MUKESH AMBANI - MOTA BHAI
Mukesh Ambani, the richest man in the country, can teach a lesson or two to our budding entrepreneurs in the country. But since he is busy raking in the moolah, BI India does it for you. Here are some five lessons that every entrepreneur can learn from this ‘Çhairman’.
1. Do more, talk less
The quote by Israelmore Ayivor is apt for
2. Don’t panic, stay strong
Mukesh Ambani joined his father’s business at a very young age. And while he was still in the process of learning the nuances of the business, he lost his uncle and his father’s business partner Rasikbhai in 1986, followed by Dhirubhai Ambani’s stroke withinin five months of his uncle’s death. Ambani then had take his father’s place and steered the company forward at a time when India was still a land of Licence Raj.
3. Trust Everyone, but Don’t Depend on Them
Ambani was quoted saying that he did not want “people carrying their wisdom in notebooks as if it some kind of secretive operations”. He openly trusts people. Sure, like any successful person, he has a team of a few close trusted people, but he emphasizes the importance of being involved in the business so that you don’t have to blindly rely on others for your own business success.
So instead, he continues self-learning, remains in the know and stays well prepared so that he can tackle challenges himself as they arise.
4. Take Risks, but Calculated
In 2015 Ambani made a move which many thought was risky, and the market responded with 22 basis points nose dive on Reliance contracts that protect the company’s debt. The down turn was a reaction for Ambani’s decision to roll out 4G. Yup, that’s right. The mobile phone network, 4G. Looking back, it seems such a sure fire investment, but from the safety of 3G in 2015, 4G seemed risky. Side note: if only they knew the scandal that 5G would bring in 2020!
Anyway, the lesson we can learn is that risks should be calculated. Risks don’t have to always mean setting off into the unknown with no road map. Given the uptake of mobile phones as computing devices, Ambani could do the sums and know that getting in on 4G early would be a win.
5. There Is No Substitute for Hard Work
Most of the most successful entrepreneurs say this, but it is probably the least popular and less glamorous advice that many don’t want to hear. Nothing beats old fashioned hard work if you want to make it big.
What we get out is what we put into our business ventures, so you have to work at it to make it a success. Something like Reliance Jio seemed to come from nowhere and launch almost overnight. The truth is that there were months and years of knowledge, perfect timing and experience that went into a successful launch. On top of that there were all of the behind-the-scenes infrastructure, contracts and connections that brought it all into reality.
Mukesk Ambani probably put it best in this summary “It is important to remember, there are no overnight successes. You will need to be dedicated, single-minded, and there is no substitute for hard work.”
6. Failure Is Normal, but Learn From It Instead of Giving Up
Despite runaway successes like Jio, Ambani has also suffered his fair share of failures. But Ambani only sees it as failure if you don’t learn from it. As he puts it: “Failures are normal. Even in my own case, I have failed several times before succeeding. They [failures] are just a step before you succeed. Never get disheartened by failure. Learn from them but never give up.”
And that is what separates Ambani from the others. His strength to keep persevering instead of giving up. He is realistic that the struggle is real though: “All of us, in a sense, struggle continuously all the time, because we never get what we want. The important thing which I’ve really learned is how do you not give up, because you never succeed in the first attempt.”
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