On the Ball: Walking the Road Less Travelled

By Ashna Ambre

It is that time of the year when most of the employable youth is busy getting their management degrees from the best universities and gearing up for the placement offers of lucrative jobs. NR Narayana Murthy, Chairman Emeritus, Infosys never misses an opportunity to address this youth and speak to them about the prospects and opportunities of entrepreneurship. I attended one such event called ‘Be your Own Boss-Entrepreneurship’.

Entrepreneurship is about transforming the world with ideas and then converting those ideas into wealth and jobs. “It is about bringing ideas into existence that don’t exist,” explained Murthy. In addition to this, he gave the four trump fundamentals to walk the entrepreneurial journey the successful way.

Power of your idea: The first fundamental he mentioned was to work on an idea whose business value to consumers, corporations and other stakeholders can be easily expressed in a simple sentence and can be easily comprehended and understood. There must never be any apprehension in explaining what the business is in a short brief.

Ensure that the market is ready for your idea: Any idea would succeed only if the market is ready to absorb it. It is recommended to perform a small-scale marketing test, to observe if the product offered appeals to the consumers at the offered price. It is a good to analyze if the customers are keen to show interest. It is also observed that a lot of brilliant ideas couldn’t gather momentum only because the market was not ready for them.

Have a diversified team: A team with members from diversified fields brings a balanced skill set to the table. The objective is to hire people with expertise in fields that no one person can have. Such combinations help to cover business challenges and opportunities from a broader spectrum.

Breed a good value system: Setting a good value system and being a good leader are important aspects of entrepreneurship. A good value system is a protocol for conduct of behaviour such that every team member has trust in each other, and this would come only when they are under the umbrella of strong leadership.

An interesting thing to note at the event was his enthusiasm to encourage women to be an equally important part of the discussions and interactive session. He insisted on addressing audience questions that were asked in a sequence that gave equal opportunities to both men and women.

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