9 essentials of entrepreneurship

"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?

• It is all about hard work and applying your mind properly.
• It needs complete dedication to your ideas and putting your best efforts into them.
• It is going to bed thinking about the idea and waking up in the morning thinking about it.
• It is a field where you need constant attention at every detail.
• It is about driving yourself: If you are a professional, your boss will remind you that you are not working, if you an entrepreneur you have to remind yourself.
• It is about convincing others about your ideas too: You have to get the full support of your family and friends to succeed.
• It is about networking: Being an entrepreneur also means that you have to be constantly in touch with clients, customer and business partners at close quarters.
• It is about leadership: You should know how to be a leader and add value to the leadership with your ideas.
• It is about confidence: You have to live with the conviction that even if things don't work out in the initial stages, later on everything will be in place and you will emerge a winner.

(Source: http://ia.rediff.com/money/2006/sep/21tie.htm)