Three words for entrepreneurs – Somi Hazari, Managing Director, Shosova Group of companies

• Education, understanding, and patience – these are the three words that Somi Hazari, Managing Director, Shosova Group of companies emphasises as the most important for new entrepreneurs.Education – Make sure that the entrepreneur knows exactly what he or she is really moving into. There are a lot of hidden, what I call, boo-boos; there is absolutely no way in our system that all the boo-boos can be addressed. (Dictionary: Boo-boos are embarrassing mistakes or blunders.) But I would suggest that at least you should flag the major boo-boos and the areas which you feel will be the problematic ones. Education of this area is important. When I say education, it means that you must do your proper SWOT (strength, weakness, opportunity, threat) analysis first. Without doing SWOT analysis, you are only shooting in the dark; and you are wasting your own time, and you are wasting your money. People do help entrepreneurs, though they may be few and far between. But how long can this help last if the entrepreneur himself or herself is not really equipped to understand and make sure this help is meaningful help. Nobody likes to hold hands right through. Holding hands at crucial periods is definitely necessary and sometimes crucial.
• Understanding – Understand the road map, especially when you are dealing with complex regulations, complex government regulations, complex transactions, cross-border transactions, and so forth. It is very important to understand these, or to have people in place who can understand them better and to advise these entrepreneurs properly from time to time. The issue here is entrepreneurs sometimes do not go for real professional advice; it’s a friend, somebody who they know, etc.; if this helps them it’s fine, excellent. But will it consistently help them? I do have a doubt. I do have this question.
• Patience – I didn’t have patience earlier when I started. I didn’t know that I could have so much patience. But, in certain industries, certain businesses, I think without patience you are dead.

Somi Hazari

Educated at Cathedral & John Connon School, Bombay, and West Buckland School, Devon, England, Somindra Kishen Hazari (Somi) finished his graduation from Sydenham College of Commerce & Economics in Bombay and did his post-graduation from Xavier Institute of Management Bombay specialising in Marketing Management. In his college days, Somi was an integral part of the team that restarted AIESEC, the international student body in India which has today established itself as one of the premier student organisations involved in foreign students coming to India for traineeships and Indian students going abroad for the same. Starting his career in a Molnlycke A/S in Copenhagen, Denmark, Somi later joined ANZ Grindlays Bank plc, in India, and then headed a global group with interests in tea estates, palm oil and other commodities as the CEO. Among the positions that feature in his bio are: Founder member of YPO (Young Presidents Organisation), Colombo, Sri Lanka; former President, India ASEAN Sri Lanka Chamber of Commerce & Industry; Board Member of Southern India Chamber of Commerce & Industry; former President of South India Shipper's Council; Nominee to the Chennai Port Trust; President of India Indonesia Business Association – South India Chapter; former Chairman of Madras Trades Association (Estd 1874); Core Committee Member of Kuruvilla Jacob Initiative for Excellence in School Education.