“When is it a good time to be an entrepreneur?”
Mr Kris Gopalakrishnan of Infosys answers his own question: “Start young.”
When we are young, enthusiasm is at a peak, says the Executive Chairman of the IT behemoth. For students, even a small monetary compensation for a project draws total commitment and passion. But the same students with a degree “are never satisfied with any amount of money,” he said.
Colleges should leverage that attitude to create an ecosystem for enterprise, set up business incubators. “This is an experiment worth trying,” he said, addressing the CII Regional Emerging Entrepreneur Awards 2011, instituted jointly by the Confederation of Indian Industry and
Tech evolution
The rapid evolution of technology, particularly information technology, will have an impact on a wide range of industries. The scope of entrepreneurship will be limited only by the imagination, Mr Gopalakrishnan said.
A smartphone today has million times more computing power than a mainframe computer in the mid-1970s, he pointed out. Just one idea, ‘mobile cash' has enabled credit delivery to over 750 million people who have access to mobile phones. Compare that to the 50 million who hold credit cards. “That is a revolution in the making. When such huge shifts happen only imagination is the limiting factor,” he said.
When a Stanford University professor announced an online course on artificial intelligence 1.6 lakh students enrolled and 25,000 completed the course. That was the spark for the professor to launch a new online university Udaycity.
This idea can be used to expand the reach of engineering colleges, he said.
“People with imagination and passion will be good entrepreneurs at this point,” Mr Gopalakrishnan said.
Mr N. Kumar, Chairman, Jury Committee, CII Regional Emerging Entrepreneur Award and Vice-Chairman, Sanmar Group, said entrepreneurship is a key national requirement. Economists say it entrepreneurship and the private sector that is contributing to economic growth. “So celebrating it is crucial,” he said.
The award winners have been selected for their vision, execution, excellence, innovation, leadership, ethics and ability to scale up their idea.
Mr Mike Nithavrianakis, British Deputy High Commissioner in Chennai, appreciated the entrepreneurial spirit prevalent in South India, a reason that UK “wants to do more in India.” The UK will soon have a greater presence in addition to the two Deputy High Commissions in Chennai and Bangalore and the trade office in Hyderabad. Discussions are on with the Government of India, he said. The scope of the award by CII and Business Line should be expanded to recognise and highlight the entrepreneurs in smaller towns and cities where there “are incredibly vibrant companies.”
It is important to encourage entrepreneurs to ensure they do not give up in the face of failure or let disappointment overcome them, he said.
Mr K. Venugopal, Director, Kasturi & Sons Ltd, which publishes Business Line , said entrepreneurs generate jobs. It is essential to promote entrepreneurship to keep the engine of growth ticking.
Key challenges
Mr T.T. Ashok, Chairman, CII-Southern Region and Managing Director, Taylor Rubber Pvt Ltd, said the key challenges that entrepreneurs face are the lack of support in funding as there are not enough venture capitalists or angel investors and the lack of mentors.
As a society “we are risk averse,” and adding to the challenge are the deficiencies in infrastructure, social attitudes and inadequate government support. While the growth of information technology catalysed entrepreneurship, it is also depriving other sectors of talent. Some of the important attributes of entrepreneurs are passion, positive thinking, adaptability and leadership.