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Young entrepreneurs need to believe in themselves and rebel against conventional wisdom, if need be. This was the advise of Sanjiv Goenka, Chairman of RP-Sanjiv Goenka Group, at an interactive session, organised by CII here on Thursday.
Recalling his own debut into the world of entrepreneurship, he said, at 27, much against his father RP Goenka’s wishes, he had broken a business relationship that controlled Dunlop and painstakingly acquired control of CESC.
“I bought up 10 per cent stake in CESC bit by bit from the market on borrowed money of Rs 40 lakh at an interest rate of 20 per cent. Then convinced then institutional lender ICICI, which had 35 per cent stake in CESC, to back him to manage the company,” Goneka said.
He did not stop there. After getting access to the management, Goenka managed to come with a rights issue, knowing that no other existing stakeholder would participate in the exercise of the then difficult company.
After the issue, he firmly established himself as the largest shareholder of CESC.
He felt now opportunities were far more for the budding entrepreneurs and things were to be even better in the near future with the growing number of venture capitalists and angel investors.
“Some of the Indians have already made mark in entrepreneurship in global arena. In the next five years there would be much successful individuals”, he added.
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