I met a successful businessman turning 87 ..and asked him what would he want to share with younger people…and he had this to say:
💡 If you want to be in business, be ready for total failure:
He went into business at a relatively old age of 30 in a house where there was pressure to do business the day he passed out o school. He went to college, got a degree, and worked hard for 8 years before he started off on his own. His father supported him during his struggling years, but now he is extremely rich by most standards. His personal net worth should be in the region of Rs. 50 crores – apart from his residence, and personal assets. He did have failures, but his ability to face total failure held him in good stead.
💡 Work hard, work smart:
He has working routines of 12-14 hours every day including Sundays. A complete workaholic he says typically ‘hard work will not kill anybody’. He handed over his business to his only son when the son was 30 years of age and did not interfere in the way the business should be run. Son got in partners, went global, diversified, and grew the business very well. Same culture is now being taught to the next generation – his grandson is now being trained in another friend’s company to take over the reins here at the age of 30.
💡 You do not need Normal advisers, you need friendly Financial Advisers who will share and teach:
his association with his family doctor, CA, financial adviser all go back a few decades. He says he has never argued about fees, but has ensured that they have TAUGHT him what to do and how to do it. He now pays more for ‘supervision’ rather than ‘doing the work’.
💡 Have patience and stay in the game:
He resisted many attempts to diversify, but made sure that he added products/ services to improve the business of his clients and friends. Even now he has clients who have been with him for 10, 20, and even 38 years!! He says ‘relationships are difficult to forge’ – so sell more to existing people you know and dig deep.
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