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Responsibility of an entrepreneur: Lord Swaraj Paul

H S Rao

Lord Swaraj Paul, NRI industrialist and chairman of the £ 500 million Caparo Group, has said an entrepreneur and his company have a responsibility to the community and he is obligated to promote economic growth and contribute to its general welfare.

"To my way of thinking, success in business and other professions, is not only making profits. It is building capital, building organisations, building markets and building skills," Lord Paul who is also ambassador for British business said.

Delivering the inaugural lecture on "Entrepreneurship from the inside" at the newly constructed Hogg lecture theatre at the University of Westminster, Lord Paul said, "The key to entrepreneurship is leadership."

One of the principal tasks of the business leader is to balance the future with the present, the short term with the long term, he said.

"A leader does not have to be a visionary, yet he needs to have a vision," Lord Paul said adding, "The vision may not always remain the same; it can change or evolve, but he must know where he wants to go at any time."

Emphasising that a leader has to be decisive and demonstrate it - better a bad decision than no decision - Lord Paul said a leader cannot be captive of any policy or individual.

"A good captain is always ahead of his team because one can only lead from the front," he said.

"But the entrepreneur and his company, whether a large multinational or a small business, also have a responsibility to the community. The entrepreneur is rightfully obligated to do his best to promote economic growth, to create wealth and jobs, to improve the quality of life for his employees and customers, and to contribute to the general welfare of the community," Lord Paul said.

Congratulating the Vice Chancellor of the University of Westminster, Dr Geoffrey Copland, for introducing a new Master's programme on entrepreneurship at the Westminster Business School, Lord Paul said it was a timely academic course since the importance of entrepreneurship leadership in the 21st century economy could not be underestimated.

Noting that in the last several years, there have been remarkable changes in the international economic arena, he said perhaps the best way to describe the change has been a move from the world of superpowers to a world of super markets.

"Large markets that were once closed are now opened. There are now virtually no barriers for the free flow of ideas and capital across national borders," Lord Paul said.

The term "entrepreneur" has become closely associated with business enterprise, and with the creative instinct, is so much a part of successful business and professional endeavours.

To build in a lasting way, one has to be like an architect: a plan has to be developed, resources have to be assembled, constructive strategies to be evolved and one has to have a clear idea of the final goal.

Citing his own example, Lord Paul said he came to realise the value and obligations of entrepreneurship during his own experience.

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