Entrepreneurship – Commitment, Dedication Leadership

1. Entrepreneurship – Commitment, Dedication Leadership

2. What is Aug 23? Inspired by western models and applying it to Indian food- hygienic food at affordable price Dheeraj Gupta: Hotel Management / Catering +MBA Reeta Gupta: MBA Professionally Managed Organisation 30 Outlets in 2006 entrepreneurship

3. entrepreneurship

4. Napping Centres / NapPods • Indian student - letting employees nap for 15 minutes a day could boost productivity by 30 % • Persuaded college to set up experimental napping centre with 4 beds • Set up Metro Naps - napping centre at Empire State building –inadequate ROI (too localised) • Now sells nap pods – highly stylised design so they don’t look like beds • Sells to corporates – the tag $12500- 2006 (7950 in 2008) • Proctor and Gamble – one of their first clients Entrepreneur…

5. Entrepreneur • Originator of new business • Passionately seek opportunities – can them where others don’t / don’t care to • Pick out the best – Pursue and Execute them • Sees change as an opportunity- Party Hard Drivers • Assumes risk and reaps reward • ARE able to engage energies of others Air Deccan Café coffee day Move quickly… Some traits of entrepreneurs Not just about ideas...

6. Anil Ambani at an EDI Convocation- 2003 on Successful Entrepreneurship • …not just - brilliant and innovative ideas • ability to execute • Risk taking needed –they evaluate risks' and then take decisions • Focus on goals - not on possible hurdles - might paralyse them • Convert adversity into opportunity and keep moving on – every entrepreneur faces adversity • Take doubts and criticisms in their stride. • Need basic understanding of - how laws are made, taxation issues and structures, judicial process But why are we talking about entrepreneurship here…?

7. What about Managers??? • Corporate entrepreneurship  INTRAPRENEURSHIP • The process by which individuals within organisations pursue opportunities w r t resources they control… why important today? Getting People to be Entrepreneurial KM Birla

8. Kumar Birla at an EDI Convocation- 2004 on How to Get people to Be entrepreneurial • Education - experimentation not encouraged • entrepreneurs often use 'gut feel' — formal organisations hostile to it Risks controlled/ out-of the-box ideas discounted. How to encourage a spirit of experimentation? • move entrepreneurial people to work settings that give greater freedom • Do not punish occasional failure • innovative people may not always have 'right' credentials - relook recruitment • Do all this without discarding what works. nidra... More on how to promote intrapreneurship…

9. How to promote Intrapreneurship within the organisation (examples) • Tolerate failure • Reward innovation for innovation’s sake • Encourage informal communication • Strip away rigid procedures • Use teams for innovative projects… • Fund support innovation - multi level funding programmes… BP – Game Changer Initiative Intel – New Business Incubator A little bit of madness…

10. Create a Little Madness…B Muthuram Tata Steel • … nurture atmosphere of indiscipline and madness among employees … • … CEOs needed to be perceived as "little mad".. create atmosphere of change and push the agenda for innovation … • Some leaders felt - the least disciplined employees in their organisation have most innovative ideas … • Tatas 2007 – Any employee with smart business idea …Co. will invest up to Rs 1 Cr. Team from the company will mentor the project … • Yes Bank –selects one employee who develops a business plan for a project of choice. Bank partners if viewed sustainable. Mr Vigyan Gadodia, AVP Micro-Finance Department, as the `YES Entrepreneur in Action- 2006-2007'.Plan to set up nutraceutical units, organic farming, or food processing units in the rural areas • Aim: stable employment opportunities for the rural poor. - in the next two years Examples of Intrapreneurship

11. Why Intrapreneurship / Entrepreneurship is Important for you… risk • McCormack – Rolex CEO • Citifinancial • Retail Rules • MS Ganesh • Spindles • Premium range sheets • Shridhar Mitta • GACL – lowest cost cement producer – engineers in Japan…elec 120 units per ton to 90 units a good idea... failure passion... Attributes of Entrepreneurship

12. Attributes of Entrepreneurs - Syllabus Specifications of the Topic self belief • Commitment / Dedication • Leadership • Opportunity Obsession • Tolerance of Risk • Tolerance of ambiguity • Ability to Adapt • Support from significant others • Motivation to excel • Self Reliance Picking up cues - Infrasound... courage adversity quotient??? You can grow all these... Entrepreneurial Excellence - Bagchi

13. About Entrepreneurs – One view – Perhaps ContrarianResearch Scholar – Satyabhama deemed university • Driven by a need to realize their vision, not a desire for wealth • They work to minimize risk so as to realize goals • They follow both intuition and hard analysis • They are honest with themselves and others • They do not have a need for power What you do not know you know…. • Detergent in Arabia • Coke in Africa • Shampoo pouches • The retail example Entrepreneurial Excellence - Bagchi

14. Lessons from Bagchi – How do I know when I am ready…to be an Entrepreneur • Ability to defer gratification – Keep needs simple • Not to NEED a safety net • Is it just one idea or a family of ideas?Sony’s first product was a failed one – a wooden rice cookerIf just one you could sell your idea • Self confidence –did you take important decisions in your life or did some one else? • How well did you handle small adversities? • Self Discipline - where freedom implies the liberty to create greater value without interference, not which hotel to stay at Profitability is a Social Obligation of an Enterprise

15. Lessons from Bagchi – How do I know when I am ready • Read patterns on the wall • Relationships and networking –great business realationship with the CIO of Avis – he moved to Burger King - Mind Tree got business there • Forget your ego - GM and “U R so small we can chew you up and spit you out…” and AAA later. Much later they did end up doing business with GM • Put your foot in through the door - Thomas Watson - IBM Robin and Blue Tit Bonsai Mgr More on sensing opportunity

16. Lessons from Bagchi – tips for managers • Learn to take pressure – diamond / fish in Japan • Adapt and keep learning – Harvard Study – people who aged best were those who adapted / kept learning new things • Learning through sharing -

17. Some Great Entrepreneurs - Unconventional • Krane Bedi • Mother Theresa – 602 homes, 125 countries

18. Lessons from Bagchi – How do I know when I am ready • Ability to postpone personal gratification

19. What Leaders DoJack Welch in Winning • Upgrade Team – evaluate, coach build self confidence at every opportunity • Make sure people see, live breathe vision • Get under people’s skin- show energy / enthu • Establish trust with candour, transparency, credit • Have courage to take unpopular decisions • Probe and push - make sure questions are answered with action • Inspire risk taking • Celebrate… Other presciptions for Winning…aka Welch

20. What Leaders DoJack Welch in Winning • Importance of mission and values • Candour • Differentiation • Voice and Dignity • Hire the right people – look for • Energy • Edge • Execution • Ability to energise others • Change - Proactively seeking change ….Managing change