Infosys' Founder Narayana Murthy Shares What Successful Entrepreneurs Are Made Up Of Luck plays an important. But what if you are not lucky enough?
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
What is entrepreneurship to you?
Is it a profession that lets you chase your dream or is it a process that gives you an opportunity to solve the world's small and big problems.
For some of us, it is a platform that allows you to showcase your innovation to the world while for others it is their way of giving back to the society.
For veteran entrepreneur Narayana Murthy, Co-founder, Infosys – entrepreneurship is a way of life.
His story, from the failure of Softronics and to set up the one of the largest IT company in the country, is what defines perseverance in its true sense. He is an inspiration to thousands of budding entrepreneurs in the country.
To grow sustainably, he believes that India needs to go through a cultural transformation and redream the dream of our founding fathers and this transformation needs to be embraced by every individual regardless of their background.
During the recently held Sankalp Global Summit, Murthy shared the secret to the ladder to be a successful entrepreneur and we are sure you don't want to miss out on this.
According to Murthy, entrepreneurs need to focus on the idea and build it in such a way that it differentiates his/her business which will help them position the brand in a unique way in the market.
"They should be able to express it in a simple sentence – not complex or compound," he asserted while adding that, "If you can explain the idea in a simple sentence - you have understood it well, I can understand it well and therefore, the consumers understand it well."
Apart from the robust and hardworking team, you need to hire employees that have harmonious skills that fit into the business.
He shared, "You need to have a team with complementary skills - people who understand the idea, technology, scaling up. Remember, scaling just doesn't requires technology and processes but importantly people."
Among other pieces of advice, Murthy also emphasized why entrepreneurs should focus on improving their selling skills.
"Sales is the most important aspect of any organisation whether it is a social organization or a profit-making business, it doesn't matter. Every employee joining your business should first master the art of selling. Our whole life is all about selling - we are all selling our ideas to everybody," he pointed out.
Additionally, entrepreneurs should not just focus on raising funds, but more importantly on financial management.
"How do you make sure the money you have received as investments is used more effectively and most efficiently?" he said
Murthy is a firm believer of luck and is convinced that without luck it is very difficult to succeed.
Unfortunately, not everyone is unlucky. Which is why he recommends entrepreneurs to work on their behaviour.
"That is where good behaviour, humility is very important," he added.