Be useful & don't be afraid to say 'I don't know': Sachin Bansal & Rishad Premji's leadership lessons

India Inc bosses drive away mid-week blues with their inspirational advice.

BCCL
Rishad Premji (L), Sachin Bansal (R) and Vani Kola (not pictured) share how leaders should inspire and motivate its team.
Being a successful leader in such difficult times is not easy. As the country faces tough challenges due to the Covid situation, the Corporate India bosses take charge to inspire and motivate its people.

Wipro Chairman Rishad Premji, who has over 81,000 followers on Twitter, revealed one trait that makes a leader successful in the long-run. "Leaders are not afraid to say 'I don’t know'," he wrote.



Two days ago, the 44-year-old IT boss had shared on social media that he respects leaders who have the humility to admit when they are wrong. "The ability to acknowledge when you are wrong is never easy," his post read.


Flipkart co-founder Sachin Bansal, who is mostly inactive on Twitter, but has around 230K followers, also shared some insights that will help entrepreneurs see things clearly.

The 39-year-old investor said that every businessman should aim to make their company useful and best at what they do, and success should never be the driving force. "Don’t try to be the largest, try to be the best instead. Don’t try to be successful, try to be useful instead. Let success and size be side effects," he wrote.
ADVERTISEMENT


Sharing the cover of Julie Zhuo's 'The Making of A Manager', Kalaari Capital MD Vani Kola took to Twitter to share her take on the book that talks about the 'whys of management'. "Great managers are made, not born," her caption read.


In a five-tweet series, the VC shared her quick takeaways from the management book. She said that being a manager is a personal journey, and people who don't have a good handle on themselves won't have a good handle on supporting their team.


ADVERTISEMENT
A manager's role is to empower and improve its team and not do the work themselves.
Running a team is a difficult task as it is the manager's responsibility to inspiring a group of people to perform.
Managers must listen & ask relevant questions.
Preparation is the key to productive meetings. The larger the meeting, the more important the preparation.
ADVERTISEMENT
Treat follow-ups with as much care as the preparation.


Words Of Wisdom From CEO: Tips On Business Survival During Covid-19 Pandemic
1/5

Whether the pandemic ends within a month or two or stretches into the long-term, business owners need to be ready to adapt and make changes to their business strategy in order to weather the storm and beyond. Here are a few tips to start implementing and planning form the CEOs.

Whether the pandemic ends within a month or two or stretches into the long-term, business owners need to be ready to adapt and make changes to their business strategy in order to weather the storm an..
Read More
- Drive Innovation in every aspect of the business

- Absorb and accept technology in your organization to take your product to the customers

- Take initiative and bring smarter consumer propositions to take care of worries of a consumer while buying property

- Reskill your teams for the new scenarios

- Mitigate risk and judicious cash management. Most importantly stay positive during this time.
- Drive Innovation in every aspect of the business- Absorb and accept technology in your organization to take your product to the customers- Take initiative and bring smarter consumer propositions to..
Read More
- In order to mitigate any risks, it is important for companies to adapt to a new set of rules while being careful with tracking expenses against the revenue status, checking the feasibility of the business model, and planning policies for the next quarter

- There needs to be a diligent revision of sales, revenue goals and product timelines along with a new operating plan in place. Companies should strategize and communicate transparently with the stakeholders and customers to understand their perception of the products/services being offered.

- Also, to avoid bitterness with the contracted parties, companies should give sufficient notice to the vendors, suppliers and landlords in case of any delay in the payments.

- When it comes to the capital, companies should stay patient with fundraising. Considering the criticality of the situation, investors may take longer than usual to make funding decisions after following stringent diligence procedures.
- In order to mitigate any risks, it is important for companies to adapt to a new set of rules while being careful with tracking expenses against the revenue status, checking the feasibility of the b..
Read More
Cost Monitoring: Always monitor your cost and get as lean as possible even when you are not having liquidity challenges. Also, keep an eye on your balance sheet. The better you manage your cash the better your business plans will work out.

Contingency Planning: Planning always saves you from the worst case scenarios. Always have Plan B and if possible Plan C also so that if something goes sideways, your company will not be hit hard as it will be saved by your contingency plans.

Quick Decision Making: Never delay in making decisive decisions in times of trouble. And never be shy about seeking help from outside.

Communicate with Customers: Try to communicate with customers and let them know that they and their reviews on your products matter. Improve and do the changes accordingly, if needed.

Internet: Go online as much as possible because it always helps to reach customers who we cannot tap through offline or other forms of marketing.

Keep Striving: Keep striving to come on top of the industry of which your company is a part of.
Cost Monitoring: Always monitor your cost and get as lean as possible even when you are not having liquidity challenges. Also, keep an eye on your balance sheet. The better you manage your cash the b..
Read More
Innovation: Understand changing customer requirements and incorporating the same in one’s product and offerings is important. For instance, an energy drink can innovate to launch an immunity-building beverage, an e-commerce firm can endeavour to provide solutions to spread awareness of the Covid 19 etc.

Marketing approach: This is an excellent time to relook at the channel marketing approach. Maximizing free channels like SEO and owned media like website and social media to communicate and engage with the customers. And build further marketing efficiency while starting the channels that require spend
Innovation: Understand changing customer requirements and incorporating the same in one’s product and offerings is important. For instance, an energy drink can innovate to launch an immunity-building..
Read More
Download
The Economic Times Business News App
for the Latest News in Business, Sensex, Stock Market Updates & More.
READ MORE
ADVERTISEMENT

READ MORE:

LOGIN & CLAIM

50 TIMESPOINTS

Related Companies

More from our Partners

Loading next story
Business News › Magazines › Panache › Be useful & don't be afraid to say 'I don't know': Sachin Bansal & Rishad Premji's leadership lessons
Text Size:AAA
Success
This article has been saved

*

+