Businesses should cooperate and coexist in order to sustain the entrepreneurial ecosystem, industrialist Kochouseph Chittilappilly has said.
He was speaking at the third business summit organized by the alumni group of 'Vijayee Bhava,' a business training platform initiated by V Guard Industries, at Hotel Marriott, here on Saturday.
Vijay Kapoor, founder CEO of Derby Jeans Community, Beena Kannan, CEO, Seematti, Sabu M Jacob, Chairman and MD, Kitex Garments, were among the corporate honchos who participated in the summit.
The summit, which aims at rediscovering a business model through constant interactions and cooperation with fellow entrepreneurs, has boosted the businesses of nearly 450 entrepreneurs.
For Vijay Kapoor, the founder CEO of Derby Jeans Community, a global menswear brand from India, a businessman should explore and conquer all kinds of market penetrations in order to sustain his brand.
"You don't have be a business magnate to provide wings to the dreams of young business aspirants. Derby looks forward at opening a thousand new franchise stores, all employing first generation business men," he said.
Derby's plans to give franchises to young first gen business aspirants with entrepreneurial dreams to encourage them.
“At 23, I have been a passionate start-up entrepreneur with colorful dreams. 23 years later, now I can relate very well with young start-up aspirants,” he added.
"When I entered my family business at twenty, I had two children, a husband who was ailing from cancer and a business empire that was slowly falling apart. I multi-tasked between family, husband's treatment and my father's dream about business. I knew that I couldn't afford to lose this battle," Beena Kannan said.
She urged young entrepreneurs not to rely upon third party information on market analytics and product consumption.
Corporate social responsibility
Sabu M Jacob, MD, Kitex Garments, said corporate social responsibility isn't just the money companies spend on charity. "You need to lift the local community along with your firm. Once you establish your goodwill before the local community, your profit will be their need. Because they know, a part of it goes back to them," he said.
Jacob cited Kizhakkambalam 2020, a corporate-local self help model he implemented in his village, as an example.
It is tough for a social worker or a politician to become an industrialist but businessmen would make great politicians for they have a legacy of product assurance, organized approach and self discipline, he said.
Chackochen Mathai, CEO, Franchising Rightway, a franchising consultancy firm based in Chennai, pointed out the misconceptions and ideal practices in franchising a brand.
The summit honored young entrepreneurs who achieved success through innovative business models and inspirational marketing ideas.
Vijayee Bhava conducts monthly training sessions for business aspirants and organizes annual business summits assuring the participation of the entire alumni and successful entrepreneurs.