India's Richest Entrepreneur Has #7 Cents For Others To Succeed
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
India’s richest man must be expected to see an opportunity in every action worldwide.
Spotting one in US President Donald Trump’s crackdown on H1B visas, which are crucial for Indian IT firms operating out of the United States, Mukesh Dhirubhai Ambani said the new President is a blessing in disguise for India.
“Indians are at the bleeding end of the technology & Trump’s move will lead to Indian information technology companies focus on the domestic problems,” the Managing Director of Reliance Industries Limited said.
Ambani believes India has the infrastructure to make India one of the biggest software markets in the world.
Data is The New Oil
The 60-year oil tycoon has a new definition for that oil is. In a NASSCOM Summit in Mumbai, India, Ambani said data is the new oil and India has the potential to be among the top #10 players for broadband network.
Data in its raw form is useful but it to have real value, it has to be processed into intelligence. We are at the beginning of that era where data is the new oil said the Chairman of of the largest private sector enterprise in India.
“Indians should not have scarcity of it in terms of quality, quantity or affordability,” said Ambani. Fundamentally, you have to have lot of people to generate and use data. So, India is naturally blessed with 1.3 billion people.
4th Industrial Revolution is Connectivity
Terming mobile phone as the technology of the century, Ambani said they are going to redefine the quality of information and services for ordinary Indians. A combination of machine learning, deep learning and natural language processing with mobile phones will be game changers for India.
Be Open To Global Trade
“We should continue to be open and not worry about what world thinks. We should remain open to global trade and not be influenced by changes in a world where walls are being built,” said Ambani.
Becoming the only Indian businessman to praise the newly-elected Donald Trump, Mukesh Ambani seems to have minced no words. Donald Trump has planned a wall to divide US from Mexico, and the move is being seen as a means to instill hatred worldwide.
Adopt Next-generation Technologies
Ambani said India has to be the capital of the real implementation of blockchain, to build a trust economy.
“In terms of the internet, we have the opportunity to adopt artificial intelligence and natural language processing,” he said.
Focus On Solving Problems That Do Good
Ambani advises young entrepreneurs to focus on issues that do good to people in some way and not get disheartened by failures.
Treat Your Investors’ Money Well
Ambani called for entrepreneurs to treat the money of their investors even more carefully than their own. He called failures normal and said “failures are a step before you succeed.”
Have The Right Team
Ambani who has built India's second-most valuable company by market value said one cannot do anything without the right team.
From his path-breaking initiatives in oil and gas exploration to production, Ambani led Reliance’s foray into new frontiers. Ambani has led a revolution in almost every sector of India starting with retail, which has a unique value and supply chain model, to education, finance, retail, healthcare and telecom.