Many entrepreneurs would resonate with the feeling when they encounter failures. It is comparatively easier to succumb to failures whereas to sustain such challenging circumstances makes a successful entrepreneur. Given the powerful rise of entrepreneurship in India, Harsh Mariwala, Chairman, Marico spoke on what makes a venture work and shares his personal experiences.
He was in his twenties when he joined the family business. While exploring his endeavours in the family business and wanting to convert the less progressive edible oil business to a branded one and he discovered, that through shared distribution, the business can be increased. He says, “Consumer insiding or trade insiding is very important for any consumer product or any business.”
Further, he added, “My first lesson was, as an entrepreneur you never give up. If you think you have anything, you have to go on trying again and again. You need to have faith and conviction that you are on the right path borne by the ultimate consumer. That perseverance is very important.”
He believes that the biggest shift in any business can be because of innovations in that business. “To succeed in a highly competitive marketplace, one needs to have a strong right to win. If one has a similar product base competitor in the market then to succeed and sustain, continuously innovate or pioneer depending upon the business”, were his remarks for all the entrepreneurs.
During concluding remarks, Mariwala stated that to increase the perpetuity a strong panel of board of directors needs to be there. The board plays a very important role in ensuring the organisational continue.