SEVEN things young startups can learn from India’s most successful business tycoons

India now ranks among the top 5 startup ecosystems in the world. Everyday a million young minds wake up with dreams and ideas and a passion to own a successful business. There are a number of success and failure startup stories we come across each day and the inspiration never dies.

While the young entrepreneurs start their dreams of achieving big, they face many challenges and hurdles in their journey. They sometimes make minor mistakes to huge slip-ups and a few even have an inclination towards giving up. While the entrepreneurial ladder is a tough one, the end goal isn’t impossible.

The country has seen a number of young achievers working towards their dreams and transforming into major business tycoons with time. India is a proud nation to have such personalities draw inspiration for many centuries to come. From Dhirubhai Ambani to Ratan Tata, many potential business men and women follow the steps of these people aiming to become like them one day.

The business tycoons of India have a number of qualities that many generations can learn from and abide by their business skills to grow successful.

Be bold, but practical

A new idea is prone to failures but that mustn’t stop an individual from taking risks. A business is all about taking risks and being bold for an idea to achieve success. Hiding away from risky possibilities that might open several doors to new opportunities should not always be an option.

Image result for mukesh ambaniAlthough, being prepared for negative outcomes is the mind of a successful entrepreneur. Practicality is as important as taking risks in a business. Many startups don’t think about back-ups and jump into decisions half planned. Instead of not planning ahead, people starting a new venture must have a thorough pro-con list before making the final decision making.

“Dance to your own music and take some risks in life, because it is often the risk taker who changes the course of history and contribute to the well-being of millions of lives.”

– Mukesh Ambani, Chairman Reliance Industries

Seek knowledge; be eager to learn

Image result for knowledgeCuriosity is a young startup owner’s best friend. An in-depth knowledge about anything concerning your business must be grasped at any given opportunity. Ask questions – be hungry for knowledge, and your dream of achieving your goals will seem much closer.

Eagerness to learn is also directly related to eagerness to grow and stand out in your career. The most successful entrepreneurs have always taught us that no matter how big your business has become; you still have a lot to learn. A well-read mind is much closer to achieving success than anyone else.

Shiv Nadar, chairman of HCL valued education from the very beginning and started SSN college of Engineering in Chennai.

“Education is and will be the most powerful tool for individual and social change, and we must do all that it takes to facilitate it.”

– Shiv Nadar, Chairman HCL

Ownership & Passion for your dream

Image result for kumar mangalam birlaPassion is what encourages you to take your business forward. A number of startups sell their business off in a matter of no time. This depicts lack of ownership. Patience and love for your dream must be the most crucial factor while starting a business.

Major business tycoon, Kumar Mangalam Birla took over the family business at the age of 28 after his father died. With much passion and the eagerness of keeping the business as his father had, Kumar Mangalam eventually made it reach new heights. Under his leadership, the Birla group expanded tremendously.

“The golden rule I can think of is the fact that you must follow your passion and do something that’s close to your heart.”

– Kumar Mangalam Birla, Chairman Birla Group

Confident inside out

Image result for confidenceConfidence for an entrepreneur is without saying, the most important personality aspect. Your team looks up to you and is driven by the confidence you possess. Talking to customers/clients is much more helpful when you are confident. Not just looking confident, but being sure and confident about your business is also very crucial.

Self-confidence is also the key to unlock your potential but the lack of it makes your business suffer in a number of ways. Not being confident affects not just you, but the people around you which gradually influences your business.

Image result for dilip shanghviFrom borrowing ₹10,000 from his father in order to start his own business, to expanding his business to US and European markets, Sun Pharma chairman Dilip Sanghvi is an inspiration to many starting their businesses.

“I have never seen myself as a promoter, I always evaluate myself as a manager”

– Dilip Sanghvi, Chairman Sun Pharma

Discipline

Anyone harbouring the entrepreneurial spirit knows the importance of discipline when taking their business off the ground. While starting a business many things are taken into consideration like work hours. Many startups initially operate from homes, and a strict working schedule is often neglected.

Image result for lakshmi mittalDiscipline lays a foundation when you are the boss. Even if you have a small team working for you, they do not want to do all work or all play. Any extremity depicts lack of discipline. Respecting your work and valuing time shows discipline and at the same time creates a better path for you to grow.

Chairman of Arcelor Mittal, Lakshmi Mittal’s story of individualism has and continues to inspire many. He was never known as an overambitious entrepreneur but a disciplined worker who was dedicated on making his company successful.

“When people can see which direction the leaders are going in; it becomes easier to motivate them.”

– Lakshmi Mittal, Chairman Arcelor Mittal

Be proactive

The proactive approach is one of the practices that a business owner must implement in his behaviour. The idea is to make things happen, rather than sitting and waiting them to happen for you. The entrepreneurial journey doesn’t work that way.

Image result for sunil mittalA proactive attitude is known to escalate personal growth and enhance performance. Sunil Mittal, CEO of Bharti Enterprises borrowed ₹20,000 from his father in order to make cycle parts. Within 3 years he was making yarn and stainless steel. Working 16-18 hours a day, Mittal travelled in trucks and trains because he could not afford air tickets.

Sunil Mittal inspired many young people starting their business after becoming the country’s largest telecom provider with over 200 million customers.

“If you are caught between speed and perfection, choose speed, perfection will follow”

– Sunil Mittal, Chairman and Group CEO Bharti Enterprises

Determination

A major factor influencing your success is determination. Being firm on the goal you want to achieve makes you stronger on the road to success. Determination also motivates you to move forward when you see positive outcomes of your work.

Image result for gautam adaniA determined mind becomes a guiding path for yourself and the people around you. Major business tycoon Gautam Adani shares his extraordinary story of rags to riches with the world. He dropped out of college to move to Mumbai and start his own business. He established the Adani Group in 1988 and made it reach new heights with serious determination and hard work.

“Either you sit on a pile of cash, or you continue to grow”

– Gautam Adani, Chairman Adani Group

The business influencers teach us a lot and young startups must learn a thing or two from them to help achieve success.

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