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Article by Gunit Chadha, Member, Governing Board.

 

(Gunit Chadha is an alumnus of St. Stephen’s College and IIM, Ahmedabad (Batch of 1984). He has over 20 years of experience in the corporate world having held several senior positions in domestic and international assignments. He worked with Citibank India and then with Citicorp Securities Inc, New York.  Currently, he is the CEO of Deutsche Bank, India.)

  

The liberalization of the Indian economy in the early 90s was a path breaking event in more ways than one. Not only did it transform the Indian industry but it also changed the mindset in the Indian work place. In initial euphoria it was assumed that western companies would swamp the market place at the expense of domestic industry. But as it turned out MNCs did come in but the Indian industry rapidly scaled up and matched them. And so did the Indian manager. 

 
A high degree of innovation and entrepreneurship enabled them to overcome the challenges posed by liberalization of the economy. From the early jitters of facing the world to an economy growing at rate that is the envy of the world, we are now a confident nation. Entrepreneurship is a critical element of a growth economy and success stories in sectors like telecoms and technology have helped in unleashing the creative energies of entrepreneurship across the  country. 

 

 

For those wanting to start an enterprise this is perhaps the best time. Today Ideas and capital have become dissociated. In the past only those with a pedigree and  experience had access to capital. Men, Money and Machines were valued then.  While today it is exactly the opposite. The Mind has now taken the center stage. The playing field has changed completely with knowledge coming to the forefront and with that it has brought about the need for subject matter experts and not just people with business acumen alone.  All one needs is a bright idea and there is no dearth of capital. There is an entire ecosystem that is helping innovation and entrepreneurship  flourish in the country. 

 

I believe that in order to sustain and grow a business, an entrepreneur has to constantly innovate and build. One must build value on a foundation of values.  Which means instilling and demonstrating integrity, knowledge, fairness, and trust inside the organization.  Having created the core values, the entrepreneur must hire talented people who also believe in this system and can contribute to it in various ways.

 

Hiring disciplined, focused people who pay close attention to detail is invaluable.  These qualities should be sought in any and every employee one hires, because each position requires a certain dedication and integrity in order to contribute to the business as a whole.  Empowering people and encouraging entrepreneurial freedom will not work unless there is a system of control that monitors performance, rewards excellent performance, and corrects unacceptable performance.

 

With the extraordinary talent pool that India posses, I am confident that India will continue to create and nurture a pool of entrepreneurs who will be the region's – and the world's – leaders of tomorrow.

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