Contributed by: Sameer Somal,CFA
On 20th August of 2016, the Pune chapter of the Indian Association of Investment Professionals (IAIP) organized a session on “Entrepreneurship & The Intangibles of Success.” This session was conducted by Sameer Somal, Chief Financial Officer of Blue Ocean Global Technology. He is not just a CFA charter holder but also a CFA Program Volunteer. He is a speaker and an educator who is busy throughout the year conducting sessions on topics ranging from financial planning to entrepreneurship across the globe. He is an ardent believer in life-long learning and also strongly believes in giving it back to the society.
Sameer effectively used his experience, reading skills and presentation skills to put his points across. His presentation was replete with various facts, figures, snapshots and quotations.
- What is Entrepreneurship?
Sameer quoted French economist J.B. Say to describe an entrepreneur as someone who shifts economic resources out of an area of lower productivity into an area of higher productivity and greater yield. He also emphasized that to be become an entrepreneur, one needs to take decisive action.
Key concepts that make up entrepreneurship:
- Resource use
- Creation of something new
- The presence of risk
- The desire to create value
Although on an average about 800,000 businesses are started each year in the US, the total number of businesses that close each year usually numbers well above 700,000. This clearly shows that becoming entrepreneur is easier said than done. However, one can pursue entrepreneurship within her organization by taking initiative to mobilize resources and contribute to the innovation of the firm. This form of entrepreneurship is called intrapreneurship.
Attributes of Successful Entrepreneurs:
- High level of motivation
- Abundance of self-confidence
- Ability to be involved for the long term
- High energy level
- Persistent problem solver
- High degree of initiative
- Ability to set goals
- Moderate risk taker
- Propensity to overcome adversity
- The Digital Revolution
Sameer also talked about the digital revolution which is making its presence felt across the globe. He also explained how we moved from the agricultural revolution to the industrial revolution, the PC revolution and finally to the Digital revolution.
Entrepreneurship and the importance of Online Reputation Management (ORM).
The online reputation of a person and a business are both critical to continued growth and success. The emergence of social media allows negative perspectives or inaccuracies to be shared and circulated among
large numbers of Internet users. The confidence of an employer, client, or partner is interlinked with a positive reputation. Businesses and professionals alike must take proactive measures to share favourable and address unfavourable content.
- Mentorship: Mentors & Mentees
Entrepreneurs should take extra efforts to find mentors who are willing to share their wisdom, knowledge, skills and expertise. Instead of reinventing the wheel, entrepreneurs should seek out mentor’s help to shorten the learning curve and achieve more in a short period of time. Sameer shared his story about how he sought mentors and how mentorship can be mutually beneficial relationship to both mentors and mentees.
- Intangible Capital
Sameer explained how important intangible capital is, and briefly touched upon human capital, relationship capital, structural capital and strategic capital. He exhorted all participants to:
Develop relationship capital
Expand their network with authenticity
To prefer a handwritten letter instead of an email to create a long lasting impression.
- Fundamentals of Success
- Adopt a Global Mindset
- Understand Diversity
- Embrace Innovation
- Recognize the Intangibles of Success
- Invest in Yourself
- Invest in Your Community
- Pay it Forward
- Have a Long-term Perspective
- Enjoy the Journey
At the end of the session, Sameer enthusiastically answered various participants’ questions. Prashant Shah concluded the programme by extending a vote of thanks to Sameer Somal and all the participants of the session. All participants then proceeded for networking and lunch.