Employment generators play an important role in the growth of the nation’s economy. But there were very few people who would leave the job and risk embracing entrepreneurship to create new opportunities for themselves as well as others. Our story today is that of a first generation entrepreneur who had a CA (Chartered Accountancy) degree, along with a high level of preparation to crack UPSC. Putting all these things aside, he decided to jump into the spices trade.
CA of Ahmedabad Vinay Jain It was not easy for him to start the business of selling spices by disregarding his hard earned CA degree – but he resolved to do something big. Today, he not only stands before us as a successful entrepreneur but he is also working towards strengthening the nation by providing employment opportunities to many people.
Vinay’s father was in the business of buying and selling medicines. Vinay was a talented student since childhood and also had a good performance in sports. After initial education, he successfully completed his CA, one of the challenging educational qualifications in India. After completing his CA studies, he moved to New Delhi to prepare for UPSC. He decided to crack another challenging competitive exam. He failed in his first UPSC attempt, but, for a man like Vinay – it was not a challenging goal. Amidst all this, in 2014, he decided to choose another difficult option. He decided to start a business of his own.
Vinay was keen on doing a product-related business, but before starting his own business he wanted to do extensive research. From May 2014 to April 2015, he travelled all over India to explore potential commodities for trade. Meanwhile, he also completed the formalities of starting his own company in February 2015, named “Kore International”. After extensive research, he decided that he would start a business of high-quality spices. For them the spice industry was a new field, so they took some time to understand the basics related to this business and quickly gained proficiency. He approached various buyers and sellers before proceeding.
Initially I had zero knowledge of spices, but now I have 90 percent knowledge of every spice. “- Vinay spoke in a special conversation with Kenfolios.
In a short span of just seven months, Vinay received his first bulk order of Rs 64 lakh. His professional journey began with substantial research, and his excellent communication skills helped him gain early success. Vinay managed to get customers internationally by importing goods. He once imported cashews and sold them to an Indian buyer. That buyer took a long time to pay for the deals. But Vinay instead of fighting for his money planned the payment for the buyer. The same buyers are one of Vinay’s main customers today.
Vinay believes that communication skills contribute 60 per cent to business success. They feel that in order to excel in business one must acquire good communication skills. The next important thing for Vinay is the quality of the goods. The commodity market fluctuations hurt them, but they never compromised on the quality of the goods. The knowledge that Vinay received from his father helped a lot in moving forward. His father told him that ‘if you want to make big in the market, you need to charge one rupee less and provide one rupee better quality to the customers’. And that is why Kore Agro has all the customers with him.
Even though Kore International was doing well in terms of business, Vinay continued his research to pursue excellence. He travelled to different parts of the world to study business potential. So far, he has travelled to more than 19 countries. He has also participated in international exhibitions in Europe, South America, Dubai and Iran. Vinay’s company Kore Agro also has international offices in Peru and China, which opened in June 2019 and January 2020 respectively.
Today, Kore Agro is recognized as a Star Export House by the Government of India. Started with little help from family and friends, the company has now grown into a large export house. In FY 2019-20, Kore Agro generated a turnover of over Rs 80 crore. After dealing with COVID-19, they plan to target 100 million turnovers by expanding their product range.
Vinay did CA and prepared for UPSC. But the preparations he made to start a business are a good example for aspiring entrepreneurs.
You do not need to hurry – stay and give yourself time. Find out what really interests you. Do deep research. Always choose a business that has a good scope and aims to grow it. Choose the area very carefully and then start to achieve the goal with full determination.