Indian Small Business IDEAS
Laying a business foundation with an aim to gain a strong foothold in the local market is an entrepreneur’s primary objective after which he/she shifts focus to expanding the brand internationally.
The global economy has transformed vastly with time. Earlier, a micro, small and medium enterprise (MSME) took years to grow considerably in India and spread its roots in the international market. But, today the dynamics of the game has completely changed. In the current scenario, a globally-integrated economy runs in a faster pace and generates opportunities galore for the positive future of a business venture and the economy on the whole.
To acquire the desired revenue growth, entrepreneurs should try buying and selling goods and services in the global market. Indian-American entrepreneur Reggie Aggarwal, the founder and CEO of Cvent Inc, followed this strategy to establish his business on a strong footing and expand it internationally.
A Washington-based event planning and hospitality company, Cvent, revived itself after facing a major downfall in course of its journey. In a candid chat with the Entrepreneur India, Aggarwal shared his experience on how he managed to get listed on The New York Stock Exchange (NYSE) and expanded his business globally.
An ‘Intrapreneur’ Is The Entrepreneur In A Company
Aggarwal’s advice to his employees is “Act like a business operator”. A company is created and represented by its team of employees and not just one person who owns it. So each and every business organization should follow the philosophy of regarding its staff as ‘intrapreneur’ (a term coined by Aggarwal) within the companies, he said. Providing the employees an independent work atmosphere will always ensure success, he added.
A Chief Executive Officer (CEO) of a company wields maximum power within it but he/she is not above the entrepreneur or the founder. But the entrepreneur should let the CEO function as an independent business operator, Aggarwal opined.
“The CEO of a company is the most important person as he/she has the lens to vet employees. At Cvent, we let CEOs be entrepreneurs of the company. When you give this sort of power to them, they willingly stay with you as long as they can, ” he added.
Making Best Business Leaders
As Jake Welch quotes, “Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.” Entrepreneurs should work on making best business leaders, Aggarwal asserted. “Leadership training is a must for a company’s employees, which will help the organization to expand globally” he added.
“Hire a leader in your company to train your employees the basics of leadership and you will see a drastic change in quality of work eventually, ” the businessman underscored.
Develop Mental Agility Of Employees
“The employees should not be pushed too much to deliver. Instead, we need to help them develop the mental agility to work in a constrained situation and motivate them, ” Aggarwal said. Employees cannot give their best under extreme work pressure.