If there is a list of names synonymous with the word business in India, Ratan Tata will probably be the top on the list. The man who is a household name in India is admired not only by aspiring entrepreneurs but by the common man in general for the way he goes about his business. His vision of delivering quality products at low cost is something that the India of today needs especially for the people belonging to the lower middle class.
If you are an entrepreneur or want to be one, here are some of Ratan Tata’s best quotes to inspire the entrepreneur in you.
I don’t believe in taking right decisions, I take decisions and then make them right.
Being an entrepreneur is a 24/7 job which involves a lot of decision-making. It isn’t necessary that every decision that you make or every step that you take is right. Given that you are the captain of the ship, it is up to you how you steer it. To be a successful entrepreneur turning the tide in your favour is of paramount importance.
Power and wealth are not two of my main stakes.
Irrespective of how successful you become, it is important to stay humble. That is what Ratan Tata tries to convey through this quote. Power and wealth go hand in hand in today’s world but it is important to remember where you come and not become arrogant when you have either or both.
If you want to walk fast, walk alone. But if you want to walk far, walk together.
It is a well-known fact that to build a successful company or a successful product the team is important. Sure, working alone gives you the edge of easier decision-making and probably getting the work done faster with a clear single vision but that is also the reason that many startups fail. It is important to deliberate and discuss the idea and what is being built. Having a team is one of the most important factors.
Ups and downs in life are very important to keep us going because a straight line even in an ECG means we are not alive.
Failure is a part and parcel of life. For an entrepreneur, it is important even! If you h
ave ever failed you know what won’t work and it also gives you that much-needed inspiration to go out and try harder. This wonderful quote by Ratan Tata explains how failing makes you feel alive!
I admire people who are very successful. But if that success has been achieved through too much ruthlessness, then I may admire that person, but I can’t respect him.
Another quote by Ratan Tata about why it is important to be humble as you grow. Many will say that ruthlessness is a trait that every entrepreneur should possess but if you apply it everywhere, you tend to lose the respect of your employees and people around you. The same very thing about values is evident from his next quote.
What I would like to do is to leave behind a sustainable entity of a set of companies that operate in an exemplary manner in terms of ethics, values and continue what our ancestors left behind.
I have been constantly telling people to encourage people, to question the unquestioned and not to be ashamed to bring up new ideas, new processes to get things done.
As an entrepreneur, it is really important that you innovate at every step of the way. Not every company faces a similar problem and not every company applies the same method to solve it. Hence, it is important to innovate right from product development to company expansion.
Also Read: Mistakes that kill startups
Take the stones people throw at you and use them to build a monument.
Let’s face it, no matter how successful you become there will be people who will criticize and maybe even hate you. While some criticism is for the sake of criticising, there might be some who do deliver constructive criticism which you can utilize to improve your own self.
Apart from values and ethics which I have tried to live by, the legacy I would like to leave behind is a very simple one – that I have always stood up for what I consider to be the right thing, and I have tried to be as fair and equitable as I could be.
Another important quality for an entrepreneur to possess. It is important that you are always fair towards all your employees as well as your partners. Transparency is something that goes a long way in forming a bond with your employees who will then be willing to give all they have for your company.
None can destroy iron, but its own rust can! Likewise, none can destroy a person, but its own mindset can.
Self-doubt is one of the biggest cause of failure. If you want to be successful it is important that you have full confidence in yourself. That is the first hurdle many fail to cross.
All of us do not have equal talent yet all of us have an equal opportunity to develop our talents.
Persistence is the key to success. Talent can take you to a certain level, above that it is all about the effort and work you put in.
I do not know how history will judge me, but let me say that I’ve spent a lot of time and energy trying to transform the Tatas from a patriarchal concern to an institutional enterprise. It would, therefore, be a mark of failure on my part if it were perceived that Ratan Tata epitomises the Group’s success. What I have done is establish growth mechanisms, play down individuals and play up the team that has made the companies what they are. I, for one, am not the kind who loves dwelling on the ‘I’. If history remembers me at all, I hope it will be for this transformation.
So if you are someone who has always thought of giving entrepreneurship a chance by going at it alone, think again!
I have also made this a point in our company: We need to stop taking baby steps and start thinking globally. It really seems to be helping.
Given the rise of the internet, it has become necessary to think globally. That is what this Ratan Tata quote persuades you to do.
There are many things that, if I have to relive, maybe I will do it another way. But I would not like to look back and think what I have not been able to.
Scratch every itch that you might have and never have regret for what you did or did not do!