Kochi: Clarity on mission and values, focus on creating leadership capabilities and willingness to accept defeats and success alike are the basic principles for successful entrepreneurship, Rahul Mammen Mappillai, Managing Director of MRF Ltd, said.
Delivering the keynote on 'What We Can Do To Help Companies Succeed Over Multiple Generations' on the second day of the three-day TiEcon Kerala 2021 on Friday, he said identifying and nurturing the talents of employees are equally important as product development and drawing up marketing strategies.
Rahul noted that firms tend to lose their ability to face defeats as they grow, and shy away from taking up challenges. These firms cling on to comfort zones and such an attitude adversely affects the urge to innovate and progress.
Firms should come out of their comfort zones and find new opportunities to move forward. A secure environment should be created for the new generation to experiment, before handing over the reins of the firm.
The willingness to lend an ear to new ideas and implement them should be fostered. The leadership should be open to celebrating successes and accepting defeats alike, along with their team. The utilisation of human resources is of utmost importance, and several firms seldom attach importance to human resources.
Rahul cited 135-year-old Johnson & Johnson and 133-year-old Malayala Manorama as examples of firms that grew over generations by adhering to their values.
Elias George, Partner and Head, Infrastructure, Government and Healthcare, KPMG India, Pramod Narayan, MLA, KPCC General Secretary V T Balram, Kerala State Information Infrastructure Limited Managing Director Dr Santhosh Babu, KSIDC Managing Director M G Rajamanickam, Marine Products Export Development Authority Chairman K S Srinivas and President of TiE Kerala Ajit Moopan attended various sessions.
The conference concludes on Saturday.