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This second generation is an advocate of humility in the workplace, with young people suggesting that it is important to know the product well and carefully identify target customers.
Joint Entrepreneur Examples In India
From his teenage days he was sure about joining the family business and helping the venture with new business ideas. Gaurav Agarwal, son of Praveen Agarwal, founder and leading manufacturer of Vitamin B3 (Niacin & Niacinamide) from India since 1979, decided to become part of Lawsons when export sales were zero.
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Established with just 2 staff members, Lawsons began manufacturing Niacin and Niacinamide in 1984. Under the leadership of Praveen Agarwal, the company has grown to become one of the leading manufacturers of niacin and niacinamide in India today. Under Lasons, a brand of nutritional supplements called One Life, Nutrition-Wellness-Beauty was recently launched.
Gaurav has been with the company since 1998. He has extensive experience in international marketing and has been instrumental in the company’s export development. He also spent time in the United States of America marketing the company’s niacin and niacinamide products.
According to Gaurav, the second generation should enter their workplace with humility and a desire to learn. “It’s important to remember that the space they’re entering is already operational and things work a certain way. Some ways may be right, some have room for improvement. Take time to learn from existing ways and then find better ways to do them. Possible, and never pitch your vision without background research and a complete view of the industry.” ” he suggested.
As with most family businesses, the biggest challenge when the second generation joins the company is finding his/her place within an already functioning organization. Gaurav also had to create work for himself and prove his mettle with existing assignments.
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“In the late nineties, our exports were non-existent. I focused on developing the international market for our products, which worked very well as a company and for me professionally. Along the way, we focused on shaping and defining the company. As management, we worked among ourselves and within the company itself,” he shared.
Since manufacturing is a hands-on activity, the time required for management is extensive. Since childhood, Gaurav has seen his father working long hours and weekends.
“The biggest challenge is finding the right talent at the executive levels with very tight budgets. So, it requires constant focus on various aspects of the business. It was the same with my father, and this is where most of his time is,” he shared. .
Manufacturing has emerged as one of the high value sectors in India over the years. Prime Minister Narendra Modi’s “Make in India” initiative has put India on the world map as a manufacturing hub. It is also expected to become the world’s fifth largest producer by the end of 2020.
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Manufacturing companies across the country are strategizing their brand building exercises to stay relevant and beat the competition in the market. Today the digital world has changed very fast.
For any brand to be established, Gaurav feels that the golden rule is “product is king”. “Compromising on quality or not being able to deliver the customer to his/her expectations from the product is not an option. You have to be confident in what you are making and selling and can build a brand out of it,” he explained.
The market is very competitive and fast. Every idea that comes to their mind must be considered and acted upon or decided to leave it. “Every day counts because in most cases your competitor is behind you. Make sure you know the product and identify the target customer very carefully. The packaging should be very attractive but informative without losing the customer’s attention,” suggested. An emerging leader in India’s manufacturing sector.
Director of Lawsons India Pvt Ltd since 2001, Gaurav is currently responsible for export/import planning, banking and other administrative functions. However, Gaurav, an ardent sports fan, ventured into the sports business in 2015 with the team of BCL. He bought an existing team owned by his friend Nandish Sandhu (actor of popular TV serial Uttaran). The two have been friends for over a decade and decided to go into business together. As Gaurav says, the partnership has been a lot of fun while helping him unleash his creative side.
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A year and a half after buying the team, the friends decided to start a production house together, which they named Weaving Entertainment LLP. The first short film under this production house was “Red Girl”. The film did well and they made a second film, “The Gift”, which was bought by Sony Liv for their digital platforms during the production of the film.
Gaurav loves being madly busy as he finds his fun factor in it. “I enjoy every vertical that I decide to pursue. There are many proposals coming from different industries, but we pick and choose very carefully, it’s definitely a joint family decision. It’s also very important to limit your activities. Make sure that you give enough time to each part of the business as needed,” said the leading Next Generation Direct. spoke
In the coming years, the company plans to increase its market share and footprint with its API and specialty chemicals business. “Under One Life we currently have 11 products in the market and 45 coming in Q1 (calendar) 2018. We plan to launch another 100 in the first half of 2018 and want to increase our reach in India from 500 to 2000. Offline counters, Gaurav informed. One Life will open its first flagship retail outlet in Mumbai, followed by Pune and Delhi in the first half of 2018, and wants to cover API to B2C in the pharma sector.
On the other hand, Gaurav and Sandhu have narrowed down their next production, are working on timelines and will start working on casting soon.
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In 1978, Parekh’s nephew Deepak Parekh left his cushy job at Chase Manhattan to take a 50 percent pay cut as a deputy manager at HDFC, and the rest, as they say, is history.
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In a series of tweets, Kamath discussed his views on ongoing corporate governance issues among Indian startups. A joint-stock company is a business owned by its investors, and each investor owns a share of the company based on the amount they earn. Invested. It is the precursor to the modern-day corporation and other types of registered companies in the US.
Joint-stock companies were created to finance endeavors that were too expensive for an individual or even a government to fund. The owners of a joint-stock company are expected to share in its profits.
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Today, US companies are not organized as joint-stock companies. Although one can describe a business with shareholders using the term “joint stock company”, there is no such registration option. Instead, businesses are organized as a corporation, a partnership, or a limited liability company (LLC).
Shareholders of a joint-stock company had unlimited liability for company debts. In the U.S., the legal process of registering as a corporation or limited liability company reduces the liability to the face value of the stock owned by the shareholder or to the contribution of the LLC member. In Great Britain, the term “limited” has a similar meaning.
Shares in a joint-stock company are transferable. If the joint-stock company is public, its shares are traded on registered stock exchanges. Shares in a private joint-stock company can be transferred between parties, but the transfer process can be limited by contract (for example, to family members).
Historically, due to the unlimited liability nature of the joint-stock company, a shareholder’s personal property could be seized to pay debts in the event of a company collapse.
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A company registers with state and local authorities to legally allow it to do business in the organizational form it chooses (eg, corporation, S-corporation, limited liability partnership, limited liability company, etc.).
It is a company incorporated under a royal charter of a country. Chartered companies may have certain privileges relating to the conduct of their business activities.
A statutory company is one established by an Act of the Legislature of a country to provide public services of benefit to the people. The responsibilities and privileges of the company are detailed in the Act.
The Muscovy Company was a joint-stock company chartered by Queen Mary of England in 1555. Among the shareholders were the explorer Sebastian Cabot and several London merchants. The company received exclusive rights to trade with Russia.
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A joint-stock company is not a specific, legal form
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