The Hindu Business Line : Helping dreams come true

Entrepreneurs need to develop management skills that are different from those required by managers in corporates. While they may have domain and industry knowledge, this does not necessarily translate into business knowledge, says Anjana Vivek, CEO and co-founder of Bangalore-based VentureBean Consulting, which works with early-stage ventures and companies in transition, including those looking at funding options.

Speaking to Life on various challenges and issues facing Indian entrepreneurs, she says that while many persons are interested in turning entrepreneur, not all have the capability to convert their aspirations into reality.

"They need funding, mentoring and connection to others. We need a few successful cases which can be showcased as role models to the next generation of entrepreneurs."

And Anjana is doing her bit towards building and nurturing a culture of entrepreneurship.

She's currently one of the course directors of the Management Programme for Women Entrepreneurs at IIM-B, where she takes sessions on business planning, valuation, negotiations and venture capital funding.

"These are areas in which entrepreneurs have gaps in practice, and in theory. We have 65 women, all of whom are expected to write business plans."

Anjana thinks there is a need for more programmes sharing information and knowledge, right from the basics of starting a business to managing it and growing it. "We are trying to create a database of resources that one can draw upon. These could be in areas such as strategy, HR, marketing, finance, etc."

She adds that the attempt to give more structure to this is part of the "mission to energise the entrepreneurial ecosystem."

Anjana closely interacts with entrepreneurs by training and mentoring them, along with helping them connect to others in the ecosystem. "My focus is on value creation and balancing the short-term requirements of business with long-term goal setting."

Specifically in the context of women entrepreneurship, she asserts that entrepreneurship does a lot to empower women. "There is independence and flexibility to do things the way one wants, when one wants. This can help women reach their full potential."

She has had hands-on experience in this area, having spent four years with women entrepreneurs at IIM-B, as well as with the `TiE for Women' initiative in Bangalore.

"It is a pleasure to see how much women can do and what a difference it makes to many lives."

Anjana feels that Bangalore is poised to capture some of the excitement of being a "great melting pot of multiple cultures, experiences and markets," and translating it into a vibrant entrepreneurial environment.

"I work with entrepreneurs to understand their personal goals, ambitions and philosophies to see how this can be leveraged upon for the business. After all, the beauty of entrepreneurship is that one has the luxury of doing things the way one wants rather than doing things the way others want or suggest could be the best."

She also believes that there is a need to bring together multiple elements: people, ideas, technology, innovation, funding, etc.

In her experience, the strengths of the newer generation of entrepreneurs are enthusiasm and high energy levels. "The limitation is the lack of quality funding in early and seed stage, high-risk ventures with high growth potential."

According to Anjana, a downside is that not many people are willing to work with start-ups with innovative or flexible payment options.

More Stories on : Entrepreneurship | Gender | People | Venture Capital

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