Connect with us

Tips

Azim Premji Life Lessons

Avatar

Published

on

Azim Premji Life Lessons,Startup Stories,10 Important Life Lessons by Azim Premji,Life learnings and advice from Wipro founder Azim Premji,10 Entrepreneurship lessons to learn from Azim Premji,#AzimPremji,5 life lessons from Azim Premji that will help you succeed


Azim Premji, a business tycoon who is known for changing the face of Wipro, retired last week, leaving the reigns of his massive empire to son Rishad.  When Wipro began manufacturing vegetable and refined oils in Amalner, a district in Maharashtra, little did people think it would today become the front of 70 plus companies!  Before the tides of wind changes, here is taking a look at some life lessons from the man who gave India the Wipro of today.

Azim Premji Life Lessons:

1. Know your strengths

While it is important to know your weaknesses, in order to make a mark in today’s competitive world, it is important to know and play to your strengths.  If Premji hadn’t followed this principle, he wouldn’t have turned around a $ 2 million vegetable and refined oil manufacturing company into a $ 7 billion company with a presence in more than 60 countries! According to Premji, the only way to correct your weakness is by playing to your strengths!

2. Stay honest, persevere and work hard

According to Premji, while innovation is all well and good, in order to grow, you must stay honest, persevere and work hard toward your goal.  The more you rely on self help books and on the intuitions of those around you than your own, you forget where you started. Think of the bigger picture and make sure even if it takes time, you don’t lose sight of the three rules of success.  When Wipro was started by Azim Premji’s father, it worked only with a certain type of product.  However, when Premji took over, he realised the amount of potential the Company had and by putting in a lot of hard work, he made Wipro the conglomerate it is today!

3. Take charge

Unless you take charge and show the world what you can do, you can’t make an impact. Despite leaving college for a while when his father passed away, Azim Premji pushed himself to do better than when it was run by his father. When Premji stepped into the Wipro factory at the age of 21, he did so against the advice of more than just one well wisher. People told him he should have applied to a soft and cushy job at an established place.  However, it was because Premji took charge, he changed the way Wipro was perceived!

4. Stick to your values

According to Premji, the core value of any business is your values.  Stand by what you believe in and once you do, you can escape whatever tricky situation you face.  Don’t compromise on your beliefs and while success may not instantly come, the reward you get will be far greater at the end of the day!  Premji always believes in standing for your values because when things go back, your values are the only ones which give you direction. Even though he had so many challenges throughout his career, Premji followed Mahatma Gandhi’s philosophy and made sure, throughout his tenure as the CEO of Wipro, he never did anything his conscience wouldn’t allow.

5. Always look for opportunities

More often than not, people don’t realise change is a constant factor.  Furthermore, what people don’t also realise is managing change has a lot to do with the way you perceive the situation.  To break the pattern and to feel better about your situation, focus on what you can learn from the tough path in life. You need to understand, with change come fear and insecurities.  However, if you let the insecurities take over, you can’t get ahead. Creativity and innovation need inspiration. If Azim Premji hadn’t grasped all he could learn at Wipro, he would never make it to the top.

6. Always give back

One of the best things people remember about Premji is his philanthropic side.  Shortly after taking over as CEO of Wipro, Premji started donating his funds to organizations and people about whom he cared.  Apart from being the first Indian to give away 25 % of his wealth as a part of the Global Giving Pledge, Premji also set up a non profit organisation, Azim Premji Foundation, aimed at improving primary education in India.  The trust helped set up a university in Bangalore and works with the goal of improving the quality of education in India in a holistic way, rather than only through financial support. Despite being the third richest man in India as of 2018, Premji still believes in giving back, thereby making sure everyone is given an opportunity to make full use of their potential.

If you think we missed out on any other life lessons from Azim Premji, comment and let us know!

Loading...
Loading...
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Tips

Traits To Look For In A Co Founder

Avatar

Published

on

Traits To Look For In A Co Founder,Startup Stories,Co Founder vs Founder,Qualities of A Co Founder,5 Qualities of a Great Co Founder,How to Find Perfect Co Founder,Co Founder Rules,Most Important Values in Co Founder,Co Founder Relationships

When starting a business, it is always better to have a co founder.  Finding a perfect co founder is a very important task, as your company’s future and fortune depends on that person.  Let’s discuss some specific traits one should look for in a co founder.

Traits to look for in a co-founder 

1) Complementary skills

Not all founders who start a business have all the skills required to transform the business into a success.  Hence, it’s always better to have a co founder who has the skills you lack. For example, if you are a programmer, it is a good idea to find a co founder who is good at marketing.  This way, one founder can work on creating the product while the other can work on selling the said product. Therefore, a partner who complements your skills is perfect for your startup.

2) Honesty

When it comes to business and handling a startup at a founder’s level, there are many ways to embezzle funds from the company.  Apart from money, there are many ways a person can violate ethics and rules which can damage the business permanently.  Hence, it is wise to find a partner who is one hundred percent honest and whom you can trust with every aspect of your business.

3) Shared passion

A co founder who is honest and has complementary skills is quite important.  However, another important trait your co founder should have is the same passion you have towards your startup.  It is important to find a co founder who understands your passion behind your company and shares the same vision towards the future of your startup.  It can be quite expensive to share a huge percentage of your company with someone who can lose interest in it quite easily.

4) Adaptive and flexible

Running a startup can be quite stressful.  One may commonly face many rough times in this field.  So, it is good to find a co founder who is comfortable with conflicts and can adapt to any kind of situation the company faces.  The co founder should also be flexible and be able to do anything required for the company at any given period of time.

5) A desire to learn

Lastly, the perfect co founder should always have an eagerness to learn new things.  People who excel in the field of entrepreneurship are the ones willing to learn. The desire to constantly improve is a strong skill, when it comes to the growth of the company in the right direction.

 

Starting a company can become difficult and having a co founder can make it less stressful. 

 

What other qualities are important in a co founder, according to you?  Comment below and let us know.

Continue Reading

How To

How To Avoid Entrepreneurial Burnout

Avatar

Published

on

How To Avoid Entrepreneurial Burnout,Startup Stories,Entrepreneur Burnout Statistics,Overcoming Entrepreneur Burnout,5 Tips to Avoid Entrepreneurial Burnout,Entrepreneurial Burnout,Balance Between Professional and Personal Life,How to Deal with Workplace Burnout,Avoid Entrepreneur Burnout

Entrepreneurship can be a very satisfying job.  Owning your own business and working on your idea is fulfilling to many people.  However, being in charge of a company comes with many difficulties, especially if you are just starting out.  One of them is occupational burnout, which comes from unresolved, work related stress. Hard to diagnose, burnout is very common among entrepreneurs and if neglected, can lead to other serious problems like mental and heart diseases.  Let’s look at some ways in which one can cope with entrepreneurial burnout and still remain productive at work.

How to avoid entrepreneurial burnout

1) Set realistic goals

In the entrepreneurship field, the result of a new venture is uncertain.  Sometimes, setting very high and unrealistic expectations for oneself and one’s company can easily lead to disappointment, if the entrepreneur fails to achieve the goals.  Disappointment leads to stress, which eventually leads to burnout. Setting some realistic goals is necessary to remain focused on the task and avoid disappointment. For example, launching a product in just 2 months when it requires 6 months to get ready is unrealistic and will lead to overworking and stressing out.

2) Maintain a balance between professional and personal life

Many new entrepreneurs fail to draw a line between their professional and personal lives, which results in them getting burned out pretty fast.  Establishing a boundary between these two is important to work efficiently. A break from professional responsibilities helps in getting some relaxation.  A balance between your professional life and personal life can be achieved by setting up some rules, specifics of which vary from person to person and following it religiously. 

3) Change your routine

Following a similar routine day after day will inevitably lead to burnout.  Having to deal with a similar task and similar people on a daily basis can sometimes become frustrating and stressful.  Entrepreneurs can avoid this by making some minor changes in their daily routine, like working away from their normal setup or handing away certain tasks, which are stressing them out, to someone else.

4) Talking things through/venting out

Sometimes keeping all the stressful things bottled up inside can lead to more stress and frustration.  Venting them out in a healthy way to one’s family, friends or therapists is a good way to cope with burnout.  Venting your frustration out is good to take pressure off one’s mind and keep them relaxed.

5) Taking a break

While the thought of a break from  work can be tough for many entrepreneurs, it is the ultimate solution to avoiding burnout.  Sometimes taking a temporary break from your work and spending time doing things which relax you is a great way to avoid burnout.  Read a book, play sports, or cook—whatever it is which helps you calm down, take a break from your work and do it to ensure you stay refreshed and are not burned out.

With burnout becoming increasingly common among entrepreneurs, it is important to cope with it or avoid it all together to remain interested in your work. 

If you have any other tips about how to avoid entrepreneurial burnout, comment below and let us know.

 

Continue Reading

How To

How To Strengthen Cybersecurity Of Your Startup

Avatar

Published

on

How To Strengthen Cybersecurity,Cybersecurity Of Your Startup,Startup Stories,Latest Technology News 2019,Cyber Security Startups,How to Improve Cybersecurity,Tips to Strengthen Cybersecurity,Cyber Security Tips 2019,Cyber Security for Startups,New Cybersecurity Technologies

With the rise of malwares nowadays, it has become very important to have a strong cybersecurity plan, especially for startups just beginning their journey in the business world. As a report suggests, almost 43 % of cyberattacks are focused on startups and small businesses as they are more vulnerable to security breach than big corporations.  If your startup is working in such an environment and has limited resources to protect itself from security breaches, these tips can help you secure your data online.

Tips to strengthen the cybersecurity of your startup

1) Start with the right plan

It’s always easier to start with the right plan and to get your basics right to help you secure your startup.  By identifying the important information valuable to your startup and keeping it separate from public information, one can avoid losing important information due to major security breaches.

2) Securing cloud storage

Startups use cloud services like Dropbox and Google Drive to store important data about the company.  Sometimes, they fail to recognize the risks of backing up data in this manner. Even though the cloud services take extra steps to secure all the stored information, it is not completely secure from hackers.  Installing advanced and internal firewalls as well as intrusion detection system are some simple steps one can adopt to protect their startup’s data. Some of the best cloud firewalls in the market right now are CloudFlare WAF, Amazon Web Services WAF and Sophos XG Firewall, which are easy to use and offer multiple security features. 

3) Use stronger passwords

Sometimes, instead of using advanced software to hack into a startup network system, hackers just type in passwords to get access.  It is wiser to set up passwords with multiple special characters and to avoid using the same password for multiple platforms, to keep your network system protected.

4) Two factor authentication

Using multiple factors to log in to the system is a clever way to protect your account and information from security breach.  Two factor authentication helps in verifying the identity of a user, usually through password and a second factor like SMS verification.  Two factor authentication can be used anywhere from protecting your email accounts to your Dropbox account and more. Many Companies like Google, Apple and Microsoft provide this service, which can be used by any startup to ensure its online security. 

5) Educating the employees

It is a good idea to put the employees of a startup through a cybersecurity training.  The training can be about how cybersecurity works and in which direction it is headed and most importantly, how the employees can contribute to protect their organization from security breaches.

With the cost of data breaching expected to increase to $ 150 million by 2020, it is important to take every precaution available to save startups from losing money and time.

If you have any other tips about strengthening the cybersecurity of a startup, comment below and let us know.

 

Continue Reading