I spent the last two days on S P Jain campus with about two dozen entrepreneurs from Mumbai. We discussed various tools that they can apply to their business so as to enable them grow. The entrepreneurs were enthusiastic, passionate and vocal. We had many intense discussions in and beyond the classrooms and spent many extra hours than scheduled to find solutions and perspectives to their challenges.
Every workshop I facilitate gives me a chance to know more about practical aspects of the theoretical framework. It reinforces the importance of theory while also serving as a constant reminder about its limitation. While many business owners believe that spending time on theory is not useful, the benefits of good theory and its subtle way of sharpening decision making can never be underestimated.
Invariably in every workshop the question “is this theory actually applied in practice?” keeps coming up. While many may showcase examples of how theory is directly useful in practice, I constantly harp on the fact if an entrepreneur takes effort to understand theory it changes and transforms him especially his thinking faculty. This makes him look at business, markets, industries, opportunities and every other decision points differently, objectively and effectively. Good theory influences and enables good practice. I am happy that the participants of the workshop were able to take away the right perspective about the tools and framework that we discussed. I truly hope that they put some of these ideas to practice and actually grow their business, because good practice is what enables creation of good theories.