Business lessons That you can learn from streets of India

In a captivating talk by Captain Raghu Raman at Josh Talks Mumbai 2018, we delve into the unorganized sector of India, which he aptly calls “India Uninc.” Captain Raghu has a unique career profile spanning over 25 years, including time in the Indian Armed Forces, the corporate sector, and as the CEO of the National Intelligence Grid.

Here are the key takeaways from his insightful talk:

India’s Unorganized Sector:
- Captain Raghu sheds light on the unorganized sector, which significantly contributes to India’s GDP and employs a vast workforce.
- Contrary to common misconceptions, this sector outperforms the organized sector in several aspects of business.
Management Lessons from the Streets:
- Street vendors, beggars, book sellers, and wheatgrass juice sellers exemplify valuable management lessons:
  - Persistence: Street vendors face daily challenges but persistently continue their businesses. Their resilience teaches us the importance of perseverance.
  - Customer Relationship: These vendors build strong connections with their customers. Understanding their needs and preferences is crucial for success.
  - Change Management: Street vendors adapt swiftly to changing circumstances, whether it’s weather conditions or customer demands.
  - Having Enough: Despite limited resources, they manage their inventory efficiently. This lesson applies to resource allocation in any business.
Social Impact and Innovation:
- India’s streets are vibrant hubs of innovation. Street vendors constantly innovate to survive and thrive.
- They contribute to social impact by providing employment opportunities and essential goods to millions.
Supporting Small and Medium Enterprises (SMEs):
- Instead of focusing solely on large corporations, Captain Raghu advocates for creating and supporting thousands of SMEs.
- These smaller businesses collectively drive economic growth and provide jobs for India’s youth.