A company is built with enormous efforts and hence, youngsters must take judicious decisions besides learning special skills inside classrooms as well as from society before they embark on an entrepreneurial journey, said Mr Aroon Raman, Managing Director, Raman Fibre Sciences.
Delivering a lecture, Starting and building a great company, organised by the BL Club and sponsored by Syndicate Bank for the students of Sri Dharmastala Manjunatheshwara Institute for Management Development (SDMIMD), Mr Raman, quoting Konusuke Matsushita, the founder of Panasonic, noted that even Matsushita did not start the company with an enormous vision.
Sharing his experience, he told the students that before they think of starting companies, they needed to ask many questions to themselves. They must find answers for questions such as “What turns me on”, “what would I rather spend my life on”, “what is my prime motivation for starting up” and “where do I want to be 10 years from now”, he said.
Once they decide to start a company, they should reflect deeply on “What type of industry or service”, “what gaps exist in markets or segments” and many other such questions.
“If you are going to have a “me too” product, then you will be in for a big surprise.
“Identify what key factors would differentiate you in the market space. Ideally think of paradigm shift rather than incremental improvements,” Mr Raman said.
He told them that identifying the “Aha” factor that differentiates their product from other products, was very important.
Mr Raman also said that ability to deal with uncertainty, passion and motivation, and the “energy” to hold on in adversity, were the keys to creating and building a world-class company.
He also stressed on the importance of communication. “When you think you have communicated enough with your team, communicate again,” Mr Raman said.
During the interactive session, a student wanted to know how long a fresher must take before starting a new venture.
“Choose a field of interest and work for two to three years and then venture out. Even if you do not get a job in your chosen field, take the opportunity that presents itself. However, never lose sight of your passion and your love. Develop contacts and then venture,” Mr Raman said.