<div><em>All successful people are first positive people. Don't fall for the cliché "to fail is ok", then you can't give your best, says Vaidyanathan the former MD and CEO of ICICI Prudential Life Insurance Company to Businessworld's <strong>Paramita Chatterjee</strong></em></div><div> </div><div> </div><div>Entrepreneurs often give up after a great start for lack of perseverance or for lack of scaling options. For any enterprise to work, we have to be entirely consumed with it, and work towards it like a possessed person. To say that failure is the stepping stone to success is just a cliché, we can't say to fail is fine, says <strong>V Vaidyanathan,</strong> the former MD and CEO of ICICI Prudential Life Insurance Company, who in 2010, wore an entrepreneurial hat, bought a stake in an NBFC and formed Capital First through a buyout transaction. Since then, he has converted the wholesale NBFC to a Retail finance company, and grown from a mere Rs 935 crore in 2010 to over Rs 12,000 crore today. What’s more, he also managed to rope in Warburg Pincus to fund his venture at a time when private equity investors took a cautious approach towards funding! BW began by asking him what his success tips are for emerging entrepreneurs.</div><div> </div><div><strong>Passion to Create Something: </strong>The most important thing is to be driven and motivated. If there is a great idea in and we feel we have a good chance at it, don’t let it languish! Besides, creating a new brand and name for ourselves, we can create thousands of jobs. After all, creating a business and seeing it scale is a great feeling for anyone.</div><div> </div><div><strong>Don’t depend on luck</strong>: When we were looking for a PE to back us, we were out there frantically searching them and seeking them out day in and day out. Nothing falls in our lap. Yes if we keep searching, some accidental meeting happens, some serendipity does occur. Our QIP attempt in 2011 failed, but a PE backing happened when we kept trying.</div><div> </div><div><strong>No pitying ourselves when things go wrong:</strong> We are not unique in facing trouble, and we are where we are because of our own actions.. Every entrepreneur you know or read about has had challenges, who hasn’t. All successful people are first positive people. Don't fall for the cliché "to fail is ok", then you can't give your best. We can't afford to- we have a responsibility to our own image, or family, our colleagues, and all well-wishers who are backing us.</div><div> </div><div><strong>Credibility is everything.</strong> Don’t overpromise. Present strongly the case to prospective partners, shareholders, employees. Over time reputation spreads in the market. Depending on how we conduct yourselves, people want or don’t want to associate with us. We have to be worthy of their trust.</div><div> </div><div><strong>Our employees are ‘entrepreneurs’ too</strong>: I believe anybody who goes thru the pangs of decision- making, takes decisions, is directly impacted, and lives with the consequences of the decisions is an entrepreneur; we are not the only one. Our employees are as much owners in our venture. This is how you can attract good talent and retain them. Otherwise, why will great employees of other great established organisations leave and join our fledgling start-ups? We</div><div>are nobody without our partners.</div>
