‘Maximise Tech Use’: Hero’s Sunil Munjal Tells Young Entrepreneurs
‘If old business houses do not evolve with latest practices, then new companies will displace them.’
Sunil Kant Munjal, one of the four Munjal brothers of the Hero group, recently penned down the success story of the world's largest two-wheeler producer in the book The Making of Hero. Munjal is the former joint managing director of Hero Moto Corp and now chairs Hero Enterprise. He spoke with The Quint on diverse subjects. Here's an excerpt of the interview with Sunil Kant Munjal.
Munjal said that their family's investment office is constantly on the lookout for good entrepreneurs and ideas.
“We support them with our resources and new ideas. Nykaa is one of the startups we are supporting. It has made good progress while competing with giant companies of the industry.”Sunil Kant Munjal, Chairman, Hero Enterprise
Munjal sees a lot of similar startups coming up and suggests them to disrupt the traditional working of market with new innovations and technology. According to him, if old business houses do not evolve with latest practices, new companies will displace them.
“It is important to adopt the changing technology. Not only we should do new things but we should also do new things in new ways.”Sunil Kant Munjal, Chairman, Hero Enterprise
Munjal believes that startups have instilled this spirit of entrepreneurship in India, which was earlier limited to only a few centres of the world like California, Israel etc. Now, India is the second-fastest growing startup centre in the world. The government and the public now recognises the job producing abilities of startups. At the same time, Munjal says that old companies are scaling down their employees as they are going for automation.
It is commonly believed that adopting new technology will kill jobs. But to become globally competitive, we must adopt the latest technology. Technology will bring higher efficiency, productivity and prosperity, which in turn will create jobs.Sunil Kant Munjal, Chairman, Hero Enterprise
He said that there would be certain fields where technology will reduce jobs. So, our workforce needs to be retrained for new and upcoming jobs. It is said that 65% of jobs after 10-15 years from now are those which don't even exist today.
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