunity At JPF Seminar
At the Jito Professional Forum’s organised Finance Conclave recently at Mumbai, the eminent Panelists were unanimous in saying that the Business adversity brings a great learning opportunity to rebound and wealth creation.
The Panel which included some of the best names in the Industry who have faced challanges and adversity but came out as the winners were Shri Premchand Godha, CMD-IPCA Laboratories, Shri Gautam Jain, CMD-Pokarna, Shri Tarun Jain, Director, Vedanta, Dr. Rajesh Jain, MD-Panacea Biotec and Shri Kailash Lalpuria, ED & CEO, Indo Count. The Panel was moderated by Shri Nirmal Gangwal- Founder & Chairman Brescon, an Advisory Firm creating opportunity in Adversity. Dr. Ashok Ajmera ( FCA) Chairman- Ajcon Global, the Convenor of the event in his opening remarks quoted Mahatma Gandhi on Adversity ” Strength does not come from winning. Your struggles develop your strength. When you go through the hardships and decide not to surrender, thats the strength.”
In the initial interaction Shri Premchand Godha gave few mantras of success viz. never delay payment and never fail in your commitment, keep a war chest always ready, concentrate on Quality, Price and Service, delegate your authority and prepare to die now. Shri Tarun Jain had all the praises for his Chairman, Shri Anil Agarwal, who according to him faced many adversities closing down 9 business as after having put in a lot of efforts and money. His decisions are most of the time based on Hunch & Guts. According to Shri Tarun, keep the life simple, don’t be afraid of failures, have passion (Junoon), honesty, integrity, trust and the thought of giving back to the society.
Taking part in the Panel Dr Rajesh Jain said that in difficult times your Rule Book for self should be only listen, observe, assimilate but don’t react, keep simple diet for energy, do one hour yoga every day, have talks with small group of people/team for resolving issues, take total responsibility for failure on you , say sorry for some wrong decisions,report failure and get complex issues solved at higher level and simple at lower level. Clear transparent communication within family is also very important added Mr Jain. Confidence and trust of customers is your balance sheet said Mr Gautam Jain who further added that never avoid situation, get personal intervention, believe in theory of Karma, focus on task in hand and remember that the biggest strength is family that in his case was unquestioned faith of wife, support of brothers, teachings of father.
Mr Lalpuria said clear and transparent communication with all stakeholders will win the day for you. Some of the other tools specially at the time of Adversity are orientation from all employees, single minded focus, assessing your resources. Keeping the team in high spirit to get out of situation and sweating your assets can multiply outcome he added. Shri Nirmal Gangwal played the role of moderator and presented before the audience very simple rules to follow in Adversity. According to him Risk and Reward to be calculated, one should respond to challenge, do not defer approach, restructure – craft a solution, communicate with stakeholders, confess & realise the problem and don’t be in denial state, have commitment, take ownership of the problem and look for a solution.
All the Panelists shared their life time experiences with the audience and narrated their stories of ups & downs in the business and how did they come out of Adversity. Shri Rakeshh Mehta & Shri Prithviraj Kothari of JITO & JATF addressed the gathering and shared inspiring thoughts about JPF, JITO & JATF. Special guests present were Mr Nishith Mishra, IPS, Addl Commissioner of Mumbai Police, South Mumbai and his wife Mrs Riddhi Dasani Mishra ( Jain ) Addl Director of Income tax ( Vigilance), Mumbai 1. While Shri Ravi Jain- director Incharge of JPF and Shri Hitesh Doshi- Mumbai Zone Chairman welcomed the guests, Shri Ajay Bohora- Vice chairman spoke about the activities of JPF. Shri Vicky Oswal-Mumbai Zone Chief Secretary gave Vote Of Thanks. Dr Ashok Ajmera – Chairman – Ajcon Global and Convenor of the Conclave, anchored the whole event very smoothly.