Top execs opting for entrepreneurship amid recovery

Monday, 31 May 2010, 03:30 Hrs   |    5 Comments
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Top execs opting for entrepreneurship amid recovery
New York: Keen to cash in on the opportunities galore courtesy the economic recovery more and more top level executives are donning the hat of an entrepreneur, experts say.

"Many senior executives are leaving companies as they want to start something of their own," HR consulting firm Planman HR Director & Managing Partner Deepak Kaistha said.

"If one wants to start up with a venture then recovering markets would be the right time to enter and market support will be there," he added.

For instance, earlier this month, three senior officials of leading private equity firm ICICI Venture -- its President Jayanta Banerjee and two other directors, Anand Vyas and Sunay Mathure, have quit to start their own venture.

Similarly, conglomerate GE's India head Tejpreet Singh Chopra recently resigned after his over a decade long stint with the company to float his own venture.

There is more! Former head of ICICI Venture, Renuka Ramnath, who quit the firm and founded a private equity firm Multiples Alternate Asset Management. The maiden PE fund has successfully garnered USD 250 million in its first close in April this year.

Wipro Technologies' chief marketing officer (CMO) Jessie Paul quit and started her own venture -- Paul Writer Strategic Advisory, travel portal MakemyTrip co-founder Sachin Bhatia started his own business and IT major Infosys' co-founder and chairman Narayan Murthy sold some of his stake in the company to set up a venture capital fund for incubating Indian start- ups.

Talking about the success of such endeavours executive search firm, GlobalHunt Director Sunil Goel said, "recovery in the market is definitely going to support new and existing ventures equally."

"Top business executives who are getting into 'entrepreneurship mode' have their own 'to do' and 'not to do list'. The recent up and down experience has brought in maturity and fine balancing act among them," he added.

Reasserting that the economic downturn has forged a new generation of home-grown entrepreneurs,a recent survey by global workforce solutions provider Kelly Services reveals one-in-six respondents in India describe themselves as 'self- employed'while more than a third of the respondents are planning or desire for some form of entrepreneurial activity.

Talking about the reason of an increasing number of executives getting attracted to start their own ventures Kelly Services India MD Kamal Karanth said, "The idea of moving out of traditional employment relationship is appealing to those who want the flexibility of working for themselves."
Source: PTI
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