The Hindu Business Line : What it takes to be an entrepreneur

Can entrepreneurship be taught? Is it not a hereditary trait as seen in particular communities flourishing in business? How and when does the entrepreneurial bug bite? How does one realise he has the traits of an entrepreneur?

Examination fever notwithstanding, students of the SRM School of Management found the time to quiz Mr Bala J. Raman, co-founder and President of Congruent Solutions Pvt Ltd, Chennai, on these issues at an interactive session organised by the Business Line Club.

To the still largely unanswered question whether MBA prepares one to become an entrepreneur or programmes them to be a good executive for another company, Mr Raman said "It gives a better view and a well-rounded idea of business." Mr Raman's tips for budding entrepreneurs: be passionate about what you do to make things happen; be positive, persistent, determined, motivated; trust your instincts - have confidence in yourself - do not try to be Lakshmi Mittal, Aditya Birla or Bill Gates, though you can follow some of their practices; take decisions even if they go wrong; understand what is important - all urgent things are not important; don't give up - find something to hang on to when things get tough; be a maverick, don't just go with the flow; inspire others with actions, not just words; create loyalty in your company; choose the right people for the right place; stay involved; `customer-focussed' is not a marketing term - it is a business mantra; always have a `plan B.'

He also cautioned them that "things won't always go your way all the time;" starting a business is a marathon, not a sprint; make sure you have the buy-in of the people in your non-work life; surround yourself with world-class people. When asked why many a business had failed, Mr Raman said either it had failed to find the answer or had no clue to the following questions:

What value it brought to one's business; why a prospective client should buy its product/service; whether it understood its clients; who would buy its product/service; how much the client would pay for it; how it intended to acquire its clients; whether it had the financial power to stay and acquire a client base. "Repeat these questions every now and then and rediscover yourself," he advised.

In his closing remarks, Mr Bala said the following philosophies are as important to entrepreneurship as much as the entrepreneur is:

You should know what you do not know; your cash flow is more important than your mother; no mystery to success - overnight success takes about 15 years; you can kid everyone except the guy in the mirror; a high EQ is a must; be ethical in your business; a good night's sleep is more important than all the money you can earn through other means; it can be lonely at the top; the buck stops with you.

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