Thursday, November 17, 2011

Narayana Murthy's 5 success mantras for entrepreneurs

N R Narayana Murthy, co-founder and chief mentor of Infosys Technologies talks about the best business decision he ever made, the reason why the core Infosys team has been together for all these years, the Satyam fiasco, what money means to him and what aspiring entrepreneurs need to succeed.

The five things are:

1. You must have an idea whose value to the market should be expressible in a simple sentence, not a complex or a compound sentence.
2. You must have a team that brings mutually exclusive, but collectively exhaustive set of skills, expertise and experience
3. The market must be ready for your idea. If the market is not ready for your idea, doesn't matter how smart your idea is, you will not succeed.
4. You need a good value system, because entrepreneurship in the beginning is all about sacrifice, hard work, deferred gratification, disappointments. It is the value system that creates confidence in each member of the community that other members too are doing the same to make this company succeed.
5. You need funds. . . but that is easy, finance is not a problem.

I read this on Rediff as part of Murthy's discussion where he says, "We use facts to resolve differences. That is why we say, In God we trust, everyone else brings data to the table."