Job creators play a pivotal role in the growth of the economy of a nation – but rarely one would risk a steady life to venture into business and create jobs, that too when you have a CA(Chartered Accountancy) degree in your kitty. It wasn’t easy for Ahmedabad based CA Vinay Jain to disregard his hard-earned CA degree and end his partially completed UPSC rush – to sell spices – but he did. Vinay is one of those thin-on-the-ground individuals who choose to become entrepreneurs declining an easy life – one of the people who take the demanding route to strengthen themselves, others, and the nation.
Vinay’s father owned a few medical stores and was a mid-sized businessperson. As a child, Vinay was a very bright student and excelled in academics – he was also good at sports. Post initial education, Vinay successfully pursued CA, one of the challenging educational qualifications in India. Post CA, Vinay shifted to New Delhi and decided to attempt UPSC, another challenging competitive exam in India. He failed at his first UPSC attempt, but, for someone like Vinay – who was good with studies and a certified CA, competitive exams were never a mystery. Yet, being a fanatic of challenges, Vinay settled for a difficult option – a business of his own – it was the year 2014.
Vinay was keen on doing business related to commodity products but wanted to do comprehensive research before starting his own business. From May 2014 to April 2015, he traveled across India to find out the possible commodities to trade. Meanwhile, he also completed the formalities to start his company in Feb 2015, named it “Kore International.” Soon after nationwide exploration, he decided to start trading in high-quality spices. Being an alien in the spices industry, he took some time to grasp the basics but accomplished a well-timed proficiency. Before moving to the next step, he had already made countless cold calls to different buyers and sellers in the industry.
“I got to know about every quality grade by just doing cold calls to the people of this industry. I had zero knowledge of spices when I began, but Now I have 90 percent of knowledge of every spice. “ – Vinay told KenFolios.
In a short time of just seven months, Vinay grabbed his first bulk order of Rs 64 lac. His business journey started with ample research, and his outstanding communication skills helped him fetch initial success. However, entrepreneurship includes a lot of practical learning. Vinay also imported commodities to build international clients. He once imported a consignment of cashew nuts and sold it to an Indian buyer. The buyer took too long to make the payment deranging Vinay’s other deals. But instead of fighting for his money, Vinay schematized the payment for the buyer. The same buyer is one of Vinay’s key clients today.
Vinay believes that up to 60% of a trading business is about communication skills. He feels that one has to accomplish good communication skills to excel in business. The next important for Vinay is the quality of the goods sold. The fluctuations in the commodity market made him bear losses, but he never compromised with the quality of goods delivered. The business philosophy that Vinay goes by was taught to him by his father, ‘If you want to make it big in the market, you need to charge a rupees less and deliver a rupee better quality to the customers.’ This philosophy helped Kore Agro retain most of the customers.
Even though Kore International was doing well in terms of business, Vinay continued his research to chase excellence. He traveled across various parts of the globe to study business potential. Till today, he has traveled to more than 19 countries. He has also attended international exhibitions in Europe, South America, Dubai, and Iran. Vinay’s company Kore Agro has international offices in Peru and China, opened in June 2019 and January 2020 respectively.
Today, Kore Agro is recognized as a star export house by the Government of India. The company that started with the small help of family and friends has now grown to a large export house. In the financial year 2019-20, Kore Agro did a business of more than Rs 80 crore. Post COVID-19, they are planning to widen the product range and targetting a turnover or Rs 100 cr.
Vinay did his CA and prepared for UPSC. But the preparations he did to start the business serve a very good example for aspiring entrepreneurs.
No need to hurry – wait, give yourself time. Find out what is exactly your interest. Do extensive research. Always select a business that has a good scope and is scalable to infinity. Be extremely selective on the industry you choose because it’s like your second wife, you need to live with it forever, so choose cautiously. – Vinay’s message to budding entrepreneurs.
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