‘Don’t chase prestige’: A billionaire’s advice to wannabe entrepreneurs
Sridhar Vembu, CEO of the $1bn Zoho Corporation, offers insights for growing a successful start-up
Read the full interview with Sridhar Vembu where he explains why he decided to relocate from the US to a tiny remote town in India, and how it has improved his and his staff’s wellbeing.
First, figure out a way to add value with the resources you have. Think what is useful to customers; figure out something customers will want.
Think of a product or a service customers will be willing to pay; in other words, find a market for the services you have in mind. Then work backwards and figure out what you can do.
Next is employees. Ask yourself why somebody should work for you? Clearly a new entrepreneur cannot always pay the best salary. So why would somebody want to join you? The answers to the question will reveal your strength and make it clear why somebody would want to work for you.
Create an opportunity for someone who doesn’t have one – this refers to both customers and employees.
Figure out how to serve the underserved. By serving underserved customers or employees you will be creating opportunities for them. That will give you an edge – your customers will stick with you and your employees will stay with you because you have created an opportunity for them.
Don’t chase prestige; that is a trap. This is a major factor that can spell success or ruin for your company. Don’t fall into the trap of looking for a prestigious location when setting up office or a factory/company; or prestigious degrees in your employees; or prestigious markets for your products/services. All these are traps and they will create hurdles in your path to success.
Finally, think long term because not many projects will be successful in the short term. You have to be patient; patience is a key virtue.