![walmart](https://img.etimg.com/thumb/msid-111708254,width-650,height-488,imgsize-46704,resizemode-75/walmart.jpg)
"Skill is the unified force of experience, intellect, and passion in an operation,” John Ruskin, the writer and philosopher, has aptly captured the importance of skill. Today, as we remember his quote on World Skills Day, let’s also celebrate the skilled entrepreneurs scaling up their micro, small and medium enterprises (MSMEs) with vigor and steely resolve, making a significant contribution to the Indian economy.
According to the MSME Ministry's FY23 annual report, MSMEs play a crucial role by contributing approximately 30% to India's GDP. While the market is flourishing, MSMEs face business challenges such as financial planning, pricing strategy, legacy methods, and digitalization that affect their overall functioning. During these challenging times, they require expert guidance to address these issues, face them head-on, and move upwards and onwards.
Seasoned business leaders can act as mentors and provide valuable insights into market trends, customer behavior, and competitive strategies. Since these individuals have navigated businesses in the real world, they are better positioned to impart knowledge on how to make informed decisions and avoid common pitfalls. They have years of invaluable pratical experience and a robust network that can help MSMEs with new opportunities. With these mentors’ guidance, small businesses can optimize their operations and achieve sustainable growth.
On World Skills Day, it would be notable to draw the spotlight on Vriddhi, Walmart’s supplier development program, which has digitally empowered over 58,000 MSMEs across India. The program provides MSMEs free access to digital training, business advice, and personalized mentorship opportunities. It includes seasoned mentors who support these MSMEs in realizing their potential, addressing their shortcomings, and thriving in the market to achieve their goals.
On this day, two mentors associated with Walmart Vriddhi share some wisdom that has helped their mentees navigate the dynamic MSMEs market.
V.S. Kumar – Motivating entrepreneurs towards financial mastery
V.S. Kumar, from Chennai, Tamil Nadu, is an influential mentor with the program. 73 years young, Kumar brings forth relevant experience and a passion for financial reporting. He has contributed to a diverse array of companies in both traditional brick-and-mortar settings and the dynamic new-age industry.
When asked about his experience in mentoring entrepreneurs, Kumar says, "There is a beautiful cross-section of entrepreneurs I have worked with, and I would like to congratulate the team for instilling the basics of business in the early stages of the program. I've had the privilege of mentoring over 65 businesses under the program, helping many of them gain the general motivation to take risks and persevere in their business journeys."
Emphasis on Motivation and Financial Literacy
Kumar thinks entrepreneurs today need guidance in two areas - motivation and financial controls. "When the chips are down and they don't know where to go, entrepreneurs see a blank wall and need someone to pull them up. They need to regain their motivation and enthusiasm. The second area where they often need attention is in installing and running financial controls. Sometimes, a balance sheet is like a black box to them. I emphasize how important it is for an entrepreneur to run their business not only with business acumen but also with a conscious grip on the numbers."
He also highlighted the struggles of new entrepreneurs. "I have worked with MSMEs who are apprehensive of the balance sheet. I help them understand their business numbers and establish financial controls. This is where my deep passion for financial reporting helps," he adds.
Making finance simple and interesting
When asked how he explains the nitty gritty of finance, Kumar highlights the importance of clear communication. "I believe in showing entrepreneurs their financial shortcomings, they often miss out on the necessity of looking at their financials. When they hear this from me and gain the knowledge, they get excited. They realize it's simple and interesting, something they didn't know before. This is a significant change I see in the entrepreneurs I work with compared to those from my time,” he informs.
While V.S Kumar emphasizes the importance of motivation and finance, there's another mentor who highlights digital as the foundation of new businesses. E. G. Santosh, a digital marketing evangelist, is also doing the noble work of guiding MSME entrepreneurs. Here’s how he advises MSME owners on areas where they can improve.
E.G. Santosh – Empowering MSMEs through digital
E.G. Santosh from Bangalore, Karnataka, comes with an impressive 20 years of corporate experience. Today, he coaches over 81 MSMEs from the program in digital marketing and brand proposition. With decades of corporate experience, primarily in publishing and agency roles, he felt compelled to give back and leverage his expertise to support small businesses. He says, “Throughout my career, whether on the agency side, working with FMCGs or within publishing, I've seen how large corporations have numerous options and resources at their disposal. In contrast, MSMEs often lack such extensive support, which motivated me to contribute meaningfully through mentorship."
With his involvement as a mentor, Santosh has taught entrepreneurs to think strategically and pragmatically about their finances and marketing efforts. "From a mentor's perspective, I believe empathy is crucial. It's essential to understand and empathize with their problems from the first meeting itself. I emphasize this internally with my team and the program. Building empathy helps in guiding them effectively towards solutions," he tells us when asked about his style of mentoring.
Solving MSME business challenges with effective industry practices
Santosh once offered a solid solution to his mentee, who was into the footwear business. He shares how the industry's best practices and examples could be used to solve the problems of MSMEs. I've seen many of my mentees coming up with ideas and thoughts. For example, I once referenced what we did for an IT company, to a mentee who sells footwear. The mentee immediately saw how the same concept could be applied to similar activities. This kind of approach helps people immensely, and it's why they should participate in this program—it gives them the opportunity to see the big picture of their potential," Santosh shares.
Advocating the strategic use of money, and future readiness of businesses
Entrepreneurs sometimes struggle with strategic thinking and specific usage of funds. Santosh points out this gap and states that businesses today should be future-ready. "From a mentor's perspective, one thing many entrepreneurs understand deeply is the value of money. They're in business and grasp its importance firsthand. The second critical aspect is the future readiness of their businesses. Many entrepreneurs are so immersed in their day-to-day operations that they tend to overlook or fail to think strategically, plan for the big picture or the long haul. They end up missing the forest for the trees. The mentorship helps them by emphasizing the importance of thinking ahead and preparing for the future," he explains.
A camaraderie between an experienced mentor and a learning mentee paves a foundation for a growth mindset. MSME entrepreneurs can glean valuable lessons from mentors like V.S Kumar and E.G. Santosh. Informed and experienced mentors like them play a crucial role in shaping resilient, smart and confident entrepreneurs, equipping them with the knowledge and the support needed to thrive in the business environment.
As an entrepreneur seeking personalized mentorship and guidance, explore the Walmart Vriddhi initiative here.
Disclaimer: This article is generated and published by the ET Spotlight team. You can get in touch with them on [email protected]
According to the MSME Ministry's FY23 annual report, MSMEs play a crucial role by contributing approximately 30% to India's GDP. While the market is flourishing, MSMEs face business challenges such as financial planning, pricing strategy, legacy methods, and digitalization that affect their overall functioning. During these challenging times, they require expert guidance to address these issues, face them head-on, and move upwards and onwards.
Seasoned business leaders can act as mentors and provide valuable insights into market trends, customer behavior, and competitive strategies. Since these individuals have navigated businesses in the real world, they are better positioned to impart knowledge on how to make informed decisions and avoid common pitfalls. They have years of invaluable pratical experience and a robust network that can help MSMEs with new opportunities. With these mentors’ guidance, small businesses can optimize their operations and achieve sustainable growth.
On World Skills Day, it would be notable to draw the spotlight on Vriddhi, Walmart’s supplier development program, which has digitally empowered over 58,000 MSMEs across India. The program provides MSMEs free access to digital training, business advice, and personalized mentorship opportunities. It includes seasoned mentors who support these MSMEs in realizing their potential, addressing their shortcomings, and thriving in the market to achieve their goals.
On this day, two mentors associated with Walmart Vriddhi share some wisdom that has helped their mentees navigate the dynamic MSMEs market.
V.S. Kumar – Motivating entrepreneurs towards financial mastery
V.S. Kumar, from Chennai, Tamil Nadu, is an influential mentor with the program. 73 years young, Kumar brings forth relevant experience and a passion for financial reporting. He has contributed to a diverse array of companies in both traditional brick-and-mortar settings and the dynamic new-age industry.
When asked about his experience in mentoring entrepreneurs, Kumar says, "There is a beautiful cross-section of entrepreneurs I have worked with, and I would like to congratulate the team for instilling the basics of business in the early stages of the program. I've had the privilege of mentoring over 65 businesses under the program, helping many of them gain the general motivation to take risks and persevere in their business journeys."
Emphasis on Motivation and Financial Literacy
Kumar thinks entrepreneurs today need guidance in two areas - motivation and financial controls. "When the chips are down and they don't know where to go, entrepreneurs see a blank wall and need someone to pull them up. They need to regain their motivation and enthusiasm. The second area where they often need attention is in installing and running financial controls. Sometimes, a balance sheet is like a black box to them. I emphasize how important it is for an entrepreneur to run their business not only with business acumen but also with a conscious grip on the numbers."
He also highlighted the struggles of new entrepreneurs. "I have worked with MSMEs who are apprehensive of the balance sheet. I help them understand their business numbers and establish financial controls. This is where my deep passion for financial reporting helps," he adds.
Making finance simple and interesting
When asked how he explains the nitty gritty of finance, Kumar highlights the importance of clear communication. "I believe in showing entrepreneurs their financial shortcomings, they often miss out on the necessity of looking at their financials. When they hear this from me and gain the knowledge, they get excited. They realize it's simple and interesting, something they didn't know before. This is a significant change I see in the entrepreneurs I work with compared to those from my time,” he informs.
While V.S Kumar emphasizes the importance of motivation and finance, there's another mentor who highlights digital as the foundation of new businesses. E. G. Santosh, a digital marketing evangelist, is also doing the noble work of guiding MSME entrepreneurs. Here’s how he advises MSME owners on areas where they can improve.
E.G. Santosh – Empowering MSMEs through digital
E.G. Santosh from Bangalore, Karnataka, comes with an impressive 20 years of corporate experience. Today, he coaches over 81 MSMEs from the program in digital marketing and brand proposition. With decades of corporate experience, primarily in publishing and agency roles, he felt compelled to give back and leverage his expertise to support small businesses. He says, “Throughout my career, whether on the agency side, working with FMCGs or within publishing, I've seen how large corporations have numerous options and resources at their disposal. In contrast, MSMEs often lack such extensive support, which motivated me to contribute meaningfully through mentorship."
With his involvement as a mentor, Santosh has taught entrepreneurs to think strategically and pragmatically about their finances and marketing efforts. "From a mentor's perspective, I believe empathy is crucial. It's essential to understand and empathize with their problems from the first meeting itself. I emphasize this internally with my team and the program. Building empathy helps in guiding them effectively towards solutions," he tells us when asked about his style of mentoring.
Solving MSME business challenges with effective industry practices
Santosh once offered a solid solution to his mentee, who was into the footwear business. He shares how the industry's best practices and examples could be used to solve the problems of MSMEs. I've seen many of my mentees coming up with ideas and thoughts. For example, I once referenced what we did for an IT company, to a mentee who sells footwear. The mentee immediately saw how the same concept could be applied to similar activities. This kind of approach helps people immensely, and it's why they should participate in this program—it gives them the opportunity to see the big picture of their potential," Santosh shares.
Advocating the strategic use of money, and future readiness of businesses
Entrepreneurs sometimes struggle with strategic thinking and specific usage of funds. Santosh points out this gap and states that businesses today should be future-ready. "From a mentor's perspective, one thing many entrepreneurs understand deeply is the value of money. They're in business and grasp its importance firsthand. The second critical aspect is the future readiness of their businesses. Many entrepreneurs are so immersed in their day-to-day operations that they tend to overlook or fail to think strategically, plan for the big picture or the long haul. They end up missing the forest for the trees. The mentorship helps them by emphasizing the importance of thinking ahead and preparing for the future," he explains.
A camaraderie between an experienced mentor and a learning mentee paves a foundation for a growth mindset. MSME entrepreneurs can glean valuable lessons from mentors like V.S Kumar and E.G. Santosh. Informed and experienced mentors like them play a crucial role in shaping resilient, smart and confident entrepreneurs, equipping them with the knowledge and the support needed to thrive in the business environment.
As an entrepreneur seeking personalized mentorship and guidance, explore the Walmart Vriddhi initiative here.
Disclaimer: This article is generated and published by the ET Spotlight team. You can get in touch with them on [email protected]
(This article is generated and published by ET Spotlight team. You can get in touch with them on [email protected])