Best Business Lessons to be Learnt From Mr Ratan Tata
Ratan Naval Tata is an Indian industrialist, philanthropist, and former chairman of Tata Sons, born on 28th December 1937. He was also chairman of Tata Group, & is well known for his business ethics and philanthropy. He is the great-grandson of Jamsetji Tata, the founder of Tata Group.
In 2008 and 2000, Padam Vibhushan and Padam Bhushan were awarded to him for his contributions to trade and industry, respectively. Known for his vision and ability to lead and innovate, he led the predominantly India-based Tata Group’s global foray. The 78-year-old started his career with the Tata Group in 1961, leading the company from a market cap of $1.5 billion to a market cap of $100 billion. For leaders all over the world, the legendary scion has been an inspiration.
Become a Visionary & Work Till You Realize It
Tata Group was barely doing any business outside India when Ratan Tata joined the Group. While he was opposed by many, he insisted that the firm had to go global. Half of Tata’s profits today come from overseas. Tata acquired brands such as Tetley, Jaguar Land Rover, and Taj Boston under his leadership. This shows that you should always stick to a vision and should keep working till you achieve it.
Be Humble No Matter What You Are or Who You Are
Mr. Ratan Tata is known for his humility, and there are countless examples. He began working for Tata Steel as a blue-collar employee. He directly visited the families of the 80 workers who were devastated by the attacks of 26/11. By their first names, he remembers almost everyone and is not dismissive. No matter who you are & what you Become always stay humble and never forget your roots.
Always Stick to Values
Values are something that defines an organisation, both for its employees and its clients. One of Tata’s main core values has always been public safety and health. The Tata Community has always been known for maintaining these principles, and he also reinstated these values into the business culture, when Ratan Tata took over the reins. Tata has become one of the world’s most trusted brands as a result. As an entrepreneur, you should always stick to organizational values and personal values as well.
Be Willing to Take Risks
The cardinal rule of business is to take chances. One needs to have the foresight and the courage to take chances as a leader, that can take the business to new heights. Ratan Tata, who came from a business background, was no stranger to taking chances and once said, “I do not believe in making the right decisions.” From purchasing the Jaguar and Land Rover companies from Ford to taking over Corus, Europe’s second-largest steel producer, Ratan Tata has made substantial major steps and has managed to make things work for him. As an entrepreneur if you want to succeed it is important to be willing to take risks.
Take Criticism in the Right Way
‘Take the stones people throw at you and use them to build a monument.’ This is Ratan Tata’s famous quote. You won’t always get praise whenever you try to do what you want. There will be people trying to drag you down and criticise you to shatter your soul. What you need to do is just forget all the objections and concentrate on your task. As an entrepreneur, this is the right way to take criticism.
Be Creative & Solution Oriented
Rather than being reactive, be imaginative. One of the most important qualities of an entrepreneur is to be optimistic and solve problems well before they arrive. An individual should not be inclined to react only when the situation demands, but the individual should be able to predict what will happen in the future and be able to adapt to it in the present. An entrepreneur who exercises such efficiency is always successful.
Invest in Different Companies
Don’t put all your eggs in one basket. Mr Ratan Tata believed in investing in various businesses so that his investment was always safe. He acquired a stake in the growing Chinese Xiaomi giant and snapdeal, the leading e-commerce platform. Investing in various industries means that the investment is safe and grows no matter what the situation of a particular industry is. Entrepreneurs are sure to achieve success if they follow this.
Always Motivate Others
Ratan Tata had the ability, which is very important for a leader, to inspire and motivate others. It’s not about checking all the right boxes to be a successful leader, but about ensuring that you inspire, motivate and ignite the drive in others, so that they can bring about improvement, social creativity and development along with you. Always encourage, motivate and uplift others in a positive way.
Believe in Yourself
Although some decisions cause circumstances to take an unexpected turn, some decisions are right. In such times, before individuals lose confidence in your decision-making skills, you must have strong faith in yourself and must come forward confidently to make the situation in your favour. An entrepreneur must always have utter confidence in what he is doing & should move forward in faith.
Many great entreprenures have crated histories, their life and the path they have walked act as a guide to every entrepreneur who aspires to become like them. Mr Ratan Naval Tata is such a giant in India, let us draw inspiration from him and take India on the path of progress.