Pune: Entrepreneurship is not just about building companies but about making courageous decisions, embracing risk early, and aligning business with purpose, said Ajay Bhagwat, Founder & Managing Director of Renu Electronics and President of TiE Pune, during a special talk titled “The Courage to Begin: Reflections on Entrepreneurship and Purpose.”
Timed with National Startup Day 2026, Ajay Bhagwat released the book “Built for Impact” at Venture Center.
The book captures candid, first-person reflections from early-stage founders supported by Venture Center, detailing why they began their journeys, how they navigated uncertainty, and what it truly takes to build purpose-driven ventures in India.
Addressing founders, aspiring entrepreneurs, and ecosystem stakeholders gathered at the Venture Center on this occasion, Bhagwat drew extensively from his own journey to highlight how entrepreneurship demands conviction under pressure, the ability to think long term, and the willingness to back one’s own judgment even in uncertain situations.
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Entrepreneurship and Decision-Making Under Pressure
Reflecting on a pivotal moment in his early career, Bhagwat recalled engaging with global customers from Japan, Singapore, and Europe who evaluated his product and offered to purchase it at $52, despite its listed price being over $60.
Rather than rejecting the deal outright, he reassessed the cost structure and identified a way to reduce manufacturing costs to under $20 while maintaining quality.
This decisive moment, he explained, underscores a core lesson in entrepreneurship – the ability to make high-stakes decisions under pressure. The move paid off, resulting in a long-term partnership and large-volume orders that eventually shaped the foundation of his business model.
Bhagwat noted that such risks are often easier to take when entrepreneurs are young, but many companies hesitate due to fear of failure. He emphasized that belief in one’s capabilities, supported by sound logic and execution, is critical to navigating uncertainty.
Entrepreneurship, Hiring, and the Cost of Playing It Safe
Another key theme Bhagwat addressed was hiring. He candidly shared how early-stage founders often hire people they can afford rather than the right people for the role – a mistake he admitted making himself.
Drawing from personal experiences and lessons learned over time, Bhagwat urged entrepreneurs to reframe their thinking. Instead of asking, “Who can I afford to hire?” founders should ask, “Is this the right person, and how can I afford them?”
According to him, this shift in mindset is essential for sustainable entrepreneurship, particularly during the formative stages of a company.
He stressed that the true role of a founder or CEO is not defined by titles but by the ability to bring together the right resources – human, financial, technological, and strategic – to enable growth.
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The Role of Mentorship in Entrepreneurship
Bhagwat highlighted that when he began his journey, formal startup ecosystems and incubation support systems were largely absent.
He acknowledged that access to structured mentorship and guidance could have significantly altered the trajectory of many early decisions.
Today, he said, organizations like Venture Center and TiE play a vital role in supporting entrepreneurship by helping founders navigate different stages of growth.
However, he emphasized that mentorship should be viewed as an ongoing journey rather than a one-time engagement.
Mentors, advisors, and even informal guides help founders maintain perspective, especially as businesses grow and decisions begin to affect thousands of livelihoods.
Bhagwat noted that while instinct-driven decisions can work initially, sustainable growth requires data, systems, and experienced counsel.
Entrepreneurship, Scale, and Purpose
Although Bhagwat initially had no intention of building a large company, he shared how trusted advisors challenged his limited view of success and encouraged him to think bigger.
These conversations reshaped his understanding of purpose in entrepreneurship, moving beyond personal financial comfort toward creating larger economic and social value.
He explained that true fulfillment came from building product-driven companies – designing, manufacturing, selling, and delivering solutions that met real customer needs.
Over time, his definition of impact evolved from generating foreign exchange through exports to creating employment, improving quality of life, and solving India-specific problems.
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Impact, Innovation, and Sustainable Entrepreneurship
Addressing the concept of impact, Bhagwat argued that meaningful impact cannot be externally defined. Each entrepreneur must determine what impact means to them. However, he was firm in stating that long-term impact requires commercially viable, for-profit models.
He cautioned against over-reliance on grants or CSR funding, noting that while such support can help initiate ventures, scalable and sustainable entrepreneurship must be self-sustaining. Commercial success, he said, enables reinvestment, innovation, and lasting impact.
Bhagwat also emphasized that innovation must be rooted in India to address local challenges effectively, particularly in sectors such as healthcare, energy, and medical technology, where affordability and accessibility are critical.
Why Starting Early Matters in Entrepreneurship
In his concluding remarks, Bhagwat strongly encouraged aspiring founders to start early. Drawing from decades of experience with TiE Pune and global TiE chapters, he challenged the notion that corporate experience or an MBA is a prerequisite for entrepreneurship.
He argued that entrepreneurship-specific learning cannot be fully acquired elsewhere and that delaying the journey often results in the need to unlearn established habits.
At the same time, he advised against entering business blindly, stressing the importance of understanding risks, market realities, and support structures before taking the plunge.
Bhagwat urged experienced founders to “pay it forward” by sharing both successes and failures with the next generation, calling it one of the most meaningful ways to create impact.
Built for Impact: Dr Premnath Venugopalan on Entrepreneurship
Venture Center Founder Director Dr Premnath Venugopalan said, “When you look at stories of entrepreneurs, most of what you find is written only after they have reached the ₹1,000-crore-plus milestone. We therefore decided to focus on stories that are still in the making. We recognise that every entrepreneurial journey goes through ups and downs, but it is important to tell these stories as they unfold. This is especially true for science-based entrepreneurs, for whom very little documentation exists.”
“Entrepreneurs come from different backgrounds and are driven by different motivations and purposes. However, in my experience, everyone we work with shares one common trait: deep persistence and an unwavering focus on what they are trying to achieve,” Dr Premnath stated.
