The opportunity is in ‘Indian' and ‘entrepreneur'

The underlying strengths of Indian entrepreneurs rest in the words ‘Indian' and ‘Entrepreneur', said Mr Rajiv Bajaj, Managing Director, Bajaj Auto, addressing delegates at The Indus Entrepreneurs' (TiE) Enterprising India summit here on Saturday.

Citing the opportunity that India provides entrepreneurs, he said, “The size of the market across segments presents the first advantage. In the case of motorcycles, it is the second largest in the world. India is also unique in that it provides a certain motivation for innovation. In China, for instance, before you finish with the innovation, you might find three others working on the same thing.”

Corroborating the view was Mr K.V. Kamath, Chairman, ICICI Bank, who said, “The Indian opportunity motivates you. The ability to dream of the India of tomorrow is the opportunity.”

He said the Indian consumers were conditioned to expecting certain value that could be born of innovation, and this forced manufacturers to keep innovating to improve key factors like fuel efficiency or power.

Paying an admittedly backhanded compliment to the Indian Government, he said, “If the fuel price is pushed to Rs 60 and above per litre, the consumer is going to demand better fuel efficiency. And we are forced to innovate and deliver that efficiency,” quipped Mr Bajaj.

“If we look at the development that has happened across the world over several decades, unless companies have been strong in their own backyards, they have not been able to grow globally,” said Mr Bajaj.

He said Bajaj Auto had built on its strong Indian market presence before becoming a regional player, and followed it up with further global expansion.

Citing the Pulsar example, he underlined that the larger the market a brand wanted to dominate, the more focused it should be in terms of product offering. “Strategy and sacrifice are two sides of the same coin,” he added.

Mr Kamath noted, “Before spreading wings and taking on the world, one must be sure of the reason for going out is valid. The answer has to be an opportunity that ties in with what the company is doing in the Indian market. Then come the factors of ensuring the right financial, human and technology capital are in place.”

“Entrepreneurship really means adapting. Despite all the problems in the system, it calls for an ability to think out of the box, and find solutions. And we Indians are good at that,” surmised Mr Bajaj.

The discussion featuring Mr Bajaj and Mr Kamath, moderated by Mr Sridhar Iyengar, past president of TiE Mumbai, focused on ‘India – Fast Forward 2020'.

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