Convocation Address of by Shri Kumar Mangalam Birla, Chairman, Aditya Birla Group; Chief Guest for the 6th Convocation of EDI's Post Graduate Programmes held on 18^th September 2004.

So, I commend all of you who are graduating from the Entrepreneurship Development Institute – the Class of 2004. You deserve our admiration for the conscious decision you made – in the first place – to be different, to be an entrepreneur. I congratulate you on the hard work you have put in over the course of your studies. I am confident that your motivation – and competence – will make you an entrepreneur in practice, in the real world that you are stepping out into. I also applaud the vision and dedication of those who have, over the years, made the Entrepreneurship Development Institute a pioneer in imparting a high standard of training in a very difficult and vital, but somewhat underemphasized craft of entrepreneurship.

OUTLINE OF TALK

I thought it would be appropriate to share with you today some of my thoughts and ideas about entrepreneurship, particularly against the backdrop of a world that marches to the tune of globalization. Specifically, I would like to touch upon two issues today:

• The first relates to the set of challenges and opportunities that globalization presents to entrepreneurs.
• The second issue is about what we commonly refer to as the “entrepreneurial culture” (or “entrepreneurial mindset”). How can we – in India – foster the sheer excitement – the romance – of entrepreneurship ?

ISSUE-I : GLOBALIZATION AND ENTREPRENEURSHIP

So, let me start with the first issue – globalization and entrepreneurship.

I believe few today would suggest that the process of globalization can be – or should be slowed or reversed. So, entrepreneurs have to live with the fact of globalization – and shift gears – by adapting their mindsets, strategies and game plans. The fact is that far from being a small business vs large business contest, both entrepreneurs and global firms are learning to co-exist, building up symbiotic, mutually beneficial relationships.

Let me pursue this thought. It is not that the large global corporations are not entrepreneurial. They also do what entrepreneurs do – innovate aggressively, take risks and expand markets. In fact, globalization is itself a process of entrepreneurial discovery. Firms that succeed in the global market must be innovative and able to hold on to the profit opportunities their innovations open. And these attributes are much the same as those required of a successful entrepreneur.

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