Forbes magazine just released its list of Billionaires and the list of Indian bilionaires continues to inspire young entrepreneurs in India. India has a large number of Billionaires. Industry stalwarts like Mukesh Ambani (RIL), Shashi Ruia (Essar) etc. have been running successful family businesses for decades. On the other hand, you have new businessmen like the Bansals (FlipKart), Kunal Bahl (Snapdeal) who break the stereotype image of a Billionaire in India. This old school vs. new school of entrepreneurs do break new grounds on many fronts.
The ones belonging to the old industry rely on working around government rules and voicing their opinion in favor of their businesses, while the new age billionaires in India set the tone by making rules and helping build new industries i.e. e-commerce, Online Retail, Real Estate etc. While core areas of different businesses call for different skills and each of these industries has its own challenges, it is a change of attitude that makes the difference.
The old guard need their entourage with them, while the new Billionaires need iPads, mobile phones and khakis to work. The old ones are happy with a growth rate of 10%, while the new ones aim at 10% growth a month. India is witnessing a sea change like it happened in the US where a 5 year old company called Whatsapp without revenue or profit was sold for $19 Billion and the same is happening here with the new generation of entrepreneurs who are building new industries from ground up.
What kind of Billionaire do you want to be? And why? Your thoughts are welcome.
Sanjay Puri has been working on Indian-American issues and facilitating stronger US-India relations through USINPAC (US India Political Action Committee and AUSIB (Alliance for US India Business), two bipartisan organizations that he chairs.