Below is an exerpt from my book “Billionaire in Training.” This is a sample of the teachings that I gave at Prairie Meadows on Wednesday, October 24.
So often I meet people who think they’re in business for themselves, and yet by my definition, they’re not. Let me explain. read more
Information: At this first stage being information the entrepreneur needs education in his choice area or interest. “Education” is a broad term that can have many meanings, but it is generally defined as the process of learning and acquiring information.
Entrepreneurship is a system of being self-employ with no breakdown as being condition with the problem, situation or challenges of unemployment in a given system. An entrepreneur is an agent of change.
Mukesh Ambani, the richest man in the country, can teach a lesson or two to everyone, especially budding entrepreneurs. But since, he is busy raking in the moolah, BI India decided to pick up five lessons that he can teach all.
The man inherited his father and India’s iconic business leader Dhirubhai Ambani’s genes when it comes to dreaming big. In 90s, Ambani, then in his 30s, had dreamt of becoming the largest producer of polyester fibre and yarn in the world and he actually did it. Today, RIL is the largest producer of polyester fibre and yarn in the world, with a capacity of 2.5 million tonnes per annum, beating the traditional producers from South Korea and Taiwan, who had dominated the business since 1970s.
Do more, say less!
The quote by Israelmore Ayivor is apt for Mukesh Ambani. The 57 year old likes to keep a low profile. He isn’t keen on social dos and neither is he voicing opinions on important economic issues at events such as the World Economic Forum. But still, he is one of the most talked about personalities in the country. Ambani’s focus has always been his business and this entrepreneur is credited for the creation of the world’s largest petroleum refinery at Jamnagar in Gujarat besides other successful ventures. Need we say more?
Depend on no one!
A feudal style of management is not the mantra today. And Mukesh Ambani realised it even before feudalism was out of the system. Ambani in an interview had said that he did not want “people carrying their wisdom in notebooks as if it some kind of secretive operations”. While he has a trusted team of a few people, who have played a pivotal role in the growth of his empire , Ambani has always emphasized on the importance of being involved in one’s own business. Well, no wonder he managed to create an empire with net worth of Rs1,76,766 crore in 2012-13.
Don’t panic, stay strong!
Mukesh Ambani joined his father’s business at a very young age. While he was still learning the nuances of the business, he lost his uncle and his father’s business partner Rasikbhai in 1986. This was followed by Dhirubhai Ambani’s stroke within five months of his uncle’s death. Ambani then had to take his father’s place and steered the company forward at a time when India still had Licence Raj.
Keep your eyes open
Mukesh Ambani keeps his eyes wide open when it comes to hunting for new ventures. During the announcement of Reliance Jio initiative, Ambani had clearly said, “Today I see a billion people as a billion potential consumers, an opportunity to generate value for them and to make a return for myself”. With start-ups mushrooming in the country, Ambani has now turned his eye at it and will soon be seen mentoring technology start-ups that spawn billion-dollar businesses in the country.