NRI entrepreneurs share trade tricks
The Indus Entrepreneurs have organised a panel of experts on business ventures.india Updated: Feb 28, 2006 13:21 IST
Management students and young entrepreneurs, including NRIs, had the unique opportunity of getting first hand information on what to do and what not to do to make a business venture successful from some eminent experts in the field here.
At a panel discussion organised by The Indus Entrepreneurs (TiE), UK, a global non-profit organization of entrepreneurs who strive to foster and promote the interests of businessmen, a packed audience over the weekend got insights into a range of issues in business from how to find the right customer to how much equity should be given to an investor.
Alpesh Patel, NRI entrepreneur and founding Managing Director of Agile Partners Asset Management, one of the best performing hedge funds in the world, chaired the discussions.
According to the panelists, who consisted of successful entrepreneurs Tim Cook, Managing Director of Isis Innovation, James Caan, CEO of private equity firm Hamilton Bradshaw, Rishi Khosla and CEO Copal Partners, a leading business and financial research firm, the customer is always right.
Nothing new there but what these entrepreneurs had to say is, "One has to segregate customers to find out who is paying customer and who is not," pointed out Foley. He believes advertising is a waste of time and money.
"In my personal experience advertising doesn't work. Ninety per cent of the money is wasted."
While Foley focused on customer, Cook, Managing Director of Isis Innovation, tackled the issue of business plans. In modern times, young entrepreneurs cannot think of starting a business without a fool-proof business plan.