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 The
founders of Infosys, Wipro and Biocon should not be revered to the
extent that it sends a message to wannabe entrepreneurs that the
path laid out by the role models is a walk-in-the-park. MOHAN BABU
writes a three-part series on the myths and realities of entrepreneurship
As the writer of this column, I enjoy considerable
leeway when it comes to selecting and exploring topics which I feel
are current. A topic that persistently comes to mind, and on which
I have dwelt on and off, is entrepreneurship; most of my articles
on this topic provoke considerable debate among readers. Many readers
also regularly write to me about their ventures and adventures on
the entrepreneurial front. Some mail requests for help in their
marketing, something which I am not inclined or qualified to do,
and a few write asking if I can review and write about their software,
which again I don’t normally indulge in. Some readers assume
that I am a sort of philanthropist with truckloads of money to give
away, mailing me, asking if I can ‘invest’ in their
nascent ventures. Well, what can I say? I just ignore those mails.
A few mails I receive go into the heart of the what-and-why of entrepreneurship,
and dwell on fundamentals of business strategies; these are sometimes
intriguing.
At the heart of every entrepreneur is the dream
to make it big, come up with the next big thing since Bill Gates
developed and marketed DOS. Not surprisingly, the current euphoria
over Infosys, Wipro and Biocon announcing their joining the billion-dollar
club made headlines in the Indian high-tech sector. Headlines such
as ‘Kiran Mazumdar Shaw, national icon’ are already
making rounds. Having had a ringside view of the euphoric dotcom
boom where similar headlines on the tech-boom regularly made one
sit down to think, it comes as a breath of fresh air to see the
tide swing towards the Silicon Valley of the East.
Indian entrepreneurs seem to be basking in the
spotlight, and the media are having a ball, having suddenly found
an easy picking of stories to select from. This is where I take
umbrage. Yes, the founders of Infosys, Wipro and Biocon deserve
to be fêted; however, they should not be revered to the extent
that it sends a message to the youth and wannabe entrepreneurs that
the path laid out by the role models is a walk-in-the park. The
attitude of hero-worship by those ‘responsible’ members
of the Fourth Estate sometimes borders on the preposterous.
Having set the ground for the discussion, I will
begin by talking about some of the most common myths of entrepreneurship
and innovation. Some of these may be common-sense and do not need
a eureka moment to realise. However, in many cases, entrepreneurship
goes against the grain of common sense. Purists should note that
this list is an eclectic collection of thoughts based on my experiences
and dealings with entrepreneurs and business leaders, and is not
an all-encompassing authoritative list.
Myth: This is a killer idea that is going to
revolutionise the world.
Reality: Evolution, not revolution, really sells.
The next big invention since sliced bread has been invented scores
of times, and most of us probably didn’t even realise it.
The world is not really waiting eagerly for the next-big-thing,
at least not all the time. Most of us (consumers, business leaders,
technocrats and the public) are too busy fighting daily fires to
embrace the next big invention. What we really want is an evolutionary
change; a better mousetrap, if you will. Case in point: even Microsoft,
perhaps the most revered entrepreneurial venture of the past century,
worked on perfecting the art of identifying trends after shaping
up and then betting their dollars. The company did not invent GUI
(Graphical User Interface), yet turned Windows into the de facto
GUI for the desktop. The company did not invent gaming, but turned
X-Box into a force to reckon with. Same with the famous/infamous
browser wars; as we read, the company is poised to increase its
share of the growing Internet search business by taking on Google.
I would love to receive feedback from readers
to examine the models they are exploring. The issues I would particularly
be interested in include strategic aspects of entrepreneurship,
the business models being explored, analysis of business plans,
RoI (Return on Investment), SWOT (Strengths, Weaknesses, Opportunities,
Threats) analysis done, and innovative use of collaborative technologies
to address globalisation.
The myths we will be examining are some of the
most commonly occurring misconceptions of budding entrepreneurs.
In the next few columns on this theme, I will spell out a few more
thoughts on entrepreneurship and some of the most common myths associated
with beginning new ventures.
Mohan Babu is a US-based software consultant
trying to find the ‘sweet spot’ where IT meets business.
E-mail: mohan@garamchai.com
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