Subhash Chandra: a great entrepreneur ever

Introduction
Subhash Chandra is Indias media tycoon and a source of inspiration for aspiring entrepreneurs. He is the man behind Zee TV, one of the most popular Satellite TV networks in India.

He is a self made billionaire and According to Forbes (2009), he has a net worth of $ 1.1 billion.
Subhash Chandra was born on November 30th 1950, in Hisar, Haryana. he was the eldest of seven children and grew up preparing to be an engineer. He dropped out of school in class 12. At just age 19, he started a vegetable oil unit and after some time he began exporting food grains. where some Russian deals proved very profitable.

Subhash Chandra entered into the packaging business of in 1981, with Essel Packaging Limited. The takeover and merger of Swiss packaging company Propack with Essel has today formed Essel Propack, the largest producer of laminated tubes in the world. In 1988, he set up the amusement park known as Essel world. Water Kingdom came up in 1998. Indian Cricket League (ICL) was started in 2007 by him . As a philanthropist. He has set up several organizations for social causes, including TALEEM OR Transnational Alternate Learning for Emancipation and Empowerment through Multimedia. TALEEM is involved in various educational and research activities.

Subhash Chandra did not go to college, but always had the entrepreneurial skills to set up profitable ventures. Subhash Chandra has been a man with great foresight, he had the ability to look into the future and identify new business opportunities

Subhash Chandra had two qualities in abundance Courage and a NoCompromise attitude in achieving his goals.

He did not have much knowledge about the satellite TV business, it was his self belief, courage and determination that made Zee a huge success
*zero knowledge about programming distribution and film rights

Interview with India Knowledge@Wharton

[1] Let's start by talking a little bit about your earliest days in business. What were the lessons you learned then that might benefit other entrepreneurs today?
Subhash Chandra: My earliest experience was to pick up my family business of converting whole grain into pulses, into split pulses. When I started that, our family had lost all of the [business'] capital. I was called back from college because they couldn't afford my fees and everything [else]. The market was not giving us credit. But still I insisted that I would reinstate my family business. When I would go to the mandi [wholesale market] and there was an auction of chana [a pulse] for example, [even] when my bid was the highest, they would not sell it to me because they were afraid that they would not get paid. They would sell to the next bidder. But I would insist and I would say, "Why are you not selling to me?" They would say that they can't wait for a long time to get paid. So I [would say], "You don't worry. You don't have to wait. You just weigh the thing. I'll go to my shop, get your money, and then we will take delivery." So what I did was I built the confidence of the people. If I had creditors worth 10 lakh rupees (US$21,750 at Rs45.98 = $1) and if I had US$2,000 coming as a receipt of the sale proceeds, I would put it in my bag and I would go to each shop. If I [had] to pay somebody US$500, I would give them US$100 there and then. So it became my reputation: Don't go to his shop for recovery of money; as soon as the money comes he will come and pay. Then there was no stopping. Building the confidence of people taught me a lot.

[2] What or who was the inspiration behind the way you lead as an entrepreneur?
Candra:I take great pride in the entrepreneurial skills that I have imbibed from the biggest inspiration in my life - my grandfather, Shri Jagannath Goenka. I have always believed that a positive outlook and persistence are imperative skills needed to achieve success in any field.

[3] How do you evaluate the potential and the risk? What are the factors that you look for?

Chandra: I look for potential -- [if] there is a demand for that product. That has to be first established. [Then], is it better than the product of a level [currently available in the market]? If these two match then I go for it. Essel Packaging is a classic example. When we set up the factory for laminated tubes in India in 1981, nobody would buy [from us]. Colgate and Unilever [and others] said there were [many other] suppliers. But we continued pushing because [ours] was a better product. A local brand started using it. Then the multinationals had to come.

[4]Another very critical success factor in starting any new business for an entrepreneur is his ability to recruit the right people. No one can do everything themselves. What qualities do you look for?

Chandra: I have been poor in that respect. I learned over a period of time -- over 30 years. Now what we pursue is talent. Talent is much more important for us than experience or even skills. The belief in our company is that experience can be gained and skills can be imparted. But talent -- what is required for doing the job -- you either have or you don't have.

[3] How do you identify new business opportunities? What are the things you look for when you decide this is a business you want to enter?
Chandra: Well, pulses, oil, and rice -- they were not new. They were family trade, family businesses. But things that started later on -- I

What do you want to do? What do you want to achieve in life? I always pursued in my mind that I wanted to be either number one in any given business or a strong number two. If I am not either of the two I will
think it's simply being [clear about] your objective. exit that business. I have exited a lot of businesses, which people don't know and people don't talk about. [4] Could you give us some examples? Chandra: I bought a factory that made hand tools -- forged tool making. We couldn't succeed. We were third or fourth. So I exited; sold the business. We started molding fiberglass. We started making bathtubs, ceiling fan covers ... many things. But it was again one of many of us doing that. So I sold the business.

In 2003, Zee telefilms bid for the rights to telecast the cricket world cup. It ended up in the highest unsuccessful bid, ever. Again in 2004 and 2006 he tried to bid for the telecast rights but in vain. And then, in 2007, he launched ICL, Indian Cricket League, which shook BCCI severely and it started IPL immediately to compete with it.

[4] You entered the theme park business. Could you help me understand your strategy and how you went about evaluating the opportunity and building that part of your operation?

Chandra: Well, Essel Packaging was out of the red by 1987 or 1988. I had this land [that I had] purchased [earlier] in Bombay (Mumbai). As I was unemployed, we were looking at what to do next. So [I thought of] this land and what could be done with it. An amusement park is one of the developments permissible in that area. I felt that in Bombay or even in India a lot of people do not have clean and healthy entertainment. So that's why we built the amusement park.

[5] A tremendous success, of course, in your career has been the launch of Zee Television. I wonder if you could help us understand the process through which you were able to enter this business. What were some of the challenges you faced in dealing with the government, for example, and what can entrepreneurs learn through your experience in this regard?
Chandra: The major challenge was that there was no regulation in India. This sector of television broadcasting was reserved for public sector. We used to see the Gulf War [being televised] on CNN in some of the hotels. When the legal advice was given [that I could not get into this business] I didn't take that for an answer or a correct answer. I kept questioning them, "Why is CNN coming? Why is this happening?" They said CNN was from a foreign country. So I asked why I couldn't start from a foreign country. So I succeeded because of not taking no for an answer and kept pursuing till I finally got the answer.

[6] What is your competitive strategy?

Chandra: I tell my people to be responsive to the viewers. To listen to them and what they are saying. Don't think that whatever programming you are giving is the right programming. And don't look at what competition is doing. You do your job. Let competition follow you. So today, the structuring we did of the business from the beginning is followed by everybody in the industry. Today, what program we do -- Zee does -- people follow that.

[7] What is your view on the Indian entrepreneurial scenario? How are Indian entrepreneurs performing? Can we say we have achieved something?

Chandra : India stands at a very exciting economic phase. Social aspirations, global exposure, and favorable economic policies are factors that help the Indian entrepreneurial community. I am extremely happy to read successful entrepreneurial stories on a consistent basis, especially about the achievements of first generation entrepreneurs.

[8] What differences do you see between a first-generation entrepreneur and second-generation entrepreneur?

Chandra: I believe that irrespective of the generation, an entrepreneur or business leader needs to explore and tap new business opportunities and innovate. He/she needs to be a motivator too.

[9] What is your piece of advice to start-up entrepreneurs willing to venture into media and entertainment?

To be persistent, hardworking, and sincere in their endeavors, and to never stop asking questions no matter how trivial or irrelevant it may sound to them.

Paths are made by walking and walking down beaten paths is for beaten men

Thank you