 Namaskar, I'm Professor Devadeep Purkayastha from IIT Bombay. Welcome to my course, Business Fundamental for Entrepreneurs, Part 2, External Operations. Today's module is the last module for the course, but before I conclude the course, I'll talk about a very important topic called the Quadrangle of Success, which in my opinion and in my experience, captures a holistic framework that each of you can work on to succeed better and be more happy and more successful in life. So let's start with the Quadrangle of Success. So essentially, what are the four drivers of your success? Whichever course you do, whichever job you do, whichever role you play in life, whichever club or party or organization that you join, these are the four pillars of success that I've seen in my career. First is knowledge. Each of you should try to acquire as much knowledge as you can, because knowledge is a pathway to success. What is knowledge? If you can look at the screen, you will see that knowledge is all about facts, information, theories, books, courses, what you learn in school, what you learn in college, and what you learn from this course as you watch this video. That's knowledge and I would encourage every Indian child, every Indian student to gather more and more knowledge so that you can not only succeed in life, India itself can be a knowledge base country, a knowledge base society. Educated people, knowledgeable people. But in my career of 40 years, I have found that knowledge is not sufficient. Knowledge is necessary to succeed, but knowledge is not sufficient to succeed. You need to develop a few other attributes in yourself. If you look at the screen, the second pillar of success in my opinion is attitude. What is attitude? Attitude are your beliefs, your opinions, your emotions, your reactions that drive you to do certain things either better or worse. I'll give you some examples later. But if you have the right attitude to life, towards yourself, towards society, towards your family, towards your job, your chances of success goes up. We'll look at some examples of attitude later. The third pillar of success are skills. Skills are your ability to do certain things versus knowledge. Knowledge is something that you learn. Skills are something that you can do well. And they can be hard skills and they can be soft skills. And I'll talk a lot about skills immediately after this slide. So you must know, which is knowledge, you must be able to do things which is your skill. You should have the right attitude. And the fourth thing are your energy. You need, in my opinion, four kinds of energy. I encourage all of you to develop these four kinds of energy. The first is physical energy. You must be physically fit. All of you in your generation will probably have much longer lifespan than I will have or my generation will have. Because of improvement in medical sciences. But you have to be fit. You have to be physically fit. You have to have stamina, physical stamina. And for that, I encourage all of you to invest in yourself to develop your physical fitness. Walk, run, swim, play games, go on hikes and tracks. Do yoga, but develop your physical fitness and physical energy. The second energy, if you look at the screen, is about mental energy. Which means you must be mentally fresh. Not always mentally tired. Life will be tough. Life will be difficult. But you need to be mentally fresh. And you have to have the mental energy. And what deprives you of mental energy? For example, if you don't sleep well, I see a lot of people always on the phone late at night. Not sleeping as they're supposed to sleep. That drains your mental energy and your physical energy. So you need to preserve your mental energy. Wake up early in the morning with a restful night, peaceful sleep, so that you're ready to face the next day. Whatever happens today, you must take rest. So get up tomorrow morning with mental energy. Third energy is emotional energy. Emotional energy is about your ability to do and connect with other people. Emotional energy is also your ability to take emotional stress. Things will not go all the time your way, the way you want it. But emotionally, you have to be strong enough to, A, take the stress of life, but also to connect well. You may have great knowledge. You may have great skills. You may have a great attitude. But if you don't have emotional co-efficient, which means that if you emotionally don't connect with other people, or emotionally, if you're always under internal stress, you will run the risk of burning out and not reaching your peak performance. So you need emotional energy. And then you need what is called spiritual energy. Spiritual energy is not about religion. Spiritual energy is the ability to believe, A, in the spirit that dwells in this world. It doesn't matter which religion you are from, but the belief that there is someone out there, superior to all of us, who is looking after the universe, looking after the world, looking after us. When things are not going your way, when times are bad, you need physical energy, you need mental energy, you need emotional energy, but they may not be sufficient. And that's the time when you need spiritual energy, the ability to sit down and maybe meditate, the ability to sit down and calm yourself, the ability to release your stress and believe that there is someone up there who's looking after the universe, after the world, after yourself and myself. So this is what I call the quadrangle of success. And I have seen some people have a balance. Nobody will ever be perfect in all those quadrangles. But it is good to have a balance between all of these attributes of yourself and myself. Let's talk a little bit into a couple of the attributes that I've put. Let's talk a little bit about attitude. What is attitude? And here are some examples of attitude. As I said, this is about emotions and beliefs and your thought process and so on. So I've listed just as examples, personal attitude, which is attitude within yourself. The attitude you have to life, it doesn't really concern others. It is your attitude to yourself and to your life. And what are some of the attitudes? Calmness, remaining calm, good times, bad times, remaining positive. There will be good times in life, there will be bad times in life, but one must be positive towards life, towards oneself. That's, again, a good attitude to have. Be positive, be confident. There will always be someone else who is better, richer, luckier, more successful. That's okay. But you have to believe in yourself and I must believe in myself. We must be confident in ourselves. We have to be thoughtful, not jump when the situation is slightly wavering or uncertain. You must sit back, calmly, confidently, think a little before we act. We must be energetic. And I talked a lot about the four energies earlier on. We must be also humorous, humorous. The ability to laugh, however good the times are, however bad the times are, the ability to have a good laugh, the ability to enjoy a funny situation, the ability to be humorous is a great attitude. So these are some of the attitudes you can develop for yourself. Doesn't matter who is around you. You may be by yourself, but these are the attitude that you have to yourself and towards life. And then there are the interpersonal attitude. Your attitude, my attitude, to others. Are we honest with others? Are we helpful to others? Because if you are helpful to others, chances are when we need help, there'll be someone to help us. Not everybody will, but definitely some will help us in our times of need, if we help them in their times of need. It's always nice to be friendly. There will always be people who themselves are not very friendly, who themselves may not be honest, who themselves may not be helpful. But in general, as far as I am concerned or you're concerned, it's good to be friendly and have a friendly demeanor. It's good to be sympathetic because each of us have problems. You have problems, I have problems. Others also have problems. But it's always helps in a situation if one is sympathetic to the other person. It could be friend, it could be family, it could be a schoolmate, collegemate, a colleague in your office, and so on. It is also good to be communicative and collaborative. This will be very important in your professional career or in sports. So if you're working in a team, in a company, in an office, to be a great worker in that team, in that office, it's not enough to have the knowledge and the skills. It is also good to be communicative. So you're communicating with your teammates and you're collaborating with your teammates because the team succeeds and does well, you also succeed. And that's how, if you look at the best sports team, the India cricket team nowadays, they're always building up each other, helping each other, talking to each other. And you see the body language in the field of some of our cricketing teams, our national team, or the best football teams, or the best sports team. The team members are always helping each other. Or the best army teams, the special forces team. They're supporting each other. So this is an example of different kinds of attitudes. And you may choose to develop and practice the attitudes that have listed. And there you can also do an internet search and become aware of what your attitude is. Coming to skills. So the World Economic Forum, which is one of the most respected thought leaders and research organizations in the world did a survey in 2020. The link is there in that slide. And you can do an internet search on the future of jobs report 2020 by World Economic Forum. And what the World Economic Forum has said in 2025, and they said this in 2020, they said that in 2025, all employees will need re-skilling, which means you need to develop new skills, not just knowledge, not just what you're learning, the information that you are gathering, the courses you are doing, the classes you are attending in schools and college, but your ability to do things, skills, hard skills and soft skills. 50% of the current workforce in the world we have to be re-skilled. And you should look up that report yourself. And they also identified some of the most important skills for 2025. So let's have a look at them. So here's a list that the World Economic Forum predicted will be the most important in 2025. It may not be 2025, maybe 2026, 2027, et cetera. So what are the skills? If you look at the screen, it talks about analytical thinking and innovation. So your ability to analyze data, analyze facts, and to do things in a new way. Active learning. In the future, you will probably have to learn till the end of your career because there'll be so much of change, so much in change in the economy, in the politics, in the technology, the advent of artificial intelligence, the rise of automation, chat, GPT, you have to learn continuously. What you're learning today may be obsolete in two to three years time, definitely by five years time. So you have to completely keep learning. Problem solving. Once you're in a job, the problems will keep changing. The customer problems, the production problems, the marketing problems, financial, it'll keep changing. And you have to be able to solve the problems over and over again as they come up in your career. And then you can go down the list. Leadership in social situations. Ability to influence large number of people. A social media takes over and more and more people use more and more of social media. Your ability to lead people physically and your ability to lead people socially, which means influencing through social media also will be a key factor of your success. And then you can go down and you can see things like resilience, stress tolerance and flexibility, agility. Because there'll be so much of change. This year, 2023, we just came out of COVID, which nobody in the world could have predicted and it devastated the world. And it changed the way humanity works. As soon as it came out of COVID, there was this big war. So the geopolitics all changed. So there will be change. This AI, the Chagipiti kind of AI did not exist, why not in the public domain, till just about a year back. That is going to have a lot of impact. So your ability to be resilient to change, receptive to change, but lead change will be very important. So strongly encourage each of you to go to the internet and look up the jobs report. The link is and the reference is in the slide. So with that, we have now come to the end of the course. But before I sign off, I'd like to recap the course. In the first introductory session, I had talked about what are the objectives of the course. And basically the objective of the course is for you to make a better, more informed career choice. Especially if you are in the business domain because businesses are very complex and multifunctional. So whether you are in faculty in the business domains, management domains, whether you're an aspiring entrepreneur, whether you are an existing employee, you still need to have a broad-based view of business. And that's what I've tried to do in the business fundamentals for entrepreneurs, parts one and two. So if you look at this course, which is business fundamentals for entrepreneurs, part two, external operations, just to recap, started with the market research, including researching of trends, technology, competitors, products, players, et cetera. Then I've talked about customers and segments. We talked about value-based marketing and marketing communication. We talked about sales channels and distribution and B2B selling and B2C selling. We talked about customer service and we talked about supply chain management. Just to remind you what we talked about, module one, market research. We talked about market research needs. How do you define a market research problem? Why do you need market research? What are the benefits of market research? We talked about various research methodologies, primary, secondary, and we talked about skills that you need to develop. If you want to join market research company or you want to develop your market research skills. In the second module, I talked about customers, especially how to identify customer needs, what a customer needs, what are the different segments of customer B2B, B2C, and we talked about a very important aspect called how do you develop a customer value proposition? Most businesses, products fail because they don't have any need in the market. They don't have a value proposition. So how do you develop a value proposition? In the next module, I talked about marketing. I showed you the evolution of marketing, especially as technology improved. Then you talked about value-based marketing, how to create value, how to deliver value, how to communicate value, and you talked about marketing skills if you want to choose a career in marketing. In the next module, I talked about how to communicate value, which is branding, positioning, and advertising. And these are very, very rewarding and enriching careers if you want to get into the marketing, branding, advertising, domains. And then I talked a little bit about digital marketing skills, which is an important skill for each of you, whichever field you are in. We then got into the selling side of it, starting with sales channels and distribution, how to reach the product to the customer. We talked about distributors and retailers and how to manage distributors and retailers. If you are a manager in a large company, we then got into the important topic of art and science of sales. What is B2B and B2C selling? What are some of the tools, especially the new AI-based tools that is supporting large sales forces? Sales is a very, very large domain. It's a very, very large employee domain, which means lots and lots of employees are actually selling in some form or other. And then I talked about sales skills if you want to be a great sales person, sales manager, sales director, sales head. We then talked about customer service, which is also a very, very large domain and a very large employment segment. How do you build goals and strategies for great customer service? What are some of the processes and tools? How do you make sure that your customer is completely loyal to your business, your company or your startup? And we talked about what are some of the skills that you need to build if you want to do a career in customer service. And then we talked about supply chain and logistics. We talked about the planning aspect of supply chain, optimization, digitization, and we talked about the physical aspect of supply chain. Warehouses, transportation, different kinds of transport, planes, ships, trains, boulevard, buses, trucks, et cetera. And then we talked about skills that you need to have a career in supply chain, which is also a very large domain. Let me now talk a little bit about what can you do after this course? What can you do next semester, next month, next year? One option, of course, is if you have not done part one of my course, remember, this is business fundamental for entrepreneurs part two, where I've talked about all the external operations. I also run a course on business fundamental for entrepreneurs part one, which are the internal operations. And I'll show you in a minute what are the topics I cover in part one. So you could do that course if you want a broad, basic understanding of business. If you want to deep dive into management or entrepreneurship education, you can take a more specialized course, either on NPTEL or in your own college or institute. If you're an employee who is wanting to start up, you could actually go to then a startup incubator with a startup idea and explore starting up your own business. And of course, if you're a faculty, hopefully this course would have helped you develop a basic and a broader understanding of business. But let me spend a little bit of time now on part one of this course. And in the part one, those of you enroll, you will hear me talk about the internal operation starting with what is business itself? What are different kinds of companies and company structures? How do companies set their vision, mission, goal, strategy and culture, which is very important for companies to succeed internally before they succeed externally? How do you innovate within a product and within a company? How do you develop exciting successful new products? And then I also talk about manufacturing. I give an overview of manufacturing and quality management. All of these are large career options. Then I try to provide a basic overview of finance and accounting. Again, for those of you who are interested in finance and accounting. Then I talk a little bit about leadership and how do you lead successful teams and large organizations? Because each of you someday will become a leader. And then I talk about how do companies be it a large company that you work for, be it a startup that you are doing, be you a faculty who are teaching students or be you a student who is just getting ready to get into career. I talk about how do you take care of the environment? How do you contribute to social progress? And how do you make sure that you learn good governance? All of these are very important to make sure that the company does well. You as an employee or a founder or a faculty do well. You as a students become more responsible. I cover all of this in business fundamentals for entrepreneurs part one internal operations. So with that, I've come to the end of the course. Good luck in your own careers, in your own projects, in your own startups, in your own courses. And with that, thank you. Namaskar.