Chennai, Sept. 10
To be a successful entrepreneur, one needs to be mature, disciplined and should always listen to others, Mr Pramod Haque, Managing Partner, Norwest Venture Partners, said.
Successful entrepreneurs know that they need to have complementary skills. If not, they would fail in their business.
Some of the businesses have in fact failed because the company's founders were all engineers and did not have management or marketing professionals, he said at the ICICI Venture-CII Connect 2006 Entrepreneur Awards . Norwest Venture Partners manages more than $1.8 billion in venture capital. It focuses on investments in information technology, including semiconductor and components, systems, software, services and consumer/Internet technologies.
Mr Haque, who in 2004 was named by Forbes as the number one venture capitalist based on performance over the last decade, said successful entrepreneurs have the ability to have diverse skills. They also have great abilities to articulate and are passionate about their vision.
Communication is important for entrepreneurs and they need to always communicate their vision to customers and employees, he said.
."I know about all, and somebody need not tell me,'' was the attitude of some of the entrepreneurs who failed in businesses. Entrepreneurs should never give up and need to be focused, tenacious and determined, he said.
Some of the businesses failed because entrepreneurs did not have diverse skills around them and were not willing to be held accountable, he said. "I know about all, and somebody need not tell me,'' was the attitude of some of the entrepreneurs who failed in businesses. Entrepreneurs should never give up and need to be focused, tenacious and determined, he said.
"Cash flow is the king,'' Mr Haque said and urged entrepreneurs to be more focused on this.
Entrepreneurs as they grow need to enlarge the company's inner circle and bring in experts. Some of the businesses stagnate and do not grow because founders/team management did not want to enlarge the inner circle and share power and decision-making.