Narayana Murthy's tips to become a successful entrepreneur

"Entrepreneurship is about converting the power of an idea into jobs, into wealth for oneself, into wealth for others and prosperity for the country. Therefore, an entrepreneur must be able to express his or her idea in a simple sentence.

Second, that sentence must convey the differentiated value proposition of that idea that means how that idea is better than all the existing products and services.

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Third, an entrepreneur must validate the thought of that idea by some kind of test marketing. Otherwise, he or she will spend a lot of time and money and will realise that this idea is not going to work.

Fourth, an entrepreneur must bring together a team that has a complementary skill-set – for instance, some people should know technology, some people should know finance, some should know sales and marketing and some should know HR, etc."