My 12 big lessons on doing business in India



India today is the most dramatically striking, colorful, diverse and dynamic emerging market; people are enthusiastic, resourceful, dynamic and competitive yet they have cultural and historical affinity. India is at the cusp of development and change, change that is driven by the young and aspiring that wants to see a very good future for themselves and India.

These are my 12 big lessons on doing business in India that potentially applies to all emerging markets.
  1. We do not have all the answers - so listen and listen, learn and learn, do and redo! Remember that statistics, rumours and news can be deceiving and full of contradictions; what you see is not what it is and what it is is not what you see. All Indians are neither poor nor uneducated; those rich are super rich, those educated are super educated, smart, well travelled. India has a rich history, culture and diversity. 
  2. Adapt, we have to learn to do things in a novel way that fits India. India is not China nor any other nation - all nations are unique and people take pride in their unique culture and identity!
  3. Change happens but is slow. Patience is a virtue.
  4. It is always "Team India" and not an individual though you still need individual performers to ensure fair competition. Empower, nudge, guide, train, and help others. Lead by example, walk the talk and show them the vision, strategy and help them execute !  People, one team, execution, accountability and profitability matters.
  5. Humility and respect for people, culture, laws, and religion is a perquisite.
  6. Choose your battles and priorities, do not diffuse your limited energy and resources.
  7. Do not compromise on ethics, values, guiding principles and reputation. Promote a culture of meritocracy, candour and respect  and stay consistent.
  8. Project decisions based on government policies, tax subsidies, legal loopholes, and political connections eventually fail.
  9. Invest in information technology, organisation culture, systems, process and people to scale up the business and the market coverage else you just can't service 1.25 billion people. Be prepared to tweak (not in substance nor ethics) global cultures, organisation structures, policies and practices to suit local customs, practices and compensation policies. Do not accept the argument that global practices do not work in India (or emerging markets), they are just an excuse.
  10. Be an entrepreneur, harbour a corporate culture and mind set. Experiment small before you scale it up; understanding needs, demands, scale, risks, rewards, constraints and challenges is important. Gain local knowledge and insights, understand bureaucracy, behaviours of employees, customers and markets.
  11. Counter party performance, credit and settlement risk must be carefully weighted. Ensure commitment; don't believe until it is performed, delivered and what you get in return.
  12. Hire hungry and competent, they may not be the best. Ensure diversity in thoughts from day one, ensure that there is no bias of gender, community, caste, region, religion or language within the company.

 Here are some reflections on the co-existence of contradictions, dynamism, resourcefulness, and depth and diversity of the country and market !! 









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