SUNIL BHARTI MITTAL: A first generation entrepreneur. Started his first business at the age of 18.Forced to close his smooth running business overnight due to Govt regulation. Didn't make much money in his earlier businesses.Got the first turning point in 1992. Became a billionaire by 1995.
Take Home Points:
1. IT IS NO WRONG TO BE AUDACIOUS.
2. BLESSED TO BE BORN WITH BUSINESS GENES.
3. TURNED OVER A DEAD END & BECAME A BILLIONAIRE.
4. STRONGLY BELIEVES IN RIGHT TIMING OF AN IDEA.WINNING THE BID FOR CELLULAR SERVICES CHANGED THE COURSE OF HIS LIFE.
5. Unlike other major business tycoons, Mittal hasto build everything from scratch.
6. Mittal prides himself on a string of firsts: "The first push-button, the first cordless, the first answering machines, the first fax machines".
7. Did a lot of traveling. He even journeyed alongside his goods at the back of trucks.
8. Working 16 to 18 hrs a day is a very normal routine.
9.The major factor that contributed to hissuccess is speed. In his words, “We couldn't claim that we had massive brand or distinguishing strength in the market. The only thing that we needed on our side was speed, and we used that to great effect.” “We were in the market ahead of competition. We brought new products on the market ahead of competition. We rolled out our networks. We begged, borrowed, stole, put things out. And while they were never near perfect, they were first. And that gave us, to my mind, a lot of advantage.” “Our theory was:If you're caught between speed and perfection, always choose speed, and perfection will follow."
10. His innovative business model helped him convert fixed costs to variable costs.
