'The best time to be an entrepreneur is now'
Sharjah - The ever golden rule is that the happiest people will result in the happiest customers
Published: Tue 7 Nov 2017, 8:57 PM
Last updated: Tue 7 Nov 2017, 10:59 PM
The accelerating pace of change today has created a lot of opportunities for young entrepreneurs with bright ideas, said Indian IT entrepreneur and author, Ashok Soota.
Speaking to students at the Sharjah International Book Fair (SIBF) 2017, Soota noted that the world is moving to a stage where it will no longer be driven by large multinationals, but by smaller companies that are generating new ideas, driving the local economy, and creating jobs.
"Do you want to be a first mover, or do you want to be an early follower?" he asked. "Everybody wants to feel like they are the first to bring something new to the world; however, you must remember that people who are the first ones with a new idea have a hard time getting other people to accept it."
Soota, the author of "Entrepreneurship Simplified: From Idea to IPO", became a CEO at the age of 34. He looked back on his career in IT and offered tips on what it takes to be a young entrepreneur.
He cautioned that it takes a lot of money and time for others to become invested in an idea, and reminded the students that Google was not the first search engine, nor Apple the first to come up with a smart phone. The trick, he revealed, is to do something differently and in the process capture a significant amount of market share.
Soota also explained that when it comes to marketing an idea, there are two factors that have to be kept in mind. The first involves proper research, about the market and how the idea will be received; and the second is about defensibility and how well the idea will hold up against judgement and criticisms.
Lastly, when it comes to starting a company, the ever golden rule is that the happiest people will result in the happiest customers, Soota said. "It is the values, which influence behaviour, which in turn influences results," he noted.
"The culture that you create can be your most important differentiator. All differentiators have a shelf life; many last for two or three years, before someone comes up with a better idea. You have to keep on changing; but culture is something that can't be replicated. It is your work culture that will set you apart."