This #Transformation Tuesday, let’s learn from the best, who changed the outlook for every budding entrepreneur in the early ‘80s, ‘Brijmohan Lall Munjal’ founder and chairman of Hero MotoCorp. Even though Brijmohan Lall Munjal made it look like a pleasant dream, beginning from nothing and then establishing and managing a $4 billion group was not an easy feat. He valued his family equally and spent a significant amount of time with them. Apart from becoming an admired entrepreneur, every entrepreneur may learn a lot from his life path and try to be a better human being. A few Secrets of Entrepreneurship to takeaways from the life of this well-known businessman:
The word of the day is patience.
Brijmohan Lall was an Indian Businessman. Munjal had to overcome numerous obstacles on his route to achieving his ideal objective. With each setback, he grew stronger and more patient. He never gave up in the face of hardship, no matter how great it was.
Brijmohan Lall began in the post-independence era and worked his way up to making Hero Group a household name. He developed a corporate empire that every entrepreneur aspires to someday. The mantra he followed was, ‘patience’.
Relationships matter a lot:
Munjal was a well-known figure in the business world. Suppliers, dealers, and workers made, comprised the Hero Group. Munjal was known for not just building a thriving enterprise, but also for treating everyone he met with respect.
Even though he was a savvy businessman, he understood the value of relationships and how networking can propel an entrepreneur forward.
Maintain your faith and respect during tough times:
Honda, a Japanese company, signed a historic agreement to manufacture motorcycles in 1984. The initial plan was to manufacture scooters, which were very popular in India. Honda, on the other hand, had already formed a partnership with someone else. Hero Honda’s motorcycles became a household brand and a big success as was destined and due to tenacity and dedication.
The company’s revenues continued to rise until 2010, when Hero Honda and Honda parted ways amicably. Honda’s stock was purchased by Munjal. Negative publicity and an uneasy atmosphere resulted from the competitive environment.
Munjal placed a higher value on trust and respect at the time than on dirty games. Even his competitors were treated with great respect by him. As a result, each competitor and entrepreneur became more aggressive.
Keeping your roots in mind and being courteous to everyone:
Brijmohan Lall Munjal always said that his father and mother were his inspirations, and that they taught him everything he knew about running a business. This is coming from a man who is the public face of a global economic empire. He was fair to his boss, subordinates, and employees. For him, no one was different. He treated everyone as if they were family members, whether it was his secretary Rakesh Vashisht or the company’s suppliers and dealers. He even called and wished them on their birthdays. That speaks a lot about this world-famous, down-to-earth business legend.
Written by Faber Aleena & compiled by Faber Mayuri Pandya