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His family background and education, instinctively help him identify potential business opportunities in the hospitality business, says Vibhas Prasad.
Ever since I can remember, I wanted to be an entrepreneur. When I was in school, I saw my family toil to build its first hotel in Nainital, in 1989. At that point we were looking at a strategic tie up for management and marketing of the premises.
Thereafter, we learnt the business and built a number of properties in the last two decades. I acquired the skillsets on the job. Since the time I joined the family business, I was given adequate time to understand the nuances of the business.
It was only after I was handling particular verticals of the business did specific expectations develop from the family members for me to perform. As a family, we play to win, but also nurture mutual respect.
Some of my earliest memories are of my cousin, who is also my role model. He taught me to ‘endeavour to continuously keep learning to improve myself’; it is this philosophy and thought that has given me a zest for life to continue to ‘add value’ and to ‘live and let live’. Till date, when I am at a cross roads, I often think what he would think of the situation, and then take my decision.
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However had I not been in the hospitality business, I would have been an investment banker or a management consultant in the US.
I graduated from Mumbai University, after securing a First Class in B. Com. from Sydenham College of Commerce & Economics, Mumbai. I had earlier passed out with a Distinction from The Doon School (Dehradun).
I worked with DSP Merrill Lynch Fund Managers (Mumbai), as an associate in their Institutional Sales division, for two years.
Sure it’s a busy life, and, coming from a boarding school background, I feel I have become a ‘jack of all trades, master of none’. Seriously, I have varied pursuits, such as golf, trekking, tennis, sailing, running marathons, and music.
My life’s motto is to endeavour to continuously keep learning to improve myself, and contributing to the process of wealth creation with integrity.
My family background, coupled with professional experience and education, enables me to naturally evaluate and analyse diverse risk-return issues, and to instinctively identify potential business opportunities in the hospitality business.
I aspire to add value in everything I do, and do not shy away from saying ‘I don’t know’. With an open attitude to accept constructive criticism, I have never had an issue where I’m perceived as being too young for the job at hand.
I think the future of the hospitality industry in India continues to be very bright. We have hardly scratched the surface in attracting international leisure tourists, and I suspect that we will be getting many multiples of the same in the years to come. With continued vibrancy in the Indian economy, business travellers will also be making a beeline to this important country.
There are already published figures out on this - but there are more than 450 million domestic visits in India in a given year.
The business of hospitality in India is fairly fragmented with individual hotels and resorts. While almost all the international chains are here, their presence in terms of numbers is still quite limited.
Also, with increasing efforts by the Ministry of Tourism, the bed and breakfast scheme will play an important role in providing rooms infrastructure pan India (especially in smaller towns).
I do foresee some consolidation with large chains, but there is more than enough scope for players in all segments of the business. With improving road infrastructure, I imagine that even smaller cities and towns would see increased momentum.
A certain classification across formats would go a long way in giving comfort to travellers before they book.
| COMMENT Comment on this article |
Ever since I have been back in the company, I have been trying to bring in a more professional and institutionalised approach to the business.
Over the years, we have grown from a couple of disparate properties, to more than 20 in the state of Uttarakhand alone.
While we were earlier affiliated to a regional hotel group, today, we have carved a niche for ourselves across the country - and abroad - on our own, with a core set of values, a healthy environment for all employees, and a branding to
reckon with.
Quick Look
Name: Vibhas Prasad
Age: 30 years
Designation: Director, Leisure Hotels
Responsibilities: Directly responsible for marketing, alliances, corporate affairs, public relations, and business strategies for the group.
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