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THE ROAD TO A FIVE TRILLION DOLLAR ECONOMY IS PAVED BY SMEs

Feb 11, 2020 05:29 PM IST Partner Content Partner Content
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On the first episode of the series capturing the magic that was Amazon Smbhav, we heard from NR Narayana Murthy, Co-Founder – Infosys and Kishore Biyani, Founder and CEO of the Future Group sharing their inspiring journeys of building behemoth organizations.

A two-day thought leadership SMB summit, Amazon SMBhav brought together more than 3000 micro, small, and medium business owners to engage in an open, constructive dialogue with their peers, industry and subject matter experts, and policy agents to explore the challenges these businesses face, the solutions technology has to offer, the promise eCommerce holds, and the trends that are imminent in global trade.

With the infinity sign as an apt logo, the conference highlighted the many possibilities there are for small and medium businesses in the country to scale sustainably. As if that were not enough, the attendees also got to hear from among the who's who of thought leadership, including Jeff Bezos, Founder and CEO of Amazon, NR Narayana Murthy – Founder of Infosys, Kishore Biyani of the Future Group, to name just a few. The first episode of the series on Amazon Smbhav telecast on CNN-News18 captured these and more.

Insightful experiences and actionable strategies were the cornerstones of the many keynote addresses at the conference, the first of which was delivered by NR Narayana Murthy of Infosys. Reiterating Mr Bezos's statement that the 21st century will be the Indian century, Mr Murthy said the responsibility of making it come true lay squarely on the shoulders of small and medium business owners. Stressing the need for innovation as the key factor in creating differentiated businesses, Mr Murthy offered a few handy tips to an eager audience: "Hire people smarter than you, not just in intellect but also in values; build teams with mutually exclusive but collectively exhaustive skillsets." Advocating a durable value system as the bedrock of any successful company, and therefore a more thriving economy, Mr Murthy advised a bottom-up approach to building institutions.

Kishore Biyani of the Future Group, shared his insights as the person behind more than 1400 outlets in over 400 cities in the country. Mr Biyani stressed upon the need to understand the heterogeneous nature of the Indian market in order to scale up. Attributing the success of the Future Group to decentralisation by way of dividing the country into four zones, Mr Biyani also delved into his mistakes and failures, with this helpful guide to entrepreneurs in the making: "Do not get too attached to what you create!" Introspection, he said, has been integral to the value system at the Future Group and responsible for them to not repeat mistakes of the past.

Urging the audience to constantly innovate and introspect, Mr Biyani reiterated Mr Murthy's and Mr Bezos's sentiment that India is a land of opportunities, and with over 20 crore people involved in the SME sector, it is one of the main components of India's growth engine.