Business Mandate (Feb 2022)

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CONTENTS

EDITOR Gp Capt R Vijayakumar ﴾Retd﴿, VSM

READERSHIP OUTREACH Gp Capt Dr R Venkataraman ﴾Retd﴿

Sundar R Vakeeswari M DESIGN D Rajaram, Tayub Refai MADRAS MANAGEMENT ASSOCIATION Management Center, New No.240 Pathari Road, ﴾Off Anna Salai﴿, Chennai 600 006 Ph:044‐2829 1133 / Email:mma@mmachennai.org | mandate@mmachennai.org | www.facebook.com/mmachennai

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EDITORIAL

Gp Capt R Vijayakumar (Retd), VSM

Let change prevail...

N

ow, Omicron has added an element of

the pandemic roller-coaster, but in 2022 we must act

uncertainty to the global economy. But when it

just wisely and quickly to enact strategies that will lead

comes to emerging markets, the unanimous

us into a better future. We are indeed delighted at the

view is that the prospect remains bright. India’s GDP

appointment of Dr V Anantha Nageswaran as the Chief

rebound (from the previous year’s pandemic contraction)

Economic Advisor for India’s Finance Minister. An

does not necessarily mean than an economic recovery

outstanding economist, he will surely provide the recipe

is underway; our economy was slowing well before

for high growth, reviving investments and containing

Covid! The Government’s challenge is to not only ensure a revival of growth but also make sure that it is broadbased. Only then the real incomes of most Indians can



rise. It will require policies that facilitate employment generation and increase the real income of a worker. We need to begin the process of structural reforms to undo the damage done to the large majority of informal

Leaders should use all their resources to generate awareness and push reforms that are aimed at keeping the skill‐sets of the

workers and enterprises. The labour market remains

workforce up to the mark. It is

disrupted like never before, and some of the changes

critical for leaders to work with

might prove permanent. Many workers are wondering

everyone and create a

whether their jobs are even worth it.

mechanism that encourages

The policies we choose now will have consequences

innovation and adaptability.

for decades to come. We may have brought an end to BUSINESS MANDATE

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the budget gap. We have had the privilege of Dr Anantha

and leave the rest to the invisible hand of the market. In

Nageswaran addressing the members of MMA last

this context, MMA – KAS organized a conclave on the

month during the conclave on the theme “Participative

theme,

Leadership”. An article on the thought provoking

Transformation.”

address is published in this issue with an embedded

address by Mr P R Ramesh, Former Chairman, Deloitte,

video. Enjoy reading the inspiring address on “The Traits

is published in this issue with embedded video; please

of Great Leaders" by our CEA.

click to read on and get inspired!

Change is the only constant

Back to school

“Robust

Public The

Policy

for

thought-provoking

Business keynote

As the proverb goes change is the only constant. The

Over 200 million children have lost at least two

field of technology has been evolving at a rapid pace that

years and we risk having a ‘learning lost’ generation.

many of us find it tough to keep up. It is rightly

After a long gap, schools have finally opened their gates

predicted that the post-pandemic era is going to witness

to enthusiastic learners. With in-person learning in place,

a shift in global dynamics. The heads of state and

classrooms are going to brim again with the chatter of

corporate executives will have to evolve and rework their

students. Offline learning although familiar also comes

strategies. Leaders should use all their resources to

with post-pandemic demands. Students and teachers

generate awareness and push reforms that are aimed at

need to take care of themselves and should not drop

keeping the skill-sets of the workforce up to the mark.

their guard. We strongly believe that educational space

It is critical for leaders to work with everyone and create

provides the best opportunity for promoting these

a

and

lessons among children to foster a strong sense of

adaptability. It is the endeavour of MMA to carefully

responsibility in society. The MMA CSR initiative

conceptualise and curate its programmes to meet the

supported by ACSYS Investments and Super Auto

aspirations and expectations of our stakeholders. In this

Forge would focus on these areas to ensure students are

context, we organised a number of conclaves / seminars

provided with the best possible educational experience.

in December 2021 on varied themes for the benefit of

The future of in-person learning in schools is bound to

our members and management professionals. The

be bright and highly satisfying. There is hope because

recording of these high profile events is available for

there are remarkable people unseen, unnamed but

your viewing.

holding the world together and moving it.

mechanism

that

encourages

innovation

Indian economy & reforms

Air India back in the Tata Group hangar

The state in India is not large relative to the size of

The Air India deal made all happy. This was the

the country, but still it spreads itself aggressively in

toughest company to divest. A loss-making venture and

doing many things. It fundamentally lacks the capacity

a debt of over Rs. 60,000 crores was a deterrent for any

to do all things well, ending up with poor governance

potential buyer. But Air India has some of the best

and delivery of essential public services. Hence, it is

aircrafts and routes. Tata’s prevailed and paid just Rs.

critical to strengthen state capability to do those things

18,000 cores including cash of Rs. 2,700 crores only. It

well, whether it is for delivering public services such as

was a home-coming for the Tatas: The government was

education, healthcare, infrastructure development, law

happy to get the company off its hands. The Rs. 42,000

and order or enacting regulation to protect the

crores debt was transferred to a special purpose vehicle.

environment. In that light it would be better to focus on

Everyone wins. The entire story must serve as a lesson

a few key reforms, strengthen state capacity for reforms

for the management of other public sector companies

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—how undertakings large and small should not be

investments in January 2022! Record funds amid

allowed to go sick. The travel space now is crowded with

downturn in global markets signals sustained investor

many private airlines. It is up to the Tatas to ensure that

interest. I strongly believe that it is a show of

passengers can reminisce the Air India of the good old

continuation of the long term investors belief in the

days.

Indian tech capability and success. We are indeed delighted to present the article on the event organized

Budget 2022

under the start-up series - Mr V Shankar in conversation

India completes 75 years as an Independent nation this August. The Finance Minister will present the annual budget of the Union against this backdrop. There is a lesson to be taken from the past 75 years.

The Indian economy has broken free from many of its old structural constraints. The Finance Minister will present the new Union Budget at a time when the economy is recovering from the Covid shock. The recovery in domestic demand is still uneven, inflationary pressures are building up, global economy is preparing for higher interest rates and crude oil prices are close to their highest level in seven years. Budget 2022 will obviously focus on these challenges.

diversity

on the theme “Chai Kings - Rising from the Ashes”.

The Russia‐Ukraine crisis As tensions heighten between Russia and Ukraine, Moscow is gambling a stand-off with the West. In this context, two major questions are of particular concern.

Is Mr Putin rational? And can he be deterred? It is probably also wrong to suggest that Mr Putin cannot feel threatened by NATO because it would never invade Russia. A strong NATO with more members, especially in the East, would make Mr Putin look and feel more constrained, hence Mr Putin’s anti-NATO demands shouldn’t be seen as a sheer manipulation. May be NATO could have signalled earlier that the membership of

Women in leadership roles Gender

with Mr Jahabar Sadique, Co-Founder & CEO, Chai Kings,

across

the

Indian

start-up

ecosystem narrowed only a little in 2021 even as start-

Ukraine was unlikely. Let statesmanship prevail and hope for the peace!

ups managed to raise record funds at high valuation

Wishing our readers once gain a brighter 2022

during the year. A recent report showed that about 70%

—raising a toast to those who adapt and change forever

start-ups in the country have less than 20% women in

during the New Normal.

leadership roles. While gender diversity in start-ups and tech has started to get a lot more attention lately, it continues to be a challenge. In this context, we are

As always, we would be happy to hear your views, comments and suggestions. 

delighted to present to you in this issue an article on the theme “Gender Diversity & Inclusive Board Room” based on the thought proving address by Dr Amarnath Ananthanarayanan, Managing Director, The Sanmar Group - Corporate Division during the Conclave on the theme

“Robust

Public

Policy

for

Business

Transformation”.

We are also delighted to know that start-ups inc have begun 2022 with a bang: over 3.5 billion dollar BUSINESS MANDATE

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History has taught us repeatedly that leadership need not be limited to only those with authority or position. The New Normal has gone a step further in removing the prejudices associated with traditional leadership traits and has shown us a new way forward.

Dr V Anantha Nageswaran, Former Dean, IFMR Business School & KREA University, shares his insights on the traits of great leaders.

B

ased on my own experience, I came up with a

overarching broad purpose of the organization that is

simple definition for leadership: It is an

clear to everybody, but beyond that the specifics will

opportunity to shape and influence a group’s

be determined by having the right set of people. You

thoughts,

actions

(small

or

big

organisations,

simply have to make sure that they are motivated and

institutions, commercial or social, a nation or at the

have the framework to operate to the best of their

global level), attitudes and attributes for achieving

abilities; in fact, they already have the intrinsic

common/collective outcomes. You can also create a

motivation and ability, so don't have to treat them like

successful group and be a successful leader of activities

school children, guiding them and shaping their

that may not pass the ethical or moral test. We are not

behavior using positive and negative incentives and

considering them.

reinforcements. That's not necessary.

Who first, what next

Self‐awareness

Jim Collins, author of the book 'Good to Great,’ tells

Next, what are the key attributes of a leader? If I

us that one doesn't need to have a goal and then

have to summarise many attributes into one word, it

assemble the good people. Instead, you assemble the

would be self-awareness. You must be aware of who

right set of people and they will take the organization

you are, what you are doing and why you are doing. We

in the direction that is both feasible and desirable. So

are all very good at clinically dissecting other people's

the ‘who’ part comes before the ‘what’. That may sound

attributes, but we don't bring the same sort of rigour

counterintuitive.

have

to ourselves. If you are self-aware and understand your

succeeded make sure that they have the right people

words—including the unspoken ones—your thoughts,

to decide the right targets and goals. There will be an

your reactions to different people, then you can evolve

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Many

organizations

that

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other attributes as well, such as confidence or

mission, your goals and their goals. Good leaders don't

commitment to a mission. Confidence also goes hand-

try to bury the differences under the carpet. They

in-hand with self-assurance and ability to take

confront them. They resolve them. So do not avoid

decisions. If you think you are a very self-confident and

conflicts. Somebody who brings up a conflicting

positive person, you don't need to learn from anybody.

thought into the open and be willing to discuss with

The more confident you are, the less insecure you will

you is far more trustworthy than one who simply

be about receiving and taking criticisms. It is an

avoids discussing conflicts to present an impression of

insecure mind that basically resists criticisms and

false harmony. In the ‘7 Habits of Highly Effective

reacts with negativity. Observe how your body reacts when you receive a criticism. Observe how your muscles tighten. Observe yourself. Then you will be able to modulate your reaction to the criticism. It is not



Self‐belief does not mean

as if successful leaders don't fail, they do. Failure is

excessive optimism. In fact, the

part and parcel of the journey. The important thing is

latter is not a pre‐requisite for

how you bounce back.

the former. People always think that it's good to be optimistic.

Embrace conflict Widen

your

circle

of

influence

by

turning

disagreements into collaboration. Good leaders embrace

Optimism should not mean denial of reality.

conflicts. They don't avoid or shun conflicts. A conflict situation enables you to clarify the organizational BUSINESS MANDATE

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Optimism may delude you into overestimating your capabilities and underestimating the power of your opponents—be it in the corporate world or in a sporting context.

suggests that they are stronger than you are, take that into consideration and prepare. Optimism may delude you

into

overestimating

your

capabilities

and

underestimating the power of your opponents—be it in the corporate world or in a sporting context.

Scottsdale, in his infinite wisdom, says: • Retain faith that you will prevail in the end regardless of the difficulties and at the same time confront the most brutal facts of your

People,’ Stephen Covey mentions that good leaders tackle the most difficult problems first. Resolving conflicts is one of them.

current reality, whatever they may be.

• Being in denial is not a feature of successful or great leadership • Over-emphasis on positive thinking is harmful in the long-run and can lead to delusion,

Optimism and Scottsdale’s wisdom

despair, shock and depression, if things don't

What are the important caveats that we have to keep in mind? Self-belief does not mean excessive optimism. In fact, the latter is not a pre-requisite for the former. People always think that it's good to be optimistic. Optimism should not mean denial of reality.

One of the biggest gains of modern era is emphasis on the power of positive thinking. Everything in life has to be in balance. Your optimistic thinking should be grounded in reality. That is the story of James Scottsdale, a Vietnam War prisoner, who survived immense torture. In fact, he inflicted torture on himself to avoid being interrogated by his captors. Yet, he was one of the very few who emerged alive from the Vietnam POW camps. When asked, "Who are the people who didn't survive the torture?" he said, "The optimists.

Because they always expected that something would turn up next day and they would be freed from the prison. When that didn't materialize, they got deflated."

In other words, optimism should not be in opposition to the realistic assessment of your odds. Optimism should not mean that you take your opponents lightly.

If your opponents are formidable, if the form book 12

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materialize.

It is a very important learning because of the difficult situations that we face today. For example, with the pandemic, accept the reality. We should continue to engage in interaction and do what we have to do, but accept the reality that we are facing great uncertainty than before. There are times when the uncertainty band is much wider and sometimes narrower. Incorporate that into planning. In a corporate setup, it would mean creating a greater slack for yourself and greater working capital requirements. You have to accept that there are times when you have to negotiate a rough period.

Obesity is a bigger pandemic Do not confuse positive thinking and the thinking that you shall eventually prevail. We all want India to become a very powerful economic nation, but we also have to understand that we face much greater challenges than other countries. Some of those countries became democratic after they became prosperous. We became democratic before we became

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People think that investments, capital formation, productivity and people's literacy drive

humility: • Never being boastful or welcoming of public

economic growth. What about

praise

health? Throughout history,

• Working with calm determination

nations' evolutions have been

• Emphasizing a standard of excellence over ability to inspire through charisma

driven by pandemics.

• Using personal ambition to make the company great rather than aiming for personal success

prosperous. We all talk of the demographic boom in

• Looking inward when things go wrong instead

India. How many of you have taken the time to look at the national Family Health Survey number five that

of at others, external factors, or bad luck • Remember,

humble

leaders

are

more

came out recently? What is the biggest pandemic in

concerned with what is right than being right.’

India? Not the Coronavirus; Obesity is the biggest

• Being underestimated by others is no bad

pandemic! The proportion of people whose BMI is above 25 in India, both for women and men, is even higher than in developed countries and it is shocking!

thing!

Bhagwat Gita says that you are only entitled to the duties but not to the fruits of the action. That is

We have to confront the reality of what it means

somewhat an incorrect interpretation of that sloka

for India's economic growth. The potential growth of a

because you don't undertake any action without having

country depends on the health and well-being of its

a purpose or an eventual goal in mind. What the Lord

population. People think that investments, capital

is telling Arjuna is to not associate one’s ego with the

formation, productivity and people's literacy drive

outcome. You should be motivated by the common

economic growth. What about health? Throughout

good, but detach yourself from the outcome. That is

history, nations' evolutions have been driven by

the message of that sloka.

pandemics. Obesity is a pandemic. We all have a goal that India has to become an economically prosperous nation, but we also need to be aware of the challenges and recognize them.

What is professional will?

• Doing what must be done, no matter how difficult • Giving credit for your company’s success to

Level 5 leadership

others, to external factors, and to good luck,

Jim Collins talks about Level 5 leadership. He says that Level 5 leaders combine two important attributes —professional will and personal humility. When they want to attribute success, they look out of the window.

instead of your own actions • Generating

great managers who then progress to become great

in

the

company’s

outcomes • Taking actions to ensure that the company will endure beyond your tenure

When attributing responsibility for failures, they look into the mirror. That is one of the important traits of

excellence

A great leader eventually makes himself or herself dispensable.

leaders. Here are other aspects of their personal BUSINESS MANDATE

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If things work only when you are there and the

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Great leaders do these small things right. They give

roof collapses after you leave the place, then you have

importance to the other

not been a great leader. Institutionalizing the changes and a culture that does well when you are around is the

person's priorities and anxieties.

hallmark of great leaders. They ensure that success is

It is a free world.

attributable to the culture and organizational ethos that they leave behind. personalize many things. The common cause is more

The Kohli Slip

important. So think about these small things in which

Communication must be firm, clear, total, truthful and prompt. We have stories of how Johnson & Johnson handled the Tylenol crisis. Very recently, we saw how BCCI handled poorly their dropping of Virat Kohli as the captain of the Indian one-day cricket team. While BCCI said that they communicated the decision, Kohli denied it. This is not something that characterizes professional organizations. BCCI has rights to change the captain but it is better to do so cleanly, correctly and communicate ex-ante, give the person a sense of importance, acknowledge his or her contribution to the cause until then and make them feel that they understand your decision. They may not accept it even then due to ego but, at least, they will be able to

we react; they will define whether you are a great leader or an ordinary person.

J&J and BP Stories The Tylenol experience of Johnson & Johnson is a case study in business schools in communicating very clearly and accepting responsibility upfront, rather than harking back on technicalities. They did not say, “We are not responsible. It is the packaging that went wrong.

It is due to the storage processes or mishandling by our distributors.” They didn't go into any of this. They said, “It's our product that ultimately goes into people's body. Therefore, we will take responsibility. We will fix the issues later. Responsibility is ours.”

understand. Many times when an employee leaves an

This is an example of looking at the mirror when

organization, ask yourself, "How do you make them

things go wrong. The exact opposite is British

feel?" Do you make them feel very bad? Do you make

Petroleum’s handling of the Gulf of Mexico oil spill. So

it tough for them to leave or do you make them feel in

you have two case studies. You have to read both. If

such a way that they are making the right decision in

you want to know how not to handle, how to

leaving the organization. Do not take their departure

prevaricate, how to deny, how to engage in lies and how

as a personal rejection or a slap on your ego.

to evade responsibility, then you look at the British

Great leaders do these small things right. They give importance to the other person's priorities and anxieties. It is a free world. A person leaving your

Petroleum case study of the Gulf of Mexico oil spill. If you want to understand how to handle it the right way, read the Tylenol case of Johnson & Johnson.

organisation is just as somebody else leaving some

Of course, pharma companies are today earning a

other organization to come and join you. It works both

bad name considering the way the pandemic is being

ways. There's nothing personal about it. You are playing

handled.

a role; he or she is playing a role. That's all. Do not BUSINESS MANDATE

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That's a different story. Even Johnson & Johnson's

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When the fear of losing your power takes over the

culture may not have endured for 40 years. In today's

behavioural controls of your

context, we come across stories of clotting, etc., with J&J vaccines in the US. That shows how even great

leadership, you will stop being

organizations at some point lose the very culture that

a leader and start being a ruler.

got them a positive name.

Just in case

ancient Greek word that also includes taking pleasure

For taking responsibility and looking at the mirror,

out of humiliating others and even encompasses a

the best example is General Dwight Eisenhower. He

connotation of sexual conquest and exploitation.

ordered the Allied troops to land in Normandy coast

Hubris, according to the Greeks, is an insult to humility

and take on the Germans by surprise. The mission, of

and epitomizes insolence of the Gods.

course, became a spectacular success and eventually

There is a point at which all the special treatment

led to the end of the World War 2, but he also had

and pampering can contort and pervert your leadership.

prepared a letter, just in case the mission didn't

Left unchecked, it can inflate your ego to the point that

succeed. He had drafted the letter and wanted to

you shift from leading for the good of others to leading

announce to the country in case the mission failed. The

to acquire more for yourself. It is at this point that the

letter simply said, 'The troops, the Air Force and the

opportunity to apply an influence for the benefit of

Navy did all the bravery and devotion to duty could do.

others is eclipsed by the fear of losing all that you have

If any blame or fault attaches to the attempt, it is mine

gained for yourself, including all the special treatment

alone.' Thankfully for the world, he didn't have to use

that you get. When the fear of losing your power takes

it.

over the behavioural controls of your leadership, you will stop being a leader and start being a ruler. Both are

Defining hubris

two different things. The website gives a long list of

The opposite of great leadership is the word

14 symptoms of hubris, as if it's a medical condition.

‘hubris.’ There is a website called the Daedalus Trust.

Daedalus and his son Icaraus are Greek mythological characters. Icarus flew very close to the Sun with the

Some of them are: • A messianic way of talking and a tendency to exaltation in speech and manner.

wings given by his father and got himself burnt. The website of the Daedalus Trust has now become

• A tendency to allow their ‘broad vision,’

thehubrishub.com. Daedalus Trust was started by Lord

especially their conviction about the moral

David Cohen, who is a psychiatrist by profession and

rectitude of a proposed course of action, to

who became the British government's foreign secretary.

obviate the need to consider other aspects of

He describes hubris not as a sort of an arrogant state

it, such as its practicality, cost and the

of mind but as a medical condition. What is hubris? The

possibility of unwanted outcomes.

simplest definition is dangerous overconfidence. The word has additional nuance complexities. It is an

Ask yourself in small groups: Do you go out and talk? Do you become progressively isolated?

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How open is your cabin? How open are you to

complications. If you permit me, I suggest the following

meeting people and seeking feedback, either directly

things...” Now, think of the team leader sitting in the

or indirectly? How often do you cross check yourself

chair. Everybody else has said that your idea is

with others’ point of view? These are all the ways of

fantastic. And one person stands up and says that it

finding out if you are isolating yourself or keeping

could be problematic. Listening to such a message is

yourself open to others’ influences.

not easy either. Your body doesn't accept that. We are hard coded for conformity and to receive only

Leadership from Thirukural

affirmative messages. So that is why I said, you have to

Three couplets from the Tamil poetry ‘Thirukural’

have self-awareness. You have to go out of your way to

all convey the same meaning and they are very apt

encourage people to speak up in meetings and to be

leadership lessons.

able to receive such words.

• Somebody who is capable of surrounding himself with people who are better than himself (or herself), will be more powerful

The final denouement • The leader must be good at decision making under uncertainty and taking responsibility

than anybody else. If you have confidence in yourself, you will then surround yourself with people who are better than yourself. That gives you the greatest power.

• If you are surrounded by people who can

for failures.

• Manage by exception. Don't sweat the small stuff. Don't get into too much of details.

• Do not be the only person who makes all the calls. Let others make the calls, make

actually poke criticism at you, you can't be destroyed.

• If you don't have such people (who can poke

mistakes and learn.

• Empower and let good people get on with it. It creates a sense of ownership in the people

criticism at you) around you, you don't need

towards the common cause.

external enemies. You are your own enemy.

Make yourself dispensable in all this. When we say

This is the converse of the second one.

You need to have Devil's Advocates. You need to have somebody who can point out to you what you're doing is wrong. Even among friends, you must have somebody who can talk to you and point out your wrongs. But these are not easy to do. Try speaking up in a room with everybody saying one point of view and

attribute success to others and failure to yourself, also, remember to attribute success to luck. We all attribute failures to bad luck, but we never attribute success to good luck. Chance plays a very important role in all of our lives. That's why we often say, ‘Success has many parents; failure is an orphan.’

you want to share a different point of view. Your body

To sum up, the traits of successful leaders are:

will resist. Because, we are social animals. We seek

self-awareness, commitment to a cause, personal

conformity. We want to belong to a group in a meeting.

humility, professional will and an ability to leave behind

Similarly, imagine if somebody stands up and says, in

an enduring cultural organization, eventually making

front of others, “Sir, the action that you're proposing

yourself dispensable. 

may not work well.

It has got the following BUSINESS MANDATE

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MMA in partnership with KAS organised a Start‐up Series event on “Chai Kings ‐ Rising from the Ashes!” Mr V Shankar, Founder CAMS & Director, ACSYS Investments Pvt Ltd., was in conversa‐ tion with Mr Jahabar Sadique, Co‐Founder & CEO, Chai Kings.

S

hankar: As with every other techie, you started your

We started off with a lot of franchisee businesses.

life coding but very soon moved to the business side

A good thing about that was we learned a lot of things.

and shortly became an entrepreneur. Chai Kings is, I

If we had started the brand at that point, we might have

guess, your fourth or fifth iteration at entrepreneurship. You

failed. We had such big brands like Toni and Guy, Green

have over 50 outlets now and are rapidly aiming to reach

Trends and Subway—all of them taught us how to run

100 outlets. What drove you from a steady salary, no

a business. They all had the frameworks done. We did

surprises sort of job into entrepreneurship? What were the

that for about four years. That gave us confidence to

first challenges you faced?

start our own brand.

Jahabar: We moved from a regular working job to

When we decided to do our own brand Chai Kings,

entrepreneurship for very silly reasons. We—my partner

the initial issues that we had were never anticipated by

Balaji and I—were working together almost for about

us. For instance, nobody was willing to let their places

12 years. Every now and then there was a little bit of

on rent for us. We went neatly dressed, travelled in nice

discussion about starting something of our own, though

cars and told them, “We are going to open a chai shop.”

we had zero knowledge about what business and

It didn't sync with them.

entrepreneurship were all about. We wanted to get away from the mundane job of doing the same thing day in and out. We thought if we could start a business, we could take our vacations whenever we wanted and be our own boss. Such sort of silly things drove us towards entrepreneurship!

The kind of jobs and profile we had and our aspiration to start a tea shop did not go hand in hand.

That was a huge disconnect initially. We had to convince them that it would really go well. We would tell them our blueprint and how the shops would be five years down the line. That was early days, till we

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had 10 to 12 outlets. Now we get calls all over.

to give a Starbucks kind of an environment or give them

Wherever there is a small 400, 500 square feet shop,

a hundred Chai options to choose from, if we didn’t do

people think of us and ask if we want to rent that space

all that and keep it simple for the customer, then it

to start Chai Kings there.

could always work. Since we had plans to go outside Chennai, Chai was our preferred name.

How did the thought of Chai Kings occur to you? How did you address the customer perception of serving tea in more stylish way?

We opened four stores at a stretch in three months.

Balaji and I were always in the stores. Whoever walked into the store would always say that they also had this idea to start a similar shop. I think people were very

Before Chai Kings, we thought we could do a small,

hesitant about starting a tea shop because of social

non-vegetarian restaurant. That's how we started. Since

reasons or maybe they thought that it might not work

a restaurant would be capital intensive, we thought of

out because people sell tea at Rs 8 in local tea shops

starting a coffee shop and our discussions led to chai

and that it might not work out economically, and that

shop. Once we decided to go for chai, for one and half

if it is priced at Rs 50 like in Starbucks, then it will not

years, we did a market study.

be a mass product.

To our surprise, there were a lot of brands up north

So positioning the product was the difficult thing

and a lot of brands outside India as well. We knew what

maybe for the first time entrepreneurs. Since we there

would work in Chennai. All our discussions led us to

in the market, we were able to figure out that this might

believe that if we could position the product at the right

work. That made us come up with the product.

price, give them the right ambience, not overdoing it 22

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What was the initial customer reaction? Were they happy with it or thrilled? When did you decide on scaling up?

The initial customer reactions were very, very promising, but then there was very less walk-ins into



Five years back, people were not really able to relate the

the shops, predominantly because people were not able

name Chai King to a tea shop.

to relate to the shop and the product. We've always seen tea shops with a boiler outside, a guy standing

Then Swiggy and Zomato

and making tea. We gave a small space for customers

happened.

to walk in and there is a counter for billing and a counter to collect the tea. The kitchen is not visible to the customer.

Five years back, people were not really able to relate the name Chai King to a tea shop. Then Swiggy and Zomato happened. In 2016, they moved into Chennai

of that was completely new to us. Yet, even before we

and we already had our cardboard flask ready. It helped

started, we knew this was the route we'd go as we've

us to take the product to about 10 km surrounding our

seen other companies take this road. Franchising or

shops. It also gave us the confidence that this was going

debt option was not a viable option to scale. We knew

to work.

we had to have a working model and a working product in hand. We did six outlets in total. Before that, I met

Three months down the line, the product received very good feedback. Nobody was complaining. There were repeated walk-ins. We almost knew all the customers coming into our shop. We had to figure out how the financials would work. From there to now, the numbers have multiplied.

a couple of investors to see what kind of questions they would ask me. All of them were small time investors.

I just met them to figure out their mentality. One of my friends who's into fundraising introduced me to a person called Piyush in Chennai Angels. I met him sometime in November 2017. He liked the product and

Even before we started, we allocated some funds

the brand. He put me on to Chennai Angels. I sent the

for this venture. We put aside some amount and were

pitch deck and presented to Chennai Angels by end of

determined to make it work. We couldn't afford to lose

2017. The room was full of guys between 40 and 50

our complete life savings.

plus. All of them were entrepreneurs and who have seen it all. I was scared. I pitched for about 15 to 20 minutes. There were questions for about 10 to 15

Let's move to 2018 when you decided that you needed some

minutes. Very simple questions and to the point. I

fresh capital and you decided to pitch to angel investors.

answered them and went out. There were two or three

Tell me about the pitch process. How did you convince

pitches that day. I was waiting outside. One gentleman

them?

came out and said that my presentation went really well

Venture funding, angel investors and valuation—All

and there was a lot of interesting discussion. That person is none other than you, Shankar! I knew about

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

The customer behavior was the most encouraging part for us

We had funds in the account at the start of lockdown, as we had raised funds by end of 2019 to do a total of 55 outlets. We had done only 45 and we had

during Covid. When the

some money in the bank. So finance was not a concern

authorities allowed the

at that point, but then we knew that growth was going

takeaways, we could see huge

to be shunted for at least about a year. And if we didn't

walk‐ins to the shops. That was

take any drastic measures, we might lose all the money

a big morale booster for us.

in the bank. We had to do a lot of cost-cutting measures in terms of manpower, food costs and pricing.

We also wanted to raise some more money from

you only after enquiring with others! I went back home.

They came back and told us they liked the product. We asked for 1.5 Cr but it got over subscribed to 2.1 crores.

Valuation and all that were discussed later but we were really happy with the way the entire process happened.

Chennai Angels. So we went back and told them of our requirement and we could raise one round of 1.6 crores, so that we were safe at least for another one and half years, even if the lockdown continued for a prolonged period. Everywhere, people were running away, going back home. We did not sack our people because once things opened up, it would be difficult to go and hire anybody. We need people who are trained

From 2018 to 2020, things were humming along. You had money in the bank and were adding stores. Then the entire

with us.

Up to 60% of our kitchen staff are from North East,

country came to a halt on March 24th. Tell us what went

mainly Assam. Another 40 to 50% are local staff who

through your head when that announcement of lockdown

manage the counters. During the lockdown, most of

came on TV.

the locals went home but those from North East stayed

Complete chaos. Just before the lockdown came, we opened three stores at a stretch in Coimbatore. We came to Chennai and the next day was the lockdown.

We didn't know what to do. We left everything and made sure that everybody was safe. Even after three weeks down the line, nothing was very clear.

with us. We have given quarters to our staff. Even before Covid, we ran a culture that people will be taken care of by the company. We just had to make sure they were all safe and didn't get Covid.

The customer behavior was the most encouraging part for us during Covid. When the authorities allowed the takeaways, we could see huge walk-ins to the shops.

That was a big morale booster for us.

Tell us first about the period from April to September 2020.

How did it impact your finances and how did you organize the finances? How did it impact the morale of the team? How

Did the hygiene factor become important at that point

did you keep them going? Lastly, how was the customer

relative to normal chai shop?

behavior?

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There is a little bit of infighting



between Swiggy and Zomato but then, they have their own market shares. We also have a market share and we have become slightly bigger now. So it has evened out. It is working out for us and for them too.

There's only one change we did. Majority of them

evening 4 and 7. With Zomato and Swiggy, we do

liked the glass cup that we served. We had to stop that

between 100 and 150 orders a day. When we started

as sharing cup could be contagious, if it was not

off in 2016, it took us time to understand the model.

cleaned properly. Apart from that, we put all safety and

We were getting orders. Money was coming in but it

hygiene measures in place. By July-August, we could

was going out as well. We had to really work out what

see more customers. They preferred us because they

the pricing had to be, because there was a huge amount

thought we were more hygienic.

of 25% going out as aggregator fee.

Then there is discount that we have to offer on the

How did you manage the online part of your business and the costs associated with the platform and the unit

platform to attract customers. Our online and offline pricing are completely different. Our online pricing is slightly hiked but we also need to make sure that we

economics of that segment?

don't really hike it up so much that we scare away the

Online aggregators like Swiggy and Zomato are

customer. So that was the difficult part. Once we got

definitely an advantage for companies like us. For well-

that cracked and figured out the food costs, the

established brands like Saravana Bhavan, it may not be

discount that we could offer and aggregator fee, then

a big plus. For us, only because of them, in the initial

this model really worked wonders for us. Our 50% of

days we became popular faster. Otherwise, it would

revenue

have taken much more time. Initially we started out

approximately about 1.5 crores a month from Swiggy

with a few delivery staff in our outlets but we could do

and Zomato. That is a big number for any business. We

a maximum of about 15 deliveries each, between

really had to work hard for that.

BUSINESS MANDATE

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from

online

orders.

We

get

25 FEB 2022



But there are brands that struggle without a store and having only a cloud kitchen.

A lot of other factors also helped us because when we came in, there was nobody else in the market who

They're struggling very badly to

could give them hundred orders per store. So that

generate orders. It's not

meant there was a stiff competition between Zomato,

working out for everybody.

Swiggy and Uber. Now, Uber is gone. There is a little bit of infighting between Swiggy and Zomato but then, they have their own market shares. We also have a

completely co-exist. We cannot bet on one and lose the

market share and we have become slightly bigger now.

other.

So it has evened out. It is working out for us and for them too.

Will on-premise dining be preferred for specialty restaurants like Thai restaurant or Mexican restaurant? For restaurant chains that want to expand, is cloud kitchen the way

Can you explain to people what a cloud kitchen is?

Everything is same with a cloud kitchen. We will

forward?

prepare the product and send it the customer either as

Everyone have got their own strategy. For example,

takeaways or online orders. A customer cannot walk in

there is Rebel Foods, which has got about 10 brands

and have tea or coffee in the shop. It's just a kitchen,

with them. They don't have a single store. It is working

a small shop. We normally take a first floor property

wonders for them and they are able to generate

where the customer wouldn't walk in. We just dispatch

revenue, but they are heavily funded as well. But there

online orders from that. With cloud kitchen, we cut

are brands that struggle without a store and having

down our investment by about 60 to 70% and just do

only a cloud kitchen. They're struggling very badly to

the kitchen part. We don't do the customer area, nor

generate orders. It's not working out for everybody.

the interiors, seating or furniture. All of that is

Whoever can get the balance of both online and offline

completely removed. Your investment is safe and you

worlds will really click.

almost get about 50% of the business through the online platforms.

What is your short message for entrepreneurs?

In the field of entertainment, OTT and home theatres have sort of become mainstream. People are happy with that.

What is going to be the balance between online delivery and on-premise dining?

You need to have a really good support system. My partner is my pillar of strength. It's good to have someone to talk to, to understand, to reflect what you think about, discuss things and take it forward. For some people, the support system is the family. For

Online platforms are going to be there and they're

some, it is their partners and for some, it's their

going to only grow from here. In our shops, I can

investors. You can't build the support system during a

accommodate only about 150 customers between 4 and

difficult time. You have to build it along, even as you

7 pm, by rotation. Both online and offline can

build your business from scratch. 

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27 FEB 2022

Does leadership affect a company's performance?

K.Kumar, Partner & Industries Leader, Deloitte, shares insights from Deloitte's study on the significance of the CEO’s role in influencing company performance. Deloitte conducted a study of a select few Nifty 50 companies ﴾as listed on June 2021﴿ that experienced CEO transitions over the past 1.5 decades since 2005.

E

very

organization

leadership

not quite fit in, like public sector companies that do

transitions in its lifetime, each of which can

not have the same objectives as private CEOs have. We

have

also had one or two companies that did not have CEO

far-reaching

undergoes implications

for

the

company’s business and financial performance. Deloitte

changes at all. We eliminated that.

researched select few Nifty 50 companies that experienced CEO transitions over the past 15 years to understand just how significant a relationship between leadership change and company performance is and what sets the outperforming leaders apart. The research indicated the vital role boards play in selecting the right candidate, managing the change, and laying the groundwork for new leaders.

We also looked at CEO tenure of at least three years. The hypothesis that we had was that it takes three years for a CEO to demonstrate performance.

After we eliminated all of that, we had 49 CEO transitions and 25 companies fitted into our definition.

We

broadly

broke

them

into

services

manufacturing. In Services, we included everything

We researched Nifty 50 companies for the period from 2005 to 2020. We deliberately stopped it before



When we drilled down further,

the pandemic as everything changed with the pandemic

we were able to see that 80% of

setting in. The study did not require us to have this

the CEO transitions were in

year's data but the track record of companies and CEOs

some sense planned. Therefore,

over longer periods of time. Therefore, stopping at 2020 was not a big issue for us.

28

companies, by and large, had time for succession.

We also looked at eliminating companies that did

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and

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from Banks to IT services to Telecom and, in manufacturing, everything from consumer business to chemicals and so on.

CEO transitions that took place in the last 15 years



observation was the top

happened due to the below four main reasons:

companies in India seems to

• CEO Retired / Contract expired (43%)

place a lot of premium on

• Resignation / Removed (20%)

experience and age profile.

• Transferred / Promoted (23%) • Promoter

stepped

down

and

One very interesting

brought

a

professional CEO (14%)

In our entire sample set of 49 CEOs, there were only three women CEOs, indicating the need for diversity and inclusion. That should concern us and we have to do something about that. When we drilled down further, we were able to see that 80% of the CEO transitions were in some sense planned. Therefore, companies, by and large, had time for succession.

if there was a causal effect. This is a topic we'll pick up another time.

Age and Experience Matter One very interesting observation was the top companies in India seems to place a lot of premium on experience and age profile. (See Fig 9 of the report) The median age of new CEO in the manufacturing industries

Global Events

is about 56 years and of service CEOs is about 49 years.

There seems to be a tendency to have CEO transitions

immediately

after

global

events—for

example, in 2009 on the back of the global financial crisis; in 2013, when we saw the taper tantrum and, in 2016, the election noise that came out of the US, Brexit and so on. We did not try and take those events to see

This is India specific and sort of counterintuitive. This is not happening around the world. We somehow think that youngsters are becoming CEOs. It's probably not the case in India. Parag Agarwal would not have made it to the CEO had he looked for a job. He wisely stayed with his company and made it big.

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Two relatively young individuals who are 40 to 44 that made it to the CEOs were not from service companies but from the fast-moving consumer goods (FMCG) companies.

Two, it reflects in the performance of the company, the quality of governance and their ability to set expectations.

Since we compared companies across multiple sectors, we did not just look at the percentage increase

Tenure

in stock prices. We took four measures of performance:

We also looked at how much tenures the companies

1. Relative to Respective Index: An increase in

give their CEOs. About 50% of the CEOs have less than

stock prices is always going to be measured

five years. If you add CEOs who have had much shorter

with reference to the industry index. You can

tenures, it's almost 61- 62 percent, where the tenure is

have a banking company growing at 12% in

about five years or far less. In fact, this is being skewed

premium. But if the banking index is growing

a little bit by banking, which gives fairly long innings

at

to their CEOs. IT gives the shortest tenures. One can

underperforming. But a chemical company

understand manufacturing CEO tenures are short

growing at 6% would be an outperformer if

simply because they get into their jobs when they are

the relative index is growing at 5%.

near 56. (See Fig 6 of the report)

13%,

they

would

be

seen

as

2.By what percentage is the incumbent CEO

We left the demographics out of the way. Let us

performing better? We can have a CEO who is

now look at how the CEOs performed. We looked at

performing very well, but I would call him an

stock performance as the indicator of performance for

outperformer if he or she is able to perform

two reasons. One, everybody understands this and it is

better than his predecessor. So by what

fairly transparent, at least for the Nifty 50 companies.

percentage is the incumbent CEO performing

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

What also came out as a bit of a shock was that 80% of the time, a CEO who succeeded one who was sacked or who resigned, ended up being a laggard or a modest performer.

better than the predecessor was the second parameter that we tried to track.

Modest performers do not necessarily erode value.

They add some premium but, in comparison with the

3.Premium over the Index: How much of

first two categories, they were not generating that kind

premium am I able to deliver over and above

of a premium growth. That's really why we ended up

the index? If the index is at 10%, if I am able to

having four groups of CEOs.

deliver a premium of 40%, I would be considered a better performer than someone who delivers only a 10% -12% premium over the index.

delivering the premium? We did not want a situation where a CEO performs and delivers high premium in year one and nothing in year two, average in year three and so on. We eliminated that concentration bias by adding a weight to consistency in performance.

laggards. They underperformed the index or the predecessor or they were not able to consistently perform or they were not able to add sufficient premium.

Leaving out laggards, the others were able to build a premium from something like -0.67 to close to 12% but if you look at the high performer and stalwart

Four Clusters of CEOs

groups, they were able to build a performance of up to

We ended up getting four clusters and called them: • Stalwart CEOs or really high performing CEOs

• Laggard CEOs

tended to be high performers or stalwarts. They were rest. Roughly half of them, 45 percent of the CEOs were

The last measure was how consistently am I

• Modest performing CEOs

Out of the 49 CEOs that we looked at, 12 of them able to add significant amount of performance over the

Consistency

• High performer CEOs

How did they look like? (See Fig 8 of the report).

22%, which is roughly twice that of what the average peer group is able to do.

Therefore, you can have a situation where irrespective of the industry, you can have CEOs performing at much higher levels than their peer group.

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

High‐performing CEOs tend to peak much later in their careers. Stalwarts tend to peak in 4.6 years and they tend to grow their share price for 4.8 eight years.

That is an important lesson. We broke this down even

performers 3.5 years. 84% of the CEOs came from

further to see what causes high performance with the

within the organisation. All the stalwarts came from

CEOs.

within. This is not to suggest that outsiders cannot be successful CEOs but it's an interesting fact. Should

Shocking Reality

CEOs come from within or without, should they be aged

What also came out as a bit of a shock was that 80% of the time, a CEO who succeeded one who was sacked or who resigned, ended up being a laggard or a modest

or young are contentious topics.

How Do They Peak?

performer. It was funny and therefore, we started

High-performing CEOs tend to peak much later in

looking at what role did the company and the board

their careers. Stalwarts tend to peak in 4.6 years and

have in setting up these CEOs for success.

they tend to grow their share price for 4.8 eight years.

We had about 12 high performers or outperformers who can substantially better the industry and peer group in terms of the premium and the shareholder reward that they can generate. It is interesting that high performers tended to be of a slightly older age profile.

It's not as if they did not perform better than the peer group. In the beginning, they were performing better than the peer group in any case, but they continue to perform at a much higher level, for a much longer time.

Their tenure tended to be about six years or so.

I have nothing against young or old and I'm not

Out of the six years, for about five years, they tend

suggesting that this is how we should do things in the

to have increasingly high performance, on a year-on-

future. We seem to have a tendency to look at slightly

year basis, which is fantastic. If you look at the

more experienced ones, like the older people.

laggards, they tend to peak in six months’ time. They

The other thing that we noticed was that high performers tend to have a much longer tenure.

Stalwarts tend to be CEOs for 6.5 years and modest 32

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come in and outperform the industry. Even if they underperform, that underperformance peaks in six months’ time after which, they either flat out or get

BUSINESS MANDATE

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into decline. The modest performers tend to peak out

succeeding CEO. What we found out was the succeeding

in two years and they are able to increase share prices

CEOs or the new CEOs are able to do two things. One,

for about a year and eight months or so, whereas the

they not only focus on internal efficiencies and cost

laggards are able to increase their share prices for 2.6

cutting and things like that. They are able to, even in

years. Boards get impatient when share prices do not

the first year, focus on things like premiumisation.

increase.

They are able to think about scale, market growth and

The CEO being an outstanding performer has a huge impact for the shareholders because they not only outperform but outperform for long periods of time, increasing shareholder value.

overseas expansion. So, not being single dimensional, but being able to address both internal efficiencies and external market customers is a big advantage.

The second thing which came out very clearly was that many of the topics that we saw in the previous

Differentiators

CEO's tenure and the new CEO's tenure happened to be

What differentiates between the outperforming

common, which means the successful CEOs are able to

CEOs and others? We looked at the management

take forward some of the best things that worked with

discussions of the stalwart companies and the high

the previous CEO.

performing companies to see if there are consistent messages coming out in the management discussions during the previous CEO's tenure and the succeeding CEO's tenure, particularly with reference to the

There is a tendency of some CEOs to come and sweep the table clean and then bring in new ideas, whereas the best performing CEOs are able to identify and take forward what worked in the past. In that

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33 FEB 2022

sense, they are able to hit the ground running. There is

you can have a CEO peaking in five years or

tremendous amount of continuity and the fact that

towards the end of the tenure. It becomes the

many of them also happen to be insiders seem to help

job of the board to ensure that they set clear

this. It tells us that good CEOs do not require a lot of

time frames and performance expectations to

startup time.

the CEO. You can pressurize the CEO to perform in a very short time. He or she will

They are not overly focused on the margins. They

probably do that; but you probably are in

are able to look at leveraging return on equity and

danger of being left with a laggard, who will

marketplace performance. It is not just a P&L

never be able to perform on a growing basis,

performance that they focus on, but also on the broader

over the rest of his or her tenure. Therefore

health of the balance sheet.

how the board is able to set the CEO for

Takeaways for the Boards

success is very important in ensuring smooth transition or building a strong pipeline.

• Look at how strong your leadership is. It is not just identifying an individual. How are you

• The amount of premium that companies were

preparing this individual to be a successful

able to build when they had more than two

CEO? Many boards do not think of this as

CEO transitions was half of the premium that

their primary task but we recently presented

the companies were able to build when they

this to a bunch of very senior independent

had only two transitions. Therefore, even a

directors and chairs of boards. They said that

single extra CEO transition brings down your

they consider being responsible for the

ability

leadership pipeline is the most important

Therefore the submission to the boards would

thing in their world. If you do not have a

be: don't get trigger-happy. Give the CEO the

process of developing your future leaders,

opportunity, set the right expectations and

then you are making a big mistake.

right time frames. The more frequent changes

to

build

marketplace

you make, the lesser is their ability to

• People do not well understand how boards can

generate shareholder value.

help CEOs transition into their roles very smoothly, particularly when you have CEOs

• It seems like the CEO transitions peak when

who come from outside. The best CEOs are

there is a global event. The boards must

able to win because they are able to ensure

ensure that these events are factored into the

continuity of strategies and policies. If you do

performance expectations of CEOs.

not, as a board, help CEOs transition, help

• Finally, the picture of women CEOs is very

him or her with understanding of what has

bleak. We see only 3 out of 49 as women CEOs

worked well in the past and not allow things

even in top 50 Nifty companies. Boards must

to change every three years in an abrupt

work seriously to change this scenario to

fashion, then you can have a CEO who can

ensure diversity and inclusion. 

deliver high value to the shareholders.

• You can have a CEO peaking in six months or 34

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premium.

Click here to download the full report.

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35 FEB 2022

Business transformation of the innovation ecosystem is not only inevitable but also a highly complex and uncertain process. The way to facilitate transformation with policies has become a topic of common concern for academia and policymakers.

W

e need public policy to ensure stability. We

sufficient to meet the man's needs or desire. That's the

need public policy if we want to change or

power of exponential and that's what we see now. This

transform. We need public policy to adapt

is apart from the Covid effect, which businesses and

or react to change. In all these three situations, public

commerce are facing. We will continue to be in a world

policy becomes very critical; its absence or a wrong

that is volatile, uncertain, ambiguous and fast-changing

public policy can lead to disaster as we have seen in

exponentially. Forget about differences in generations.

many instances. It is an understatement to say that we

That's the pace of change and development happening.

are in a world that is transforming exponentially on all

In his book, ‘The Law of Accelerating Returns,’ Ray

fronts. A simple illustration of ‘exponential’ is the story

Kurzweil did the math and found that we are going to

of the chessboard that may you recall.

experience 20,000 years of technological change over

The man who designed the chessboard presented it to the king. The king saw it and was so impressed that he said, “Ask what you want.”

the next 100 years.

Built for stability, not disruption Our biggest companies and government agencies

The man said, “I only require one grain of rice on

were designed for another century for purposes of

the first square of the chessboard; twice that on the

safety and stability—built to last as the saying goes.

second square, twice that on the third and so on.” The

They were built to withstand rapid radical change but

king said, “Oh, is that all what you want?” He ordered

not the exponential change, which we are seeing today.

that to be fulfilled, not realizing that when you double

That is why, according to Yale’s Richard Foster, 40% of

64 times, you will reach a fancy figure of one

today's Fortune 500 companies will be gone in 10 years,

quintillion. The entire granary in the kingdom was not

replaced by the most part by big upstarts who are not

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heard of before. This is true of regulations and public

one doesn't introspect. One must identify the trends

policy too. Their shelf life is significantly limited and

and patterns and all that is happening around. What is

will soon become outdated. These need to be

gradual today can become exponential tomorrow but

contemporary. A leading author predicted that in 10

the most important thing is determining the elements

years from now, you may perhaps need a license to

which contribute to the success today. Why am I

possess a human operated car. During my younger

successful? Why is my business successful? Why is my

days, we needed a license for a radio and a transistor;

profession successful? Why am I wanted? Why are we

for a bicycle and a bullock cart. That was the policy in

in existence? What are those elements which contribute

those days. As things changed, today you don't need a

to your success today? That is the analysis which often

license for a mobile or any other wireless gadget.

people fail to do.

If you look at the graveyards of companies, there

The next step is to evaluate if those elements will

you will find all those businesses which did not

continue in future. We need to apply the same test for

recognize and adapt to change; those businesses that

all the regulations and public policies. Will this continue

did not read the tea leaves or smell the coffee brewing

in future? If not, what does it mean for your

and which did not adjust their sails to the wind. This

businesses? The corporate strategy work is not just

is true of professions too.

about improving profits. It's about understanding the tea leaves; looking at what elements contributed to the

Introspect and evaluate

success. Particularly, those businesses which are

My first message to businesses is to introspect,

exposed to or impacted, whether favourably or

which they often don't do. When things are going well,

unfavourably by regulations need to focus even more

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on public policy and ask: Will this be forever? What are those changes which are likely to happen? What are the



I remember the time—before

changes which should happen? Businesses need to

the Narasimha Rao government

identify who their competitor is. For Toyota, it is not

came in the 90s—when you had

General Motors. It may be Tesla or Google.

to import goods and services using an import license. The

End of exclusivity era

business that thrived in those

If you are in a space where you are exclusive

days were canalising agencies.

—whether as a profession or a business—like a

When regulations got

chartered accountant who is the only person authorized

dismantled, those businesses

to audit or somebody else who is the only person

disappeared completely.

authorized to represent before tax authorities or a particular business which is the only business licensed to do a certain thing, remember that those businesses and professions are under threat. You have to realize

disrupted. It required a revisiting and reshaping of

that exclusivity cannot continue forever.

It is equally important that regulated businesses which are protected are also highly vulnerable. I remember the time—before the Narasimha Rao government came in the 90s—when you had to import goods and services using an import license. The business that thrived in those days were canalising agencies. When regulations got dismantled, those businesses disappeared completely.

looking

and that it is a law which is cast in stone. We have seen what has happened in the farmers' agitation recently.

Not a mere buzz word The second important thing is the fourth industrial revolution. It is a congruence of the physical world, the revolutionizing businesses. It's revolutionizing the

This is what I mean by evaluating the current and

proceed on the basis that a particular law has come in

digital world and the biological world and it is

Not cast in stone systems

public policy. This can happen to anything. Don't

at

everything,

including

regulations and public policy around us. Let us look at some of the areas where public policy plays a key role

world. Everybody will be impacted by it. No profession is exempt from it. But what is happening is that the change is so rapid that the society's systems and laws are not keeping pace with it.

and will continue to play a key role. Take the first one,

That is where public policy plays a key role. We

which is about trade agreements—the economic

suddenly saw the Ubers and Olas coming in. The yellow

boundaries. You would recall that when Donald Trump

and black taxi drivers started waking up. Everybody

came in, overnight he started dismantling trade

started waking up and pressed for regulations around

agreements, reneging on all the trade agreements. That

the drivers and pricing mechanisms. This is a classic

means that all those who were relying on those

example of a business model which arose first and then

agreements as being cast in stone were suddenly

the society started waking up to say that they need

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

policy initiatives that are required? Look at education.

The question in all of these is, will you be reactive? Will you be proactive? Do you need focus on public policy? What are the

The other day Byju’s announced that they would raise 4 billion. What does it mean? What happens to the brick-and-mortar schools? What happens to the education policy? What changes are required in the way

areas that you need to focus?

online education is to be conducted? Do we need

How do you shape public

regulations

policy? How do you shape

Cryptocurrency is being widely discussed today. These

regulations?

are just some illustrations.

and

public

policy

initiatives?

The three who can shape it Public policy can be shaped by three sets of people public policy and regulatory changes. The question is

—the Government; the businesses; and the users or

—shouldn't we be looking at all of these, including the

those who are impacted. Advocacy and shaping of

impact of the 4th Industrial Revolution, climate change,

public policy has become a key agenda item for

ESG and diversity? These will not only transform our

businesses.

businesses but we will also have public policy that will impact the businesses.

Let's look at some of the businesses which have been impacted very recently by a lot of these changes.

We need to have public policies in the areas of

NBFCs

were

suddenly

impacted

by

RBI’s

new

autonomous vehicles, labour laws, non-tariff barriers

regulations in terms of how provisioning should be

which are coming up and alternate dispute resolution

done, particularly in the case of restructured loans. For

(ADR). Our courts are clogged and increasingly, there

RTPs (Related party transactions), SEBI has come up

is a talk of alternative dispute resolution. We need

with a document and a new set of rules. Corporates

public policy mandating ADR so that we can de-clog

are grappling with it. The question in all of these is, will

the judicial system. Businesses have started looking at

you be reactive? Will you be proactive? Do you need

their contracts to see if alternate dispute resolution

focus on public policy? What are the areas that you

with a conciliation or arbitration clause can be built

need to focus? How do you shape public policy? How

into their contracts rather than pursuing a protracted

do you shape regulations? For more than a decade,

litigation. New business models are coming up like the

telecom companies were battling the interpretation of

emergence of Ola, Uber and AirBnB. With the growth

a regulation on spectrum charges. Finally, all of them

of the technology companies like Google or Facebook,

had to cough up thousands of crores of rupees. Had

the world is now waking up and realizing the power

they worked on public policy initiatives in terms of

which they have over all of us, especially with the data

getting the definitions upright or right upfront, perhaps

they possess. There is talk of antitrust rules and if they

the pain would have been considerably lesser. The same

should they be allowed to continue in the same way.

situation will be faced by automobile companies in terms of pollution or the electric vehicle policy. Credit

With increasing cybersecurity threats, what are the

card companies were suddenly disrupted when RBI

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came down heavily and barred them from issuing new

with the 2013 bill, which became an act. At least, there

credit cards because they had not complied with certain

was a lot of debate and there have been numerous

requirements.

amendments thereafter.

Overnight,

their

businesses

were

disrupted.

Nail the root cause

Drive the agenda

The point is, if you have to shape public policy and

So to conclude, businesses should drive this

are able to shape regulations appropriately, you need

agenda. And how should they drive this? First, they

to first identify what the problem is. See what change

should have a responsible person or a department

is required and why it is required. The second most

which continuously monitors the developments and

important thing to do is a root cause analysis. Often,

prepares the roadmap for action. In your business, if

we think of a particular remedy which is, more often

you do not have a person in charge of public policy or

than not, wrong because we haven't done a root cause

regulation, you will be history soon because you'll only

analysis of the problem. Third, identify potential

be reactive and not proactive. The second is, businesses

solutions and determine the right solution. The fourth

and professions should actively work with industry and

is to have a very clear view of the outcome of the

professional bodies as a collective voice.

regulation or public policy. It may be fashionable

The third and most important aspect is that an industry body, business body and professional body must try and have a seat at the table where policy and regulations are shaped. The fourth, identify and connect with influencers. There are many experts in the field who the government and others go to for advice in terms of shaping regulations. Businesses and professions should connect with such influencers.

sometimes to say we need a certain type of voting pattern for independent directors or for related party transactions. But what is the outcome you're seeking to achieve and how? Outcome determination before a public policy or regulation is finalised is, in my view, very critical.

Have futuristic boards Lastly, let me come to the role of the boards. The

Listen to and also use social media and other

boards play a very critical role. I believe the role and

channels to ensure that your voice is heard. Most

the board agenda has to change. It has to change from

importantly, be proactive and not reactive. Whilst we

focussing on the past and performance, to focussing

talk of public policy and regulations, I am passionate

on the future. Boards have to be forward looking. They

that there needs to be a balance. You can't have over-

must see what the future is going to be. How do we

regulation. At the same time, you must ensure there is

prepare or adapt for the future? What enabling

a free market. Today, we are seeing a trend where

legislation is required? What transformation is

regulations are more knee jerk in nature. Regulations

required? What public policy changes are required?

are introduced without doing enough work. Maybe, it is because of a lack of early inputs in shaping the regulations. In the case of Companies Act 2013, there were multiple parliamentary committees, finally ending 40

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As Henry Ford said, "If you continue to do what you are doing, you will continue to get what you are getting." 

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The need for an inclusive and diversified culture in an organization is indispensable. In India, the Companies Act 2013 and SEBI regulations mandate the presence of at least one woman on the Board of Directors in certain companies. Many Indian companies have taken only symbolic actions to evade penalty.

What are the probable solutions to increase the effectiveness of D & I initiatives? Excerpts from the address by Dr Amarnath Ananthanarayanan in the Special Session on D & I.

T

he role of the board is to provide direction to

aspects as well. 50% to 70% of retail consumer demand

the ship, steady the ship and when issues come

comes from women. If they don't have a place in the

up, it must do course-correction. They don't

board, you will probably never get their perspectives

get into day-to-day operations or set targets. They set

to address your consumers. McKinsey and Grant

the direction and make sure the team achieves it. Why

Thornton studies have shown that companies which

should the board be gender sensitive? Why should there

have women in the board tend to do better than those

be gender diversity? First, obviously to get different

that have all-male managed boards. Credit Suisse

perspectives. Women are sympathetic. There are other

reported that share prices of women-led companies are much higher. Many studies have shown that there is a higher rupee value or dollar value of having women on the board.



There are two aspects: one is

The glass ceiling and glass wall

diversity, which is getting

42

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The challenges that women face can be categorized

women a seat on the board

into two: the glass ceiling and the glass wall. The glass

table. The other is inclusion,

ceiling is a sort of roof or benchmark beyond which

which is making sure they have

women may not get promoted or move higher in an

a say in the things. Why is there

organization and more so, up to the board level. That

a lack of inclusiveness,

is because of gender stereotypes. We generally have a

especially at the board level?

masculine corporate culture. The glass ceiling is easy to fix by changing our mindset.

BUSINESS MANDATE

fountainhead of excellence

The other thing which is not so easy to fix and will

getting women a seat on the board table. The other is

take some time is what is called the glass wall. Women

inclusion, which is making sure they have a say in the

are in senior level positions in organizations; they are

things. Why is there a lack of inclusiveness, especially

pretty much in HR, Finance, Legal or other primarily

at the board level? One is the unconscious bias. There

support functions. But there are exceptions. If they

may be one woman and seven or eight other men in the

have to reach the board level, they need to have a

board who know each other for 20 or 30 years, who

rounded perspective, working across an organization,

would have played golf or tennis together and would

rather than being put in certain functional silos.

have gone to concerts together. They may go out for a party and not include the woman, not because they

Labour to labour

want to exclude the woman but it is natural for them

The other challenge they face is when they return

to go partying. They may have informal chats and close

from labour (maternity) to labour force. This is a fact

some board related matters and the woman may not

of life and you have to face it. What organizations can

be involved. To overcome this unconscious bias,

do is to facilitate with changes like flexible working

training has to be given to make sure that people reach

hours, working from home and a lot of other solutions.

out to women.

Women can't run away from family commitments. My mother was a working mom and the breadwinner when she got married. Once I was born, she called it quits, to take care of me.

The second thing is a more serious and a bigger problem, which is the conscious bias. The regulatory quota may be filled but women board members are deliberately not allowed to speak nor placed in

There are two aspects: one is diversity, which is

important committees. This is where the impact of the

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regulatory controls and legal framework can come in



You may have old‐school and new school thoughts and

to help us out.

conflicts can affect

Quotas

performance. For instance, in Norway, they brought a

The next question is, should there be quotas for women at the board levels? The plus point is, it helps

regulation that 30% of the

women to break the glass ceiling and get a seat in the

board members need to be

board. Once the woman member goes to the board and

women, for listed companies.

performs, it can change perceptions about women, not

Lots of companies delisted or

necessarily within the board but across the boards of

became unlisted companies.

companies, as many of the board members are there in other boards as well. Women as role models can inspire other women to emulate them, just like P V

just happen. Even with quota or reservations, various

Sindhu and Saina Nehwal could do in badminton. If

studies reveal that wage parity across genders and

women are able to get to the top of the board, other

women moving to higher levels in the organization are

women will realise that they too can run the race. It

not really happening. To make quotas sustainable, we

encourages people. It makes them work hard and take

have to make sure that you have proper evaluation and

the extra rigour to succeed.

criteria to ensure that women get on the board on the

What are the flip sides of the quota system? With

basis of their credentials and not just because of being

any quota, the stigma of incompetence can come in and

a woman, more so, from a long-term perspective. In the

others may say, 'You are here because you are a woman;

short term, quotas can help.

it's not that you're good enough to be here.'

D&I: The Indian Scene

The other thing is, there could be splits in the boards which could affect board performance. You may have old-school and new school thoughts and conflicts can affect performance. For instance, in Norway, they

Coming to the Indian scenario, two things were driving D&I and these came rather slowly. One, in 1979, the United Nations held a conference in which it wanted to promote equality for women.

brought a regulation that 30% of the board members need to be women, for listed companies. Lots of companies delisted or became unlisted companies.

Two, the Constitution of India, in 2013 proposed that for certain kinds of companies, there should be a woman board member. In 2015, SEBI ruled that the top

The golden skirt

500 listed companies need to have one woman as an

One more problem which I see slightly in India but

independent director. In 2020, this was increased to

more outside is what is called the golden skirt

cover the top 1000 companies listed on the stock

phenomenon. This refers to a few women who are very

exchange. This is a regulatory thing that happened in

well qualified but they are the ones in all the boards.

India. With nomination or quotas, the change happens

With this, the dispersion or the trickling down does not

slowly. With the requirement of just one woman on the

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board, the critical mass required to make a change happen, is not generated. For example, in Germany, 40%



When it comes to inclusiveness,

of the board members need to be women. While the

the conscious bias prevents

India quota system is a step in the right direction, it

women directors finding their

has not really addressed the problem of the critical

place in important committees

mass.

like the audit committee. No doubt, a woman director on the

Jugaad

board is a good step. Now,

Let's look at the reality. There is something called

there is some positive

as jugaad, which India is very good at. There are huge

movement and we are able to

positives from it. During these times of Covid, jugaad

see some green shoots.

made a huge difference. Also, it has negatives. In India, when the regulation for woman director came, a lot of family members suddenly became board members.

Many women on the boards are around 30 years of age.

of the board.

There's nothing wrong in being on a board at 30. A lot of startups are like that. But if you are in a more mature

• Women directors must find a place in

manufacturing industry with a 50-year history and with

important

committees

like

the

audit

other board members with 30 plus years of experience,

committee and remuneration committee. Can

having someone 30 year old is always questionable.

we make sure that one of the members is clearly a woman? There are things that we can

When it comes to inclusiveness, the conscious bias

do from a regulatory perspective to make sure

prevents women directors finding their place in

that women not just get to the board but they

important committees like the audit committee. No doubt, a woman director on the board is a good step.

actually have a say in things.

• The glass wall by which people get stuck to

Now, there is some positive movement and we are able

various functionalities needs to be broken. No

to see some green shoots. But again, avoiding

regulator

inclusiveness and the stigma that someone is there on the board just because of regulations are still real in

can

do

this.

People

in

the

organizations must make it happen.

• We really need to look at post maternity

India. You can't be a rubber stamp for someone else.

evaluation to see what happens once people come back from maternity.

The potential solutions?

• We have to sensitize employees.

From a legal or regulatory perspective, how can we

• Creating quotas for women drives both the

give more teeth to make that gender diversity and inclusiveness happen?

men and women away from the organization, which is not a positive outcome. We must

• Instead of one person as a woman director, we can specify the requirement as a percentage BUSINESS MANDATE

make sure that women are doing good job and get their due respect.

fountainhead of excellence

45 FEB 2022

The GE way

that people enter at certain levels. We can follow

I have spent a decade or so in GE, which was really good at Diversity and Inclusion. The processes and practices which GE still follow are very good. They had something called GE Women's Network which gives all women an opportunity to get mentored or trained and to prepare themselves for the next role. After I left GE, I was in Bangalore during 2010-11 running an insurance

something similar but it needs to be clear that women get to the board because she is good and not just because of a quota. Normally, many women directors get appointed due to personal acquaintance and contacts and without any real headhunting. We need to move out of that and follow normal HR practices in appointing women directors.

company. GE still called me to one of their annual GE

Finally, apart from regulations, we need to address

Women’s Network and asked me to speak about various

the question of mindset. Unless we are willing to

things that are happening in my organization, so they

change our mindset, nothing is going to change. Instead

can also learn from it. It's a very nice platform to share

of waiting for the targets to be set based on regulations,

best practices and learnings. We have to retool to

organizations need to have voluntary diversity targets.

rescale. There has to be some criteria for women



entering the boards. RBI has a policy for making sure

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MMA‐KAS and WBF ﴾Women Business Forum﴿ organised an online talk by Prof Anuradha Narasimhan, Professor of Practice, DS School of Entrepreneurship. Ms Mythili Chandrasekar, Consumer Behaviour and Brand Strategy Enthusiast chaired the session.

B

randing is what I have always loved doing. It is both an art and a science. It uses both sides of the brain, making one a more holistic person.

brain is not as compartmentalized to do that.

Dismantling the myths

We all have a slightly mistaken impression that career

Branding for me is very simple. It's like branding

growth is a straight, vertical line and the sharper the

applied to Good Day biscuits, Coca-Cola, Facebook,

slope of the line, the better it is. But it cannot be one

Google and all the brands that you know. Why can't

straight line. I plan to have a 40-year career. I think of

the same principles be applied to me? I am a brand. I

career as a journey. Sometimes the slope of the line will

may not be as well-known a brand, but in my circle,

be very sharp, which means that there is growth. At

people know me. People think that personal branding

other times, you will be along the journey.

is like being manipulative and that you will become an

Growth is not defined by somebody else. There are times when you did not get what the world might think of as horizontal growth, which means you did not get a promotion but you might have grown personally. You

Life is not about going from a manager to a managing director or chairperson of the board. That's a vertical journey. But I want to talk about the winding journey that we all take. Our professional and personal lives are intertwined. We cannot separate them. The 48

become images of themselves that they are not. That doesn't work.

They also think that personal branding is vanity.

They wonder how people can speak about themselves

could have picked up a new hobby.

FEB 2022

image of yourself, which you are not. Brands don't

all the time. But trust me, if you don't think about yourself, how are other people going to think about you? Branding comes with some baggage. But it is not being manipulative and it is not vanity. None of that is true.

BUSINESS MANDATE

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For me, personal branding for career growth is to

Nike doesn't have to tell us what Nike does. That's the

try and become the best version of my own self. I don't

'who am I?' part. As you have your personal journey,

want to be anybody else. I want to be myself and over

you must decide for yourself what you will stand for.

time, I want to be the best version. Branding boils

Over time, everybody who is a recipient of ‘you’ as a

down to two things: Who am I? and Why buy me?

brand will become familiar with it. One of the most admired brands across the world is Coca-Cola. Do

Good Day vs. Nutrichoice

people buy coke because of price or faith or something

'Why buy me?' is a proposition. When I worked for

else? We will never know the answer. In marketing,

Britannia, we launched Nutrichoice biscuits. People

there are multiple right answers. Coke is a beverage

didn't know what it was. So we had to explain to them

that provides refreshment for the body, mind and spirit

that it's a healthy biscuit, good for diabetics; one

better than everybody else does. That's very long hand.

serving of the biscuit is a hundred calories and that it

The shorthand is that Coke tells you that it opens

will help to regulate sugar level as they go through the

happiness and that you can't beat the feeling. It's not

day. But for Good Day biscuits, we didn't have to say

just about the taste. It's about the feeling that you get.

anything. The consumer knows a Good Day or Milk

They have just found different expressions for it. If you

Bikis. The homemakers tell me that if they have guests

ask people why they buy coke, they will not be able to

and if they don't have Good Day, they don't know what

answer. They may say, "I buy it because I like it." This

to do. So they have Good Day at home, all the time.

is an example of how the 'why by me?' has been

At the start of a brand journey, we need to explain what the brand does, like we did for Nutrichoice. Over time, all the values get imbued into the brand itself.

completely forgotten. Just think of some brand that you like in your mind. It doesn't have to be one of the global brands. Most of us use Google, Amazon,

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Microsoft, Facebook or one of the Facebook products

energy that you bring to the table. You can build from

like Instagram or WhatsApp.

who you are." This is just one example of what we want to be known for, versus, how the world recognises us.

Implicit and explicit needs When you start a brand, you talk about the

NeedScope: Personality and archetype

functional benefits- what it does. Then you go to

There is a tool called NeedScope to find out

identity needs. For example, we associate Facebook with

personality and archetype. We have used this in

moms, dads and grandmothers and Instagram with

marketing to build brands. On the right hand side of

young, cool people.

the personality chart (Figure 2), along the horizontal

Then we go to emotional needs, which is what the world rides on. Since I was doing a lot of work on branding, I defined my brand function as, 'Be of Use.' These are my words. They are neither right nor wrong.

I want to help people. But the world sees me differently.

axis, we have Individuality and Dominance. On the left hand side, we have Group and Affiliative behavior. On the top of the vertical axis, we have outward directed or extroverted and on the bottom, we have inward directed or introverted.

I've gone through 20 years of my career being called

One thing about this whole chart is that there are

'enthu cutlet.' I kept fighting that for a long time. I told

no good words or bad words. They are just words. An

a manager of mine in my first few years of working that

introvert is as good as an extrovert. Introversion comes

I bring so much more and I'm not just enthusiastic. I

with a lot of benefits. There are people who are

am intelligent, quantitatively inclined, logical, novel and

extroverted and more individualistic than belonging to

all that. But he said, "I do all that and everybody can

a group. That makes them bold and dynamic and

do. What you do differently is the enthusiasm and

equally independent.

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There are people who are

 individualistic and introverted. They are focused,

There is nothing negative about networking or personal

competent and controlled. Good Day is about group,

branding. So my first request

affiliative, being together, friendly, open. There are

to you is, believe that you can

brands in the fun loving, carefree, spontaneous space.

be a brand and you can be of

The colours in the chart are chosen and not incidental.

If you pick blue, it is about competence and control. If

use in your career and your life.

you look for the Blue Colour in the Archetype chart

So that's the first part.

given in Figure 2, the words suggest that you are an expert and a saint.

networking as a skill and they have used Heidi to

In the red quadrant, which is bold, dynamic and independent, the words are rebel and warrior. I have wanted to be in the blue space, but ended up coming across as either the warrior or the free spirit. That's my personality type or my needs type. So think about yourself. It is very difficult to plot your own self. You will find that you can plot your friend faster than plotting yourself. So pick a word that you relate to most and that's how you would like to be and usually are. Find out what drives you. I'm somewhere between

illustrate the case.

I asked her about the negative connotations that people have about networking. She said, "I don't care.

I need people and I like to meet people. I walk into a gathering—a party, a professional or personal gathering and decide to make two friends that day. If there are a hundred people, I can't give my attention to all of them.

So I will make two people either friends or good acquaintances. I go about and do that."

dynamic and lively. Remember that nothing in life is

That adds to what I said earlier that there is

one single point. You will realize that you are strong.

nothing negative about networking or personal

That strength of yours can extend to being caring. Your

branding. So my first request to you is, believe that

personality type is somewhere going from strong to

you can be a brand and you can be of use in your career

caring. So this is just a tool to understand who you are

and your life. So that's the first part.

and who you would like to be. I must tell you that in my career journey, I'm hugely competitive. It is not that I have chosen the easy part. What I have chosen is where I want to compete. None of this tells you that life is going to be easy. It is not intended to be. The key is what you want to make out of life.

The second part is that there are many tools available. The first tool that we discussed is to understand yourself. Then have conversations. It can be with yourself or with friends. Find out what is it that drives you and your motivators.

Calling a spade, a bloody shovel?

Two friends a day The start to personal branding is belief. I recently interviewed Heidi Roizen, who is one of the biggest networkers. She's a venture capitalist in Silicon Valley today after having run her own tech company for a long time. There's a Harvard Business case study about

The next is to find out your strengths and opportunities. I have spent a long time trying to correct my weaknesses. Once, my manager told me at my annual appraisal, "Anu. It's very good to call a spade, a spade. I'm glad that you are honest about it. But do you

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have to call it a bloody shovel?" I have a way of being

yourself. Everybody else is already taken. That doesn't

aggressive and it is a real thing. I've spent an entire

mean that I can't change myself. It just means that I

lifetime trying to curb my tongue. I realized that when

have to find the reasons why I should change.

I tried to do that, I missed out on volunteering and doing things which I would otherwise be happy doing.

Speak up for yourself

So I came to a conclusion that you can't always be

For any meeting or talk, I do not go unprepared. I

working on your weaknesses. Rather, you should work

have gone into annual appraisals with notebooks. My

more on your strengths.

team members would come in and ask me what I have

I would recommend a wonderful book called, 'First break all the rules,' written by Marcus Buckingham.

There's a follow-up book to that called, 'Now Discover Your strengths.' It helps you understand that you can't be always handling weaknesses. Don't start your career only looking at your weaknesses. Look at your strengths and decide what works best for you. Focus on strengths and worry less about others. It can be your own mother, father or your immediate family. When you always think about what others think about you, you never think enough about yourself. You have to change that balance.

Women have been conditioned to think about what others will think of us. I also came to know of the 2040-60 rule. It says that at 20, you care what everyone is thinking about you. At 40, you don't give a damn what people are thinking about you. At 60, you realize that no one is thinking about you. You have to develop language and expressions exactly as brand Good Day or Coke has a certain way of speaking. What is the way that is right for you? The Lodestar what you should focus on is consistency and authenticity. If you have to pick one of the two, it will be authenticity. I maybe a moody person. That's absolutely fine. Think that today is my day to be out and do wonderful stuff. You may not feel like that tomorrow. No problem. You don't have to be consistent. You just have to be authentic. Be 52

head. You need to tell me what you think you have done. What could you have done better than others?

Tell me why you did what you did and why you're the best person for this job and therefore, why you need a promotion, an increment or whatever. If you are not going to put forward your case, nobody else is going to do that to you." In life, everything is not black and white. There are 50 shades of grey in between. Be relevant and differentiate yourself. Standing out is more important than blending in, especially at the start of your career.

Branding can’t fix you

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to tell them. I reply to them, "Don't leave it all in my

The best teams are those that have diverse people.

There will be somebody who will be good at numbers and somebody who is good in language. Look at what one brings to the table in every meeting. It doesn't matter whether I'm the most senior person or the most junior person in the meeting. Various people bring in various skills and the best that team leaders can do is to recognize that. Crafting a brand takes time. I'm still discovering myself. Just like advertising can't fix a poor product, personal branding can't fix the flaws in a person. The face that you put out to the world has to be the same person that you are. Be authentic. When everything is aligned, magic happens. My currency for the world is energy and I have discovered my magic from my energy. 

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Mythili Chandrasekar: I loved what you said about career,

daughter who just won Miss Universe contest must have had a lot

that it is not a vertical line. Sometimes you're stuck in one

coaching. Any coaching is good as long as it is coaching and not a

place. Sometimes you make a lateral move. Sometimes, you

make‐over because you can't be somebody else, except for a short

take a U-turn.

period of me, just like on camera.

Yes. Some mes it happens because you choose it that way and

Mythili: You have to build on something that's authen c. I have

maybe because circumstances were like that. What is important

learnt that some of this projec on is related to what you want to

is that you must make the most of where you are and plan for

be. For example, at some point in my career, when I was based in

where your next point is going to be.

Chennai and working with clients in other ci es, I told myself that

How did you change your career from CEO of Britannia to teaching entrepreneurship? How did it happen?

clients should know me before I walked into their offices. I started wri ng ar cles and looked for speaking opportuni es. It was hard work. A er three or four years, I got media visibility and it

I was VP—Marke ng in Britannia and I loved my job. The next job

benefi ed me both inside and outside the company. So, all the

was CEO of Britannia. Mentally, I realised that I liked branding

projec on goes back to what are you trying to achieve.

work. I had a team of 30, 40 young people whom I loved mee ng.

I didn't want to be standing up in front of board mee ngs and

How can we develop growth mindset?

presen ng growth charts. That was not my cup of tea. What I liked

There are many ways to get to a growth mindset. You can be very

most was hanging out with young people. Of course, I worked

compe

hard for it. I started a PhD and I am ge ng close to finishing it.

is very consumer focused. All that he wanted to do was deliver

The job at IIT came along the way.

the best thing to the consumer. In all the conversa ons about the

Dr Lata Rajagopalan ﴾Member, IAICS﴿: You said that the projected image has to be as close as possible to reality.

More than just projecting a personality, should there not be a transformation?

ve, someone like me. I have worked with a person who

brand, it was not about whether ‘A brand’ was be er than ‘B brand’. His concern was: Am I doing my best to my consumer?

That is service mentality. You can get growth mindset by being outwardly driven or inwardly driven. The third way of ge ng to a growth mindset is by serving people. That is a wonderful growth

Projec on is important because without projec on, like a tree

mindset that many young people have today. They want to save

that fell in the forest, people wouldn't even know you. It is not

the planet and help each other.

about transforma on. The language by which your skill comes across to everybody is important. It can be visual language too.

We now hear from most places in the world about personal PR agents and image managers. What is your opinion of this concept?

How do we attract people? Is it by brand, professionalism, professional acumen or our competency?

I don't want to split hair between professionalism and branding.

Professionalism is your branding. You may want to be known as professional. Power to you! I want to be known as the fun person

Anu: Firstly, I am my image manager. If somebody were to teach

in every mee ng. That's my goal.

me this, I don't have a problem. I must sure Ravinder Kaur's BUSINESS MANDATE

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

There is nothing negative about networking or personal branding. So my first request to you is, believe that you can be a brand and you can be of use in your career and your life.

In Indian companies, people value hard work more than

and I need to change my outlook. How do I react to this

personal branding. What do you think about it?

situation?

Well. Hard work is your personal branding. But that alone is not

If you are not an introvert and your manager brands you as

sufficient because everyone will be working hard. Think of what

introvert, then you need to speak to him. If you are an introvert,

differen ates you, in addi on to the hard work.

then see how it is coming in the way you work. One common

What are the tools that you used for self-development?

misunderstanding that all of us have is that the best sales people are extroverts. Actually, some of the best sales people are

The first tool I learned was to focus on my strengths and not to

introverts. There are two types of selling ‐ hun ng and farming.

work endlessly on my weaknesses. The second, I evaluate myself

Hunters are the people who go out and get you new accounts.

every year at a personal level. Whatever I have achieved in this

They are o en extroverts. Farmers are the ones who build long‐

world is very important to me. I also want to know how many new

term rela onship and make those same accounts grow bigger and

people I met and influenced this year. Now I am in IIT and I want

bigger. They are introverts.

to be amongst the top 10 rated facul es out of 800 facul es. That's my objec ve. I do targets every year and share with my husband.

You can have your goals and share it with your family or friend, as it suits you.

How can we get noticed in a group? How can we share our opinion without irritating others?

If you have a desire to be interes ng, you need experiences to tell

Being intelligent or interesting—which is more important for personal branding?

stories. I've been to all the 29 States of India and I can tell how a Chai (Tea) in Chennai is different from that in Gujarat. I have many stories to tell. Experiences are what give you stories to tell.

Anu: I am a marke ng person and for me, interes ng is more important than intelligence. Stand out, rather than blend in. That doesn't mean that intelligence can't be your angle to being

How do you start a conversation with unknown members in a group?

interes ng.

It is very easy to start a conversa on. Everybody is happy to talk

Mythili: 'Interes ng' is all about having stories to tell. On top of

about themselves. So don't walk in and talk about yourself. You

your intelligence, you can add variety, be interes ng and be a story teller.

walk in and ask about them. Everybody in this world in dying to tell you about themselves. Also, do a bit of homework and try to know something about that person. That will be an easy star ng

My manager advises me all the time that I'm an introvert 54

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point for the conversa on.

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How can we build trust in this VUCA world?

You have to differen ate. Just like with computer languages, you

VUCA world is all about uncertainty. You have to build your

have to keep pace with what is happening at that me and you have to rework on your 'why buy me?' at different mes.

authen city and consistency to be trusted.

How important is networking in branding?

What has changed in branding in the last 10 years?

Earlier, we had to tell people about the brand and then they would find it and experience it. In today's world, they experience the brand without even being told. Nobody told you anything about WhatsApp or Google. They have become very important persons in the world. The biggest difference that I see is that now consumers are part of and even decide the brand journey.

It is hugely important—be it for personal branding or for building a network. Just like in the startup world, you have to be constantly pitching. Your next job may come from somebody in your network.

Maybe, your ini al job might come from campus placement. But a er that, it comes from your networks. You also get valida on and inspira on from networking. What is the point of having a personal brand if I don't have a network to influence or impact

How can we sustain our personal branding?

with it? The size of the network is your choice. 

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