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Entrepreneurship is all about an idea which creates differentiated business value to customers, said Mr N.R. Narayana Murthy, Chairman Emeritus of Infosys Technologies.
Speaking at the ‘TieCon Hubli-2012' on Saturday, Mr Murthy said, “You must be able to convince your customers about the benefits that association with you or your products will give them. People are ready to pay if they are convinced about your services or products.”
Mr Murthy also said to sustain growth through innovation, a mechanism to develop new leaders from within the organisation is essential, and for that to happen, one should follow the ‘praise in public - punish in private' principle.
Institutionalisation of values and processes were important requirements for ensuring longevity for a company or an organisation, said Mr Murthy. Mr Murthy gave away the TiE Annual Awards including one award for life time achievement to industrialist, Mr R.N. Shetty. The other entrepreneurs who received the awards were Mr Vivek Pawar, Mr Vijay Mane, Mr Sharanappa Haginal and Mr Laxmi Rasulkar.
Mr Murthy's address to the ‘TieCon' audience was in the format of a question and answer session with Mr Gururaj Deshpande, co-founder of Sycamore Networks, US, playing the role of an interviewer.
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