Industrialist, philanthropist and former chairman of Tata Group Ratan Tata turns?86 today. Born on December 28, 1937, in Bombay, the business tycoon has been honoured with both Padma Vibhushan and Padma Bhushan awards in the year 2008 and 2000 respectively.
On his birthday today, let us look at some of the prestigious lessons Ratan Tata's career teaches us.
Ratan Tata stated in an interview that trust is the most important thing to him. He stated that the primary tenet upon which any business can thrive is the trust of its clients, staff, and investors. There are plenty of people who will stop at nothing to further their interests or businesses; they will lie, say anything, make false promises, betray confidence, and take advantage of others for their own short-term gain.?
However, history shows us that Ratan Tata and the Tata Group are not like this; they understand that people's trust is what matters most, and as a result, Tata has been successful for a very long time all over the world. Therefore, you must prioritize commitment, values, and trust over profits if you hope to survive in this world.
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Not many people know that Ratan Tata initially turned down an offer of employment from IBM. Like other Tata Steel workers, he came to work on floors and performed minor tasks. He stated in an interview that when he first started his career, he spent eight years of his life in training programs on the shop floors of two to three companies. At the time, he thought it was a waste of time and useless, but he eventually came to realize that the eight years of learning and training were the best investment he had ever made. According to Ratan Tata, there are two things in life that will take a very long time: learning and listening.?
In fact, he once addressed the youth during a graduation ceremony and mentioned that "you students have a degree doesn't mean you'll stop learning, never think that you are completed your studies."?
"I know that many people don't know what to say to these students. Those who never stop learning are the ones who succeed, so you should pay attention and take humility in what you learn."
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Ratan Tata suffered a significant loss when his Tata Indica automobile failed to find a market. In order to recover from this setback, experts and business associates advised him to sell his company, a move he reluctantly made. He decided to sell and travelled to America to do business with Ford Company. Ratan Tata was insulted by the owner of Ford Company when he was present at the meeting, and was asked 'why he was making cars when he didn't know how.'
Ratan Tata was not happy about this, so he and his companion left and he declined the deal. He used the insult as motivation and didn't let his rage or insult go to waste. Subsequently, he worked extremely hard, conducted extensive research, and ultimately led Tata Motors to a very prosperous position. But his work didn't end there. At a certain point in time, the Ford Company was experiencing financial difficulties and as a result, it made the decision to divest its two brands, Jaguar and Land Rover.?
When Ratan Tata came to know about this, he decided to buy both the brands, as a result, Bill Ford sold both of his cars to Ratan Tata by saying that 'he did a favour by buying the two brands.'
It's fair to say that taking revenge and using your emotions is best done in this way. Ratan Tata channelled his anger into motivation and turned it into a business. Most people who are angry abuse others say hurtful things, fight, and harm themselves. But Tata shows how to control your emotions and let your actions subtly do the talking for you.
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Ratan According to Tata, great things require a great team to accomplish; an individual cannot do great things on their own. Your team consists of all the individuals who work with you, and it is your responsibility to look after them. Let's get down to business.?
In 1912, Tata became the first company to implement an 8-hour workday. Henry Ford followed suit in 1917. When Tata began providing medical benefits to its employees, many other businesses around the world took note and began to imitate. Recall that effective teamwork is critical to your success. Your team will function at its best when it is robust, and your team will grow stronger when you provide value to it.
Ratan Tata asserts that, like other creators like Apple, Amazon, Facebook, Google, and others, we must take risks in life. These businesses are all part of the largest corporations in the world, but they all began as little garages without the support of larger corporations or large sums of money for investments. Despite this, these businesses are still in the lead in their respective markets. Given the opportunity, they mustered the bravery to bring their idea to fruition. Therefore, taking risks, stepping outside of your comfort zone, displaying courage, and trying something new are all necessary for personal growth.
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