Born on 28 December 1937 in Surat, Ratan Naval Tata has been awarded Padam Vibhushan and Padam Bhushan in the year 2008 & 2000 respectively for his contribution towards trade and industry. The chairman of Emeritus of Tata Sons, Ratan Tata is known for his vision and ability to lead and innovate. Not only has he contributed to the trade & Industry but to society as well. There are many things that we can learn from Ratan Tata and here are a few:-
1) Have a vision:-
Mr. Ratan Tata always had a vision for his organization and himself. He knew where he is right know and where he wants his organization to be down the line. His ambitious vision of creating a car for the common man which costs only 1 lakh “Nano” has been a success and this shows his ability to visualize the needs and demand for the future.
2) Use creative tendencies than reactive tendencies to get results:-
Be creative rather than being reactive. Being proactive and solving problems even before they come is one of the most important qualities of an entrepreneur. A person should not have a tendency to react only when the situation demands but the person should be able to be anticipate what will happen in future and be able to adjust himself to it in present. An entrepreneur who exercises such quality is always successful.
3) Never give up on your values:-
A company runs on principles and not on personalities. Principles are inviolable even by the person who has created them. Mr. Ratan Tata and Tata group had some core values on which they never gave up. Public Safety and welfare is one of their main core values which they always followed. The result was that Mr. Ratan Tata and Tata group became one of the most trusted group worldwide. Mr. Ratan Tata stepped down from position of chairman of Tata group and was succeeded by Cyrus Mistry who was not from Tata family, which shows the values of Ratan Tata that competence weighs more than lineage.
4) Ability to Motivate others:-
Mr. Ratan Tata had the ability to inspire and motivate others which is very important for a leader. When a leader is not able to motivate others he is no more a leader and to be a successful entrepreneur you first need to be a leader than a manager. An entrepreneur should be able to motivate his team in order to get the job done effectively and efficiently.
5) Get out of the safe mode:-
To be successful in business you need to take risk. No risk no gain. Mr. Ratan Tata always believed in taking risk and the result is clear that the risk paid off. To be successful you need to take risk working in safe mode might make you feel comfortable but you will never be able to get best out of the system. He once said “I don’t believe in making right decisions. I take decisions and then make them right,”
6) Always have a positive attitude:-
No matter what the situation was Mr. Ratan Tata always had a positive attitude and smile on his face. To be successful in life a person should have a positive outlook towards life no matter what the situation is. Be a doer not a criticizer.
7) Don’t put all your eggs in one basket:-
Mr. Ratan Tata believed in investing in different companies so as his investment is always safe. He acquired a stake in the growing Chinese giant Xiaomi and leading e-commerce site snapdeal. Investing in different companies ensures that your investment is safe and grows no what the situation of a particular industry is.
There are many lessons that can be learnt from Mr. Ratan Tata and the list is endless. To conclude I would say that people like Ratan Tata are born once in century and lot can be learned from them.
Tushit is a student at SSCBS, DU. The views expressed are his own based upon the analysis and research he did on the topic from various books, reports and web articles. He regularly writes for Corporate Monks as a research associate. The writer takes person responsibility for the ownership of the content shared and incase some sources have not been given credit, you can directly mail him firstname.lastname@example.org