Narayana Murthy Says Entrepreneurs Must-Have A Five Year Business Plan
N.R. Narayana Murthy, Founder of Infosys Ltd and Catamaran Ventures, said entrepreneurs must have a business plan of five years, extendable up to 7-10 years, to become profitable in their ventures.
Narayana Murthy also talked about the role of venture capitalists (VCs) and private equity (PE) firms in shaping entrepreneurs.
He added that VCs and PE firms should extend to mentoring entrepreneurs, helping them overcome challenges, connecting them with prospective customers and employees, and fine-tuning their strategy and action plan.
At Morningstar investment conference, Murthy said,
“I believe in topline growth with concomitant healthy bottom-line growth. I believe in leadership by example, in austerity and sacrifice. I believe in getting the best value for money for every cent I spend.”
Talking about success over the long term, Narayana Murthy said founders of startups must build confidence and trust among every stakeholder in the company. Their focus should be on innovation to make their products indispensable for their customers, more affordable, and of better quality, he added.
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