‘A venture will be as successful as the idea’

The country is witnessing an entrepreneurial boom and there has never been a better time to be an entrepreneur, said Ashok Soota, Executive Chairman, Happiest Minds Technologies Ltd. He was speaking on Friday at the inaugural session of TiECON Chennai 2016, organised by The Indus Entrepreneurs (TiE) Chennai chapter in association with The Hindu BusinessLine .

Entrepreneurship is evolving with rapid technology changes, making possible new businesses that were not feasible earlier. There are multiple programmes, including Nasscom’s 10,000 Startups, to foster entrepreneurship, he said at the two-day entrepreneurship event .

Funding is available in plenty for entrepreneurs, and India is probably the easiest country in which to raise money. However, there is something to be cautious about — a high failure rate of 70-80 per cent. Running out of funds is the single largest reason for the failure of many companies. While planning for growth, it is necessary for a company to become profitable as soon as possible, he said.

Another reason for failure is when the quality of the idea is not thought through enough. A venture is going to be as successful as the idea. A lot of people zero in on one item without realising that there is a whole range of opportunities available, Soota said.

Many entrepreneurs will find the pain points through personal experience. “Is the venture scalable? Am I going to be a pioneer or a follower? The idea should be a differentiator.”

Soota recommends a ‘kaleidoscope model’ through which an entrepreneur should ask a series of questions, with each one helping to create variations in the business model of the product/service. Having short-listed 2-3 ideas, test them with deep market research, select the best and the proceed, he advised.

“Before plunging into the venture, it is important to validate the idea. Dream and live with the idea for six months, share it with everybody who will adapt it. Soon the success will attract larger players. Plan upfront to defend the offering,” he said.

There is no right or wrong time to become an entrepreneur. When you are ready, you take the plunge. “I myself was a late entrant into entrepreneurship. I started MindTree at the age of 58 and Happiest Minds at 69.”

Ambareesh Murty, founder and CEO of Pepperfry, said there exists opportunities for businesses to solve issues in the start-up ecosystem, including distribution inefficiency and connectivity.

It is important for an entrepreneur to understand the customer. Balancing profitability and what you do for them is the most important call for any entrepreneur, he said.

TiE Chennai has recognised to encourage new entrepreneurs and honour successful entrepreneurs at the conference. Aravind Eye Care System was honoured with Lifetime Achievement Award for its contribution to the business community, society, arts and culture. P Namperumalsamy, Chairman Emeritus, received the award on behalf of Aravind Eye Care.

TiE Chennai has recognised to encourage new entrepreneurs and honour successful entrepreneurs at TiECON, an annual conference conceptualised to promote entrepreneurship.

Namperumal Samy, Chairman Emeritus, received the award on behalf of Aravind Eye at TiECon 2016 today.

Other awards distributed were:

Dronacharya Award for V Neethi Mohan, CMD, Vaighai Agro Products Ltd.

SV Balasubramaniam, Chairman, Siruthuli, and Chairman, Bannari Amman Group, collected the Swachh Bharath (not-for-profit category) award on behalf of NGO Siruthuli.

The Swachh Bharath (corporate award) was bagged by VA Tech Wabag (award received by S Varadarajan, CFO and Executive Director (Finance)); Make in India award was given to Data Patterns (award received by S Rangarajan, CEO).

The TiE Chennai Associate Member of the Year award was bagged by Deepak Ramesh NC, Director, Pranion Technology Ventures Pvt Ltd; TiE Chennai EDI Award for innovation was given to Vasanth Kesavan of REDD Hi Strength Steel.

TiE Chennai EDI Award for Woman Entrepreneur was bagged by KS Bhagyalakshmi of Environ Non Woven Bags; and TiE Chennai EDI Award for Fast Growth Entrepreneur went to AK Velmurugan of ECO Windows.