Mukesh Ambani's 5 tips for successful entrepreneurs
In a rare glimpse into the mind of one of India's most successful entrepreneurs and the current richest man in Asia, Mukesh Ambani, the Chairman of Reliance Group, shared insights regarding entrepreneurship success during the NASSCOM conference in 2017. While the event is now about seven years old, Ambani's lessons are evergreen, as he offered valuable advice to budding entrepreneurs that will remain relevant for years to come. Here are the five key takeaways from his tips that can serve as a guiding light for those charting the entrepreneurial path.
1. Be a solution architect, not just a manager
Mukesh Ambani's journey began with a valuable lesson from his father, Dhirubhai Ambani. When a young Mukesh, who had just withdrawn his MBA course at Stanford University to help his father with the then-small-but-fast-growing Reliance, had asked what his new job was, Dhirubhai said in response: "I am not going to tell you anything. If you are an entrepreneur, you will figure out what you want to do. "
The elder Ambani emphasised the importance of an entrepreneurial mindset, urging his son to see beyond the confines of a job description. As such, entrepreneurs, according to Mukesh, should not wait for instructions but proactively seek solutions, showcasing passion, risk-taking, and an innovative spirit.
2. Passion-driven problem-solving
At the conference, Ambani stressed the significance of identifying problems that resonate personally. Drawing parallels with successful companies like Tesla, SpaceX, and Airbnb, he encouraged entrepreneurs to seek problems they are passionate about solving. He said that the first step for any entrepreneur is discovering a problem, and then follow with innovative solutions. Social impact takes precedence over financial gains, aligning with the belief that true greatness lies in addressing societal needs, as per the experienced business owner.
3. Failures as stepping stones
When talking about the impact of failures on one's road to entrepreneurship, Ambani dispelled the myth of a smooth journey to success by highlighting the inevitability of failures. Drawing from personal experiences, he emphasised that failures are not setbacks but crucial steps towards eventual success. To him, entrepreneurs should not get disheartened by failures, urging them to embrace failures, learn from them, and persevere with resilience and optimism.
4. Non-negotiable principles
In the conference, Ambani outlined two non-negotiable principles for entrepreneurs. Firstly, treat investors' money with even greater care than personal funds, which will demonstrate fiscal responsibility on the part of the young entrepreneur. He added that entrepreneurs should consider themselves as "custodians of investors' money", and as such, should always be careful with this valuable funding. Secondly, assembling an A-team is indispensable. Success, according to Ambani, is a collaborative effort, and aligning the team's passion with the entrepreneur's vision is paramount for achieving greatness.
5. The power of positivity
Ambani also underscored the importance of maintaining a positive outlook amidst challenges. "The entrepreneur is an optimist. There are a lot of cynics and people who think negatively. Glass half full, never half empty," he said. Entrepreneurs, he believes, must embody optimism, resisting negativity and cynicism. Adopting a "glass half full" mentality is essential for navigating uncertainties and capitalising on opportunities.