Unleash thinking for entrepreneurship

• Entrepreneurship no longer about genius

By Chathuri Dissanayake and Charumini de Silva 

Entrepreneurship is about taking a new idea to a market, emphasised a top Indian trade expert yesterday highlighting the importance of filtering down entrepreneurship from the national level to the individual level.

Apeejay Surrendra Family Business and Entrepreneurship Chair and academic at the Indian Institute of Management Bangalore Prof. K. Kumar, delivering the keynote address at the 37th National Conference of the Chartered Accountants of Sri Lanka, pointed out that entrepreneurship should be introduced as part of general education, thereby encouraging young people to develop their own yardstick for success.

Unleashed thinking is the need of the hour in a world which is constantly changing and   instantaneously connected to other countries and people, he said, adding that the thinking or understanding of yesterday could no longer be used.

Highlighting success stories of several companies that used this approach he added that they all broke away from traditional thinking and followed what they thought was right, an ability cultured through unleashed thinking, Prof. Kumar told the gathering. 

“Entrepreneurship is not about being a genius anymore. It is only to take a new idea to the market,” he explained, adding that entrepreneurship is going beyond popular wisdom to create something new under certain conditions, with limited resources and without regard for the resources under control.

“Entrepreneurship is not about writing a business plan. They create something of value with what they have and don’t start with a business plan and don’t have a definite end in mind,” he emphasised.

Elaborating that entrepreneurship was a method, he said that the mind must also be conditioned to take up challenges and break through conventions and norms.  

“If there is an opportunity an entrepreneur should take it and the individual has the responsibility to create the world you want to live in,” he said, elaborating on the frame of mind needed for an entrepreneur. 

“Believe that you will create the product by working with other people. Believe that your individual actions matter. Be prepared to meet uncertainties. You cannot be fixated on what you want.”

This mindset must be inculcated in inspired individuals. Enterprising communities must cater to their necessities, which would involve agile, nimble, paranoid companies, forward-thinking governments and virtual communities, he said.

Entrepreneurs do not exist in a vacuum, but are supported by an entire ecosystem, Prof.  Kumar stated. However, research has been unable to understand or replicate this ecosystem. 

“We are far from understanding how this ecosystem works. This is the challenge. No answer has been found to whether the ecosystem or the entrepreneur came first.

Each place is unique,” he said.

Willingness to deal with uncertainty, being alert to opportunities as much as to threats, develop the ability to distinguish between well-intentioned failures and incompetence, develop a paranoia about the current wellbeing and recognition of the porosity of organisational boundaries were outlined as ingredients to encourage corporate communities to become more entrepreneurial.

To incorporate all these elements and encourage entrepreneurs driven by unleashed thinking there should be a strong will and determination to push forward. Be action-oriented and with inclusive intent to co-opt other stakeholders and create more value to share, Prof. Kumar explained to the audience. 

“An open mind to leverage the unexpected to support the creative endeavour is imperative to meet the need of the hour - unleashed thinking and entrepreneurship,” he said.