Business mantra From Dhananjay Datar

Business mantra


As for numbers, I learnt something from a small tea shop owner decades ago. I used to visit his café which was located next to my store in Bur Dubai. Every day, the café owner would put away Dh100 in a piggy bank. I asked him why he did it. He said this was his way of securing himself for the future. The money collected at the end of the year was used to re-invest in the business. I thought it was a great idea and decided to implement the same principle.

“I put Dh500 in a box every day. End of the month I had collected Dh15,000. At the end of the year I had Dh180,000 and I used this money to open a store in Abu Dhabi in 1994. I began saving Dh500 every day from each of the two outlets. So end of the year the money doubled to Dh360,000. With this I opened my third shop in Sharjah.”

Take-a-ways for young entrepreneurs?

Datar said there are plenty but shortlists some for young enthusiasts.

• Don’t miss any opportunity that comes your way.

• Believe in your business model, more importantly believe in yourself. Try not to have a plan B career as only then you will give your best to plan A.

• Always work hard and connect with your customer. Get their feedback every now and then as to where you can improve your business.

• Maintain a clean credit history as banks will do their best to lower interest rates on any loan you may be looking for.


https://gulfnews.com/business/king-of-spices-the-rise-of-al-adils-dhananjay-datar-from-a-poor-boy-to-a-multi-millionaire-in-dubai-1.1549956288467

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