Entrepreneur nation

There are two Indians in the top five of Forbes magazine’s recent list of the world’s richest billionaires.

Indeed, the number of billionaires on the list more than doubled in the last 12 months, to 33.

After just two days in India, the prominence of India on the world’s rich lists is hardly surprising. This is a nation where everybody seems to bring an entrepreneur’s eye to daily life.

Of course, lack of opportunity and a still prevalent caste system means that a lot of the entrepreneurship evident on the streets is necessity driven. Taxi drivers, rickshaw drivers, tourist touts, shop owners, market-stall holders – everyone is always looking for the next opportunity, ready to do a deal and willing to negotiate.

Like many visitors to India, I’ve found it all takes a bit of getting used to, although when you see the poverty that exists it’s easier to understand why so many of these micro business owners are so persistent.

But these two distinct ends of India’s entrepreneurial spectrum – the ultra rich billionaires and the street entrepreneurs – highlight some of the conditions that you need to create an entrepreneurial society. Some that I have noticed include:

• Competition. The sheer number of businesses doing the same or similar things emphasises the need to stand out or do something different to get business. That might be customer service, price, quality or the ability to market better than everyone else.
• Determination. The willingness of the entrepreneurs here not to take no for an answer can be a bit tough, but there is an overwhelming urgency to simply get a deal done. The haggling culture is ingrained here, but so too is the need to get an outcome.
• Cash. Not just money, but the actual folding stuff. At the micro level, it’s what everybody survives on and that seems to feed an entrepreneurial culture much more than our cashless society.
• Necessity. The need to try and feed yourself and your family and improve your life sharpens the entrepreneurial mind like little else can.

The other lesson I’ve learned from India’s micro business owners is the importance of good humour. No matter how dire their situation might be, every business owner seems to have a smile on their face all the time.

And that’s not a bad lesson to take away.

James Thomson’s trip to India has been sponsored by Dell.