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Anecdotes BookReview

Book Review: Bhujia Barons


“Half the population of Bikaner seems to be involved in making bhujia and the other half in eating it”

I was reminded of this old joke when I picked up the book “Bhujia Barons-The untold story of how Haldiram built a 5,000 Crore Empire”

The book traces the story of Haldiram and his three generations as they built an empire based on bhujia across 4 cities-Bikaner,Kolkata,Nagpur and Delhi.

The author has a tendency towards hagiography which makes the book a tedious read.She is also not able to fully explain why Haldirams was so successful despite the intense competition.

There’s one anecdote in the book which I found interesting:

Prabhu Agarwal,the owner of Haldirams Kolkata, pays a gangster 2.5 Lakh Rupees to murder a  tea vendor who is obstructing his real estate plans.The conspiracy is exposed and the police comes to arrest him.

Prabhu as per usual asked the policeman Aapka bhav kitna hai?”  and the policeman told him that if Prabhu gave him 20 Lakhs,there won’t be any case against him.

Prabhu was incensed and allegedly retorted, “I keep IPS officers in my pocket for 1000 Rs.”

In order to punish him for his arrogance,the policeman said, “I’ll get you tangled in such a case that you will never be able to get out it for any amount of bail”

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BookReview

Book Review: Havells, The untold story of Qimat Rai Gupta


This post is in continuation of my book review series (see here)

G.D Birla,the founder of the Birla Group,once said “Indians can’t write biographies,they can only write hagiographies.”

I had this fear in mind when I picked up Havells,the untold story of Qimat Rai Gupta as it is written by Anil Rai Gupta,the current Chairman of Havells and son of Qimat Rai Gupta (Founder of Havells).

However I found the book to be a very interesting read.It traces the journey of Qimat Rai Gupta who started his life selling kerosene on a cycle near Ludhiana to one of the richest men of India.

For a student of Indian businesses,there are lots of learning points in the book.For instance:

  • How the dealer network in India works
  • How Qimat Rai had to partition his business thrice-once with his uncle,then with his own brother and then finally and shockingly with his own son
  • How family businesses are run and the ‘Aurangzeb Syndrome’
  • Why fathers and sons distrust each other if running the same business
  • How Mumbai distrusts every person and every company from Delhi
  • How cash flow management can be optimized
  • Lots and lots of pithy advice/insights & anecdotes

There is one anecdote that I liked

Qimat Rai was planning to acquire MNC company Sylvania. He approached Arvind Dham of Amtek Auto for advice. Arvind told him:

“So long as you have not signed on the dotted line,your investment banker will be by your side,you will stay in good hotels and travel in good cars.Once the deal is done and you need to go to the factory,you will be all alone”

Go Buy this book.

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BookReview

Book Review: Shoe Dog


This post is in continuation of my book review series (see here)

Had an enjoyable weekend reading the story of Nike,the iconic shoe company.

Shoe Dog by the Nike co-founder Phil Knight is a business memoir and as business memoirs go,it is one of the best that I’ve read.

It traces the story of how Phil Knight starting out with little money built his business empire shoe by shoe-battling bankers, suppliers, competitors, employees, US Customs and shareholders.

There are lots and lots of nuggets of wisdom in the book ,especially for entrepreneurs.

There are some life lessons as well.As Phil Knight writes:

“Don’t settle for a job or a profession or even a career.Seek a calling.Even if you don’t know what that means,seek it.If you’re following your calling,the fatigue will be easier to bear,the disappointments will be fuel,the highs will be like nothing you’ve ever felt.

Go Buy this book.

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BookReview

Dhandha:How Gujaratis Do Business


Inspiring.

Thats my one word description of “Dhandha:How Gujaratis Do Business” ,a book written by Shobha Bondre.

The book chronicles the businesses and lives of four Gujarati businessmen in a very honest and lucid manner.

There are many incidents/anecdotes in the book which are noteworthy and bring forward the characteristics of the Gujarati community.

What I love about the Gujarati community is that once someone becomes successful, he always tries to contribute to his village-either by building schools,community centres, medical help etc.Its the rare rich Gujarati who neglects his roots.

Another aspect of the community is the pride they take in their entrepreneurship.Two anecdotes in the book are relevant in this aspect:

Anecdote 1:

Mr.Barnett of Metal Box Company asks Mr.Mohanbhai Patel to close down his company and join Metal Box as a manager.

Mr.Patel replies:”I cannot accept your proposal.You see,I am a Gujarati.I come from a trading community.Securing a job holds no importance for us.It is every Gujarati’s dream to start his own business.We believe that being successful in business proves the mettle of a person.So whether you threaten me or tempt me,I will NOT close down my business.”

Mr.Patel goes on to lead his business Patel Extrusion to new heights. This company is now the largest manufacturer of Opthalmic Tubes in the world.

Anecdote 2:

Mr.Hasu Shah approaches Moraji Desai,the Prime Minister of India for a job.

Moraji Desai replies:”You are from the business-oriented Baniya community.Why do you want to do job?You should be doing business instead.Do it here or in the US,but start a business of your own.That is my advice to you.I wish you all the best.”

Mr.Hasu Shah goes to the US and starts his own business.His company, the Hersha Group, now manages 115 Hotels in the US

I cannot recommend this book enough.

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BookReview

Book Review:Gurus of Chaos


This post is in continuation of my book review series (see here)

“Gurus of Chaos” is written by Saurabh Mukherjea,who is currently the CEO of the Institutional Equities Business at Ambit.

Saurabh is well known for his research reports which are quite professional and insightful.

However this book is a disappointment.

The book does contain interesting tidbits such as:

  • Did you know that over 80% of Indian Equities have failed to give rates better than inflation?
  • The 20 year compounded annual rate of return for the Sensex between March 1992 and March 2012 is 7.5 %

But the book fails in its main purpose i.e to explain how a very small number of investors aka “Gurus” are able to deliver market beating returns over long periods of time.

Would recommend a better value proposition:skip this book and have a beer and a biryani instead.