Acknowledgement

Every new activity involves three factors (if we talk in a broader way) i.e. one’s own Will that takes birth from our desires & circumstances, our own efforts towards the target with or without support of others and last but not least the very kind blessings of GOD without whose mercy, no one can step- further. But it is also true that almighty never spoils our efforts with good reasons. In spite of our evils, he/she never forget to reward us for our kind works.

So, first and foremost, praise and thanks to the God, the Almighty, for His showers of blessings throughout my research work to complete the research successfully. The number of times I planned to leave the work in between when the point of writing seemed scare and except the two options I had i.e. either to leave the writing in between or to go ahead with publication halfheartedly with the incomplete material to my satisfaction. This process continued till I completed around 50(fifty) chapters of my book. Had the supreme power didn’t extended his hand towards my countdown courage, this book might not be possible to print in its present position.

I would also like to acknowledge those circumstances which I have realized during my professional career and found that certain things could be much better, had the matter did not taken in a particular way or one’s line of actions remained else than taken at that time. These things lead me to pen down all my experienced situations and do a little effort towards the whole business society and ultimately to our Nation also. I believe that sometimes discouraging moments become the path of your motivation to do some extra & unique work for society or for some class of people. The only things that one needs to do at that time is to put your all efforts to convert the adverse situations in opportunities for himself as well as for others also. This I also learned from India’s worthy Prime Minister Sh. Narendra Modi who have advised their countrymen in the period of COVID-19 to convert this pandemic situation in opportunity without any suppression. His inspiring message was greatly welcomed by the Indian entrepreneurs and proved themselves in equal manner.

I am extending my thanks to Prof. Subhash Cheeda who has helped me in designing the illustrations & make the book more interesting for the readers.

Finally, I am much thankful to my family for their love, Patience and prayers to complete this research work.

Ca Rajeev K. Garg

Reasons Behind Writing This Book

At a certain moment, when two businessmen have equal Intelligence in Experience & Qualification, Financial Position, Volume of business in all respect may be of production, market or any other Infrastructure etc. etc. then a question comes to my mind that, why after some time both couldn’t run or progress parallelly? Why there is a big difference despite the facts that all the factors were equal at a certain time and now out of two, one is doing very well & reached a good level and the other one is not in the same position or has gone down adversely! In some cases, a businessman loses not only his business empire but also his residential & other personal belongings. Is it entirely a matter of LUCK or something else? Is it entirely a matter of LUCK or something else? This question leads me to study in deep the various style of doing the business of different people. I analysed those difficult situations when one says “I was right as always, my every action was in the best interest of the business and even today my way of doing business, is better than the others”. And in support of his opinion, he generally quotes several examples or other cases to people of his/her circle. My such effort is a small contribution to all those Business Entities who have the same feeling like I do and have a keen desire to do away the shortcomings of the system in the pursuing business and are also interested to bring improvement in further flourishing their hard-established empire

I was also got motivated to write this very book from a so-called question that why people of so big repute, during a certain tenure of their lives, either in Business or in Financial position with the hefty conglomerate lose everything within a shorter span of period? They, even lost their fame, social status among the people of his/her society along with their business and financial position. How can this be possible that a person who was at a time known to be a feeder of so many families/people, is now under the pressure to earn bread & butter for himself or his family? As per Hindi talk “TO COME FROM HARSH TO FARSH”.

One thing that normally surprises me is that WHEN HE WAS DEGROWING AND WAS CLOSER TO THE CURRENT LEVEL, WHY DIDN’T SOMEONE STOP HIM AT ANY POINT OF TIME DURING THAT BAD PERIOD, BEFORE HE REACH CURRENT LEVEL OF ZERO? WHY HE HIMSELF DIDN’T PREFER TO CONSULT SOMEONE WHO CAN STOP HIM FROM THE ONGOING CRISIS BEFORE IT’S TOO LATE? Several times I tried asking people who were supposed to be aware of about the said stories of someone’s downfall, but couldn’t get satisfactory answers. A number of times we hear that all this happened due to his/her bad luck, someone fell ill in his/her family, customers had made his collection as bad or the loss could be bigger than we see of the concerned person.

These all lead me to go a little further in detail, to see the shortcomings in the operations of the business, study them, analyse and find solutions so that at least SOME can be saved in the interest of those entrepreneurs, employees working there and also to the Nation concerned. We all observe that several businesses have been the victim of the above said situations. Very often when people listen about such cases and come under shock to know that a particular business either had been sold to someone or acquired by some Financial Institution against the pending repayment of their loans or such other charges.

Pl. note that such types of instances are not only in the business sector. Rather these have also been observed in the service industry or even with very popular celebrities who were at a time known for best in their respective fields and earn very good earnings due to his/her demand/popularity in the public. Here I recall one of the topmost Hindi film actress late Ms. Praveen Bobby, who lived her glamourous life very well at a young age and did number of films with many superstars say Amitabh Bachchan, Vinod Khanna and so on. But suddenly she disappeared from all this glamourous life. After many years, one day, she was found dead in a Flat of Mumbai. It came out in social media that she was so financially tight that she couldn’t even afford medical treatment in the last days of her life. Satish Kaul, a Punjabi actor, one time known to be Amitabh Bachchan of Punjabi cinemas, living his life in an old aged home even after getting fame, work, and establishing his own Acting school at Ludhiana (India). This information I came to know from some News Paper of these days of COVID-19. There are so many other stories that can be narrated here of many big personalities in different areas around the world. Had some corrective steps been taken timely by himself or anyone else, certainly they would have been in a better position in later part of life?

FAQs

Q1. What does this book tell to the reader?

Ans. To do away with all the malpractices of the system/approach being carried out to run the business, profession, or other activities including the Agriculture sector also, so that the same Income Earning Platform may do well, reduce cost in Administrative expenses, Personal expenses and so on along with enhancement of efficiency in operational management, the right way of doing business & long survival thereof. With the right way of taking decisions particularly when business is either on the path of increase or decrease, should be more taken care of. In fact, in this book, I concentrated more to avoid the invisible losses by taking care of some routine aspects of the business. I put less stress on visible profits/losses by assuming that everyone has their own understanding in these matters in accordance with his/her own circumstances that differ from business to business or person to person generally.

Q2. Elaborate more about the reasons for writing this book.

Ans. We, maybe in Individual capacity or in the capacity of an Entrepreneur, earn income in two ways. One, is Direct or Visible income which we can estimate, calculate & feel when it accrues or reaches our hands by either way. The second income is called invisible or indirect income which is earned from savings in potential losses which occur due to our negligence, lack of understanding, knowledge, or for many other reasons which have been explained chapter wise in the book. As earlier said, everyone either more or less understands the first way of earning income even without any education or much advice. Although I have tried to broadly en-light the topics relating to the first way of earning income but more stress has been mentioned on the 2nd type where you can earn, either later or sooner, by saving in the losses that one may cause to incur to the organization. Moreover, a good number of books on the first type of earning is already available in the market written by many Ld. Writers. That is why I have not written on those topics like how to increase Sale, Profit, reduce the cost of production or other losses, etc.

A further reason to write this book is to help understand the entrepreneur to be an ultimate keen observer, cautious and unbiased decision-maker so that he won’t get manipulated with sweet pills. In several cases I have seen that even the junior staff or any other clever person turn their mistakes into right actions in front of their seniors and put a curtain on the losses which an organization had to bear from his/her negligence. It is the need of the hour to visualize and be aware of more n more such things and take decisions accordingly.

Q3. What did you mean by every entrepreneur should have an Advisor or so called Chanakya?

Ans. Yes, of course, every entrepreneur should have a consultant or an advisor even in personal matters. If I talk first about non-business matters, a number of times we have seen that our line of action changes when we discuss the matter with one of our well-wishers. This happens because a Single Brain might miss out on something important and consulting others brings forward different aspects.

Now you can make the judgment of how important the association of an advisor to an entrepreneur is when he has to take a number of decisions in routine even under pressuring situations. The advice of the consultant would definitely help to make the growth path more comfortable, practical and profitable. I know this practice is not so popular in number of places, particularly in the business environment. The one reason of such low popularity may be the availability of free advice in the majority of cases by very own nears & dears which seems to be easy & zero paying.

A general quote may be mentioned here i.e. when one listens 25% of your problem, you get 100% advice from him, when he listens 50% of the problem, you get 50% advice from him and when, luckily, you narrate 100% of your problem he/she thoroughly listens your problem, you would get only 25% advice from him/her & then the matter is closed.

Q4. Does this book suggest that which business/profession is profitable as compare to other?

Ans. No, absolutely not. Intentionally, I have not tried to mention any comparison among the different industries, works, or about other services anywhere in this book or suggested to do a particular work or don’t. It is all on the right way of doing the work in the organization. If any of our readers draw such type of mean from any part of my book, I herein declare & affirm that I had no such intention while writing this book. So please ignore the meaning which you have concluded as per your own interpretation or someone other has interpreted you.

We do not suggest the selection of a particular business/profession or comment on any other activity of income earning, whether that is good or not. Efforts have been made in this book to analyse right or wrong acts that are not in the interest of the business that you carrying on by your own choice.

Q5. Why were you motivated to write this book?

Ans. During the course of my business analysis I couldn’t find the answers of so many questions that ever arising in my mind like why two equally wealthy individuals having the same business, market share, other relevant business support at a time, reach at different platforms after a span of time. Is it really the game of so-called LUCK that lead two equally qualified & experienced individuals at different milestones or are there some other factors that become the main reason for the creation of such a big gap in their respective position?

This question motivated me to go further in this subject, to study & analyse the working system of a number of organizations. After the collection of data from various sources, I synchronized & compared the way of doing work of different managements with each other to reach at a solution/conclusion. Then after such a long exercise, I could collect all the relevant information that I desired. The major challenges before me in doing so, was to identify the shortcomings in the system, in the execution of policies, or in other managerial work where everyone says or thinks that he/she is right. Further, I analysed the way of doing a particular work in an organization and to find out the correct procedures to do the same action in the future so that the best results can be derived from that activity. The majority of people supported me in this work when they came to know about the reasons why I was doing all this and also added their viewpoints to the extent they could understand my concern. There were also some other people who discouraged/disagreed me/with me on various points like the appointment of any business advisor when experts of each specific field are available, investment of funds whether there is high profit or low profit, relations with Govt. Departments or with employees including their morale etc.

Q6. Why one should read this book?

Ans. This book is relevant to all the business concerns that may be of big, medium-sized, or small units. It contains a very exhaustive list of actions and covers almost whole of the working area of the Top Management or entrepreneur of a business that they do in routine or even at the time of expansion of the organization. This book is also useful to new establishments in their 2nd phase i.e. operational stage of the business. One would definitely find contents for almost every type of business management in a very useful manner.

Q7. Why this book should be followed when all businessmen are already doing well and more convergent with their own establishments than anybody else?

Ans. Well, it is a matter of satisfaction that people are doing well in their establishments. If one has gone through the book and found that all the aspects of the business are being taken care of perfectly near to the learnings of the book then obviously one can skip the book along with its contents or otherwise. Here I would like to mention that a number of things one might be having already in his knowledge when he goes through the contents of this book completely. But it is sure that despite all this, one must not be habitual of implementation of all his pre-existing knowledge in carrying out of the said business. This, I am saying with my own experience.

Here I would like to mention that even though the number of things one might have already in his knowledge. And as usually we must have heard many teachings from our parents about doing or not doing certain things that would be in our own interest. We listened and kept those teachings in our minds for some time. As time passed, those lessons get start to be dim in our memories and one day these completely abolish therefrom and we work in routine as there was no such teachings came to our life from our parents, teachers or other experienced & learned persons. Now one day when after a long time we face the same problem which could otherwise be avoided had we followed or applied those teachings in our life. This we realize when a new person or advisor comes in our association who have many solutions to the particular problem including those as above said. He advises us to follow the same learning to overcome the respective problem or problems. On his reminder, we do accordingly and get succeeded in solving those problems which had put us in great trouble. And then we realize that it’s the same learning that we had acquired a long time ago but couldn’t recall now.

This can be further understood by way of a simple but universal example i.e. every child learned from his/her parents that iced water shouldn’t be consumed in order to avoid throat problems. We listened and accordingly avoided drinking the same for a few days & then gradually forgot about it. Now when we approach a doctor for having throat pain, he asks us about the past i.e. what was eaten or taken to drink before this throat infection? Before narrating the whole story of throat pain to the Doctor, half the reason, as well as solution, immediately comes to our mind which then gets confirmed when the doctor advises not to drink iced water along with some other instructions.

Here, we have also made some efforts to recall those simple learnings because when an easy solution to a problem exists, then why to go for complicated or professionally-inspired solutions that come with hefty payments?

Q8. Why youngsters should take information/instructions from this book instead of their own parents who have established or developed the relevant businesses on their own?

Ans. See first of all I would like to correct your question which should be “why youngsters should study your book in spite of the fact that their own parents are there to guide them”.

However, concerning your question, there can be many answers. I describe here a few out of them. Many parents avoid pointing out the shortcomings of their children particularly when they are young (children) and involved in looking at the affairs/matters of the business. They (Parents) either have a little bit of fear or something else in their mind that their child may feel dis-hearted on being pointed out his/her mistakes. Even I have seen in a number of cases that one parent remains interested to pinpoint the mistakes of his/her child so that he/she does not repeat it again in his/her life. But the other part stops him/her for doing so just because of the above said reasons or might be other, which is called either PUTTER PREM or PUTTARY PREM. In other words, SON’S LOVE & AFFECTIONS or DAUGHTER’S LOVE & AFFECTIONS.

The other reason which I came to know from many people that the children are not ready to listen to good teachings from his parents. This happens generally in young and more educated children who perhaps think that their knowledge or way of doing the business is much better than their parents. All of us know that a teacher’s own child is not so sincere or in the discipline in the class of his/her own parent than in the class of other teachers’.

Chapter 1

Have One Chanakya (Business Advisor) In Your Organization to maintain the Concept of Good Corporate Governance

When world’s best Player needs a Coach, best Actor needs a Director to perform well. Then why not an Entrepreneur needs an Advisor?

Chanakya was an ancient Indian teacher, philosopher, economist, jurist, and royal advisor to his King. As per him, a king must have a team of capable & competent people around him instead of spoon feeders. It was only he who had broken the confidence of ALEXANDRA SIKANDER by his successful war strategy as well as royal policies and played an important role in the establishment of Maurya Emperor in the form of a large AKHAND BHARAT. He was a shrewd administrator, economist, and a great diplomat of his time without any self-interest & lived his life in poor condition. Perhaps this was the reason behind his great knowledge in various fields and it seems true that Prosperity & intellectualism can’t run together in one’s life. This has been quoted by a number of wise people in the world.

A single brain can’t do that well no matter how ultimate it may be. This we come to know when some other individual adds his/her opinion therein. Before taking such advice, we remain under the impression that no one else can guide me a better way of doing business than myself as I have complete knowledge about the business. The second reason is that an entrepreneur generally does not go in detail which are mentioned in the following Chapters that are quite helpful in Auto running as well as in increasing the business either directly or indirectly. This can be possible when you have someone like Chanakya or in other words a Business Advisor who can guide you on doing the business With a Broader Approach in the right manner. Otherwise, the concentration of an entrepreneur remains only on an increase in sales, reduction in the cost of production & other expenses, and an increase in profits either from existing business or from expansion thereof. It is not bad at all rather good enough & should also be carried out forever by the organization & its employees.