The topic of this article is part of a dialogue from a popular Indian web series ‘Scam 92’ that was released in 2020. The series is based on the life of a real life convicted stock market scamster Harshad Mehta who acquired cult status in the 90s as the scam unfolded. In this particular scene the protagonist tells his brother that “Locha, Lafda & Jalebi Fafda’ are an integral part of life of a Gujarati. To put this in context, the Gujarati community is an entrepreneurial community from India that is known for its risk taking abilities and business acumen. Harshad Mehta was from that community and like many had a humble start to his career in the stock markets. In Mumbai Locha is a slang for risk whereas Lafda is a slang for a problem. Jalebi-Fafda is a humble snack combo very popular within the community. What this rhyming phrase means is that a person from a Gujarati community cannot stay away from taking risks, managing problems and eating humble food. (Although I confess that I take the liberty to interpret Jalebi-Fafda that way which is not so in the series)
I watched this series just as we were about to finish our fifth year as a corporate entity. Like most entrepreneurs I had read many books on entrepreneurship and business management that gave valuable advice to those who wanted to take the plunge. However, for some reason this particular phrase summed up the essence of what an entrepreneurial journey is all about in a very simple and succinct way. Also, not surprisingly 2020 has been one of the toughest phases in our five year journey. That is when I started asking myself as to what made me take this risky decision. I started asking as to why we – the breed of entrepreneurs – have this penchant for taking risks (lochas) and often find ourselves facing the unexpected problems (lafdas).
So, the question I asked myself, as we got ready for 2021, was what was the urge for me to take the plunge ( a major Locha) when the odds were stacked up against me? Was it the urge to make more money than what I would have made had I continued in my corporate role? Or was it the urge to be independent? Did I do it because I had the urge to create something on my own? Or was it just the boredom of a 9 to 5 job? Or was it the fame and glory that would come with it if we really became BIG ( by today’s definition a Decacorn as even Unicorn doesn’t qualify). The answer would vary from person to person. And it could be a bit of some, or all things put together. In our case we didn’t borrow any money – debt or equity. We didn’t look at valuations as ours was a simple services model that solved a real problem in profitably. Also, it wasn’t that I hadn’t enjoyed my corporate roles. Many argue that entrepreneurs take the risk as they have an urge to create something new. Something that can be their legacy for years to come. Something that the founders would be remembered for. Most of my friends in the VC community would believe in the “creating something new” theory. This brings me to another impactful dialogue from the Scam 92 series. The protagonist says that the biggest risk in the market is not taking a risk at all. For me the ONLY reason to embark on this locha was that the locha of not embarking was this journey was the biggest locha of all. To sum it up I didn’t want to end not taking the risk at all.
Entrepreneurship is full of Lafdas – or the problems. Whether it is selling the concept to your customers, investors or even to your family members; or getting a supplier to take you seriously; or building your initial team. But the biggest problem that (or lafda) that entrepreneurship throws at you is the problem of keeping yourself busy. And this is a problem that you face daily in your initial years. You have to find your own ways of keeping yourself busy through the day. In the initial days’ work doesn’t come at you. You have to create it. In the early days of NatunaTech, I used be scared of the mornings. I would have no idea of what I would do to begin my day and where it will end. You get on with it somehow and still struggle. Other lafdas keep coming your way on a daily basis. Every solution you find to a lafda can itself be another locha staring at you.
Lastly on the symbolism of Jalebi-Fafda, I take the liberty to interpret it as the humility that entrepreneurship brings into you although the web series doesn’t really put it that way. Jalebi-Fafda is an Indian savory-sweet combo available at roadside shops. It’s a humble food that doesn’t cost much. One thing that entrepreneurship taught me was to be humble. This is especially true for those who begin their journey a bit late in life. It taught me that it was OK to be questioned by freshers who would ask for our credentials before even coming for interviews. That it was OK for us to work from an office that didn’t have the best of interiors. It was OK for us to share hotel rooms or take the long distance train instead of a flight to save a few bucks. That it was OK to make cold calls yourselves a thing that most salespeople stop doing once they are in managerial positions. It was OK for us to work much below our market values with a view on the long term. It taught me to accept the fact that sometimes you may end up not getting your dues from a customer. It taught me to do work that I had done long ago as a management intern without battling an eyelid. There are somethings that you take for granted in a corporate role that you cannot as a business owner.
As we enter 2022, I look forward to welcoming more Lochas, Lafdas and savor them with the humble Jalebi Fafdas.
