JOIN USNew Yorker spells entrepreneur mantra
Entrepreneurs make mistake every single day but learn from them, said entrepreneur Emergent Properties Inc, News York, USA, Matthew Brown.
Delivering a talk on ‘Product Development and Entrepreneurship,’ after inaugurating the Business Leadership Forum at the Priyamvada Birla Institute of Management in the Bharatiya Vidya Bhavan premises, here on Monday, he said the epitome of entrepreneurship was Steve Jobs who founded the Apple.
Double mantra
Focusing on the high-growth entrepreneurship, Brown said the standard investment that is needed is $250,000 and when one calculates it should always be double or double the investment that one eventually needs to set up a successful business.
“An entrepreneur should be confident, motivated, stubborn, persistent, a visionary and an innovator. One should talk to the competitor. But if nobody is a competitor for the product, then it is not worth pursuing it. For instance the energy market in the US is a $1.2 trillion industry and energy efficency is a huge opportunity,” he said.
While sending a man to moon, failure is not an option. But in business, failure is the road to success and the mantra is the minimum viable product (MVP).
Cost factor
“If one does not know programming, then one can use pen and paper which helps bring down the cost. But it is very important to build products by keeping it simple. The only way to see that a product is successful is to pound the pavement, talk to the people,” he said.
BVB, Karnataka chairman N Ramanuja said that the institute was open to all MBA students in Mysore to come and make use of the library facilities by bringing their identity cards.
“The business leadership forum will be a monthly feature where the students can get an opportunity to interact with leaders in the business field,” he said.
Resident director A V Narasimha Murthy was present.