Shillong, July 8: Narayana Murthy, the founder of Infosys, shared valuable insights on building startups during the Moneycontrol Startup Conclave 2023. He stressed that every startup should have only one leader, rejecting the idea of multiple leaders.
According to Murthy, as the managerial phase begins, managers can be invited to establish systems, processes, and governance mechanisms. He highlighted the importance of leadership and organizational structure in this context.
Furthermore, Murthy identified key attributes of successful entrepreneurs, including imagination, innovation, and a willingness to do things differently. He emphasized the significance of passion, which fuels energy, enthusiasm, and the ability to achieve targets, while also emphasizing the need for a strong articulated value system in leaders.
During the initial stages of a business, Murthy advised focusing on competence when making hires, as it is essential for progress. Additionally, he emphasized the value of trust and authenticity among team members, highlighting that employees rely on the words of their leaders.
As per IANS, Murthy encouraged teamwork and unity, noting that when employees work together harmoniously, there is a higher chance of others embracing the startup’s vision, which should offer something meaningful to everyone involved.
Addressing the common feelings of uncertainty and self-doubt among startup founders, Murthy advised against panicking and instead placing trust in God. He shared his own experience of cracking jokes and discussing how others have navigated similar challenges to ease tensions during uncertain times.
Murthy concluded by suggesting that, at times, logic may not be sufficient, and individuals should embrace faith and believe in a higher power.