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Entrepreneur I/ 5 yrs

Interview Date

27th February, 2016

Work Profile

Worked with the mining division of Bharat Forge from June 2011 to November 2014.

Started my entrepreneurial venture Chikaato in December 2014

Currently working to create an online platform to allow individuals to buy and sell gently-used pre-owned designer clothes and accessories.

Re-Applicant?

No

Interviewers’ Profile

P1- associated with the LEAD program of ISB

P2

One word before the interview

Perfect

 

Interview Experience:

P2: Tell me something about yourself?
A: Professionally, after completing Higher Secondary Education, I chose to pursue Mining Engineering at ISM Dhanbad…

P2: Why did you choose to pursue Mining Engineering?
A: I was brought up in a small town where we used to have power cuts for over 10 hours day. As a kid I was always intrigued about the reason behind power-cuts. As I grew up, I realised that power-cuts are because of shortage of Energy.

P1: Then why you did not opt for Electrical Engineering?
A: The root cause is the shortage of Energy…

P2: So you are telling me that you wanted to be a mining engineer when you just passed 12th? Students at that age go for Computer Science, then Electronics, then Electrical, then Mechanical, and so on. Was it that you could not get any of these and hence you opted for Mining?
A: Sir, I was getting Mechanical at ISM….

P2: Then you are stupid!
A: Sir, ISM is known for the study of courses related to Earth-sciences and it is the best institute in India for the technical study of Mining. So I do not think that my decision was stupid.

P2: What does “catch-22” mean?
A: Answered

P2: Where did this word come from?
A: Did not know. He told me the answer.

P2: Okay, so you started a business and closed it down. What went wrong?
A: I did not have a motivated labour force…

P2: So, could you not anticipate that beforehand?
A: Now, I realise that the think-tank of any business should be free from taking care of daily operations. If you indulge in daily operations, you will be pre-occupied so much that you cannot come up with ideas to grow your business.

P2: What was the profit margin, daily sales, total number of staff, their salaries, etc.
A: Answered.

P2: How often did you buy the raw materials? How much did you store in the warehouse? What percentage went waste? How did you decide the prices of different items?
A: Answered.

P1: Your current idea, I think is a bad idea. We already have OLX for that purpose, rather not only for clothes but for everything.
A: Answered in detail.

P2: It is a bad idea! How many customers can you attract?
A: I think this business has a huge potential. Myntra has a customer-base of over 10 million. If we could even tap 10% of them…

P2: You won’t be even able to tap 1%.
A: Sir, one of the reasons, why people go for online shopping is discount. And if I am offering, say, an Aldo handbag worth Rs6000 for, say, 2500. Why won’t people come to me?

P1: If I import cheap copy of that Aldo bag from Chinese market and sell it on your website. You won’t even know it and your customer base will disappear.
A: We will have a team to check for the authenticity of goods…

P2: If the copy is almost authentic and no one is able to find that it is not authentic?
A: If no one can find it, that shouldn’t be my concern.

P2: No, the buyer, say, P1 can find that the bag he received was not authentic, then?
A: If he can find it, why can’t my team find it?

P2: How many items do you plan to keep in your inventory for the first year, give me a number?
A: Did not answer.

P2: You want to make a career in consulting? I don’t think you stand a chance. More than 50% of the batch wants to work in consulting. They will eat you up.
A: Sir, how can you be so sure? I won’t give-up without a fight.

P2: You will fight and die a martyr.

P1: How much did you score in GMAT?
A: Answered.

P1: What are the other colleges that you have applied to?
A: Told, but also mentioned that ISB is my first choice.

 

*end*

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