‘Every company should have its own methodology’

The choice of people determines the venture’s success, said Subroto Bagchi, Co-founder and Chairman, Mindtree Ltd .

Addressing the Entrepreneurship Summit ‘Starting Young’ jointly organised by CII, CII Young Indians and Karnataka Department of Industries and Commerce, he said, “In addition to choice of people, entrepreneurs should respect each other professionally.”

To commence the entrepreneurial journey, young people with ideas should look for others who see in the same direction at the same time, and with the same energy.

Some start early but do not get there. When one analyses their failures, we see that the right recipe — domain, tool, methodology, quality innovation and branding — are not implemented in right measure.

Giving ideas and tips to the management students, Bagchi said domain knowledge is the key differentiator.

“Your idea should be easy for people to relate to you in a short period of time. If you don’t then it is clutter.”

“Tool is another area. We see many projects fail or incomplete for lack of right tools. A good tool can set you apart. One needs to choose with care and with equal ambition,” he said.

As for methodology, Bagchi explained that people may come, people may go. But each company should have its own methodology.

“Over a period of time that becomes their IP or differentiator, hence pay attention to this carefully.”

Quality perceived by customers can be positive, negative or neutral. A company or a start-up should continuously re-invent itself to be value positive, he said. Quoting Apple as example, he said, “see how this company has moved from manufacturing Mackintosh computers to the current Apple products.”

For some innovation can also be a product and for many once in a blue moon get idea or what they do something different can get a pot of gold. Hence, one needs to innovate as way of life, he said.

People have poor understanding of branding. “Brand is not a name or brand is not a logo. It is one where how a company can populate/externalise its values, products or services. Here, the entrepreneur herself/himself is a brand. Treat yourself with care, it is very precious in building a successful company,” Bagchi said.

The Hindu Business Line was the media partner for the summit. M Maheshwar Rao, Karnataka Commissioner for Industrial, Development and Director of Industries and Commerce, spoke about the services offered by the State Government in starting new ventures.

Bharathram Lokkur, Chair, Young Indians, Bangalore, and Senior Manager, PricewaterhouseCooper, Siddarth Krishnkumar, Young Indians, Bangalore, spoke about entrepreneurship ranging from conceiving an idea to setting up a business in the changed economic order.

anil.u@thehindu.co.in

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