'Why Go Abroad When You Have Better Educational Opportunities In India' Identifying the real pain points in business is one of the major qualities which an entrepreneur must have, said this erudite professor.
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Every year thousands of Indian students sail abroad for degree from foreign universities. A report released last year by Indian Students Mobility 2016 stated that India had surpassed China in terms of the number of pupils applying for education in varsities abroad.
On the sidelines of one of India's most influential idea-exchange platforms, Mindmine Summit, the Entrepreneur India had an opportunity to interact with Subramanian Rangan, professor of entrepreneurship at INSEAD, a business school at Fontainebleau in France.
He shared his views about why Indian students are heading to foreign countries and how an entrepreneur can be successful in all aspects?
Should Indian Students Go Study Abroad?
"Whom you are studying with is more important than pondering over what and where to study. My experience and exposure in life has taught me that textbooks and curriculum are all the same in the US, Singapore or India," said Rangan.
"India is so rich in diversity that ideally one doesn't need to go abroad to be exposed to diverse international cultures. Our nation welcomes ideas from abroad," he added.
"If your aim is just to get a good business education and if you wish to learn with curious and energetic people, then stay and study in India," he asserted.
While elucidating the three key points to remember to be a smart entrepreneur, the erudite professor said, "Think why Elon Musk or why Tesla is well-known and widely respected. It's because Elon Musk is addressing the pain points of mobility without the common footprint. That's what his dream is and that's why he got the battery company," he added.
Identifying Pain Points
Identifying the real pain points in business is one of the major qualities which an entrepreneur must embrace, he said. "The smartest entrepreneurs are those who can identify real pain points. Although, there are many pain points in a business — whether it's B2B or B2C — but identifying them is not a cakewalk. Elon Musk has identified the pain points of mobility without having any background or common footprint in the domain, as his model of business caters to the needs of movability," revealed Rangan.
Think About A Charismatic Project
"A charismatic leader can only think of a charismatic project. You can be either an inspiration for others or you have to meet aspirations of other people," said Rangan. Chances of success are high for influential entrepreneurs. Many experts have agreed to this fact.
"A German Motivation Speaker and a Life Coaching Expert, Jasmin Waldman, has also said charismatic entrepreneurs find it easy to develop relationship with customers, investors and employees and raise funds. He can also easily influence and persuade others around him and succeeds in getting wide media coverage," he added.
Preserve The Character In You
"Think about character, not just competence," advised Rangan. "A strong character always thinks about others. Competency is also important. A smart entrepreneur is one who thinks about others even while making his/her business strategy. If you develop the ability to think about your employees, suppliers and investors then only you will have the best incentives," he added.
