I happen to attend ‘TIE” summit in Mumbai, India.This was a two day seminar on entrepreneurship-where successful businessmen recounted their journey to success.
It was a learning experience-and you felt that this is perhaps the best time to be an entrepreneur in India. You can have a big idea,you can struggle,you can innovate and it does not matter even if you fail.Success gets you a place near the sun-failure is an occupational hazard.
What did I learn ? A few powerful insights from successful entrpreneurs.
a) Kishore Biyani of Future group spent Rs 18 lacs on promotions during the first year in business,when his turnover was only Rs 7.0 lacs.This was his recipe for thinking big.
b) As per Mr Biyani,the formula for attracting and retaining talent is LSD or Indian Goddesses Laxmi,Saraswati and Durga.Goddess Laxmi represents adequate compensation,goddess Saraswati represents intellectual up-gradation and goddess Durga represents giving respect and dignity.Very simple ,very effective.
c) Scaling up was a key consideration for most of the successfful entrepreneurs.If they did not think that the business could be scaled up to Rs 50 million,they dumped it.And went ahead to create a new model.
d) Rajiv bajaj of Bajaj Auto says that you don’t need different products for different markets-as consumers don’t change,only competition changes. The case in point is Bajaj Pulsar motorcycle-where product is same in all the markets,only postioning changes.
The key take out after hearing all the entrepreneurs is that having good idea is not enough-you need to have ‘Jugad’ (to get things done) to succeed in India.
Success is about overcoming constraints. Amen