It is
Not Learnings from the success of WoW Momo, it is the Question that we should
ask
Who
has not heard about WoW Momo of Kolkata- perhaps everybody who is foody! Who
does not know its growth story? We may not find anybody. Started by two Kolkata
boys, Sagar Daryani and Binod Kumar Homagai, I
will prefer to address them as boys instead of persons as they are too young in
Indian standard, in 2008 with a
capital of Rs 30,000. Without repeating their success stories, which can be
read at https://yourstory.com/2017/11/starting-garage-kolkata-wow-momo-130-outlets-9-cities.
And at
I will just mention some figures:
Sales: First day sales, Rs 2200, and by the end of the month, touched Rs 53,000 in a day.
Salary of the chef: Rs
3000 per month as a part-timer, now the
same person gets Rs.1.5 lakhs per month.
Manpower: From three, two promoters
and one cook, now they have over 700 people employed in backend productions,
and over 900 people managing the storefronts.
Transport: From two Bicycles to the
fleet of 50 vehicles
Turnover: Rs.135 crore (FY 2017-18)
No outlet: Started with one outlet
at Spencers , Kolkata, now they aim for 300 outlets in 2019. At present, having
a presence in 13 cities.
Product variety: From one type-steamed Momo to more than 12
types of Momos, Some are geography-specific, with a standardised process. The
company also launched its cloud-kitchen business.
Branding: From the start, they were
thinking of branding and had taken several initiatives to build a brand.
CSR: Thinking building of cancer
hospitals – from each momo sold One Rs goes to the fund for the hospital.
Space: In three formats: 50 Sq ft,
1000 Sq ft, and 20 Sq ft. 20 Sq.ft. in
the airport where they get Rs.30 Lakh in a month. Think of space productivity.
Advertisement: Innovative use of
Social media without formal training on social media management.
Strategy: Some quotes, "We did
not focus on our back end. We realized that only if our front end is strong, with
sales being high and revenue coming in, could we invest in R&D. We played
it very wisely, and took it one step at a time," "I had this favorite
Subway outlet in Kolkata, where I knew the employee who made my sandwich very
well. I went there, offered him a job, and recruited him immediately. When you
get one good employee and offer him a chance at growth, you automatically
enhance your brand in the eyes of other employees,"
“It occurred to us that if we can
have places selling pizzas and burgers, why could we not have Momo places?”
Education: Both are quite educated-
B Com from St Xavier's College. But they do not have a so-called MBA,
particularly an MBA in Entrepreneurship.
In their own words: “Unfortunately
for us, we were very poor with numbers and to crack an exam like CAT, one needs
to be good at Math. So, we knew we could not do well in CAT and get into a good
B-School,”
The last quote bothered me- I ask a question to myself, what I am
contributing as a Management Educator. I will not use the word “WE”, let others
think of their contributions. What these two boys don’t know about business-
strategy, product innovation, Business model and Format innovation, managing
growth, building brand, and what not!! If all these can be done by non-MBA
graduates, then what is the need for an MBA? What is the value addition? Are we
doing the right thing? Yes, I can meet them and make an Ivy League case- I will
not be surprised, somebody might already be working on it. From a couple of
such cases- I may come out with some theory and the great job is done- get a
publication in a high rated journal. The art of publishing I have gained by
wandering in the wonderland of business research for 12 years. Yes, one trade
secret I can share- I never forget to refer some articles from the target
journal as it is a win-win case, and it is also a common 1st review
comment from the editors. Of course, I have to wait for quite a long time as
all credible journals take a long time to accept.
I do not know, which one is
the cause, and which one is the effect.
The journals are credible, so you have to revise the paper again and
again if the article is not rejected or it is through the process of systematically
delaying the publication a journal earns credibility! Exceptions are always
there, and the world is run by the commoners and not by rare cases. Each Ph.D./
paper in management, across the globe, come out with n- number of management
theories, which is known to the respective authors only and, at the most, for a
few days by the thesis examiners /reviewers!
In the academic field, it has moved in this way- things have been
designed and implemented in Japanese factories, like Toyota Production system,
TQM- later picked up by academicians, who came out with theories and probably
confused the readers. I have worked with several Japanese consultants and
trained by quite a few Japanese trainers, and all speak about how it is
implemented in GEMBA (the workplace) before joining academics. It was straight forward.
I have come across the TQM manual of a Japanese company- it talks about 'how to’
and no theoretical deliberations.
I am not getting the best answer and look for it from readers if
at all, it is read by others.
(Views are personal, nothing is official)
Comments
Post a Comment