10 secrets of successful entrepreneurs

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    1010--Secrets of SuccessfulSecrets of SuccessfulManager/EntrepreneurManager/Entrepreneur

    Bhagaban DasBhagaban Das

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    Dhirubhai AmbaniDhirubhai Ambani

    Built India's largestBuilt India's largest

    Pvt. Sector companyPvt. Sector company

    Created equity cultCreated equity cult inin

    Indian capital marketIndian capital market

    Rewrote IndianRewrote Indian

    corporate historycorporate history

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    Dhirubhai AmbaniDhirubhai AmbaniBorn in 1932, in Gujarat. Son of a schoolBorn in 1932, in Gujarat. Son of a schoolteacher.teacher.

    Started his entrepreneurial career byStarted his entrepreneurial career byselling "bhajias" to pilgrims over theselling "bhajias" to pilgrims over theweekends.weekends.

    After matriculation at the age of 16,After matriculation at the age of 16,moved to Yemen.moved to Yemen.

    Worked there as aWorked there as a gasgas--station attendant,station attendant,and as a clerk in an oil companyand as a clerk in an oil company..

    He returned to India inHe returned to India in 1958 with Rs1958 with Rs50,00050,000 and set up a textile tradingand set up a textile trading

    company.company.

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    Dhirubhai AmbaniDhirubhai Ambani

    Assisted by his two sons, Mukesh and Anil,Assisted by his two sons, Mukesh and Anil,

    Dhiru Bhai built India's largest private sectorDhiru Bhai built India's largest private sector

    company, Reliance India Limited, from acompany, Reliance India Limited, from a

    scratch.scratch.

    Over time his business diversified intoOver time his business diversified into

    Petrochemicals , Telecommunications, IT,Petrochemicals , Telecommunications, IT,

    Energy, Power, Retail, Textiles, InfrastructureEnergy, Power, Retail, Textiles, Infrastructure

    Services, Capital Markets, & LogisticsServices, Capital Markets, & Logistics

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    Dhirubhai AmbaniDhirubhai Ambani

    Credited with shaping India's equity culture,Credited with shaping India's equity culture,attracting millions of retail investors in aattracting millions of retail investors in amarket till then dominated by financialmarket till then dominated by financial

    institutions.institutions.In 1992, Reliance became the first IndianIn 1992, Reliance became the first Indiancompany to raise money in global marketscompany to raise money in global markets

    He was named the Indian Entrepreneur of theHe was named the Indian Entrepreneur of the

    20th Century by the FICCI.20th Century by the FICCI.The Times of India in 2000 voted himThe Times of India in 2000 voted him"Greatest creator of wealth in the century"Greatest creator of wealth in the century

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    Ramalinga RajuRamalinga Raju

    Satyam witnessed a sharp declineSatyam witnessed a sharp decline

    in December 2008, following ain December 2008, following a

    failed acquisition attempt involvingfailed acquisition attempt involvingMaytas, a company owned byMaytas, a company owned by

    Raju's family.Raju's family.

    In January 2009, Raju resigned asIn January 2009, Raju resigned asthe Chairman of Satyam after hethe Chairman of Satyam after he

    admitted to major financial wrongadmitted to major financial wrong--

    doings.doings.

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    Ramalinga RajuRamalinga Raju

    Born: 1954 in a family ofBorn: 1954 in a family offarmersfarmers

    B. Com from Vijayawada andB. Com from Vijayawada andMBA from USA.MBA from USA.

    After returning to India inAfter returning to India in1977, he moved away from1977, he moved away from

    the traditional agriculturethe traditional agriculturebusiness and set up abusiness and set up aspinning and weaving millspinning and weaving millnamednamed Sri Satyam.Sri Satyam.

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    Ramalinga RajuRamalinga Raju

    Shifted to theShifted to the real estatereal estate business andbusiness andstarted a construction company calledstarted a construction company calledSatyam ConstructionsSatyam Constructions..

    In 1987, Raju foundedIn 1987, Raju founded Satyam ComputerSatyam ComputerServicesServices along with one of his brothersalong with one of his brothers--inin--law, DVS Raju. The company went public inlaw, DVS Raju. The company went public in1992.1992.

    With the launch ofWith the launch ofSatyam Infoway (Sify)Satyam Infoway (Sify)Satyam became one of theSatyam became one of the first to enterfirst to enterIndian internet service marketIndian internet service market..

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    Ramalinga RajuRamalinga Raju

    Won several awards and honors:Won several awards and honors:

    Ernst & Young EntrepreneurErnst & Young Entrepreneur1999,1999,

    Dataquest IT ManDataquest IT Man in 2000,in 2000, CNBC's Asian Business LeaderCNBC's Asian Business Leader

    Corporate Citizen of the YearCorporate Citizen of the Year20022002

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    10 Secrets to be Successful10 Secrets to be Successful

    Running aRunning a oneone--person businessperson business isis

    a creative, flexible and challenginga creative, flexible and challenging

    way to become your own boss andway to become your own boss and

    chart your own future.chart your own future.

    It is about creating a life.It is about creating a life.

    It takes courage, determination andIt takes courage, determination and

    foresight to decide toforesight to decide to become anbecome an

    entrepreneurentrepreneur..

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    1.1. Dream BigDream Big

    HaveHave Big DreamsBig Dreams for yourself :for yourself :to be somebody rich, famous or fulfilledto be somebody rich, famous or fulfilled..

    WHAT IS A DREAM?WHAT IS A DREAM?Dreams are those which you don't see inDreams are those which you don't see insleepsleep

    Dreams are those which don't allow you toDreams are those which don't allow you tosleepsleep

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    1.1. Dream BigDream Big

    Management Gurus have taught us the power ofManagement Gurus have taught us the power ofvisualizationvisualization -- seeing yourself in your mindseeing yourself in your mind ::

    If you want to be aIf you want to be a successful writersuccessful writer, envision yourself, envision yourselfsigning books for a throng of people who have lined upsigning books for a throng of people who have lined upto have your autograph.to have your autograph.

    If you want to beIf you want to be rich,rich, picture yourself in luxuriouspicture yourself in luxurioussurroundings holding a fat bank account.surroundings holding a fat bank account.

    You need to think that you are successful every singleYou need to think that you are successful every singlewaking hour.waking hour.

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    2.2. Be PassionateBe Passionate

    Success comes easily if you love whatSuccess comes easily if you love what

    you do. Why?you do. Why?

    If you hate your jobIf you hate your job right now, do you think you will everright now, do you think you will everbe successful at it?be successful at it? Not in a million yearsNot in a million years!!

    YouYou even become competent at the taskseven become competent at the tasks, but you, but you willwill

    never be a great successnever be a great success at it.at it.

    You will achieve peak performance andYou will achieve peak performance andsucceed only if you are doing somethingsucceed only if you are doing something

    that interests you or something that youthat interests you or something that you

    care about.care about.

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    2.2. Be PassionateBe Passionate

    Entrepreneurs who succeedEntrepreneurs who succeed do not mind thedo not mind thefact that they are putting infact that they are putting in 15 or 18 hours a15 or 18 hours a

    dayday to their business because they absolutelyto their business because they absolutelylove what they do.love what they do.

    Success in business is all about patience andSuccess in business is all about patience andhard work, which can only be attained if youhard work, which can only be attained if youare passionate and crazy with your tasks andare passionate and crazy with your tasks andactivitiesactivities

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    3.3. Focus on your StrengthsFocus on your Strengths

    Each of us has our own strengths and weaknesses.Each of us has our own strengths and weaknesses.

    To be effective, you need toTo be effective, you need to identify your strengths andidentify your strengths andconcentrate on itconcentrate on it. You will become more successful if you. You will become more successful if youare able to channel your efforts to areas that you do best.are able to channel your efforts to areas that you do best.

    In business,In business,for example, if you know you have goodfor example, if you know you have good marketingmarketinginstincts, then harness this strength and make full use of it.instincts, then harness this strength and make full use of it.

    Seek assistance in areas that you may be poor at, such asSeek assistance in areas that you may be poor at, such as

    accounting oraccounting orbookkeepingbookkeeping..To transform your weakness to strength, consider takingTo transform your weakness to strength, consider takinghandshands--on learning or formal training.on learning or formal training.

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    4.4. Never Consider the FailureNever Consider the Failure

    You should have a strong faith in yourYou should have a strong faith in youridea,idea, youryourcapabilitiescapabilities andand yourself.yourself.

    The more you can develop faith in your ability to achieveThe more you can develop faith in your ability to achieve

    your goals, the more rapidly you can attain it.your goals, the more rapidly you can attain it.However,However, your confidence should be balanced withyour confidence should be balanced withcalculated riskscalculated risks that you need to take to achieve greaterthat you need to take to achieve greaterrewards.rewards.

    Successful entrepreneurs are those who analyze andSuccessful entrepreneurs are those who analyze andminimize risk in the pursuit of profit. As they always say,minimize risk in the pursuit of profit. As they always say,"no guts, no glory.""no guts, no glory."

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    5.5. Plan, Plan, & PlanPlan, Plan, & Plan

    You have aYou have a visionvision, and you have, and you have enough faithenough faith in yourself to believein yourself to believethat you can achieve your vision. But do you know how to get to yourthat you can achieve your vision. But do you know how to get to yourvision?vision?

    To achieve your vision, you need to haveTo achieve your vision, you need to have concrete goalsconcrete goals that willthat will

    provide the steppingprovide the stepping--stone towards your ultimate vision.stone towards your ultimate vision.Put your goals in writing; not doing so just makes them as intangiblePut your goals in writing; not doing so just makes them as intangiblefantasies.fantasies.

    You need to plan each day in such a way that your everyYou need to plan each day in such a way that your everyaction contributes to the attainment of your vision.action contributes to the attainment of your vision.

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    6.6. Look for Ways to NetworkLook for Ways to Network

    Maybe the lady you met in a trade associationMaybe the lady you met in a trade association

    meeting can help you securemeeting can help you secure fundingfunding, or, or

    the gentleman at a conference can provide you withthe gentleman at a conference can provide you withmanagement advisemanagement advise..

    It is important to form alliances with people who canIt is important to form alliances with people who can

    help you, and whom you can help in return.help you, and whom you can help in return. To

    succeed in business, you need to possess good

    networking

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    7.7. Work hardWork hard

    You workYou work eight hours per day for survivaleight hours per day for survival;;

    everythingeverything over eight hours per day is forover eight hours per day is for

    successsuccess."."Be prepared to say goodbye to afterBe prepared to say goodbye to after--officeoffice

    drinks every day, or a regular weekend getdrinks every day, or a regular weekend get--

    away trip.away trip.

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    8.8. Willingness to LearnWillingness to Learn

    You do not need to be a MBA degree holder or PhDYou do not need to be a MBA degree holder or PhDgraduate to succeed in your own business.graduate to succeed in your own business.

    In fact, there are a lot of entrepreneurs who did notIn fact, there are a lot of entrepreneurs who did not

    even finish secondary education. Studies show thateven finish secondary education. Studies show thatmost selfmost self--made millionaires have averagemade millionaires have averageintelligence.intelligence.

    Nonetheless, these people reached their fullNonetheless, these people reached their full

    potentials achieved their financial and personalpotentials achieved their financial and personalgoals in business because they are willing to learn.goals in business because they are willing to learn.

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    9.9. Persevere and have FaithPersevere and have Faith

    Road to success is NOT easyRoad to success is NOT easy..

    Despite your good intentions and hard work,Despite your good intentions and hard work,Sometimes you will fail.Sometimes you will fail.

    Some successful entrepreneurs suffered setbacksSome successful entrepreneurs suffered setbacksand resounding defeats, even bankruptcy, yetand resounding defeats, even bankruptcy, yetmanaged to quickly stand up to make it big in theirmanaged to quickly stand up to make it big in their

    fields.fields.Remember, if you persevere, nothing can stop you.Remember, if you persevere, nothing can stop you.

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    10. Discipline & internal10. Discipline & internal

    MotivationMotivationSelfSelf--discipline is the key to success.discipline is the key to success.

    The strength of will to force yourself to pay theThe strength of will to force yourself to pay the

    price of successprice of success -- doing what others don't likedoing what others don't liketo do, going the extra mile, fighting andto do, going the extra mile, fighting and

    winning the lonely battle with yourself.winning the lonely battle with yourself.

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    THANKSTHANKS

    Bhagaban DasBhagaban Das

    FAKIR MOHAN UNIVERSITYFAKIR MOHAN UNIVERSITY