7 lessons budding entrepreneurs should learn from Dhirubhai Ambani
India is at a stage of development, where new entrepreneurs who can chart the path towards development are welcomed with open arms. The aspect of evolving and growing is important but starting from scratch is never easy!
Minute things that are at times overlooked in the chaos of starting or running a successful business, sometimes end up being the big things that lead to growth of an organization.
What helped this seemingly normal yet extraordinary man build up a hugely successful business empire? Let’s explore!
Revolutionary changes aided by brilliant ideas and the leadership quality that aimed to change the future
Entrepreneurship is based on big yet practical ideas. Dhirubhai Ambani is widely respected for his long term ideas with which he wanted to make India a force to reckon with. The goals were personal yet had a larger-than-life quality, which he knew would not only lead to the expansion of his business, but also help the nation to weave its own growth story.
One of those many ideas was to make communication via mobiles easy and accessible for every strata of society. He started nurturing this idea at a time when even incoming calls were not free; India has come a long way from then to now and surely, the Ambani’s have a huge role to play in this.
You are not a VIP...Mingle and communicate
The process of being an unbeaten entrepreneur also involves reaching out to your consumers and knowing about them. Interacting with your target base can bring about new ideas. In fact, solutions to each problem that a consumer may be facing can assist in the eventual growth of your own business.
Dhirubhai Ambani, even when he was a well-known name in the business circle, never stopped rolling up his sleeves and diving in himself to solve any kind of problem unlike many others who like to just instruct their staff what to do next.
It’s all about team work
Dhirubhai always had immense faith in his team and people he worked with. He invited them to speak and share their ideas openly. Every successful entrepreneur needs to first organize a team of people whose capabilities can be trusted implicitly and this is possible when you in turn trust them wholeheartedly. Giving full freedom and space to a professional who is working with you can build a chain of trust where they would never like to let you down.
Sometimes even just asking the team and ‘discussing’ can motivate everyone. Dhirubhai knew that if you care for a team then they will in turn take care of your clients. He was always respected for being aware of the trials his team faced and thus, being with them as one of them. Aloofness and an air of exclusivity as a means of making things work can be disastrous in the long run for an entrepreneur.
One of the remarkable traits of Dhirubhai Ambani was that whenever he helped someone, whether that was part of the business or otherwise at a personal level, he never breathed a word about it to anyone. With time people got to know and this helped to build confidence in anything related to Dhirubhai Ambani.
Budding entrepreneurs need to do active networking and sometimes contribute to society too, but at the same time, have to be careful that they don’t broadcast it to such an extent where it turns out to be a mockery of the generosity.
Practicality important even if you are dreaming big...
Senior Ambani’s favourite quote was “It’s difficult but not impossible.” He proved the fact that dreams do come true even if they seem unattainable initially. However, that is possible only when you have a practical and thought-over plan in place to aid you in your journey towards that goal. Insurmountable tasks become uncomplicated with appropriate preparation.
Dhirubhai was an expert at gauging reality and he dreamt with “eyes open wide”. Taking care of every little pebble on the path and testing the water before plunging in constituted his process of turning dreams into reality instead of nightmares. And that intense planning was the wind beneath his wings.
Push for development and change
Innovation and moving from one level or domain to another are crucial for any entrepreneur to nurture his business. The hunger to change and expand made Dhirubhai Ambani grow at a rampant and unbelievable pace. His efforts in various fields have not only benefitted him but also the nation and its people. A determined push for change can bring about positive developments not only in your business but for everyone connected to you, and that includes your country.
Dhirubhai believed in the concept that ‘more the supply, more will be the demand’. However, this also meant a huge investment. Inspite of the fact that this concept was based on years of observing and researching the market, it was his gut instinct and risk taking ability which took him where every entrepreneur dreams to be!
Returns are important but should not be the sole aim of a budding entrepreneur. Earning a reputation and giving your best will ultimately bring in the profits; however, this whole process will only start with taking measured risks.
With around five years of editorial and writing experience from magazines such as ‘DataQuest’, ‘Leisure & Resorts’, ‘Voice&Data’; Priyanka has also worked in the digital communication department of organizations like ‘Brentwoods’; ‘n & n Chopra Consultants Pvt. Ltd’ and ‘Delhi Public School Greater Faridabad’. Her interests include blog reading and writing. The author is a senior sub-editor at 'Entrepreneur Online' and has completed her studies from Jamia Millia Islamia.