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`Handling success harder than handling failures'
Our Bureau
Chennai
,
Feb 10
HANDLING success is harder than handling failures, according to Dr Surinder Kapur, Chairman and Managing Director of Sona Koyo Steering System Ltd.
Addressing students and faculty members of the Department of Management Studies, IIT Madras, Dr Kapur shared his experiences as an entrepreneur, urging the students to learn from his mistakes and benefit from some of his successes.
He said that in 1988, when he started his company with an investment of Rs 50 lakh, the sales in the first year of operations was Rs 7 crore. Today, the company has 13 plants around the country, employs 1,200 people, and records sales of Rs 750-800 crore.
He told them that as students of a prestigious institution they were all assured of success - a good job with a good salary - but they should have the burning desire inside to achieve something more.
He warned the students of some of the challenges. An entrepreneur starting out on a new venture is in for a difficult period, he said. Developing an organisation, developing human resources, structural development, and promoting a culture for continuous improvement are some of the challenges during this period.
He gave the example of Toyota's policy of kaizen (Japanese for continuous and incremental improvement), where the managers were expected to come up with suggestions for improvement every 20 minutes, in order to make the concept part of the culture of the organisation.
He also warned that when an entrepreneur achieves success, immediately people will "swarm around you like bees."
An entrepreneur should never take the advice of a banker or a venture capitalist. Banks are not interested in cost and revenue streams, they are only interested in securities. Ultimately the decision must come from the entrepreneur himself.
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