After weeks of listening to depressing news, rumors, discussions; on recession, inflation economy, sensex, problems Saturday November 22, 2008 turned to be a day that lent credence to my constant refrain, that ‘It is a much needed overdue Correction that is taking place’.
The day began meeting with a consulting firm that specializes in strategic, start up consulting for organization interested in India. Based out of Canada with offices in London, New York & Brazil they had a surprisingly large roster of clients who were in phase I or II implementation of wanting to explore the Indian market. Amongst the associates, there were two IIT fresher’s who had opted out of placements and were keen on becoming entrepreneurs.
Sharing lunch with them at Red Box in Bandra, surprisingly full at 2.00 pm with a fair amount of employees out to lunch or celebrating. It was a nice hour spent with no sign of negative thoughts anywhere…
On the way back, to another meeting, received a couple of calls – one from a mid level executive who had been without a job for the past couple of months and the other one from a senior executive who had parted ways with his owner employer some six months or more. Both of them were pretty gung ho in terms of their job profile, package, industry. More important extremely positive about things going right.
The second meeting was with a young business man who has relocated from Frisco with his wife some time ago to Mumbai. During this time, he along with his partner launched a website, got one of the TV channel to pick up a majority stake and now wanted to pick my brains about something in retail. AND this was interesting, he wanted to convert his passion for dogs into a business.
We met to discuss this over a coffee at Barista, avoiding the café coffee day where the film industry rules:) But practically all the tables were full, with mostly young, middle aged executives or start up whiz.
In the evening, socially met up with a couple of friends for drinks. Casually enquiring about business, was surprised when one of them explained that he had just purchased machinery the cost of which was practically 20% of his last year’s turnover. What was important in this – without bank assistance but getting the clients to advance monies. A couple of others who are in the outsourcing business, said yes the margins may shrink but they were OK.
Now this may not really be true everywhere, but represents a fair segment of businesses for me to continue asking ‘Why did you not complain in the beginning of this year two/three quarters when your profits were up but immediately start in this quarter’ It is Business and you have to take the good with the bad.
So India still has the shine and I see the luster and more coming back by April 2009!!!