CONVOCATION ADDRESS BY SHRI HARI SHANKAR SINGHANIA AT THE ENTREPRENEURSHIP DEVEOPMENT INSTITUTE OF INDIA, AHMEDABAD ON SATURDAY, 17^Th SEPTEMBER, 2005

Innovation is part of entrepreneurship. You need to innovate constantly, look at the problems from different angles whether it is in your business or in life. You must also cultivate flexibility and dexterity so as to be able to respond quickly to changing situations. This assumes even greater importance with the rapidity of change in all spheres and that too at an accelerating pace. The magnitude of change is often beyond our imagination. Uncertainty, ambiguity and contradictions are not exceptions but have almost become the rule.

When you analyse opportunities you have to take various facets and alternatives into account. You have to be realistic and not carried away by your emotions. You have to look not only to the present or the near future but must have a farsighted approach. If I may say so, you have to be cold blooded in taking your decisions. Above all you have to be quick and be decisive. Firm and specific action are keys to success. Often ideas and opportunities are lost without appropriate and timely action.

I have always followed the dictum that success comes only with “10% inspiration and 90% perspiration”. There is no substitute for hard work. One must have a “Focus” to achieve his/her Vision.

You must have a passion and I suggest that this should include passion to build a modern and prosperous India. The future lies in your hands. I take this opportunity to request the Financial Institutions and Banks to rise to the occasion and take an entrepreneurial approach to actively encourage and assist our entrepreneurs.

Before I conclude, once again my heartiest congratulations and very good wishes to the students and to the faculty of this Institute.”

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