Business Today (BT) MindRush, is an Indian business community that is more closely connected to the world’s leading thinkers. It’s provides a stage for the Young CEOs and senior executives to have a forum to connect and engage with top Indian thought leaders, global management gurus, executive icons, and spiritual gurus. The leaders of tomorrow may sharpen their managerial skills, business tactics, and spiritual and emotional well-being on the MindRush platform, which will help them lead the corporate India of the future in a contented and prosperous manner.
While the majority of people in the country and around the world look for jobs, Ray Sougata pointed out that entrepreneurs, in contrast, do not look for jobs; rather, they create them, both for themselves and for others. Ray presented at the BT Mindrush 2023 event in Mumbai.
“Entrepreneurs don’t look for jobs, they create them,” said Sougata Ray, Chair Professor and Executive Director, Thomas Schmidheiny Centre for Family Enterprise, Indian School of Business. Prior to this, he spent more than twenty years working for the Indian Institute of Management in Calcutta as a strategic management professor, member of the Board of Governors, and Dean.
While the majority of people in the country and around the world look for jobs elsewhere, Ray pointed out that entrepreneurs, in contrast, do not look for jobs; rather, they create them, both for themselves and for others. Ray was speaking at the BT Mindrush 2023 event in Mumbai.
In his presentation, Ray also provided a list of common reasons why new businesses or startups fail. Poor unit economics or cost, fierce rivalry, problems in the company model, a lack of financing, a high cash burn rate, and other factors (products, conflict, litigation) are just a few of the causes he highlighted.
However, Ray argued that the main cause of many startup failures is a failure to live up to customer expectations.
“Many times, the product fails to meet featured standards of deliverables and performance. For any entrepreneurship to succeed, the customers must accept it,” he noted.
How do start-ups succeed?
According to Ray Sougata, the reasons why many start-ups throughout the world continue to be successful in spite of the difficulties they face in his remarks at the event. Their success is influenced by a variety of elements, including the idea’s timing, the team and execution, the idea itself, the business model, and funding.
According to his interpretation of the business playbook, the success of a venture depends on a combination of knowledge, technology, understanding, and empathy. Understanding of the market and the target audience fosters empathy.
Ray continued by saying that a businessperson must be aware of the realities of the market and offer consumers a compelling value proposition.
Do clients want your solution? Are you offering the right product? Are you offering the right price? Exists an issue that merits attention?
When can an idea become an entrepreneurial opportunity?
Ray also outlined the different ways that an idea can present a business opportunity. In order to make money (convey some value to stakeholders), it must first be able to address a problem, then give value to the lives of consumers, then help the entrepreneur make money, and last it must be a “good fit” with the entrepreneur.