Failures that helped me taste enterpreneurial success
| Meeting Date | 19 Oct 2024 |
| Meeting Time | 06:30:00 |
| Location | Balkalyan Sanstha, Near Raj Bhavan, University Road, Aundh , Pune. |
| Meeting Type | Regular |
| Meeting Topic | Failures that helped me taste enterpreneurial success |
| Meeting Agenda | Life of an enterpreneur |
| Chief Guest | Rtn Ajay Deshkar |
| Club Members Present | 11 |
| Minutes of Meeting | Rotary Aundh Club Meeting at Bal KALYAN - SATURDAY October 19, 2024 SUBJECT :- FAILURES OF ENTERPRENURES Speaker :- IPP AJAY DESHKAR ⚜️⚜️⚜️⚜️⚜️⚜️⚜️⚜️⚜️⚜️ The meeting began with a moment of silence to honor the memory of the late Shri Ratan Tata, the late Shri Ravindra Nerlekar’s brother, and soldiers martyred in the Indian Army. Following this, Mr. Ajay Deshkar, a respected industrialist and IPP of our club, was warmly welcomed by President Rajendra Shelar with a bouquet, felicitated after marking the commencement of the session. President Shelar gave a brief outline of the meeting and extended gratitude to Mr. Mahendra Mali and his team for their commendable work in organizing the previous week’s Dandiya event. Mr. Satish Usturikar introduced the speaker, Mr. Ajay Deshkar, who shared insights from his entrepreneurial journey under the theme “Failures of Entrepreneurs.” Mr. Deshkar started by recounting how, despite his fresh engineering background from Aurangabad College, he joined his wife Archana’s advertising company as a consultant. After realizing that his skills were underutilized there, he moved on to a company in a remote location and took on multiple roles, including handling CNC machines, lathes, and other equipment, even when workers were absent. His commitment and hard work paid off, growing the business to an impressive turnover of ₹1.3 crores. Later, he ventured into a partnership in a Pune-based 3D industry company. Despite initially facing a turnover of ₹1.5 crores, over six years of dedicated effort, the company expanded its revenue to over ₹10 crores. They now plan to take the company public through an IPO. Deshkar highlighted that while financial struggles never obstructed his growth, his father’s entrepreneurial journey was filled with economic challenges, which he overcame through resilience and hard work. Deshkar’s business success was attributed to transparency, hard work, and empowering employees with independent responsibilities, significantly reducing failures within the company. After Deshkar’s inspiring narrative, a discussion ensued on why entrepreneurs face failures in their ventures. The interaction with Questions & Answers is as under discussed in length with PS ,HEMANT , Satish, Dr Veenita PRASHANT ,SUKHANAND PRITHWI MEHUL & others The summery of interaction ?? Entrepreneurs often face a range of challenges, and failures can occur due to various factors. Some common reasons for entrepreneurial failures include 1. Lack of Market Demand: Misjudging the market or failing to identify a real need for the product/service can lead to failure, as the business might not attract enough customers 2. Insufficient Funding: Many startups run out of money before they can become profitable. Poor financial management or the inability to secure enough investment can also contribute. 3. Ineffective Leadership: Entrepreneurs need strong leadership skills. Poor decision-making, lack of experience, or inability to delegate can hamper growth and lead to business failure. 4. Poor Business Model: If the revenue model isn’t viable, even great products or services can fail. Understanding how to monetize effectively is crucial for sustainability. 5. Competition: Underestimating competitors or failing to differentiate from them can lead to losing market share and eventual failure. 6. Legal Challenges: Failing to comply with regulatory requirements, intellectual property disputes, or other legal issues can be a major hurdle for entrepreneurs. 7. Team Problems: Many startups fail because of team conflicts or the inability to hire and retain the right talent. 8. Scaling Issues: Expanding too quickly or too slowly can both cause failure. Entrepreneurs must find the right balance in scaling operations while maintaining quality and control. 9. Lack of Adaptability: The inability to pivot or adjust to changing market conditions or customer needs can lead to failure, as businesses need to stay agile to survive. 10. Marketing and Sales Failures: Even great products can fail without an effective marketing strategy or the ability to reach the target audience. Many entrepreneurs learn from these failures and use the experience to improve ufuture ventures. Our PRESSIDENT Rajendra in his SECRETORIAL Announcement :- On 26th October DIWALI FESTIVAL CELLEBRATION WILL BE DECLARED Requested to block the date… The meeting concluded with a vote of thanks by Mr. Hemant Chaudhary, after which the president formally ended the session. The program was expertly anchored by PP P.S. Salunkhe. The program was extremely Good for all businessman those who have missed they may go through above … ⚜️⚜️⚜️⚜️⚜️⚜️⚜️⚜️⚜️⚜️⚜️ PS SALUNKHE (PP ) RCA Pune ⚜️⚜️⚜️⚜️⚜️⚜️⚜️⚜️⚜️⚜️⚜️ |
