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1. The document analyzes Robert Frost's poem "Stopping by the Woods on a Snowy Evening" and identifies four principles of successful entrepreneurship that are represented in the poem's four paragraphs: assessing situations, finding opportunities in difficult times, keen observation and interpretation, and relentless innovation.
2. Each paragraph is used as a metaphor to explain one of the principles. For example, the first paragraph represents assessing risks and taking calculated chances, while the fourth represents an entrepreneur's constant drive to innovate and achieve more.
3. Examples are given of entrepreneurs who successfully identified opportunities in environmental risks, such as creating clean energy companies. The document argues that environmental risks can be converted to opportunities with the right entrepreneur
1. The document analyzes Robert Frost's poem "Stopping by the Woods on a Snowy Evening" and identifies four principles of successful entrepreneurship that are represented in the poem's four paragraphs: assessing situations, finding opportunities in difficult times, keen observation and interpretation, and relentless innovation.
2. Each paragraph is used as a metaphor to explain one of the principles. For example, the first paragraph represents assessing risks and taking calculated chances, while the fourth represents an entrepreneur's constant drive to innovate and achieve more.
3. Examples are given of entrepreneurs who successfully identified opportunities in environmental risks, such as creating clean energy companies. The document argues that environmental risks can be converted to opportunities with the right entrepreneur
1. The document analyzes Robert Frost's poem "Stopping by the Woods on a Snowy Evening" and identifies four principles of successful entrepreneurship that are represented in the poem's four paragraphs: assessing situations, finding opportunities in difficult times, keen observation and interpretation, and relentless innovation.
2. Each paragraph is used as a metaphor to explain one of the principles. For example, the first paragraph represents assessing risks and taking calculated chances, while the fourth represents an entrepreneur's constant drive to innovate and achieve more.
3. Examples are given of entrepreneurs who successfully identified opportunities in environmental risks, such as creating clean energy companies. The document argues that environmental risks can be converted to opportunities with the right entrepreneur
When I first saw Robert Frost's famous poem "Stopping by the Woods on a Snowy Evening" in my seventh grade English textbook, I had no idea that I was looking at a poem which inspired one of the leading lights of India's freedom struggle and also Independent India's first Prime Minister. Pandit Jawaharlal Nehru was so besotted with this poem that he kept a copy of it on his bedside table; perhaps to constantly remind him of the duties he had to perform before his death. On a closer scrutiny, we find that a strong under-current of entrepreneurship runs through this poem. This poem perfectly answers the question in relevance "Entrepreneurship between environmental risks and opportunities: What does it take to succeed?" through its four enchanting paragraphs, with each paragraph metaphorically describing what it takes to strike it big for an entrepreneur. Through the summits at Kyoto, Bali and Copenhagen, world leaders have managed to hoodwink the public into showing that they are serious about solving environmental hazards that come with unsustainable development. This prompts an examination as to why time and again these efforts have come to a blank. The one obvious answer to this question is that it is simply not economically prudent to go green, at least in the short run. It is in this context that an entrepreneur, with his mutually beneficial vision and practical skills, comes into the picture. Environmental risks are different from business risks in that the lure of profit alone is not the attraction but a certain amount of social responsibility is also factored in. But how exactly does an entrepreneur go about converting environmental risks into opportunities? And how does Robert Frost's poem act as a guiding light in this endeavor?
The four most important principles of successful entrepreneurship are woven into the four paragraphs of the poem masterfully: 1. Assess the situation 2. Find opportunities, and don't lose hope even in the bleakest of scenarios 3. Observe even the smallest of signals, interpret it and forever remain alert 4. Finally, ACT, and be perennially innovative First paragraph: A metaphor for Assessment and a case for taking risks Whose woods these are I think I know. His house is in the village, though; He will not see me stopping here To watch his woods fill up with snow. Just like the poet knows exactly where he is, an entrepreneur should know exactly where he stands with respect to his competitors. He should admire the work done by his competitors, but at the same time draw lessons from their success. His first instincts should be to be different from the established players or better, propose a wholly new idea itself. In a developed country, the assessment should focus on environmental risk mitigation methods while in developing and under-developed markets, focus should be on reducing the rate of growth of environmental risks. The difference in the environmental awareness among the public in the developed and developing markets should always be kept in mind while formulating policies. For instance, a program involving separation of wet and dry waste in the house-holds itself might work in developed countries but might be a non-starter in developing/under-developed countries. Risks and opportunities should be assessed with two different mindsets. Finding a risk in an opportunity is easy but finding an opportunity in a risk is what a good entrepreneur does. This fact makes the case for scrutinizing risks more closely because behind every risk there is a huge untapped opportunity. Shi Zhengrong, the Chinese scientist, who made his billions by harnessing solar energy through his company Suntech Power 1 and Tulsi Tanti, who made his fortune by milking the huge untapped wind power in the world through his company Suzlon Energy 2, are people who saw opportunities in risks. Opportunities may or may not be unchartered territories, but risks always are. In the poem, the poet is willing to take the risk of trespassing through the woods, but he is rewarded with the beautiful sight of watching the woods fill up with snow. Second paragraph: A metaphor for Hope My little horse must think it queer To stop without a farmhouse near Between the woods and frozen lake The darkest evening of the year. Even in the most disheartening of circumstances, an entrepreneur should be guided by the clear light of reason and logic. Just as the poet enjoys the ambience of the woods even though it is the darkest evening of the year, an entrepreneur should look for opportunities even if the field is fraught with risks. Where a lay man perceives risks, an entrepreneur should perceive an opportunity. An oil spill can be an environmental disaster but an entrepreneur should start a company that cleans up the oil spill, at least to some extent. Carbon emissions are ticking environmental time-bombs, but an entrepreneur should start a consulting company based in Europe, that advises companies to reduce emissions in exchange for carbon credits. Most of the paper used in developing countries is thrown away but an entrepreneur should start a deinking plant which can retrieve the fiber of the used paper. Most of the world may jeer at power production using coal due to its high emissions, but an entrepreneur must invest in a company engaged in making the process more eco-friendly by researching on combined cycles, fluidized beds etc. because in the long run, coal can never be completely phased out citing emissions. The WTO Doha Round deadlock can be overcome if developing countries soften their hostile stand on high agricultural subsidies in industrialized countries in exchange for more action on the global warming front, as I argued in my 2007 essay for St.Gallen Symposium. An entrepreneur can use his lobbying skills to good use in such a scenario. Thus years of deadlock can take a new direction for the greater good if given a small yet pragmatic twist. Third paragraph: A metaphor for keen observation and interpretation He gives his harness bells a shake To ask if there is some mistake. The only other sound's the sweep Of easy wind and downy flake. An eye for detail is an indispensable quality required for an entrepreneur. In the poem, the poet listens attentively to his horse and understands exactly what his little horse wants. At the same time, he also remains alert to the other sound made by the wind and the snow. Similar traits should be shown by an entrepreneur. He should listen to every small signal emanating from the market and interpret it correctly. Having done so, no room for complacency should be allowed. He should still be alert for more signals rather than rest on his laurels.
A good entrepreneur should never be caught off-guard when government policies are announced or market preferences undergo a shift. He should study the market closely enough to foresee most of the changes. By the time the change finally happens, necessary groundwork to roll out the response to the change should have been already done. While the Indo-US Nuclear Deal (which promised uninterrupted uranium supply to non-NPT signatory India for clean energy production) was being discussed, corporate entrepreneurs from India were already scouting for established companies like Areva, Toshiba etc to form joint ventures. At the same time, they were also alert to the fact that similar deals would soon be signed with Russia, France etc. as it was the next logical step in permanently securing fuel supplies. An avid entrepreneur could have utilized this opportunity to negotiate with re-insurers like Munich Re, Berkshire Hathaway etc. for insuring the insurance companies entrusted with insuring the various nuclear plants that would be mushrooming soon in India. Joint ventures with French, US or Russian re-insurers would have been a pragmatic option since they are already equipped with the know-how of nuclear plant insurance. Fourth paragraph: An ode to the undying human entrepreneurial spirit The woods are lovely, dark, and deep, But I have promises to keep, And miles to go before I sleep, And miles to go before I sleep. The unrelenting human drive to keep achieving more in life is a reflection of an entrepreneur's constantly innovative spirit. No entrepreneur can afford to be satisfied even for a moment. Satisfaction elbows out innovation. The moment innovation stops it is the beginning of the end. There should always be that "something" that keeps you above the rest of the pack. Today, even most US citizens prefer Toyota cars to GM cars because the former is seen as more fuel efficient, thereby helping consumers to leave behind lesser carbon footprint. Entrepreneurs within Toyota realized long ago that the future of cars depended on how "green" it was. This very realization, which was a natural outcome of their restlessness for being the number two, has helped it to become the world's top automaker3. Apple didn't invent the mp3 player, smart phone or laptops. However, its iPod, iPhone and Mac are cult classics. Leaders in wind energy conversion should innovate to harness wind coming from all directions (thereby fine-tuning vertical axis wind turbines). Leaders in solar energy conversion should look beyond capturing not just the rays falling perpendicular to the solar panel. Developers of electric engines should explore the possibility of more efficient arrangement of magnets like the Halbach arrangement. Thus, the possibilities for a green entrepreneur are endless. All it requires is an unending passion to improve the environment we live in. Concluding Remarks Exiting an existing venture to start a new one is commonplace in entrepreneurship. Entrepreneurs can take a cue from central banks throughout the world in this aspect. During times of slowdown, all of them went into a loose interest rate policy. But now that economies are looking up, the trick lies in how to exit that policy without putting the brakes on recovery. Similarly, an entrepreneur has to know how to change strategies in accordance with changing economic situations and how to exit when the venture becomes no longer commercially viable. Entrepreneurs jumping on to the green bandwagon have to keep in mind three pertinent ground realities: a. Going green is not a choice but a necessity. Products/services have to be tailored to factor in this inevitability. Eventually, most companies have to go green. The advantage of being a pioneer can keep you ahead in such a scenario. b. In environmental issues, the potential of a risk to be converted into an opportunity is far greater since environmental awareness is a relatively new phenomenon. Most of the risks we see today were opportunities not long ago. So most of the risks are new and virgin territories. c. Environmental entrepreneurship is different in that every little reduction in risk opens up hitherto unseen vistas of opportunity as against total elimination of risk. Robert Frost through his immortal lines depicted a duty-conscious man who kept pursuing his journey, not allowing himself the pleasure of succumbing to his temptations. The essence of the poem should not be lost on budding entrepreneurs. It is equally important along with conceiving a new idea that an entrepreneur develops that idea effectively, markets it, mobilizes adequate resources, make the consumers know of the short-term benefits along with the long-term ones and as already mentioned, exit when the time is ripe enough. To be adept in each of these, unwavering commitment is called for. But at the heart of every minute action that an environmental entrepreneur would take, there must be just one sole mantra: unflinching love for the environment. If he feels that there are miles to go before he can actually keep all the promises he owes to his environment, there is absolutely nothing like it to achieve the pinnacle of success. Aspire. Be. Inspire.