 Let us come back to our market. So, this in market is it a double whammy. Now all this depends on what are you prepared for you know that is exactly what we have been discussing till now that what is it that you are trying to do? I mean the market is really a battle ground. But let us not mistake a battle for a war. There is no war. You cannot get into a war also as I said earlier. So, when you are out into the market you must understand that it is a fight. There is no quarters given there and you once you make up your mind that no I will fight it out. You will not find it that difficult. It is not that difficult. You have to make up your mind. You should not get you know like you know this guy said this and that fellow never paid me today and all that. He will pay you tomorrow. I will say some you win and some you lose. I mean you have to win more and lose less obviously. Otherwise, you are out of business. It is not a share market. It is a market which you essentially control. You are the person who is controlling the market. Do make no mistake about that. As he said that if you look at the various issues which are involved whether it is money, whether it is your vendor, whether it is your creditors, your debtors, they are all in a relationship mode. You know them. They can be one bad apple. Otherwise it is nothing that you cannot do. It is very much doable. So, you strategize. You know what I have written in the first part. All of you I hope know this but you must also understand this is the most important part. Whatever you do, whatever we have said earlier, it is your job to see that at no point of time you are in such a situation that you have no money to run the business. So, the entire strategy would be that at every point of time you must be flexible enough to see that your business is running. It is incumbent to understand that you cannot close down running business and open it after 8 days, 10 days, 15 days and say that I have cut my losses for 15 days and now from the 16th day I will be again in profit. It does not work like that. So, there is no ground rule. There is nothing in the textbook which tells you how can I keep my business afloat and I am going through some trying times. That is where you are the Raja. That is where you really have to be the person who understands the pulse of your business. This is something no textbook can teach you. If textbook has been taught across the world, from the topmost to the smallest business school, you know, there are so many successful industrialists. They are not. But at the same time, the people who have not gone to schools and they are very successful. So, why? Because this is the mantra they know and this is the mantra you have to learn. Your business must be on. Volumes may be small. Does not matter. It must be on. You must know how to stay afloat. To stay afloat, you need revenue surplus, not loans. We are talking of bank loans, bank loans and bank loans. Let me tell you my dear friend. Please be very, very careful about taking loans because something which again I am sure all of you know bank charges compound rate of interest. You know that? How many of you know that? The bank charges compound rate of interest. So, even a small loan, even a small loan can go to figures which when you see it in the morning, you may fall off the chair. Suddenly you will get a bank statement and you will know I know 60,000 was outstanding and you open this statement and you will fall off the chair. It will be an astounding figure. So, revenue surplus should not be something which will be dependent on your bank loan. Revenue surplus is not cash flow. Revenue surplus is actual money that your business is generating. Number two, it is my personal suggestion, especially for startups that if you are at all going to take a loan, take a loan which is the basic minimum that you require, basic minimum. You scrounge here, you scrounge there, everything and then you say no, I need still 10 rupees and give it a lot of thought and then go for the 10 rupees. Do not do the reverse. Then I will keep the 90 rupees with me and I will go for 90 rupee loan. You are dead if you do that. You must understand also that the banking system in India has changed. That if your business goes down, the bank will not let you go anywhere. The bank will be after you, forever and ever and ever. So, you go, you see this entire strategy, if you look at the strategy, the market. So, when you are looking at the market, look at the market and look at costs. You are looking at tie up. Look at the tie up. Look at the cost. You are looking at your product. You look at the product and look at its cost. And you build on that and you work out an analysis which gives you the base cost, minimum cut, cut, cut, cut, cut. Yeah, this is the base. This is what I can do and I do not have this amount of money but I can get say 75, 80 percent of this. 90 percent chances you will succeed in your business. But even if you take 50 percent of it as loan, nobody knows what is going to happen. In today's context, if the bank manager is transferred, things go wrong. Then what in revenue surplus, again what I have written all of you know. But here also, you see the things which we assume is something on which we have not spent much time, cost of sales. Now, people who are already in business, please do not answer. Those who are not, what do you understand by cost of sales? Somebody respond who is not in business. What do you understand by cost of sales? Like cost of sales can be distribution cost, having a proper channel of marketing. So, this will include this cost of sales. Yeah. So, what can you expand on it a bit? Suppose there is a product, so if it has to come to the market, then it needs that distribution channel like through retail, wholesaler, then retailer. No, so can you expand on it? I mean, I understand that. What would be the cost to the company and cost of sales? Percentage. No, no, not percentage. What is the cost? Where is the cost coming? So, that involves people. People. So, you say salary would be one. Okay, then? Then transportation cost. Okay, then? Advertising, yeah. Advertising cost. Advertising cost need not be a cost of sale. Cost of freight. Freight would be. Yes, commission. He is in business. No, I wanted non-business people to understand this. Taxes. No, taxes is not cost of sales. Like if it is foreign goods. No, no, taxes is not cost of sale. Anything else you think that can come in? Yeah. You understand what he meant by lead generation? Yeah. What do you understand by lead generation? Like making customers. Yeah. So, for a new company that is quite a heavy cost, isn't it? Because nobody knows you. So, in many cases, we find that this cost is not properly evaluated. And ultimately, you know, it is, say, it takes one year for the company to come to volume of sale which is giving him surplus. He has to be very cautious that he does not entail a cumulative loss which subsequent years, even after he generates surplus, is unable to pay back. Many companies go down because of that. So, this area, the cost of sales area and which I would also add to that is the support services, cost of sales and support services. So, this area has to be very, very, very well evaluated. Now, I will just give a very interesting example. See, you are the CEO of a company. So, you go to a good client. You cannot go to a good client on a bicycle. You have to go in a taxi. So, that is expensive. But you go to a good client, you send a man to a good client and that man has to just deliver a product or a booklet or something. That man can go on a bicycle. So, you reduce cost. But at the same time, if you have to go and initially you have to go, initially you cannot send somebody, at least for a year, probably you cannot send somebody else, then your cost is high. Plus the fact that you are leaving your main business, that is, your office or whatever, factory or whatever, and moving out to some place else and that time lost is also your cost. I think we have discussed part of it. But I think this third point I would like to again emphasize that when you are pricing your product, that is, we come back to the word pricing. When you are pricing your product, please remember that your prices should be such that at any point of time you may be asked to slash your prices to stay in the market. This is very important. And there is always, market always has a cycle. And if this happens, that you have to slash your prices to stay in the market, this is the entire cycle you have to be there. It is not just one time. It is not one of those Diwali, Dhamaka offer and all that. It is a cycle which you have to be there, sustain for the cycle at those prices. So, your revenue part, when you are working out your revenue part, this is another area where lot of thought has to go in. Am I clear on this? Have you understood this? Yeah, we were talking a while ago about brand, about advertisement. Let us understand that if you mean advertisement in newspaper advertisement, it is a strict no-no for a new startup. We do not have the financial muscle to book face in national newspapers. We do not do not try that route. People will say you do not have a brand image. Yes, we do not have a brand image. Brands are never built in a day. Brand takes years to build. Brands are extremely complex issues. Every company would like to have a name which people will say, oh, you are this company. All of us want that. But please remember it is we who create, that is a consumer driven. It is we say that I want a park avenue shirt and I would not talk of any other shirt, but I want a park avenue shirt. This is a very complex issue. So, we as startups, we should not at the moment think of brands. We should not at the moment think of putting money in advertisement however small. In a small advertisement in a time souvenir will cost you 3500 rupees. Small means really small in a magnifying glass to see it also. So, you have to sell the paper with a magnifying glass. How can you sell? No brand, no fund. You sell as we have already discussed, we are going to the people. Go and talk, go and meet, be everywhere. And the biggest factor in your favor is your age. At the age of 25, you have the enthusiasm, you have the energy to run around and you must run around. Yes, people are your ambassadors. Is people who will be your consumers? Is people who will be your market? And as I said a while ago, you are not targeting 1.10 billion people. You have already segmented. You have gone to geographical areas. You have segmented the geographical areas and now you go to the people. And what will happen? You go to the people and more than anything of selling, what will happen? What will happen? There is another thing which will happen which was discussed a while ago. By going to the people, what will happen? Good will. So, you sell and you create your good will. Two things happen. Most of it, what I put here you know, so we have also discussed it. The one thing which is the last one I want to emphasize on is that please never make a mistake of saying that you are wiser than your customer. The day you do that, you are finished. The day you do that, how stupid that customer is. I do not understand anything about your product. And you say you do not understand, I do not want to sell the product to you. I do not want people like you finished. You say that you finished. Please remember that the golden rule, you are never wiser than your customer. Your customer is the wisest man and that is what has to be primary in you, in your entire strategy. More than that, we have all the time been talking about who is a customer, who is the OEM market, who is this, who is that, how do I do bank loan, this, that and the other. At the end of the day, if you see, unless people, that is the people we are talking of that your client, customer, whoever, unless they believe in you personally, they will not believe in your product. Only your product, your market will only come forth, provided they believe in you. So we started by saying things like goodwill. We started by saying that it is the people. We started by saying that you create goodwill by selling yourself. Why? Because it is you, not your product, not your other features of your product which will ultimately sell. It will sell because of you. This is something which I would share, surviving the roller coaster. I have spoken about things like market cycle, pruning your cost, but there can be really hard times, extremely hard times. It is very important to build an alternate line which I have named it the bread and butter line. This is my name. You will not find it in a textbook. I call it the bread and butter line. What do you understand? I am asking the entire audience. What would you understand by this sentence, the bread and butter line? Anybody? Something which is very simple and will be generating revenue despite you not paying much attention to that segment. I am sorry sir. It will never work. It will never work. What you said will never work. You need to have this line so that you survive actually. Otherwise, this is your baseline. It is where your core is running. You have to ensure that this is taken care of properly. This is safe. Only then you can think of expanding or any other thing. This is the first line in business. Anybody else? Under no circumstance, our personal life should or other life should get hit just out of business. Nobody can promise. I do not think anybody can promise. Anybody else? When you are for you, it could be consultancy. No, it could be anything. Your main business is manufacturing and you have a second line where you can just put in your consultancy as a consultant you keep on earning. So, there you are only using your knowledge and time. Not a bad idea. Not a bad idea. And it at least keeps the fire burning. Okay, so let me share with you, I mean two classical cases of bread and butter line. Anybody heard the name of Bayerad? Bayerad is the world's largest and most reputed diagnostic equipment manufacturer and reagent manufacturer located in San Francisco. You can go to their website. They got a fabulous website. And this is first hand. I went there. Bayerad even today and it is very interesting. Bayerad even today is a family-run business, is listed in the New York Stock Exchange, is a family-run business. The original founders, I think one, the wife died, I think gentleman is still alive and he still takes interest in business but not on a day-to-day basis, but he still takes interest. The husband-wife team, they are PhD in biochemistry from Berkeley and sometime in 1958 around that time, they set up this company in California and they were manufacturing reagents, not any equipment then reagents. And there were no takers. So after a year and a half or so, they ran out of money. They ran out of money. As you know in the US, you can mortgage your house. They did all that. So whatever was done, they ran out of money. Then to survive, these two PhDs, they started selling, first designing and then selling greeting cards and toilet paper rolls. For two and a half to three years, they survived on that. It was only after another four years or so this business broke even. Today it is huge. Any top diagnostic laboratory you go to will have a bio-rad equipment. This is something, even the smallest member of the organization is aware that how the company survived those times. And the founders would like people to know this, that this is how they survived. Probably to the best of my knowledge, this company was founded even before HP. So if you ask me, if there was a knowledge-based enterprise in California, it was this company, not HP. But the fact that they were intelligent enough to identify that line first, identify the segment and survive, primarily survive. And when I was hearing this, I was astounded. And let us do a soul-searching. All of us individually know people in our family and all who are also very highly educated. How many of them would ever think of printing or making greeting cards and selling toilet paper rolls? How many of us? And this is what is needed in today's knowledge domain. Your intelligence, your knowledge must create the versatility that you are talking of. What is it you are talking of? You are saying my IT, press a button here and there will be a rocket which is going to the moon. Yeah, that is what you are saying. But that is hardware. Your brain, does it say that? Most cases, no. It is not saying that. You are saying, I am dying. I have no money. I have no business. Nobody is buying my product. No. Then you are not in a knowledge-driven enterprise. Where is your knowledge? Where is your knowledge? What have you done with your knowledge? Ask yourself the question. I am not asking. You ask yourself. What have you done with your knowledge? So this is California, US, land of the plenty, Trinilopays. Anybody heard of Trinilopays? No. Anyway, the other one is an Indian company. As a matter of fact, I was a part of this company. This was manufacturing one of the finest music systems in the country, Cosmic. We had the, this is the first company in India to have a tie-up with a world leader called Akai. So this company was manufacturing radio sets from 1952. 1952, I was in kindergarten school. So I was not here. Subsequent to that, radios went out of fashion. I mean, these big radios, wild ones, went out of fashion. And they did not know what to do. They were not selling radios. They were selling radios and radiograms. You remember this. Anybody seen radiograms? Record changer would be there, radio would be there. The huge box is very uncouth, but it was a big thing those days. Anyway. So they had a good carpentry section. And again, the innovation of the company, they developed a loudspeaker box without nails. Very sturdy. It is not one of those things that will open up and all that. Very easy. You throw it also, nothing else. And they got a national award for that. Not for radios, which they have been making for so many years, anything, for that nailless box. And they could give excellent finish. Those days, Formica and all that was not in fashion. So they had some scratch proof finish and all that. And for nearly six, seven years, I am not very certain about the number of years. They were doing interior designing. For overseas consulates and things like that. And they survived on this on woodwork. The companies which subsequent to this was in top class high-five stereo manufacturing has a background of carpentry. And they survived those five, six years on carpentry. So this is a very, very Indian case of a bread and butter line. This we have been talking now and again. What is the key, technology or the business? Can you expand on that combination of the two? What do you mean by combination of the two? Like if it is a product, different one, then R and D should one of the factor. Otherwise that will not grow up. And that should have a business sense. That should have? A business sense. Like if you are not selling it to the market, if only it is in prototype form. You know, what she is saying is very relevant as a matter of fact, if you really think about the normal discussions we have. You know, what we have a real problem in front of us is that when we talk of in today's context, we talk of technology and all that. What is it that we should really be talking about? Should we be talking about technology or should we be talking about the business? I understand the fact that you are technically qualified. You know technology, but it is true that the business is technology enabled. Very true, what you are saying. But what is it you are trying to do? Are you trying to fit your concept or your knowledge in technology into the business or the reverse? And this is a basic question I am asking the entire participant. What is it that we are trying to do? Are we trying to fit our individual knowledge of technology into a business? I am not saying it is right or wrong. I am just making a statement. Or is it that there is a business and you are trying to find an appropriate technology to enable that business? This is my question. We need actual live examples where you said that the business is chasing technology. Can you give an example of that? Sorry? No, I do not know the business model of ITU. So I am sorry, I cannot. Anybody else knows could probably interact. Business chasing technology could be the office automation thing where you combine scanner, printer, everything together and make a single unit instead of going for 4 units. No, business taking. The way I understand it, let my other participants also contribute. The way I understand it, if you say business chasing technology, that means you have rocket science and we are all queued up to buy it. The way I look at it. Anybody would like to elaborate on that? We are talking about technology where technology is the primary driver. Exactly. Where it is the source. Yes. Why selling is happening, because if you have the technology, I do not think we, none of the entrepreneurs here including myself have that kind of technology. So let us be very clear on this that really we do not have that technology which business would be chasing. We do have business which can be enabled by intelligent people like you through your knowledge of technology. That is very much possible. And that is what is the need or the are. Can I get an example? Sure. While we were incubated here at the IIT Bombay business incubator, we were developing technology for retail stores. So when I started the company, the focus was primarily enterprise retail. So we said we will develop this technology, we will sell it to large retailers. What we kind of later figured out was that India is a good testing ground to build the products in, but not a revenue market because service personalization was not a focus for big retailers. So we now had these products. We had customers outside India, but no customers in India. We had pilots with most of the big retailers. We started looking at the Indian market and one day we were just sitting and we were doing, we had done some market research and there was a pie chart up there. We said 97% Indian market is unorganized retail and 3% is organized. And then suddenly we started thinking that, you know, hey, this 97% market is the bottom of the pyramid market. Very exciting. What do we do? So over the next couple of days, we actually went to the market and we kind of figured out that this Kiranawala is kind of very scared. He's a good customer for us. Our technology can help him survive the onslaught of big retailers, but he can't buy the technology. Okay. And so for big retail, we used to go and pitch that, you know, we are first in the world technology with patents and, you know, IBM can't, you know, you can't do it using IBM Enterprise Miner, but you can do it using our data mining engine. We said, we need to completely shift the focus. And we started pitching the machine as a machine which can make you earn more money. And the focus to the Kiranawala was not talk about anything on the server side, anything on the interfaces that we had innovated. But the pure focus when we went used to go to the Kiranawala was that you don't invest anything and you earn 3000 rupees a month. So one key lesson over there was that, you know, eventually it's the business innovation, which will help you succeed in any given market rather than only purely technology innovation. Anybody else? So yeah, you want to say? In terms of business innovation, I just want to share, you know, if a business innovation model can be innovated as we move along the market. For example, in mobile advertising, I started off with SMS, but then I saw a potential need for M service in India. And it is speaking of well for me, you know, that's an innovation out of the business model that was there existing. Then we launched M brochures, like you have a brochure and you can get it on open. All these are not something I got an idea or I was having them. It is just that model was flexible enough to take the feedback and you know, loop it back into that. So it's like a business model driving the technology rather than the technology. What we are aware is and the sort of ecosystem that we are working in, it is the business which is being enabled by technology as and when. Now, this one example I gave, which is very true, any day, any time a Samosa Walla will make money. He doesn't have to come to all this workshop and listen to all this rubbish. He will have a Karai, he will have a Chula, the people queuing up having his Samosas. It is a business. Why are we here? We are here because we are looking at the knowledge domain. Can we earn as a nation from this knowledge domain? And why must we earn from this knowledge domain as a nation? Why? Can anybody say why? Why must we earn? I mean, as you know, I don't want to give figures but many of the students from IIT go to US. I think this is open secret, nothing. I don't want to give you percentages but the ones which are here are here and the country surely earns out of the person whether it is in terms of income tax, resistance of central excise duties or of the activities of yours, sales tax and things like that. So, entrepreneurs do create wealth for the nation. But can anybody say why is it that we are as a developing nation looking at the knowledge domain? Can anybody guess? I am not guessed. Can you, would anybody like to try on this? We have a resource constraint in terms of infrastructure. This is the only domain because of the number of people we have. It could be the potential point where we have a billion people so which means a billion brains which means so much knowledge domain we can do that. One is that and the infrastructure cost in other domains extremely high for us to invest. We don't have the money. There is a factual statement that is correct. But the solution to this is not what we see in the newspapers that we will get funding from overseas. Nobody is going to give us funding. Nobody gives us funding. Unfortunately the way the newspapers reported it seems that a lot of money is coming for funding for the infrastructure domain. It is not coming. The 2004 World Bank report very clearly states that more than 80% of the global wealth is with 20% of the population. And we the India, China, the big countries we have the 80% of the population with less than 20% of the wealth. So what is the way we can have wealth? The way we can have wealth is if we evolve technology into business and if that business is globally acceptable. That is the only way. There is no nobody is going to give us money. I was giving a lecture to 14 engineering, government engineering colleges of 14 or 10 government engineering college lectures in Trivandrum. So halfway through my lecture I just said are you aware of what is a knowledge driven. I said we are in a knowledge driven economy and everybody was looking at me. So I turned around and I said you know what is a knowledge driven economy. They said no I do not know what is a knowledge driven economy. So I was already halfway through. I cannot start on knowledge driven economy. It will take a long time. So I was thinking what to do now. So I turned to two people. Fortunately one was the dean of the college. The other one is a lecturer there. So I said assume that you are the advanced country, developed country and you are the underdeveloped country. And you want to start a business or whatever. You need money. From where will you get the money? He points to his dean and he says he will give me the money. So I told him is that so? He says yes. He asked him whether he is going to give money. So he was not understanding. If you ask him he is sitting next to you. So he asked him give me the money. He said no I would not give you the money. That was the risk I took. But he said no I am not going to give you the money. I said now tell me what will you do. So this is where we are. This is exactly where we are. It is not a story. It is not a hypothesis. This is as he said this is a reality. If we want to really progress it is money we have to generate. And then money we can only generate through knowledge driven enterprise. That is why we are not talking of samosas. We are talking of IT and IT enable services and things of that nature. And also as I said in agriculture if we can save you know the percentage of loss in the agriculture sector even if you can save 50% of that we are surplus. I think we have also gone through this team competencies and things like that. I think most of you have a team I suppose. I am sure there must be at least 2 people. So some of the areas where you can of your team you can leverage for a bread and butter line. So this is when you are assessing your team please do not get straight jacketed. Yes you do that mobile system or the rocket science fine. But also see that your team competency is versatile enough to start a bread and butter line. Yeah the reasons why we should have a bread and butter line is it is you know an organization as classically we know it people like us who are in business for more than 10 years. Once an organization is in a decline it is next to impossible to hold it up. Because your good people leave your funds good people leave the funds become even lesser and then you know it is a cyclic downfall. Everything becomes less, less, less one day. So it is something which will help you if ever God forbid you come to such a situation which let me tell you most business go through this situation. It is not that something which is a hypothesis, most business go through this situation. So it will help you to ride over it surely it will help you to ride over it. And even today in the meltdown that you see you know a good company is trying his level best to retain its people. You know this is the value for money. Again I am asking non-business people what is your understanding of value for money? Are there no other non-business people everybody is business here? Anybody else who is a, there is a professor here yeah, professor. There is a professor I bet him he is not here. So what do you say professor for value for money? How do you define this? Value means along with the basic need or something additional. No, no. If you read the sentence your customer must perceive its value for money. What do you understand by the word value for money? Investing in some sort of products he should get proper return on his investment. Proper return on his investment is what he wants from the company which is providing the services to him. No, I accept that point but you know why I could have used the word proper return for money but why I said value for money? Your business? Yeah. No, I want somebody from non-business. Sir value for money differs for each individual. Okay, give an example. Sir example is that for middle class the value of money would be something else then the same money would value for a higher class person. I have not categorized it in any class. I have just said that your customer you see whoever it is middle class, upper class, lower class as somebody said bottom of the pyramid perceive its value for money. What would you understand by this value for money? The customer should for the price that he has paid he is getting more features or more benefits. Can you expand on this? I mean a bit more. It is very critical. I mean it is critical. It is not only in business. These three words are not only in business for every aspect of our life. Whenever any student gets admitted at our place it is as per the norms. So the student can at the entry level get a feeling that at the end of four years she is not only being educated at a certain amount but she is also assured of a job of a salary so and so. Let us say an average salary is as of today 4.5 and at the end of it she gets a job in a company which was not visiting us when she joined but today she is being placed in a company that is offering a salary of 9 lakhs. So that is more value than what she had bargained for or what she had anticipated. So are you saying that tell me if I am understanding it right. Are you saying that a student who goes through the academic program of your college feels that the time and money spent in your college is value for the money. Is that what you are saying? Yeah. Some of them do have perceived. This is correct. This is correct. So let us understand the three words. Let us understand what they stand for. There are times when I hear more than one, many, many times my incubators come and say there is a customer feels that this is too expensive to this to that. I find it little worrisome because the same youngster when he goes and sees a movie and he sees what a waste of money this rubbish movie. But he is not realizing his customer is feeling to do the same about his product is no different. It is of primary importance that your services, your products must be perceived as value for the money. If it is not then do something, put it on a boat, put it at the gateway of India and shoot at it or something. Sometimes we have products which are dependent on third party vendors or something like that, like operators in my case in mobile applications or whatever. I am largely dependent on the operator. He does randomly whatever he wants to do based on his reasoning whatever logic he has. That affects my customer perceived quality about me. Absolutely my product is the same. There is no change in my product. At that time perceived quality is becoming lesser not because of me because of the service provider in between. What do I do then? Exactly. Now my businessmen friends here. What does he do now? Come on. What does he do? This is a very good question. He should have a short term plan and a long term plan. So long term plan would be modification in the technology so that he has to come up with an architecture so that these operators whatever they change he should be able to mend it for his customers in a very small duration let's say one hour or less than that. So that will be the long term plan redesign of the architecture and short term plan would be less down what all possibilities are there, what an operator can change and how that affects his customers. Whenever that thing happens, what is his average time to patch up that and communicate that thing to the customer that so and so thing happens and this is the average time for us to fix up this thing. So even like for customer you are adding a value that means if something happens he is giving an assurity that this will be fixed so and so time. Also you will have to formalize some kind of protocol between customer like if you have so and so problem report to so and so person so that it will be fixed in this much period of time that he can do. Before I come to you Anil, I want to ask you one thing what he said. Do you think it is a reasonable thing to say that over a period of time you can change the architecture of your technology and take it up and just say yes or no. I will come back to you later. Anil. In an integrated environment and you are trying to deliver service in any manner it's important to manage your partners. You need to have an SLA in place with your partners which you can extend to your customer. The customer is unhappy with you because there is a loss of business for him because of what happened. Who is responsible in this game? It is the partner network who didn't own up to his accountability and didn't give you what was promised. So if you blame the operator and don't compensate your customer the loser is you. The customer is going to walk away from you. So it is an issue of managing your channel how we are talking about in marketing I go and manage my channel even in my delivery I need to manage my channels. There will be a lot of people who come along the way when you are trying to deliver a service. You need to have a relationship and an SLA with these people to make sure you can go and demand the same quality of service because you are a customer for him. He may be big but you still need to adhere to some level of quality which you need for you to perform. I think that also the same thing I wanted to say I think you have a relook at your business plan because your parameters see you are working in an environment which you cannot change. Your environment is you walk out the IIT gate and you may get knocked on by a bus. So that is the environment. So you don't walk out of the IIT gate without seeing whether the bus is coming or not. So let us have a relook at your business plan. Now let us understand the three final issues the way I see it. The market is so broad based. I mean it is nice to hear people say that is a Tata company and this is a Maruti company and all that but the times when Maruti's are not sold then thousands of workers and their vendors and all have sleepless nights. That is how tough a market is. It levels you off. The market is not odd at all by Tata, Bata and anybody else. Not odd. So as you know I have been hearing my friends talking about I am startup and nobody knows me. How do I generate goodwill? It is applicable to all. Don't think because the company has a brand name. So irrespective his products are sold. His products are not sold. If products are not sold then thousands of people stand to lose their livelihood. Thousands. So that is how tough the market is. But the positive note here is it is equally tough on the biggest. It will be equally tough on you. So your entry to the market is on equal footing. It is the way you enter the market. It is for you to look into the issues we have gone through. All the issues I am sure are not going to apply to every individual. But most of them are very generic in terms. You will find them of use. It definitely rewards the honest. In 38 years I am in business, I can tell you that. It definitely rewards the honest. You do honest business. People would know you. You won't have sleepless nights. Absolutely. You see that your customer gets the value for money as we have discussed. And you won't get sleepless nights. At the same time, you know, I will give you a small little test case in wherever you live. Just see how many new shops open and after how many months or years you will find them closed again. Just do it as a hobby. You will find quite a few. And most of them will say, no, no, I was initially handling this product. I am renovating my showroom. I am doing something else. He is not renovating a showroom. He is giving the showroom to somebody else. And if somebody else is renovating a showroom and some other business will come there. So that is how tough the business is. At the same time, you will find in most places, I can't say 100 percent, your neighborhood Panwala is probably there for donkeys years. No computer, no IT, nothing. And IMC did a study on them. It seems that they do something like 130 item inventory that one man. Amazing. But the fact is because he is amazing, he is surviving. And people like you, with this knowledge from some of the finest institutions in the country, we expect the same from you. That you will do amazing things. So after this, I just say thank you.