Narayana Murthy shares 9 lessons learnt as an entrepreneur from his Infosys days

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The seventh lesson Murthy learnt was that sustaining the enthusiasm and confidence of a team of the seven founding professionals over a period of thirty years was extremely difficult, if not impossible.
Synopsis
Stating that failures are part of an entrepreneurial journey, the Chairman Emeritus of Infosys, said a failure would be beneficial if you quickly analysed the reasons why you failed, learnt the lesson and did not commit the same mistake again. He ...
By Nikhil Agarwal, ETMarkets.com
Last Updated: Jul 13, 2022, 09:10 AM IST
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When NR Narayana Murthy started Infosys way back in 1981 along with six other co-founders, entrepreneurs were hardly celebrated in India, and there were no 'Shark Tanks' to piggyback on. So how did he end up pioneering the IT revolution in India?
In a foreword to the recently-published book 'Startup Compass', the 75-year-old billionaire has shared the success mantra, and lessons learnt as an entrepreneur from his early Infosys days. He also explains why he chooses to travel economy class even today on domestic flights and made a rule of not discussing issues with his wife on topics related to the difference of opinion between Infosys co-founders.

Here are nine lessons for entrepreneurs from Narayana Murthy:
1) The first and the most important lesson that Murthy and the Infosys team learnt was the importance of articulating values and practising them. “Values form the backbone of an entrepreneur's determination. The first and the most important tenet of our value system was putting the interest of the company ahead of our personal interest in every decision the founding team took,” Murthy said, adding that a few of his founder colleagues did not agree with some of those decisions, but they accepted those decisions sportingly and executed them with full commitment.
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2) Stating that failures are part of an entrepreneurial journey, the Chairman Emeritus of Infosys, said a failure would be beneficial if you quickly analysed the reasons why you failed, learnt the lesson and did not commit the same mistake again. He gave the example of his failure in Softronics. “I had learnt that the absence of the market was what led to that: failure. I decided to focus on the export market in my next venture,” he wrote in the book.
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3) An entrepreneur has to constantly scan for signs that his/her venture is likely to encounter a structural problem and that the company was likely to fall into an irretrievable situation. “This is the time for the entrepreneur to tone down his passion for the idea, keep emotions aside and quickly bring the venture to a decent closure. Softronics had no domestic market, and there was no way I could recover from it quickly. So, I closed it in nine months,” he recalled.

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