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The budding Turks
Raj K Pathak
The Budding Turks: Knowledge Economy Unplugged 14 October, 2011
Let me tell my entrepreneur friends that with India as a nation looking forward towards achieving an economically developed status by 2020, it is all the more imperative for entrepreneurs to know and adopt important business practices.

AT A recently held TiECON conference, speaker after speaker used the phrase 'Knowledge Economy'. My young entrepreneur friend Vijay Kumar who travelled all the way from Bhopal to attend the TiECON, sitting beside me, loudly asked me, “Raj Sir, yeh Knowledge economy exactly hai kya ?”. I murmured something about knowledge economy but couldn’t give him much convincing reply. I came back and did some research on the topic of 'Knowledge Economy'.

I reproduce a speech by Dr A P J Kalam which he made at ASSOCHAM organised Summit titled  “Knowledge Millennium”. In his speech he talks about old economy and knowledge economy in terms of yesterday and today. Extracts from the same are as under:

1.       Yesterday-natural resources defined power. Today-knowledge is power.

2.       Yesterday-hierarchy was the model. Today-synergy is the mandate.

3.       Yesterday-leaders commanded and controlled. Today-leaders empower and coach.

4.       Yesterday-shareholders came first. Today-customers come first.

5.       Yesterday-employees took orders, Today-teams make decisions.

6.       Yesterday-seniority signified status. Today-creativity drives status.

7.       Yesterday-production determined availability. Today- Competitiveness is the key.

8.       Yesterday-value was extra. Today-value is everything.

9.       Yesterday –everyone was a competitor. Today-everyone is a customer.

10.   Yesterday-profits were earned at any costs. Today-work with integrity and succeed with integrity is the mantra for every entrepreneur. Profits would follow, anyway.

Let me tell my entrepreneur friends that with India as a nation looking forward towards achieving an economically developed status by 2020, it is all the more imperative for entrepreneurs to know and adapt the above points in their day to day business environment to succeed in “Knowledge Economy”.

About The Author
Mr. Raj K Pathak has been passionately promoting entrepreneurship through various media platforms for over two decades and is well known for conceptualizing and producing India's first Television show titled BUSINESS MANTRA for small business and entrepreneurship. Connect with the columnist: pathak560@gmail.com
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