From starting his journey with an electric light bulb idea to creating a multinational electronics corporation, the rags to riches story of Konosuke Matsushita is truly inspirational. Known as the “God of Management,” the founder of Panasonic was involved in many other business ventures, which, together, gave him a net worth of $ 3 billion.
Matsushita had humble beginnings. Being born to a gambling father, Konosuke Matsushita started working at the age of 9 to support his family. Eventually, he started working for the Osaka Electric Light Company, where he climbed the ladder of success very quickly, without any prior school education. This is the company where he came up with the design of an improved light socket, which was far superior than the bulbs available at the time. After getting rejected by an unenthusiastic boss, Matsushita took it upon himself to sell the light bulbs and started his own company.
At the age of 23, in 1918, he founded the Matsushita Electric Industrial Company and began making light bulbs in his garage, with the support of his wife and 3 assistants. The business was unsuccessful in the early years, but the sales picked up with time. By 1922, his Company, which now had a new factory and 50 employees, started introducing new products every single month, which were far superior than the competitors’. Matsushita’s business strategy was to launch products which were lower in price by 30 % and better in quality by 30 %.
The battery powered bicycle lamp is considered one of Matsushita’s best inventions. Candles and oil lamps were used as bicycle lamps in the 1920s and only lasted a few hours. With a keen eye to identify markets with non serviceable goods, Matsushita quickly realised, developing efficient bicycle lamps would be profitable for the Company. He created oval shaped lamps, which had light bulbs for illumination and ran on battery.
In 1930, when the Company’s sales dropped, Matsushita truly proved his leadership and management skills. He cut the production in half without laying off any employees. He said, “We’ll halve production not by laying off workers, but having them work only half days. We will continue to pay the same wages they are getting now, but there will be no holidays. All employees should do their best to sell inventory.” According to Panasonic, this strategy worked and the company survived.
In 1935, the Company, bearing in mind its various businesses, was incorporated as Matsushita Electric Industrial Co., Ltd. The Company suffered greatly during World War II as Japan lost the War, but was saved due to Matsushita’s amazing skills as a leader. In the post War era, the Company came out with devices like washing machines, rice cookers, air conditioners and the product for which Panasonic is most famous—monochrome televisions (TVs.) The Company also started expanding globally during the 1950s and introduced its first colored TV set in 1960.
After Konosuke Matsushita retired in 1961, his son in law, Masaharu Matsushita, became the president of the Company. Post Konosuke Matsushita’s retirement, the Company was faced with the 1970s oil crisis, but managed to overcome it and only continued to expand its business. Konosuke Matsushita passed away in 1989, but his legacy continues even today.
The 101 year old Matsushita Electric Industrial Co., Ltd., which changed its name to Panasonic Corporation in 2008, is now one of the top electronics companies in the world.
Panasonic now has over 272,000 employees and at the completion of its 100th year (2018,) it reported an annual revenue of $ 72.32 billion. The Company has been climbing the ladder of success continuously. This was all made possible because of Konosuke Matsushita’s determination to succeed and excellent management skills.
The Rise Of Gig Economy In India
India is notorious for churning out graduates from colleges at a very high rate and the education system in India is always under fire for not focusing on all round development but on marks and grades, instead. This is a growing concern as there are not enough jobs available to accommodate all the graduates passing out from college. However, the Indian millennial is a smart individual and when put under pressure, a millennial is capable of coming out of it better. So, what did the Indian millennial do when there were less opportunities and did not want to be part of the rat race? They turned to taking up gigs and that spawned an entire economy and industries to flourish.
Gig economy can be defined as a work engagement where on one side, there is a service seeker that is a consumer with a demand for a specific task, and on the other side, there is a service provider that is. a gig worker who can perform that specific task. The gig economy was able to flourish solely because of the advent of digital platforms which were able to connect a service seeker with a provider. More and more Indians are looking to escape from the monotony of a 9 to 5 desk job and instead take up freelance gigs which complement their skills.
In order to put the gig economy into simpler terms, here are some examples. An individual who likes to drive cars would consider working with Uber as a driver partner to earn some extra bucks. An individual who is good at playing the guitar would consider performing in live shows with a band to earn extra money. A person who is good at painting would consider selling their art for extra money. The gig ecosystem offers the millennial an outlet to escape monotony and pursue their passion instead.
The gig economy could only thrive when there are digital platforms which are able to connect the supply with the demand. The digital gig economy generated a gross volume of approximately $ 204 billion from worldwide customers in 2018. India has emerged as the 5th largest country for flexible staffing after the United States of America, China, Brazil and Japan. Haryana, Madhya Pradesh, Andhra Pradesh, Gujarat and Telangana have the most opportunities in terms of growth for the flexible workers.
Gig economy allows task ownership, convenience and flexibility. Based on tastes and preferences, an individual can determine the number and type of projects they can work on, the quantum of their earnings, and thus, their work-life balance. For example, an individual who took on five gigs in one month could take only three gigs the next month to balance life at their regular job.
The gig economy has a disruptive model to connect sellers and buyers for almost all kinds of skills and services. While the size of the gig economy may seem marginal when compared to the traditional economy, it is recognized for its enormous potential with the desire of workers, specially millennials to have a flexible work schedule and the rise in the on demand consumer services. Of In India, almost 70% corporates have already used gig workers for at least one task in 2018.
In India, a platform called Lemonop, is setting an example in the gig economy by providing a platform for students and working professionals to look for gigs of their liking. There are plenty of other platforms like Lemonop which are slowly bridging the gap between talent and job demand.
Mukesh Ambani Enters Top Ten Billionaires List
Mukesh Ambani is the head of India’s biggest Petrochemical and Telecommunications giant Reliance Industries Limited. Mukesh Ambani also achieved a new milestone in his splendid career as he broke out into the World’s Top Ten Richest Billionaires list for the first time in his career.
Mukesh Ambani entered the high profile and exclusive club of billionaires as his net worth jumped to $ 64.5 billion which catapulted him to the exclusive list of the richest billionaires in the world. Mukesh Ambani is now the ninth richest billionaire in the world as he beats Google co founder Larry Page. Mukesh Ambani also holds the distinction of the only Asian tycoon in the exclusive list of World’s Top Ten Billionaires.
Mukesh Ambani is riding on the back of a series of investments into the company’s digital unit, Jio Platforms Ltd., which Reliance claimed made the company net debt free and also proved the COVID-19 pandemic has not affected the fortunes of Reliance Industries.
While a crash in oil prices caused uncertainty in a stake sale of Reliance’s oil and chemicals division, in just two months Jio managed to attract some $ 15 billion which is more than half the investment into telecom companies worldwide this year. A report by popular equity and brokerage firm Sanford C. Bernstein predicted Jio is likely to capture 48% of India’s mobile subscriber market share by 2025.
Mukesh Ambani has an unmatched drive to become the biggest and the best industry leader in India as well as the world. In India, Reliance officially became the biggest petrochemical company last year, when it surpassed government owned Indian Oil Corporation to become the country’s largest company by revenue. Mukesh Ambani said “No power on Earth can stop India from rising higher (sic.)” during Reliance Industries latest Annual General Meeting (AGM.)
Amazon To Deliver Liquor Online In West Bengal
In what could be considered as a game changing move, e-commerce giant Amazon secured clearance to deliver liquor in the Eastern state of West Bengal. The news comes according to a notice put out by the West Bengal State Beverages Corp, the state’s authorized agency to carry out online retail of liquor, on Friday. The notice also said Amazon was one of the companies found to be eligible for registration with the authorities.
This move is significant as Indians consume a huge amount of alcohol but online deliveries have been prohibited, until now. West Bengal is India’s fourth populous state and has a population of more than 90 million people. Amazon was invited to sign a Memorandum of Understanding with the West Bengal state. According to the estimates by IWSR Drinks Market analysis, the market Amazon is looking to make inroads into, is worth $27.2 billion dollars.
When the COVID-19 pandemic reached India, the Government declared a complete lockdown and sale of alcohol was completely prohibited. When the lockdown rules were relaxed and the alcohol shops were allowed to happen, India witnessed a rush to the liquor stores like never before. Following the reopening of wine stores, some States have allowed Swiggy and Zomato to deliver alcohol and the food delivery giants cashed in on the heavy demand.
Each state sets its own alcohol sales policy. West Bengal last month invited companies to express interest in “handling electronic ordering, purchase, sale and home delivery of alcoholic liquors from licensed retail outlets” to eligible legal-age consumers in the state. Grocery delivery major, Big Basket also won approval to deliver alcohol in West Bengal state.
Let us know if you think India will allow online alcohol delivery in the future.
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