Entrepreneur Vijay Mahajan

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BASIXEquity for Equity
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About the Entrepreneur

Vijay Mahajan (born 1

October 1954) is an

Indian socialentrepreneur and

chairman of BASIX, a

microfinance company.

He is the president of

Microfinance Institutions

Network (MFIN).
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Early Life

Vijay Mahajan was born in Pune, India. He

studied electrical engineering at the IIT Delhi and

MBA at the IIM Ahmedabad.

He graduated with a gold medal for scholastic

performance, and public policy at the Woodrow

Wilson School, Princeton University.


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Career

Vijay Mahajan worked at Philips in a

marketing position for four years, mostly in

Eastern India.

His work took him to several industrial

project locations in the hinterland.

He started work in rural economic

development in 1981.


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Pradhan

Pradhan (Professional Assistant for Development

Action)

In 1983, he founded an NGO, PRADAN. It is oneof Indias more effective NGOs, specializing in

rural livelihoods and microfinance. It works with

over 150,000 rural poor households.

In 1991, he decided to work as an independent

trainer, consultant and researcher and to focus

exclusively on the issue of rural livelihood.


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Basix

While working as a marketing executive at

Philips in states like Bihar, Orissa, Bengal

and north east which were poor ones, he

constantly developed an instinct for the

upliftment of the social sector in these

areas.

In 1993 Vijay got a fair idea of how a bank

functioned because of a study conducted

on SEWA bank.


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In 1996, realizing the need to attract

mainstream financial resources, he

conceptualised BASIX, a new generationinstitution devoted solely to promoting

rural livelihoods.

It is among the first microfinancecompanies in the world to attract

commercial debt and equity investments


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It also offers a range of services including

savings and insurance, agricultural,

livestock and non-farm enterprisedevelopment, and institutional

development to rural producers and their

groups.


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Risk Involved


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Marketing his dream to potential

suppliers of credit

Government Grants were

not enough Capital required was huge

for setting up bank

Offering credit/loans to theneedy


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Involvement of other members

in Pradhan as well as Basix

Getting people was tough

Professionals charged

heavily


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Getting licenses and approval

from the regulatory bodies of thecountry

Lot of formalities Underestimation of

Vijays idea


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Uncertainty in completion of

work

Lack of funds created

hurdles


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Flaws in Revenue Model - Debt

Recovery

Poor people had more

risks One asset gone could

affect the entire chain


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Traits and Leadership Qualities


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Visionary

From an individual -

to a section 25company - to an

NBFC - to a local

area Bank.


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Persistence

Inspite of several

setbacks he still hadthe attitude to bounce

back


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Hardworker and Networking

His client included World

Bank, UNDP (United

Nation Development

Programme), NABARD,

Ford Foundation and Sir

Ratan Tata Trust


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Innovation

Basix became the model

for doing innovative things

like using various

methodologies like self

help group, Joint Liability

groups, Individual lendingand linking livelihood to

lending.


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Opportunist

FM Dr. Manmohan

Singh said, We

should have anInstitution like

Grameen Bank of

Bangladesh


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Advise to Entrepreneurs


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Managing your psycho-

dynamics The emotional ups and

downs, the energy that one

feels from inside andsometimes one has to

pump from outside, and

managing that energy is

part of an entrepreneur's

psycho-dynamics. It plays a

very big role in making or

breaking an entrepreneur.


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Listening to your inner voice

One can end up

making wrongchoices to a point

where he can stop

recognising his own

motivations.


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Have enough gurus

No one person will be full ofvision and the world today is

so complex that one single

person cannot help face the

ups and downs of

entrepreneurship.

too many gurus can make one

go mad listening and followingeverybody's advice and

suggestions.

Ideally three to four people as

gurus should settle the matter


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Eventually giving it up at an

appropriate time. Two Reasons

One for the enterprises

growth and evolution and

Second for entrepreneur's

growth and evolution.


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Summing Up

He may not be as successful as other

entrepreneurs but he has laid down the

foundation stone for Micro Finance

industry on which many other could

capitalised

He has the Never Give up attitude


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Entrepreneur Vijay Mahajan

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