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Here are a few success lessons from the 'Accidental Entrepreneur' - Kiran Mazumdar Shaw

Here are a few success lessons from the 'Accidental Entrepreneur' - Kiran Mazumdar Shaw

Here are a few success lessons from the 'Accidental Entrepreneur' - Kiran Mazumdar Shaw
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By CNBC-TV18 Mar 20, 2019 11:22 AM IST (Published)

Kiran Mazumdar Shaw, a well-known name in the pharma community, considers herself an ‘Accidental Entrepreneur’. From plans of pursuing a career in brewing to becoming the chairperson and managing director of India’s leading biotechnology firm Biocon, Shaw’s journey has been nothing less than an inspiration to young entrepreneurs.

Kiran Mazumdar Shaw, a well-known name in the pharma community, considers herself an ‘Accidental Entrepreneur’. From plans of pursuing a career in brewing to becoming the chairperson and managing director of India’s leading biotechnology firm Biocon, Shaw’s journey has been nothing less than an inspiration to young entrepreneurs.

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Shaw faced many hurdles on her path to success. One of the biggest of the lot was facing gender biases on her journey. “I suddenly found that my gender came against me. People kept acknowledging the fact that I had very good technological capabilities but they weren't willing to risk having a woman in their management cadre. It was an accidental encounter with an entrepreneur from Ireland that actually saw me start my company,” Shaw said in an interview to TV18.
Businesses that keep evolving and offer something different usually attracts more customers. Choosing the differentiators and to keep building new differentiators along the way is important, Shaw explained.
When the pioneer in the biotech field started out, out of all the differentiators that could have been there pertaining to her field, her focus was on the innovation.
It was going to be about quality and high-end capabilities in high technology.
The one mistake that all the entrepreneurs do is to sticking to the same business model, hoping that the once successful models will again do the magic. It is the most expensive mistake the entrepreneurs can make, Shaw pointed out.
Since the industry, technologies and the innovations related to a particular field evolve continuously, it is important to change the dynamicity of the business plans and models. Biocon leveraged on its technologies that built the enzymes in a general way in the biotech space. After six years in the market, Biocon was able to increase the business size from $25 million to $100 million, which was its IPO (Initial Public Offering) inflection point, Shaw added.
In any business, research and development are the keys to its success. In other words, R&D is the spine of every enterprise, barring the size of it. Biocon, established in 1978, has over the years become Asia’s largest biopharmaceutical company with a market cap of $1.6-2 billion. The success of the company, Shaw attributes to the constant R&D on the innovation of its technologies.
I really believe that innovation helps you to lead, not follow.
In the competitive world of technological advancements and new innovations, partnerships, deals and investments come every now and then in every entrepreneur's life and being emotionally involved in it with great dedication is important for every entrepreneur.
“As an entrepreneur, it was a very important lesson as I learnt that business was about being emotionally driven about investing, but being emotionally detached when it came to divesting, and that’s very strong learning,” Shaw added.
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