Last week I had the opportunity to hear from billionaire founder of Marico Industries at the Ascent Conclave. He shared his 11 best business lessons from his incredible journey:
1. Evolve the vision
You don’t have a clear vision initially. There is a negative in a tightly held vision. Be flexible and that allows you to pursue new opportunities. Your vision will evolve with time as you grow.
2. Work with best in class consultants or mentors
There are many parts to a business and you can’t be a master of all of them. Work with best in class consultants to help you.
3. Have a burning desire to succeed
You need to have a burning desire to succeed and so do the people you work with. This is the key to recruiting people. Passion + perseverance = grit
4. All answers come from the marketplace
Many times you have an idea, but the marketplace will tell you what will work and what won’t. I’m a great believer in this business lesson. Always look to try and test your idea with paying clients.
5. Remove your fear or failure.
Sometimes you win and other times you learn. There is no failure. There is only learning. This mindset keeps you moving forward in spite of your “failures”.
6. Have win-win relationships and solutions.
All negotiations need to be win-win. If you want workable long-term solutions then they need to be win-win for all sides.
7. Focus on your strengths.
Each of us has a God-given gift. Identify what your gifts and talents are. Leverage your strengths. Focus 75% of your efforts on developing your strengths and 25% on nullifying weaknesses.
8. Reinvent yourself to grow.
Your roles will evolve over time as an entrepreneur. Go from doing things to getting it done through others. As you go public it becomes about influencing others.
9. Manage your time & focus.
Do a few things but do them well. Recruit the right talent and create a powerful culture which is open. Schedule your meetings year in advance.
10. How do I overcome stress?
Do things in the right way. Be ethical. Be transparent, which will reduce a lot of stress. Continue detailing yourself. Do a prototype first and learn from that. Even if you fail it doesn’t affect you. Have some stress buster eg music or going out to the gym to combat your stress.
11. Find your purpose.
Beyond money, it’s about impact as you grow the business. Recognition and challenge may take the place of money, but as you find your purpose and do things in alignment that is what will drive you.
If you’d like to see a more in-depth interview with Mr Mariwalla have a look here.
What’s your favourite business lesson? Comment below.