Dr. V.G Patel, founding Director of EDI and former economic advisor to GIDC, currently chairman of CERC, shared his experience and insights on entrepreneurship at the Open Discussion Series, Prerna, at the Shanti Business School.

He spoke at length on his view of 'success mantras' and lessons from high achievers. Every stage of life is an opportunity to enhance your knowledge and to gain an experience out of it, he said. Failure is always learning - you learn from it and start taking the challenge head-on. He brought out the fact that India has had planning capability but always struggled to execute its plans. To be a successful  entrepreneur there are many elements which are involved; also one person creates an opportunity but, to achieve a project there has to be a combined efforts of experts from respective domains critical to the project.

He also focused on what makes a successful entrepreneur. As per a World Research it’s not age, religion, caste, family, place, community which determines it but these 13 factors :

1. Initiative
2. Capitalizing on an opportunity
3. Persistence
4. Information seeking skills
5. Quality commitment
6. Commitment to work
7. Efficiency
8. Systematic Planning
9. Problem Solving capability
10. Self – Confidence
11. Assertiveness
12. Persuasion
13. Use of Influence Strategies

He concluded the session by sharing the 5 key elements which will not only make you a great entrepreneur but also a person. They are: Work, Family, Health, Friends, and Spirit. All five are equally important if one has to a winner. Quoting a Coca Cola CEO, he said life is juggling the 5 balls - only the Work ball is made of rubber while the others are made of glass and do not bounce back, so be careful!

His session was peppered with anecdotal references and advice to the students, amongst which stood out one of respect for their parents.

Debjyoti Sarkar, PGDM 2013-15 batch, said after the interaction: “I am an aspiring entrepreneur and this talk has been most insightful.”

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