Monday, July 14, 2014

Navin Sadarangani - NYUZ

Q1. How did your career journey start? Or Who/What inspired you to start this business/ entrepreneurship?

After being tuned to the different facets of the jewellery industry and a part of 3 start-up companies in manufacturing, retail and wholesale, I went independent with NYUZ as a Jewellery Retail Service Provider in the Jan of 2005.

Q2. Kindly share some information about your Business, products and services here.

NYUZ (pronounced news) is a pioneering business enterprise in the area of Jewellery Retail Services formed with a vision “To become the Preferred Jewellery Retail Service Provider”

What we do are the 4C’s of Services where we Coach, Consult, also indulge in Creative Services and Concepts n Creations in the jewellery retail sector.

Q3. What kind of challenges did you face while starting/doing business?

As a start-up with little knowledge of running a business independently, the challenge was to keep self and small team motivated in a cause where there was little precedent. So to stick to the vision, inspite of temptation to do a lot of other things, at the cost of economic benefits was a challenge, and small pitfalls with no one to share direct burden, was another drawback which sometimes stifled you within.

Q4. Do share with our readers about your discovery period when you were facing difficulties in your business?

Since the entire idea of Jewellery Retail Services didn’t exist, and the targeted audience was largely the conservative thinking family jeweller, the essence of the business itself was questionable.

Q5. Share with our readers about your experiment period after the discovery period?

With the country's leading brand and one of the most progressive family jewellers in your kitty, the courage to showcase your abilities gets enhanced and soon all the other leading names opted for doing business with NYUZ.

It was during this phase that NYUZ was being called upon for things other than just Coaching, and this was the breakthrough that allowed for alternative streams of revenue, while sticking to the vision.

Q6. What are your future plans? Or now what is your vision for the next five years?

NYUZ has evolved fairly well in the area of Coaching and Consultancy. We have also delved a bit in the Creative Retail Services which is an area where I see large opportunity in the coming couple of years, in lieu of the contacts that we have developed in Media, Films and our client base.

This year, I also want to get some level of serious work going in the area of Concepts n Creations. Hence the vision remains unchanged, but the scope of activities gets enhanced, in line with our mission.

Q7. How would you advice/suggest new entrepreneurs who want to start & sustain in business?

Firstly, make up your mind, what it is that you are ready to lose, and for how long. Next, sit by yourself, if you're clear of the scope of work and your potential, and work on your Vision, Mission and Values Next, if you have a Mentor, share with him your plans, and use the help. Keep getting back to the Mentor every six months to review progress.

And then... there's no falling back or failing. Its just a matter of time till you taste success. People don’t fail, they just stop short before the time has come to peak.

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