Last Sunday I read an article by well known economist Swaminathan Aiyer on this topic- Jugaad refers to inventive spirit and ingenuity of Indians, who have learned to make the most of a resource strapped situation. Be it successful reverse engineering in Punjab, or large scale working around the system by the likes of Dhirubhai Ambani, the underlying pattern is how to make things work, look at possibilities, rather than get bogged down by what is not available.

Think about it, and this is indeed one of India’s greatest assets. Being able to thrive in a resource rich environment is one thing, but building large scale companies and creating successful entrepreneurial ventures when the business climate is not conducive is something.

The important point is however that India and Indians must not lose this spirit as our economy progresses and some of the constraints ease out. Imagine the advantage we would have as a young aspiring nation with this spirit of inventiveness.

Only time will tell how we protect this trait, as a nation.

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Sramana Mitra, a Silicon Valley based strategy consultant and an erstwhile entrepreneur has written a 3 part series to give an overview of successful entrepreneurial experiences in the tech field. The books are a compilation of interviews of CEOs of a diverse set of companies interspersed with her own commentary. Through these interviews she discerns some patterns, underscores some points and brings out her own views on future trends in technology as well as what it takes to succeeds.

The books are interesting because 1. the style of compilations is like a set of short stories, so you can actually pick and choose what is most relevant 2. These are first hand accounts from the founders and hence gives rare insights on the entrepreneurial mindset, motivations and the journey itself 3. For me personally, I learned about a lot of companies that are not exactly household names, but are doing remarkable things.

I will write about a few such inspiring stories and more take aways in future posts.

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In the last one month I have had various opportunities to interact with entrepreneurs. First, there was a meeting of XITE inans- ex-Infosys tech entreperenuers forum, where I lead a discussion on marketing for startups and emerging companies. Then, I was invited as a special guest for the inauguration of the entrerprenuership cell, Eclectic, at NITTE Meenakshi Institute of Technology, to share my experiences as an entrpreneur. Here, I met Ms Madhura Chatrapathy, a seasoned entrepreneur, as well as a young man, just out of college, who started off on his own even while in college! In addition, in the course of work, I deal pretty closely with two companies that are led by first generation entrpreneurs.

These interactions made me ponder on the profile of an entrepreneur. And the answer is, there is no stereotype. In fact, it is hard to create a framework for entrepreneurial success as research shows that succeessful entrepreneurs come in many different forms and shapes. While some take the plunge early, like a MIchael Dell, or a Pallav Nadhani (of Infosoft Global), there are others who take their time to hone their skills in a corporate set up before striking out on their own.

So, at the end of the day, it is passion, combined with resilience and persistence, that count. Of course, you need to have a market worthy idea to start with. Also, it is my firm belief that there is an entrepreneur lurking in each and every one of us. In some, it comes to the fore, for a variety of reasons. Some others prefer to keep it under wraps, or just do not have the courage to check it out, perhaps for equally valid reasons.

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I read an interesting article the other day, that blamed Steve Ballmer for many of Microsoft’s problems today.  Ten years ago, Microsoft was the giant of the tech world, eating other tech companies for breakfast.  While it is still a force to be reckoned with, many other companies seem to be seeing more success than MS.  Google still rules in search, in spite of Microsoft’s financial muscle behind Bing,  and is great with apps; Apple still leads in design. MS is still licking its wounds on the disaster that is Vista.

But what interested me was the hypothesis that it takes a tech person to lead a tech company. Certainly, Bill Gates is the ultimate software geek, who understood technology to the hilt.  The iconic Steve Jobs understands tech design wonderfully – every Apple product is to drool over.  Google is largely run by engineers too. But does this mean that a non-tech person cannot run a tech company?  I think he/she can, especially at a certain stage of the company’s growth, when it needs business smarts to expand. 

Any other points of view?

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Last night I was witness to yet another one day cricket match (!) between India and Australia. India almost chased down a mammoth 350, thanks to the almost single handed effort of Sachin Tendulkar who played out of his skin to make 175 (of the 347 made). He unfortunately for out a couple of overs before the finish and India, which had already lost too many wickets, got all out just at the threshold! I was trying to imaginw how he would have felt as he saw the last man get run out. 175 is a huge score even by test match standards and is an incredible feat for a one day match- the next highest score was a little over 50- that should tell you. The man has already played close to 20 years of cricket, and is not exactly at the peak of his fitness. And, what is more, has been part of Indian teams that have been average. Thus, he has seen hso contribution go for a nought, many times before. However, look at his personal record- yesterday in the midst of this chase, he reached 17000 runs in one day matches, some 2500 runs more than the next player, who is Jayasuriya.

I figured that is is what greatness is all about. To be able to go back to first principles, undeterred by setbacks or contented with current achievements, and constantly recalibrate your goals and set new benchmarks.

The majority of people would have hung up  their boots long back. But Tendulkar’s motivation and love for the game seems to only increase by the day.

Now, drawing a parallel with businesses, great businesses are those that have set audacious goals ( to borrow Jim Collins phrase), constantly reinvent themselves and also are less concerned about temporary setbacks. They have belief, they understand the big picture, and they have the desire to stand out of the pack.

At a more tactical level, one could draw an analogy between yesterday’s match and a company bidding for an important order. The company goes all out, its best salesman goes more than the extra mile and, even without too much support from the internal team, showcases the company superbly. The company makes it to the final shortlist, and when everyone is convinced that the order is theirs, it goes to a competitor who was never really in the fray till probably late in the game.

I am certain each and everyone of us would have gone through such experiences in our professional lives. How we react to such a situation, not once, but time and again, will determine in part how successful we are as individuals and together in creating stand out companies. It is hard not to feel sorry for yourself, indulge in self pity and succumb to frustration. But, those who dismiss such negativity and get back to business without losing time are destined for greatness.

Like Tendulkar, who I am sure will be out this morning at the nets practising for the next game.

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With Q3 having commenced, it is time for companies to start deliberating and formulating next year’s strategy. What exactly do you need to plan for? Strategy planning involves identifying new markets to enter and existing markets to penetrate keeping in mind your current fiscal performance, next year industry projects and feedback from customers. Of course, another important factor is your own ambition/aspiration which will play a heavy role in the setting of your target.

A word of caution to those setting targets  – our view is that for small and mid-sized companies, market conditions should not be a huge deterrent because the share of the pie is minuscule. Instead, companies need to see what changes are required in their selling, marketing and delivery to cater to the changed conditions. If we look at it from that perspective, then things appear quite differently and more possibilities will suggest itself.

We have worked with companies who have approached the market with both high aspirations and confidence as well as those who ar every diffident. The ones with high aspirations look at what needs to be done to plug gaps and prepare the organization to achieve their goals. On the other hand, the diffident ones while enamored with the prospect of reaching high targets require a lot of coaxing and convincing to make them believe that reaching the target is well within their grasp once they make changes.

So, in this context, a strategy revisit is important and now is a good time to start.

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