Entrepreneur Magazine India recently came up with an anniversary edition where successful business people and entrepreneurs shared their stories and words of wisdom to other aspiring entrepreneurs. I am summarizing them for my own reference as well as for other’s benefits
Rana Kapoor, CEO and MD of YES Bank.
- Test your idea without giving it away
- Create a team that is willing to experiment effectively
- Thing Big!
Saurabh Srivastava, Founder of Indian Angel Network
- There may be many in the sector you want to jump into, so it is very important that you ask yourself why you will succeed.
- Do not stop at merely having a great idea that will excite everyone.
- Do not fear to try over and over again.
Sanjeev Bikchandani, Founder and CEO of InfoEdge India Limited
When I quit my job, I was too used to a salaried check. Within six months of quitting, I realized the perceived risks in entrepreneurship were much higher than the real risks. So I would advice entrepreneurs to get rid of their fears and not overstress themselves.
B.V. Jagadeesh, President and CEO of 3Leaf Systems
- To build a great company you need a great product, great team and great markets
- Opportunities are massive today as compared to even 10 years ago. This means the entrepreneur needs to be even more laser-sharp to focus on areas that he/she understands well.
- The toughest decision an entrepreneur and a startup company have to make is to say “no”. Saying yes is very easy and the more you say yes, the more focus your company loses and resources are spread thin. At the same time, you have to know when and for what you should say no, otherwise you might end up saying no to the wrong thing and lose a huge market opportunity.
- You, as an entrepreneur, need to be open and broad-minded and at the same time take tough decisions and stand by them.
- You should allow debates within the organization rather than follow a dictatorial approach.
Pradeep Kar, Founder, Chairman and Managing Directory, Microland Limited
- It’s an entrepreneurs job to raise money, and I would urge all entrepreneurs to give it adequate time and energy to raise capital rather than depending on a finance manager.
- Always raise capital more than you need.
- Spend a lot of your time and energy hiring people. Atleast 25% of an entrepreneurs time should be spent in finding good talent for the organization. Once you find good talent, ensure you don’t come in their way of growth.
- Listen to your own gut feelings.
- Don’t be afraid of failure or to take a decision.
Shah Rukh Khan, Actor and Entrepreneur
You should also strike while the iron’s hot. Don’t sit on your ideas if you feel it’s the right time to start a business around them.
Raghav Bahl, Founder & Editor of Network 18
Just as Genius is 1% inspiration and 99% perspiration, an entrepreneur in my humble book is 1% capital and 99% persistence, focus and humility.
Captain Gopinath, Chairman and MD, Deccan 360
- Don’t be afraid to think big. When we build, let us think that we build forever.
- Don’t ever stop learning. The day you stop, your organization dies.
- Energize yourself by drawing energy from people and ideas around you.
- Don’t get distracted by naysayers. Have faith in your idea and be determined to make it work.
- Being an entrepreneur is like being immortal, because you leave a footprint behind. So go for it.
Deep Kalra, Founder & CEO, Makemytrip.com
You regret the things you don’t do in life; not the things you do. So, go build the business you want to.
Phaneesh Murthy, CEO, iGate
- Start the venture in your area of expertise.
- Don’t be greedy.
- The first few deals should be done in a missionary manner.
- Invest in talent, intellectual capital and physical infrastructure before chasing the first deal.
- Have fun – it’s your company after all.
Rajeev Karwal, Founder, Milagrow business and knowledge solutions
- Be clear about exactly what you want to do.
- While starting up, don’t waste too much time searching for outside funds.
- Great teamwork can push you far.
- Start the business with the right processes and tools so that the system gets established right from the very beginning of your organization.
- Never depend on seasonal customers or clients that take up 60-70% of your work. You will have beginner’s luck which will help; don’t let the reverses pull you down and rise every time you fall.