Newsletter CS Rajiv Bajaj 9th September, 2014
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Newsletter CS Rajiv Bajaj 9th September, 2014
![www.csrajivbajaj.com
Deep Kalra
Founder, Makemytrip.com, a company that today hires 670 people and will do Rs. 210 crore in revenues (commissions) in the year ending March 2010. First work for a professional. That way, you know the value of someone who works for you. Hire people better than you. If your marketing, ops and finance guys are not better than you, why are you hiring them? For someone with no real alternative livelihood, entrepreneurship might come easy. But for the better off, it is much more difficult to venture into the unknown. As a man who started his career as the quintessential management graduate chasing the multinational lure, Deep Kalra was quite settled, except that he couldn’t ignore his urge to start on his own. He chucked his salaried career and set up shop in the most uncertain of domains — the World Wide Web in the midst of the dotcom boom. It is in his journey of the last decade as the founder of Makemytrip.com that we glean insights this fortnight into the three essentials of business: Surrounding yourself with people better than you, raising the right amount of money from the right people and the importance of being humble. For Kalra, who was born in Hyderabad and grew up in Delhi and Ahmedabad, the path to a corporate career through one of the Indian Institutes of Management sounded natural. He went on to work with ABN Amro Bank but realised that he wasn’t cut out to be a banker. He decided to do something else. An important breakthrough that would eventually lead him to become an entrepreneur came his way soon. That opportunity arrived in 1999 when he got an offer from GE Capital as VP - business development for their retail business. It was a very exciting job, but he lasted only 16 months in GE because the entrepreneurial stint had stirred the need to be on his own.” Around this time, Kalra met Internet entrepreneurs like Sanjeev Bhikchandani and Ajit Balakrishnan and decided he too wanted a piece of the online action. Key lessons about fund raising. He Says-Maintain only one set of accounts. The projections that I give to my potential investor are the ones that I truly believe we can achieve. The second is about choosing the investor right. The individual who sits on your board has to be a decent human being. If you are not comfortable with someone, do not engage. The guy who is on your board should be able to call the shots. He should then be a partner and if he is not, then you have a problem. Choose quick decision makers. I have not gone for brands while choosing investors. Brand name in investors is irrelevant. One more thing about funding: Take as little money as possible in the beginning. But keep enough [of a] cushion. Take 50 percent more than you think is critical.](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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Newsletter CS Rajiv Bajaj 9th September, 2014
- 1. www.csrajivbajaj.com c THOUGHT OF THE DAY “We don’t grow when things are easy, we grow when we face challenges.” Law Updates: CIRCULAR NO. 11 of 2014-15-Reversal of Input Tax Credit under Section 10 of the DVAT Act, 2004 in respect of Credit Note/Debit Note related to discounts. RBI/2014-15/216 A.P. (DIR Series) Circular No.28Risk Management and Inter Bank Dealings: Hedging Facilities for Foreign Portfolio Investors (FPIs) Notification No.75/2014- Customs(N.T.)- DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS hereby determines that the rate of exchange of conversion of each of the foreign currency specified in each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 5th September, 2014 be the rate mentioned against it thereof, for the purpose of the said section, relating to imported and export goods. PROFESSIONALS INPUTS: The Securities Appellate Tribunal (SAT) on Monday stayed a July order of the securities market regulator directing Satyam Computer Services founder Ramalinga Raju and four other executives to disgorge alleged unlawful gains. ITAT directs AO to consider sec. 41(1) additions after verifying statement of accounts of creditors-Income-tax Officer, 17(1)(4) v. Elegant Engineering CA held guilty of professional misconduct for filing bogus form with ROC to claim undue interest in Co.’s affairs- Council of the Institute of Chartered Accountants of India v. Ved Prakash Verma MARKET WATCH: SENSEX: 27223.9295.93 NIFTY: 8141.2532.65 SILVER:41836.00 0.07 GOLD (MCX): 27203.001.00 USD/INR: 60.42 .12 CRUDE OIL: 5628.000.68 CS Rajiv Bajaj 9811453353 Bajajr66@gmail.com youtube.com/csrajivbajaj https://www.facebook.com/Rajiv1Bajaj http://www.csrajivbajaj.com Date: 9th September 2014
- 2. www.csrajivbajaj.com Deep Kalra Founder, Makemytrip.com, a company that today hires 670 people and will do Rs. 210 crore in revenues (commissions) in the year ending March 2010. First work for a professional. That way, you know the value of someone who works for you. Hire people better than you. If your marketing, ops and finance guys are not better than you, why are you hiring them? For someone with no real alternative livelihood, entrepreneurship might come easy. But for the better off, it is much more difficult to venture into the unknown. As a man who started his career as the quintessential management graduate chasing the multinational lure, Deep Kalra was quite settled, except that he couldn’t ignore his urge to start on his own. He chucked his salaried career and set up shop in the most uncertain of domains — the World Wide Web in the midst of the dotcom boom. It is in his journey of the last decade as the founder of Makemytrip.com that we glean insights this fortnight into the three essentials of business: Surrounding yourself with people better than you, raising the right amount of money from the right people and the importance of being humble. For Kalra, who was born in Hyderabad and grew up in Delhi and Ahmedabad, the path to a corporate career through one of the Indian Institutes of Management sounded natural. He went on to work with ABN Amro Bank but realised that he wasn’t cut out to be a banker. He decided to do something else. An important breakthrough that would eventually lead him to become an entrepreneur came his way soon. That opportunity arrived in 1999 when he got an offer from GE Capital as VP - business development for their retail business. It was a very exciting job, but he lasted only 16 months in GE because the entrepreneurial stint had stirred the need to be on his own.” Around this time, Kalra met Internet entrepreneurs like Sanjeev Bhikchandani and Ajit Balakrishnan and decided he too wanted a piece of the online action. Key lessons about fund raising. He Says-Maintain only one set of accounts. The projections that I give to my potential investor are the ones that I truly believe we can achieve. The second is about choosing the investor right. The individual who sits on your board has to be a decent human being. If you are not comfortable with someone, do not engage. The guy who is on your board should be able to call the shots. He should then be a partner and if he is not, then you have a problem. Choose quick decision makers. I have not gone for brands while choosing investors. Brand name in investors is irrelevant. One more thing about funding: Take as little money as possible in the beginning. But keep enough [of a] cushion. Take 50 percent more than you think is critical.