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May - 2015 - Special issue > CEO View point
The Young Entrepreneurs and Their Desire to Start Something New
Anand Nallathambi
Wednesday, May 13, 2015
First I thought it was coincidence but now I just know that it was my mind set,as I have been steady on the course.But,now watching the millennial running from job to job I can determine that it is not taking them anywhere,they need a level of patience,"says Nallathambi.

One of the most successful entrepreneurs in the world,Nallathambi advices the young blood to try stay the course. He sees young people as they start to cook but before the food is ready they are already on the move.If you have a good vision and passion then you have to stay on the course and develop a strong sense of self. Once you have taken a decision to start a business you have to take a crude lonely path and there will be times when you feel the world is closing in but try to surge ahead,"adds Nallathambi.

Guiding the young Entrepreneurs

According to Nallathambi, a young entrepreneur has to build sustainable value; the desire to start something has to be placed on value. The youngsters need to understand how to make their product better. Their product needs to be relevant and resonate with the need or a desire of the common person and themselves. Because anything that is not of sustainable value becomes difficult to be concentrated on, and it yields no result even if trying to give hundred percent efforts. According to the experienced CEO, the flash these days is the feeling to make money or a product, which does not work because one has to take responsibility of a lot of things.It is a highly regulated world whether we like it or not. It is prevalent in every country, so one has to work towards building something of sustainable value and put value over money. Money finds its way to you if you add value,"explains Nallathambi.

How Indian Entrepreneurs can learn from an Evolving Industry

Many industries have changed definitely. One of the major changes facing many industries right now is the aging of the baby boomers because of the unlocking of their retirement capital and onset of millennial. The members of the millennial generation have completely changed the business paradigm in that decisions used to be made from the hierarchical buying pattern; today decisions are made through lateral reach outs and crowd sourcing. Gone are the days when business decisions were taken by families around a round table with the eldest taking the lead? In the millennial generation, decision-making is lateral through crowd sourcing. It has influenced everything that one can see around them including things that make decisions in company. The level of transparency and trust has to resonate with the people who are listening to it and it has to be relevant to them or they will reject it. These things are shaping how corporations work, how boardrooms operate, and how a business needs to do things.

For the consumer side Nallathambi thinks the need for Indian entrepreneurs is to connect with the people using the social media. "People in India are familiar with Whatsapp and Facebook, which has become a term for endorsement.For a good example-Watch the Google India advertisement where two friends are reunited using Google by their grandchildren through different social media applications.This ad exemplifies the social media boom in India."

On the enterprise side, the context is more needs-and efficiency-based. For example, if an entrepreneur has to come and sell something, at CoreLogic it is always a priority to listen to the proposition that the entrepreneur is making about the product or service that helps improve efficiency. "Technologies like mobility that helps any employee workforce to interact in a better way and is proving more agile than an older model, and then it should always be leveraged,"points Nallathambi.

Nallathambi wants the millennial generation to look at the perspective of how consumers are reacting to the various products before taking a decision. The world now is revolving around consumerism where the consumers react to even an advertisement that talks about an upcoming product or something that still has to be launched. Nallathambi's advice to the young entrepreneurs is to seek support from their staff, focus more on being transparent and proceed with full dedication amidst this fast paced industry.

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