SBenegaL

Category: Uncategorized

  • Routine – your ventures’ knowledge veins

    A lot of entrepreneurs choose entrepreneurship to experience the freedom that they were unable to get in their work life. However, when you make the transition to entrepreneurship, you find that freedom also translates to a lack of structure in coordinating your various activities. Structuring the numerous activities and developing coordination mechanisms is essential to build the venture.

    The structuring and coordination must be built into a routine set of activities that need to be executed not just by yourself but by any new individual who joins your venture. These routines must be developed and constantly worked on to improve efficiency and ensure that the activities are executed without fail. These methods that get developed must ensure that the venture is reliable for an external customer, and also ensure that the value that is proposed is consistently delivered. 

    These routines also are a means of capturing the knowledge that a venture has gained. For example, at NSRCEL, there was a time when the mentoring process was completely sporadic and had no predictable response time. As we began structuring this, the first thing we did was make the response time predictable – every alternate Friday. We could accumulate the requests for mentoring for two weeks, make our allocation of mentors, and revert. As the cycle became more predictable, we were able to make this a routine activity, and decrease the response rate and increase the mentoring frequency. From two mentoring Fridays with about 10 – 12 entrepreneurs mentored every month, the process continued to be handed across different office members. Today, it caters to around 30-40 entrepreneurs every single mentoring session i.e every Friday and is done up to four times a month.

    The learning from the first attempt is captured in the first version of your routine. As you learn, you can improve and create variations in these routines. These also allow for the attention allocation of your people to be very specific and hence ensure that the outcome is predictable. These routines also ensure that the service quality parameters remain consistent at a minimum and are improved over time. Have you begun developing the routine for your venture?

    Ask yourself:

    What are the activities you often repeat? Could you structure this as a routine?

    What is the expected outcome and response rate? Have you designed the routines to allow someone else to take responsibility and execute their work?

  • Idea and Actors around you

    A useful starting point is to identify the relevant social actors you need to onboard once you have narrowed down on the venture idea you are interested in and have a tentative idea of the resources you require.

    The commuting problem we discussed earlier – if you choose to go with developing a satellite office model as the solution to the long commute time, you will need space for employees of various companies to work. Here too, you have a few choices to make. One way is to think of the following means to execute – you could find the relevant spaces from builders, negotiate a rental agreement, and create separate seating and office space for employees of different companies. An alternate is to think of partnering with existing co-working spaces for infrastructure, which they would have anyway invested in it, isn’t it? And you focus on providing the secure underlying network to enable the feeling of working from these distributed offices almost seamlessly!

    In the two approaches, the nature of actors you needed to onboard were different. In one case, the builders were the vendors to ensure that the interiors, the power backups, etc. are all taken care of. In the other approach, you have partnered with co-working spaces. The effort is simply directed towards on-boarding interested companies, selling them the value.  At the same time, the issues of infrastructure are negotiated with someone who is already in the space, and the existing asset is used within limits, if not with any customization.

    It is thus useful to look at the idea in the light of the various social actors you intend to onboard. First, brainstorming about the various options by considering different combinations of actors would highlight alternatives that are possible paths to reach the same end goal of developing the business. Additionally, you can go a step further and establish connections to those social actors you do not have a direct link to. Still, by asking your existing set of connections, you might be able to reach them.

    Speaking with this variety of actors will also make it possible to identify and break the resource access issues in a more granular manner. This allows you to potentially stitch together what other social actors are willing to give as an affordable loss and eventually build your business!

    Ask yourself:

    Have I identified the different social actors who may help me build the venture?

    Is there an alternate set of social actors who may help me achieve the same result as I want?

    What is it that each social actor is willing to commit without overthinking?

    Can I stitch together these commitments from the social actors to accomplish the goal? Is it possible to gain indirect access to these social actors if I don’t have direct access?

  • Business Model Choice

    A business model to be adopted for the venture idea is an essential choice that an entrepreneur has to make. In most cases, however, this choice is not thought through. Business models are an abstraction of how a specific venture engages with various actors in its ecosystem. In essence, it emphasizes the choices and the activities performed in creating value for the various actors. Despite its importance, entrepreneurs imitate a business model from a different domain, for their own business, without enough application of their mind.

    To simplify the choices, it is vital to understand the nature of business prevalent today. We could classify most businesses today as either pipeline businesses or platform businesses. A pipeline business is built along the traditional supply chain from the source of resources upstream to the end consumer downstream. For example, consider iron ore being mined at one end, then sent to the mills to be converted to steel, which is then taken to the construction site as one of its uses. Platform businesses, on the other hand, act to facilitate multiple entities to transact at a single place. A typical example would be the traditional marketplaces, where sellers dealing in different commodities, aggregate at a single place from where buyers/customers come to purchase the various commodities.

    Choosing a platform business model requires the entrepreneur to focus on multiple entities that need to be engaged to create and capture value. The reasons why each of these entities would be part of the platform becomes the central question. Subsequently, one needs to engage with various means to onboard the different entities. For example: if you are starting a cab-aggregator service – you would need to engage with both the cab-providers and the cab-users simultaneously. Only onboarding either of the two sides would not be enough for the other side to pick up. Further, one would often need to incentivize behaviour that would increase the use of the platform and iron out the various glitches that one may encounter in the usage of the platform.

    If one were to think of a pipeline business model, it would begin with positioning the business at the right place in the existing supply chain. You could choose to be at the retailing end of it or move upwards in the chain and engage at the raw resource stage. The position in the existing supply chain of the industry you operate in would give answers to the next level of business model choice to be made. In this case, the choice of the business model can be specified with the nature of the entity in the pipeline you are dealing with, as the consumer of the value – businesses, government, or individuals. When the venture creates and delivers value for another business, it is business to business (B2B); business to the government is (B2G); to individuals, it is business to customer (B2C).

    The above discussion should give one clarity of where, what, and how you would have to engage with the venture you intend to build. However, the next choice is to identify the subservient choices one would need to do in building the venture. We will explore this further in the section on canvases.

    Ask yourself:

    Have I chosen the right business model to generate and capture value from the business I intend to start? Or am I merely imitating a business model without applying my mind to it? Do my assumptions stand the test when I think through the venture idea and the business model I have chosen?

  • The Coming Wave – Mustafa Suleyman & Michael Bhaskar

    I have been keeping an eye on the excitement that has been circulating over the last few years. Observing many friends utilize the tools that have become more accessible, I began to pay closer attention to various concerns that I believed AI tool developers needed to consider thoughtfully. While searching for a book that would provide me with a solid perspective on the issues that were troubling me, my friend Kesava suggested that I read this book.

    This was a fantastic suggestion. In many respects, the various concerns that were troubling me were interconnected and categorized under distinct headings. Some of the topics addressed in the book include the challenge of containment, the significance of incentives, and the difficulties these technologies (the book discusses not only AI but also several other forces with similar traits) present to the concept of a nation-state.

    The book ends with some reflections that Suleyman offers regarding the methods of containment and the importance of being proactively engaged in it.

    I strongly suggest this book to all entrepreneurs or those looking to become entrepreneurs who aim to create in the AI landscape, where it is essential to take a proactive approach in designing AI systems. The book provides valuable guidance on potential steps that these AI teams might take as they develop technology to tackle the challenges they will ultimately face.

  • The trek/bike-ride to Kundadri

    It had been a long wait for a trek/trip! I just couldn’t wait to take a break before my Fellowship Program scheduled to begin on the 16th June 2014. It was less that 5 days away and I thought it had to be now! 

    It did take some serious coaxing for me to get Pangala on board for this bike trip combined with the trek. He had taken a trek along with a few friends a week earlier to Kodachadri and he was evaluating this one! I am so happy he agreed for this one. 

    I reached Udupi in the morning around 5:30 AM and freshened up, I could see the rain clouds threatening to spoil the whole fun. The sketch for the trek wasn’t really firmed – we were evaluating Kundadri as one of the options. I had heard a bit about the place from one of my cousins – he told it was steep climb to the top and there was a well at there. I didnt collect much information beyond this – I had spotted the board by the side of the road during my earlier trip to Shringeri.

    Pangala and me decided to start off the trip on the Pulsar 125 cc bike that was available around 10:30 AM. We decided to take our own time to travel the whole distance – the clouds had just showered and the weather looked great for the drive.

    Pangala hadn’t taken the bike on a long drive for over two years and he wondered if there could be any issues that might come along. Letting the worry rest only in our minds, we decided to move on. The journey was something that allowed us to think and discuss a lot about many of things we saw in the distance – the lush green fields, the dense forests, occasional vehicle trying to overtake us, the stream flowing by the side of the road and much more…. It was peaceful enough for us to let our minds just absorb and let out our thoughts, impressions, experience and much more… In fact this is something that look forward in every trek – letting my mind experience the serenity!

    We took a couple of breaks on the route to Agumbe. We reached Agumbe around 12:00 noon and thought about the next plan as we sipped the tea in the cool breeze. If we moved towards Kundadri, we possibly would have to skip lunch given that we have no surity of hotels on the route. We instead decided to go to the Shringeri temple were we could have our lunch at the temple before we decided to cover Kundadri on the way back.

    An interesting experience; was the struggle that the bike had every time we tried pushing its limits – the climb atop the Agumbe did exhaust the bike and we possibly began relying on the capacity of the bike. May be its how we build our teams all through – we begin with the point of distrust and steadily build the confidence with performance! But, we possibly should learn to trust but expect that there exist a limit for the capacity and we prepare for this.

    We reached Shringeri at 1 PM and went right to have our lunch – It was a special lunch (I still recollect the first special dinner at NITK)! Yes – some terminologies picked up early in life doesn’t change right! The new “Gopura” of the temple had been inaugurated a day earlier and it seemed like an optune time for me for us to get the  “special” lunch!

    We spent another half an hour sitting in the corridor of the temple. The temple dedicated to the Goddess of knowledge – Sharadambe and has a long history. The part I rever about the temple is the constant chants that are so much a part of the ecosystem there. I just can’t describe the peace I feel when in the sanctum of the temple – it is something I would love to just stay with.

    We moved back towards Kundadri at 2:30 PM – We could spot the clouds from the west getting denser. These clouds had possibly crossed the tall mountains of the Agumbe range and now looked at getting the remainder of mountains behind the first line drenched. Kundari was in the second line of the hills, and we sensed that the trek to the top would definitely be a climb in the rain.
    Traveling 16 Km from Shringeri towards  Agumbe we find a board (around 10 Km before Agumbe) indicating that a right turn there would take us to Kundadri. We took the right turn and drove 7 Km along the road to find a right turn. Around 500 meter from this point, we take a left which takes us to the road that could lead us to the top of the hill.

    Having already strained our bike, we thought it would be apt to just give it the needed rest at the base of the road leading to the top and begin walking to the top. We still could see some sun when we began the trek upwards – but it wasn’t very long before all that would disappear and we would only have clouds!

    The route to the top was possibly 3 Km but our body which was so much out of exercise was indicating that it wasn’t yet ready to take the steep climb. We pushed ourselves steadily before we reached the top – there are many scenic spots we could take detour to and watch the villages and the streams at a distance all around the hill. The chilling wind, the clouds that touched us through, the occasional sun peeps, slight drizzle all made the trek along the road too look extremely exciting. 

    After a 45 minute climb along the road, we reached the top, were there is a parking space and steps that take us to the Jain temple at the top. The temple is an old one and definitely has some very interesting architecture (Though I dont know much about architecture – it wasnt one of the traiditional styles I had seen of the temples around the area). 

    At one point in time, Dakshina Kannada and Udupi districts were major Jain centers and these temple might have played a huge role in the cultural history of the community in the state. The temple has a large well just beside it (I guess this is what my cousin had refereed to earlier). 

    The Jain temple has 2 idols of possibly the 8th and the 17th Tirthankara outside and Parshwanath Tirthankara inside. The priest of the temple gave us a good brief of the various historic attacks and the excavations of the idols that were thrown into to the well just beside. He says there could be more such idols inside the well – but an excavation of that scale would take a long time. 

    The hill given its historical significance for the Jains is maintained by the Matha that it is associated to – and so there is a lot of agency issues when it comes to getting to maintaining the road in rainy season when trees fall on the track and the routine route to the top gets disturbed. 

    We thanked the priest for the detailed explanation and began our trek back to the bike. We were lucky that the drizzle had stopped and we didn’t have much issues till we reached a place called Shivapura – a few kilometers after Hebri.

    It as if the rain God had decided it was time to unleash his fury – I don’t remember a single minute when the rains stopped all along our drive from Shivapura to Udupi. We finally reached Udupi around 7 PM – drenched to the core, but still refreshed.

    The Kundadri trek would keep me charged for the next few months for sure…

  • Journey So Far

    Over the last nearly 35 blogs, we have looked at organization from a theoretical context.


    The study of organization theory summarizes the patter of growth of organizations through their lifespan. We have covered initially the phase of looking at organization processes like – centralization etc and its implication on the organization. We then moved on to discuss about the relation between environment and organization.


    Before we proceed, we would love to inform our future plans. Our steady success over the last 9 months of operations have given us the confidence to move to the next leap – A newsletter.


    We would love to listen to our readers what they would love to see in the newsletter. This is the starting point for us to enhancing our ambit of offerings and making it more relevant to the readers of this blog.


    Expecting your response.


    Read in Kannada:

  • ಹಣಕಾಸು ವ್ಯವಸ್ಥೆ ಮತ್ತು ನಿರ್ವಹಣೆ – ೩೯

    ಈ ಹಿಂದಿನ ಅಂಕಣದಲ್ಲಿ ನಾವು cost accounting ಬಗ್ಗೆ ಚರ್ಚಿಸಲು ಆರಂಭಿಸಿದೆವು. ಜೊತೆಗೆ ನಾವು ಯಾವುದೇ ಮುಖ್ಯವಾದ ಮತ್ತು ಸಂಕೀರ್ಣವಾದ ವಿಷಯದ ಚರ್ಚಾ ಸರಣಿಯಲ್ಲಿ, ಕೆಲವೊಮ್ಮೆ ಮಾರ್ಗವನ್ನು ಬಿಟ್ಟು ಆ ವಿಷಯಕ್ಕೆ ಪೂರಕವಾದ ಇತರ ವಿಷಯಗಳನ್ನು ಅರಿತು ಮುಂದುವರಿಯುವೆವು ಏನು ತಿಳಿಸಿದ್ದೆವು. ಇಂದಿನ ಅಂಕಣದ್ದಲ್ಲಿ cost accounting ನ ಉದ್ದೇಶ ಏನು ಎಂಬುದನ್ನು ಅರಿಯುವ ಯತ್ನ ಮಾಡೋಣ. 
    ಈ ಅಂತರ್ಜಾಲದ ಮೂಲದನ್ವಯ ಒಂದು ವ್ಯವಹಾರ ಸಂಸ್ಥೆಯ Cost accounting ಎಂದರೆ general or financial accounting ನ  ಒಂದು ಹಿರಿದು ಮಾಡಿದ ಭಾಗ. ಇದು ಮೂಲಕ ಕಂಪನಿಯ ಮ್ಯಾನೇಜ್ಮೆಂಟ್ ಗೆ ಪ್ರಾಮಾಣಿಕವಾಗಿ  ಪ್ರತಿ  ಉತ್ಪತ್ತಿ ಅಥವಾ ಕೊಡುವ ಸೇವೆಯ ಉತ್ಪಾದನೆಯ ವೆಚ್ಚ ಅಥವಾ ಮಾರಾಟದ ಒಟ್ಟು ವೆಚ್ಚದ ಬಗ್ಗೆ ಮಾಹಿತಿಯನ್ನು ನಿಖರವಾಗಿ ಕೊಡುವುದು.

    ಹೀಗಾಗಿ  ಈ ಕೆಳಗಿನವುಗಳು Cost accounting ನ  ಪ್ರಮುಖ ಉದ್ದೇಶಗಳು
    ೧. ಮಾರಾಟದ ಬೆಲೆಯನ್ನು ನಿರ್ಧರಿಸುವುದು.
    ೨. ಖರ್ಚನ್ನು ಹಿಡಿತದಲ್ಲಿಡಲು.
    ೩. ನಿರ್ಧಾರ ತೆಗೆದು ಕೊಳ್ಳಲು ಅಗತ್ಯವಾದ ಮಾಹಿತಿಗಳನ್ನು ನೀಡಲು.
    ೪. ಖರ್ಚಿಗೆ ತಕ್ಕಂತಹ ಲಾಭವನ್ನು ಖಚಿತಗೊಳಿಸಲು.
    ೫. ಆರ್ಥಿಕ ಮತ್ತಿತರ ಹೇಳಿಕೆಗಳನ್ನು ತಯಾರು ಮಾಡಲು ಸಹಕಾರವಾಗುವುದು.

    ನಾವು ನಮ್ಮ ಮೊದಲನೇ ಅಂಕಣದಲ್ಲಿ ಹೇಳಿದಂತೆ ಮ್ಯಾನೇಜ್ಮೆಂಟ್ ಅನ್ನುವುದು ನಿರ್ಧಾರ ತೆಗೆದುಕೊಳ್ಳುವದರ ಮೇಲೆಯೇ ತುಂಬಾ ಅವಲಂಬಿತವಾಗಿರುವುದರಿಂದ ಈ ಕೆಳಗೆ ನಾವು Cost accounting ನಿಂದ ಮ್ಯಾನೇಜ್ಮೆಂಟ್ ಗೆ ಯಾವ ರೀತಿಯಲ್ಲಿ ನಿರ್ಧಾರ ತೆಗೆದುಕೊಳ್ಳಲು ಸಹಕಾರ ವಾಗುವುದು ಎಂಬುದಿದೆ.
    ೧. ಖರ್ಚು- ಗಾತ್ರ – ಲಾಭ ಇವುಗಳ ನಡುವಿನ ಸಂಬಂಧಗಳನ್ನು ನಿರ್ಧರಿಸಲು
    ೨. ಉತ್ಪಾದಿಸು ಅಥವಾ ಖರೀದಿಸು ಎನ್ನುವುದರ ನಿರ್ಧಾರ.
    ೩. ನಷ್ಟದ ಸಮಯದಲ್ಲಿ ಮುಚ್ಚಬೇಕೋ  ಅಥವಾ ಮುಂದುವರಿಸಬೇಕೋ ಎನ್ನುವದನ್ನು ನಿರ್ಧರಿಸಲು.
    ೪. ಈಗಿರುವ ಯಂತ್ರೋಪಕರಣಗಳನ್ನು ಉತ್ಪಾದನೆಗೆ ಮುಂದುವರಿಸುವುದೋ ಅಥವಾ ಇನ್ನು ಅಧುನಿಕ ಮತ್ತು ಲಾಭದಾಯಕ ಯಂತ್ರಗಳಿಂದ ಅವುಗಳನ್ನು ಬದಲಾಯಿಸುವ ನಿರ್ಧಾರ.

    ಆಂಗ್ಲ ಅಂಕಣ:
    http://somanagement.blogspot.com/2011/09/finance-and-management-39.html

  • Organization Theory – 11

    In the last blog, we discussed about “division of labor”. In today’s blog, we discuss about the concept of “specialization”.
    Specialization could be understood as – particular grouping of activities performed by an individual. If we have a second look at the way we have understood this, it becomes clear that we can have a specialization based on the task performed or based on the skills of the individuals. Thus, we can call them as:
    • Functional Specialization
    • Social Specialization

    It is pretty clear that when we begin to divide the task into multiple smaller tasks which are simpler and repetitive in nature. Thus we could call it again as “division of labor”. It would be interesting to note that. “Division of labor” creates a sort of substitutability amongst the various employees and helps the management easily replace them.
    If the individual is “specialized” instead of the work that is being performed, we call it “social specialization” – e.g. Engineers, nuclear physicists etc. The only way to achieve such social specialization for the organization is hiring these professionals!
    With an increase in the specialization, it follows that the amount of coordination and control between the various specializations adds up – thus it would increase the “complexity” of the organization compared to the single person doing everything!
    Read in Kannada:

  • Finance and Management – 39

    In the last blog we began looking at cost accounting and mentioned that at various points in time of the discussion series we might temporarily take detours to get other related concepts relevant to the discussion. In today’s blog we discuss the objectives of cost accounting.
    A source on the internet defined cost accounting as: “Cost accounting is an expanded phase of the general or financial accounting of a business concern which provides management promptly with the cost of producing or selling each article or of rendering a particular service”. 
    Thus, Cost accounting serves the following major objectives to achieve:

    • Determining the Selling Price
    • Controlling cost
    • Providing information for decision making
    • Ascertaining Costing Profits
    • Facilitating preparation of financial and other statements

    Since in our first blog we have mentioned that management relies heavily on decision making hence we would like to make specific mention that cost accounting would assist decision making by the manager in the following ways:

    • Determination of cost-volume-profit relationship
    • Make or buy decision
    • Shut down or continue operations at loss
    • Continuing with the existing machinery or replacing them by improved and economical machines.

    Read in Kannada:
    http://somanagement.blogspot.com/2011/10/blog-post_03.html

  • ಹಣಕಾಸು ವ್ಯವಸ್ಥೆ ಮತ್ತು ನಿರ್ವಹಣೆ – ೭

    ಈ ಹಿಂದಿನ ಅಂಕಣದಲ್ಲಿ ನಾವು ಲೆಕ್ಕ ಪತ್ರದ ಮುಖ್ಯ ಭಾಗಗಳ ಬಗ್ಗೆ ಸೂಕ್ಷ್ಮ ವಿವರಣೆ ನೀಡಿದೆವು. ಇನ್ನು ಮುಂದೆ ಇನ್ನು ವಿಶದವಾಗಿ ವಿವರಿಸುವೆವು.
    ಒಬ್ಬ ವ್ಯವಸ್ಥಾಪಕರಾಗಿ, ಒಬ್ಬ ಹೂಡಿಕೆದಾರನು ಲೆಕ್ಕ ಪತ್ರವನ್ನು ನೋಡುವ ವಿಧಾನವನ್ನು ಅರಿತಿರುವುದು ಅತ್ಯಗತ್ಯ. ಹಾಗಾಗಿ ನಾವು ಅದನ್ನು ಇನ್ನು ಮುಂದೆ ಅರಿಯೋಣ.
    ವ್ಯವಹಾರದಲ್ಲಿ “ಹಣವೇ ದೈವ”. ಇದು ಅತ್ಯಂತ ಚಲನಶೀಲ ವಸ್ತು ಹಾಗಾಗಿ ರೂಪಾಂತರ ಬೇಗ ಮತ್ತು ಸುಲಭವಾಗಿ ಮಾಡಬಹುದು. ಉತ್ತಮ ಹಣದ ರಾಶಿ ಹೊಂದಿರುವ ಲೆಕ್ಕ ಪತ್ರವು ಅನೇಕ ಹೂಡಿಕೆದಾರರನ್ನು ಕಂಪನಿ ಎಡೆಗೆ ಆಕರ್ಷಿಸುವುದು. ಅವರು ಆರ್ಥಿಕ ದುರಂತದ ಸಮಯಗಳಲ್ಲಿ ಹಣವು ಕಂಪನಿಗೆ ರಕ್ಷಣೆಯನ್ನು ನೀಡಬಹುದು ಎಂದು ನಂಬುವರು, ಅಲ್ಲದೆ ಅಧಿಕ ಧನ ರಾಶಿಯು ಹೊಸ ಅವಕಾಶಗಳತ್ತ ಕಂಪನಿಯನ್ನು ಮುಂದೊಯ್ಯಲೂ ಕೂಡ ಸಾಧ್ಯವಾಗುವುದು.
    ಸಾಮಾನ್ಯವಾಗಿ ನಿಯಮಿತವಾಗಿ ನಿರ್ವಹಿಸುತ್ತಿರುವ ಕಂಪನಿಯಲ್ಲಿ ಧನರಾಶಿಯು ಉತ್ತಮವಾಗಿಯೇ ಇರುವುದು. ಇದರರ್ಥ ಕಂಪನಿಯು ಉತ್ತಮವಾಗಿ ನಿರ್ವಹಿಸುತಿದ್ದು, ಮಾಲೀಕ ಸಮುದಾಯಕ್ಕೆ ಹಣವನ್ನು ಹೆಚ್ಚು ಉಪಯೋಗಿಸಲು ಸಮಯವೇ ಸಿಗುತ್ತಿಲ್ಲವೆಂದು! ಆದರೆ ಇದಕ್ಕೆ ವಿರುದ್ಧವಾಗಿ ಹಣದ ಕೊರತೆ ಎದ್ದು ಕಾಣುತ್ತಿದ್ದಲ್ಲಿ ಗಂಭಿರವಾದ ಸಮಸ್ಯೆ ಇದೆ ಎಂದು ಪರಿಗಣಿಸಬಹುದು.
    ಧನರಾಶಿಯು ಹೆಚ್ಚಾಗುತ್ತ ಹಾಗೆಯೆ ಒಗ್ಗೂಡುತ್ತಿದ್ದರೆ ಅದು ಕಂಪನಿಯ ವ್ಯವಸ್ಥಾಪಕರುಗಳು ಸರಿಯಾಗಿ ಹಣವನ್ನು ಬಳಸಿಕೊಳ್ಳುತ್ತಿಲ್ಲ ಎಂದು ಅರ್ಥ. ಅಥವಾ ಉತ್ತಮ ಬಂಡವಾಳದ ಅವಕಾಶವಿರದ ಕಾರಣ ವ್ಯವಸ್ಥಾಪಕರುಗಳು ಹಣವನ್ನು ವಿನಿಯೋಗಿಸದೇ ಒಟ್ಟು ಗೂಡಿಸಲು ಬಿಟ್ಟಿರಬಹುದು.
    ಆಂಗ್ಲ ಅಂಕಣ
    http://somanagement.blogspot.com/2011/07/finance-and-management-7.html