An entrepreneur must have the ability to identify the need or the gap in the market, mobilise resources and take the risk to fill this gap, said Mr J.S.R.K. Prasad, CEO of Better Castings, a city-based company.

Doling out tips to students of Maris Stella College on ‘Brass Tacks of Entrepreneurship' at a programme organised by The Hindu Business Line Club, Mr Prasad said one needn't be a born entrepreneur. “The right kind of situation can be created to tap the inherent talent of an individual to groom him/her into a successful entrepreneur,” he said.

Speaking about the ‘global economic war' wherein heads of states were engaged in a war of one-upmanship, he said no nation could afford to remain immune to this war.

Mr Prasad quoted a recent report of the World Economic Forum which cited India ranking 51st in productivity. “The world is opening up. The good news is that we have resources, we have opportunities and we have challenges too.”

Informing the students that India stands in the fourth position in terms of gross domestic product and purchasing power parity, he said the present generation had a good opportunity to be an entrepreneur and add value to the society.

Categorising entrepreneurs as serial entrepreneurs (Mukesh Ambani), lifestyle or passionate entrepreneurs (J.R.D. Tata) and social entrepreneurs (Anna Hazare), he said the students needed to see where they fitted in.

Coming down to the basics of entrepreneurship, he said one needed to have dreams or goals and perseverance.

“Innovation is yet another key area for a successful entrepreneur,” he stressed, adding that it was equally important to master the art of learning, unlearning and relearning, listening – not just with ears but with all your five senses and the art of questioning to get to the bottom of the truth.

Self-esteem, discipline, time management, brand value and educating oneself was as important, he added.

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