Mukesh Ambani is the chairman of Reliance Industries Limited (RIL), a Fortune Global 500 company and India’s most valuable company by market value. He is regarded as an extreme innovator and believer in game-changing businesses of the future.
With a fortune of $50 billion, Ambani, 61, is the richest Indian and ranks 13th on Forbes World’s Billionaire List. He also changed the telecom industry when he launched Reliance Jio in 2016. With the launch of the 4G phone service Jio, RIL sparked a price war in India’s hyper-competitive telecom market.
How to Become like Mukesh Ambani: Nine Rules to Success
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Be Courageous
The first lesson is one of bravery. Nobody has ever accomplished anything significant in business or life without courage. Of course, whenever you do something big, you feel a little scared, but you have to overcome fear to find the hidden hero within you. You can overcome any adversity if you have courage, self-belief, and a can-do attitude.
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Find and Solve Problems
The second thing I learned is that as an entrepreneur, it is critical to identify a problem that you want to solve and that you are passionate about. Professor Sharma at the University Department of Chemical Technology (UDCT) [now Institute of Chemical Technology (ICT)] was a blessing to me.
He’d always say, “I’m not going to give you a list of problems, and then you can go work on anything.” He’d always say, “You find a problem, and then I’ll grade you on the quality of the problem that you find, and then I’ll grade you on the quality of the solution that you actually do.” So, for an entrepreneur, the same rules apply: first find problems, then solve them. You solve the problem after you’ve identified it.
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Work Hard
Put on your running shoes, but keep in mind that personal and professional success is a marathon, not a sprint. We are fortunate to live in a dynamic world where anything is possible; however, it is critical to remember that there are no overnight successes; you must be dedicated, single-minded, and there is no alternative to hard work.
Also, keep in mind that this marathon of life is not a rat race; it is critical to achieving our objectives, but not at any cost.
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Serve a Higher Purpose
RIL was founded by my father (Dhirubhai Ambani) with $100. When I joined RIL in 1980, the company’s market value was $30 million or $40 million, and the opportunities provided by this country have enabled us to create wealth for India in 30 years.
My father was a firm believer that any business that exists solely to make money is not worthwhile; instead, it must serve a larger societal purpose. RIL raised all of its capital from capital markets and individual small shareholders, so we have created a million millionaires out of ordinary Indians simply by investing in RIL, and this is the process of creating wealth for the country. When you create opportunity, wealth follows.
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Accept Failure
Failures are to be expected. With all of the success that one sees, people, including myself, don’t see how many times I failed before I succeeded; they are just a step before you succeed. So, don’t be disheartened by failures; instead, learn from them and never give up.
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Ignore the Naysayers
Keep your headphones on, fill your ears and minds with melodies of optimism, and block out the critics and cynics, the naysayers – the people who say this cannot be done – as noise cancellation. Dance to your own music and take some chances in life because it is often the risk-taker who changes the course of history, innovates, creates something the world desperately needs and contributes to the well-being of millions of people.
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Feel Empathy
Empathy entails caring for and sharing with every human being in our organization and throughout the world; the more we care, the more we grow as people. I think of empathy as ‘Dil Ki Daulat,’ the wealth of your heart; the more you spend it on others, the wealthier you become.
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Make Memories
I think this whole business of making memories – it is such a simple statement, but I think it is profound in saying that, especially now that papa is gone, and the only thing we have of him are his memories, which are very precious to us. Nita used to always say, “Every moment is important, and that’s what life is all about,” and I understand what she means.
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Always Be an Optimist
An entrepreneur is an optimist who is always positive. There are many cynics and negative people around, but an entrepreneur spreads positive energy, which is what I have learned.