Convocation Speech by Shri Shashi Ruia, Chairman, Essar Group; Chief Guest for the 9^th Convocation of EDI's Post Graduate Programmes held on 09^th June 2007.

The social entrepreneur and there are 25 of you here today – has the need to create transformational benefit to a large section of the population. Of course we cannot change the entire world; we are committed to the 20,000 employees and their families and consider it our beholden responsibility to offer them a life that is not only adequately provided for, but comfortable and meaningful.

Mohammed Yunus, the founder of Grameen Bank and Nobel Prize Winner for Peace is a great example of social entrepreneurship. His approach to micro credit had created a worldwide micro credit industry.

Social entrepreneurship need to be differentiated from social service or Corporate Social Responsibility, both of which also seek transformational change. It is essentially in the outcome that an entrepreneur achieves. The example of Andrew Carnegie setting up a public library system in the US instead of just one library – establishes his reputation as a social entrepreneur of excellent stature.

All the attributes that I touched upon earlier apply to the social entrepreneur and as you go forward in your ventures, I wish you all the best as your target is permanent benefit for your constituents and society at large.

In summation, what is it that makes and drives an entrepreneur? I think it is idea PLUS the knowledge that “I am good at this thing�. But accompanying this simple, confident belief is the need and ability to withstand pain, discomfort, stress and anxiety. And moving out of comfort zones and occasionally doing something unfamiliar. Remember when you are comfortable you are not growing big.

I am reminded of a famous quote by Ted Turner – the broadcasting entrepreneur who created CNN. He once said,

“My son is an entrepreneur. That’s what you are called when you don’t have a job�.

I am positive none of you is seeking a job and I wish you all the best as you move out of college and into the world of the “New Entrepreneur�. I extend my heartiest congratulations to all of you who are graduating today.

Thank you.

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