Business Growth is the biggest challenge. There is a big scope of expansion in the jewellery industry but it is highly capital intensive. I am not confident about being able to market the new product that I brought in.
Second challenge is the habit of customers to not pay the tax that is 3%. No one in the market charges tax as they are not registered firms. This has made the customer to believe that they do not require to pay tax.
Actions I’ve taken so far
I have learnt the ins and outs of my business. I joined my father's business 1.5 years before. I have found various ways to expand and learnt all the technicalities in it.
My future goals
Expanding the scope of my business and targeting a class that is financially better off.
My motivations to work with a mentor
At night, I dream about my businesses. From the time I wake up till the time I sleep, nothing goes in my mind but the business. I want my parents to live a comfortable life and I want to maximise my potential that I've been gifted by Him. I am someone who has a great bandwidth to stand and face challenges and difficulties. Anything comes in my way, I'll face it and cross it over. I just want to build an empire on my own
About my venture
I have a family jewellery business. We have a really good goodwill in the market and people know about the business in the locality. There are good margins in the business but the transaction volume has been affected. Our clientage is little financially backward class. People bargain a lot and are not willing to pay taxes upfront. Margins are to be compromised for the sake of taxes.