The bottom line of the interview : “Entrepreneurs fail because they don’t understand consumers well”
Important excerpts from the interview:
Yes, because I came from background where no one from our family was in business and there was no great financial acumen or anything. I got over the fear in the first two years. We struggled a lot but somehow muddled through.
What is your advice to young people who want to pursue entrepreneurship?
Two most important things according to me are good work experience and a good institute. I strongly recommend MBA aspirants to get experience in a good organization before they start their MBA — because it will enable them to get the maximum out of their MBA education. I think MBA without prior experience is just an extension of college. Experience helps aspirants to understand things more easily and clearly because after experience a person can relate everything they learn with the reality of organizations and understand how organizations really work.
Even the best international B-schools favour work experience. Unfortunately, Indian B-schools largely take fresher for MBA.
Also, a good management institute always adds more value. So work hard to get admission to a good school. It is worth the effort.
What are some common but important mistakes young entrepreneurs are making in their plans to build businesses?
I think it’s the lack of understanding their customers. Many people start their business without understanding their target audience and customers well.Read the complete interview here