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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I recently came by Goldman Sach’s interesting initiative, 10000 Women. As the name indicates, this program, started last year, aims to help 10000 women across the globe obtain a degree in business over a period of 5 years. In addition, the program has other goals like mentoring women entrepreneurs. Goldman Sachs has tied up with a number of universities across the world- Stanford, Columbia, London Business School and Indian Business School and INSEAD- to name a few, and with non profit organizations including the World Bank, Ashoka and Grameen Foundation.

I found this idea really fascinating and a much needed support to encourage women with aspirations but not necessarily the means.  Check out www.10000women.org for more details.

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Sometimes, we get so daunted by the overall business target that we neglect to objectively examine/evaluate how to achieve it. Supposing, a $1M company has set itself a goal of reaching $50M in the next 4-5 years – at first glance, it looks like an uphill task. However, by doing detailed business review and mapping out strengths and gaps, one can chart a course to achieve the $50M. This will involve assessing market opportunities in your areas of expertise, understand what the market is looking for as well as what competition is doing/planning. With this understanding, the business will have a fair idea of what to focus on in the next 4-5 years and need to pen it down through a business plan.

As I’m working on a similar exercise for a client, I’m amazed at how much planning can help. Breaking down of the target into smaller achievable components is eminently possible as it distributes responsibility across various quarters. Emerging and mid-sized companies will do well to embark on such a exercise and the efforts will definitely pay off.

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