Malwa Cotton Spinning Mills Ltd. has been floated by PSIDC in collaboration with Oswal Woollen Mills of Lala Vidya Sagar Oswal group. The company is being managed by Mr. Jangi Lal Oswal since its inception and for the purpose of this study he is considered to be the main promoter of this company.
Profile And Family Background Of The Promoter :
Malwa Cotton Spinning Mills Ltd. has been floated by PSIDC in collaboration with Oswal Woollen Mills of Lala Vidya Sagar Oswal group. The company is being managed by Mr. Jangi Lal Oswal since its inception and for the purpose of this study he is considered to be the main promoter of this company.
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Mr. Oswal did his Matriculation form SAN Jain School and joined S.D. Govt. College, Ludhiana, pursued for a Bachelor’s degree in Arts. Later he joined his father in the family business at a very young age of 21 years even without completing his graduation. He worked as a Commercial Manager for 9 years in Oswal Woollen Mills and the joined hands with PSIDC for promoting Malwa Cotton Spinning Mills Ltd. in 1980. Since then, he has been the Managing Director of the company. Even after the partition in family, MCM L was given to Mr. Jangi Lal Oswal as he had been associated with the unit since its inception.
Regarding the family background, the promoter belongs to a joint urban based Jain family settled at Ludhiana. The father, though an under matriculate, has successfully expanded his small spinning business into a group which has more than Rs. 750 crore assets base and has plants in different states, manufacturing number of products.
Factors Influencing Entrepreneurial Initiation :
While commenting on his entrepreneurial initiation, Mr. Jangi Lal Oswal sees no negative event in his life, which could have compelled him to start a unit but prodding by family members acted as a positive event to take up this assignment and to show his skill as an entrepreneur. To contribute to socio-economic development of his state and the country was the main motivating factor behind his entrepreneurial initiations.
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Perceptions regarding Factors leading to Success :
Mr. Oswal, while replying to various questions regarding the competencies of an entrepreneur required for a successful venture, very strongly feels about the presence of self confidence, hard work and commitment in an entrepreneur. Without strong commitment and self-confidence, success is not assured. He also agrees that to be successful, one should be able to take reasonable risk, should have the ability to convince others and be innovative. He does not that for a successful venture, one should be able to cope with stress.
Perceptions regarding Supportive Industrial Environment :
Speaking on industrial environment, the promoter feels that industrial supportive environment must always provide adequate funds, cheap and trained labour, right technology, training facilities and easy availability of raw materials.
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He feels that government bureaucracy’s help is required only once in while, whereas government subsidies and incentives are hardly considered in a supportive industrial environment as these are very meagre and make the person dependent.
Entrepreneur’s Heuristics :
Speaking on his entrepreneurial heuristics, he feels that one should avoid producing entirely a new product. The entrepreneurs should venture in those products in which they either have family background or enough relevant educational qualification and work experience. One should locate factory where one’s family contacts are sound. Resorting to unfair means for earning short term gain is not the right preposition. Frequent feedback from customers is important in order to improve one’s performance. It is the quality of product, which makes all the difference, between a successful and an unsuccessful entrepreneur. So one must strive for producing better quality products.