|Rediff India Abroad Home | All the sections|
9 essentials of entrepreneurship
Manu A B in Hyderabad | September 21, 2006
"Entrepreneurship is an attitude," says Ramalinga Raju. "It's for people who are willing to fail."
Speaking at the 2nd TiE-ISB Connect 2006 forum at the Indian School of Business, Hyderabad, Raju delved on the simple yet arduous task of creating enterprises.
Urging entrepreneurs to focus on customisation of products for India at low costs, he said one has to literally live with one's own idea to succeed ultimately.
"Investors may help entrepreneurs with a long rope, but if you fail they will hang you with the same rope! Entrepreneurship requires you to sacrifice a lot to pursue the business interests," he said.
"When I started my company, Satyam, I had to spend most of the time in the corridors of financial institutions. Finance was a major constraint," he said.
But today the scenario has changed. "Venture capitalists appreciate good ideas, so if you come up with an idea that satisfies customer's demands, you have a good chance of making it big. VCs look at intellectual capital. And there is a huge potential in India," added Raju.
Explaining the change in outlook of companies, Raju said: "Earlier, companies focussed on attracting employees, then the focus was on efficient management and later leadership. Today businesses have evolved and companies are largely focussing on entrepreneurship as a tool to enhance value in a large organisation."
"Satyam is structured in such a way that it allows entrepreneurs to flourish and we will continue to encourage new ideas," he said.
So what is entrepreneurship all about?