About Mr. Dushyant Bhuta:
Mr. Dushyant Bhuta is an entrepreneur who started his own business in 1973, under the name R.K. Chemicals while operating from Masjid Bandar, Mumbai. Having witnessed the market change, he has seen all the ups and downs of the industry and understood their impact on the average businessman. He is the perfect person to give budding entrepreneurs insights on the journey of a businessman.
Question: What was the start of your journey like?
Answer: I started my journey in 1973. I would operate from a table space in someone else’s office. The shared space provided me with a space to work from. The biggest issue that I faced as an entrepreneur was financial constraints. Finding investment was difficult and as a young individual, I didn't have much of my own savings to invest. My work started by providing individuals with chemicals after directly purchasing them by applying the quota system.
Due to the low production of chemicals, prices for them were rather high. This is why I would directly purchase them from factories and act as the point where people could purchase them for use. I battled the financial constraints by doing my best to build a powerful brand. After I built trust in my customers, I would ask them for advance money and utilize it to purchase the products.
I slowly started making profits and expanding. I moved from a table space to a small office. I started growing my business internationally by exporting the chemicals to Gulf countries. By broadening my horizon, I entered the industry of international import-export. Back then, the market was extremely restricted and bound by rules. The only path to success is through smart thinking and hard work. Complicated interpretations of customs policies often assisted us in making the process relatively easier.
As the business grew, the issues that had to be dealt with also increased. I was often faced with issues when it came to bureaucracy. With a wide range of complicated legalities to take care of, a long list of taxes, for instance, managing work at the same time became difficult. Getting banks to sanction loans was also extremely difficult and involved corruption at every level.
Question: What are the changes that you have witnessed over time?
Answer: In the year 1990, the country was hit by a foreign exchange crisis. The Indian government needed a strategy that made drastic changes to the situation. While caught in that major crisis, the government approached the IMF, which in turn liberalized the entire import-export market. They established an open general license system and therefore created a turning point for the industry in India.
An accurate symbol of this liberalization was the mere fact that before this change, we had to follow a list of ‘permissible’ items while the rest were banned. We were now to follow a list of ‘banned’ items while the rest were permissible. The world started opening its market more and more to India as the 2000s witnessed an exponential growth in the industry. I grew my office space to a much larger office, employed a lot of new people, and learned how to grow with time.
Question: What do you think is the current situation for budding entrepreneurs?
Answer: The situation today is different
from the situation back then, but also similar in certain ways. After globalization and thanks to the internet, connecting with stakeholders across the globe is easier than ever. With the 2017 application of GST, the taxation system today is completely different. Individuals today are faced with their own set of different problems. But the fundamental key to success stays the same: growing with the times and dedication.
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