Activities and Skills of Ratan Tata
Ratan Tata is a name that is immediately associated with honesty and trustworthiness. Ratan Naval Tata, who was born in Surat on December 28, 1937, served as chairman of the Mumbai-based conglomerate Tata Group from 1991 until 2012.
For his services to commerce and industry, he was awarded the Padam Vibhushan in 2008 and the Padam Bhushan in 2000. Renowned for his abilities to manage and create, he spearheaded the Tata Group’s worldwide expansion, with a primary focus on India. The 78-year-old started working for the Tata Group in 1961, and he helped grow the company’s market capitalization from $1.5 billion to $100 billion. Global leaders have drawn inspiration from the fabled scion.
These are Ratan Tata’s ten success lessons for business owners.
Have a vision.
Ratan Tata joined a group that was seldom operating outside of India. He insisted that the business had to expand internationally, despite strong opposition from many. Nowadays, foreign sources account for half of Tata’s income. Brands such as Tetley, Jaguar Land Rover, and Taj Boston were bought by Tata under his direction.
Have humility
He is renowned for his humility, of which there are many instances. He began his career at Tata Steel as a blue-collar worker. He made a personal visit to the 80 workers whose families were impacted by the 26/11 attacks. He is not contemptuous and knows almost everyone by their first name.
Never waver from your moral principles.
A company’s values are what make it unique to its clients and staff alike. One of Tata’s primary basic principles has always been public safety and welfare. These principles have always been upheld by the Tata Group, and Ratan Tata added them back into the corporate culture after becoming leadership. Tata has thus grown to be one of the most reputable brands globally.
Take Chances
The golden rule of business is to take calculated risks. To lead an organisation to new heights, one must possess the vision and risk-taking skills necessary. Ratan Tata, who sprang from a business dynasty, was used to taking chances and had even said, “I don’t believe in making perfect judgments.” After making a choice, I rectify it. Ratan Tata has made a number of noteworthy decisions and has been able to turn things around for the better. These include buying Corus, the second-biggest steel manufacturer in Europe, and purchasing the Jaguar and Land Rover companies from Ford.
Encourage others
A crucial quality for a leader is the capacity to uplift and encourage others, which Ratan Tata had. In order for people to join you in bringing about change, social innovation, and advancement, a great leader must inspire, motivate, and ignite their own desire in others. This cannot be achieved by just ticking all the boxes.
Believe in yourself.
You have to make a choice every minute while juggling the jumble of life. Certain judgments are the correct ones, while other decisions could lead to unexpected consequences. Before others start to doubt your ability to make decisions at these points, you must have unwavering confidence in yourself and boldly take action to turn the tide in your favour.
Be receptive to feedback
In the words of a well-known Ratan Tata quotation, “Use the stones that others hurl at you to construct a monument.” You won’t always get credit for doing something you like. That’s a given. There will be some who want to break your spirit by criticising and putting you down. All you have to do is put all of the criticism aside and concentrate on your task.
Make use of your creative instincts
Rather of reacting, use creativity. One of the most crucial characteristics of an entrepreneur is their ability to be proactive and find solutions for issues before they arise. A person should be able to predict what will happen in the future and be able to adapt to it in the present, rather than having a predisposition to respond just when the circumstance calls for it. An entrepreneur who has this trait is always successful.
Leave the protected mode
You have to take risks in order to succeed in business. Gain without risk. Risk-taking has always been important to Mr. Ratan Tata, and the outcome shows that the gamble paid off. You must take risks if you want to succeed. You may feel more at ease when using the device in safe mode, but you will never be able to maximise its potential. “I don’t believe in making proper choices,” he once said. I make judgments and then rectify them.
Avoid placing all of your eggs in one basket.
In order to ensure the safety of his investments, Mr. Ratan Tata felt it was best to invest in a variety of enterprises. He bought stock in the rapidly expanding Chinese behemoth Xiaomi as well as the top e-commerce platform Snapdeal. Investing in a variety of firms guarantees that your money is secure and will increase regardless of the state of a certain sector..