There are innumerable business success stories to take inspiration from, but there is something special about the Reliance group’s journey. Growing from a struggling start-up to one of the most profitable global enterprises couldn’t have been easy. The company’s path was beset with incredible challenges. Their remarkable rise to the top has been fuelled by an ability to dream big, and of course, the capability to persist.
So if you are an aspiring entrepreneur who has just completed his/her distance MBA, here are 3 lessons you can learn from Reliance group’s incredible 40-year journey.
#1 It doesn’t matter where you start, but where you end up
The Ambanis are clearly wealthy and powerful, but even they had to start somewhere. At one point of time, they were a simple, middle-class family living in a one-room chawl in Mumbai. Hard to imagine, right? The founder of the Reliance Group, Dhirubhai Ambani was a 10th pass student raised in a small village. However, he did not let limited resources get in the way of his ambitions.
Armed with a strong vision and an impeccable set of skills, he started a yarn trading business from a small 500 sq. ft. office in Masjid Bunder, Mumbai. This was a small step, but he decided to take it and give it his all.
The lesson here for entrepreneurs is that taking the first step is the most important thing, regardless of however small it is. Be relentless towards your goals and never stop until you get there!
#2 Take measured risks
Source: Famous entrepreneurs
It is the risk-takers who change the course of history. Wouldn’t you agree? When Reliance Commercial Corporation was first set up by Dhirubhai and his partner, it was believed that they had ended the partnership within a few years. Contrary to his partner, Dhirubhai was keen on taking risks for quicker growth. This risk-taking ability took his business towards great heights of success.
Every entrepreneur must inculcate risks in their life to gain greater returns. Had it not been for Mukesh Ambani’s gamble to launch a mobile telecom network such as Reliance Jio, millions of unprivileged Indians would still have no internet access.
As for future entrepreneurs, you will need to take calculated risks to execute a new idea or find solutions to daily challenges.
#3 Evolve and expand even when you’re succeeding
Despite major accomplishments, the Reliance group always moves from one domain to another. From oil and gas to textile and petrochemicals, and even retail and telecommunications, this conglomerate never rests on its laurels. This desire to evolve and innovate has helped Reliance grow rapidly. And what do they have planned for the future? They aim to improve the quality of life in the country and transform every sector of the Indian economy by incorporating them with renewable energy and artificial intelligence.
Similarly, you require change and expansion to expose your business to a wider audience. So if you’re looking to start your own business, always try adding to your existing skillset! A distance learning MBA or BBA course, or even an online course in the field of your choice can be a great start for budding entrepreneurs!
Entrepreneurial skills are not innate, but they can be acquired. Whose entrepreneurial skills do you admire? Tell us in the comments section.