5 life lessons to learn from Wipro chairman Azim Premji

By Purba Das

Azim Premji, the fourth richest person in India, is credited for diversifying Wipro, which was originally a manufacturer of vegetable and refined oils in Amalner, district Jalgaon in Maharashtra. The 69 year old business tycoon took charge at a young age of 21 and since then has been imparting many of the lessons he learnt during his career with India's youth. Here are five life lessons that every budding entrepreneur can learn from him.

Know Your Strength

While it is important to know one's weaknesses, it is equally important to know one's strengths as well. Azim Premji has followed this throughout his life and turned what was then a $2 million hydrogenated cooking fat company into the $ 7 billion company, with a presence in 60 countries. At an event organized by AIMA and Bombay Management Association, he had said that it important to cherish the good in us because it is only our strengths that helps us correct our weaknesses.

Stay Grounded

Every entrepreneur can become successful. But what is important is to not let success go to your head. Or so says Premji. He has always advised young entrepreneurs to remain down to earth because the moment one lets success get into the head, he is already on his way to failure. He has also stressed on the fact that failure is as much a natural phenomenon as success is. So, when you encounter failure, always learn your lessons and move on!

Be Far-Sighted!

The 69 year old philanthropist believes change is inevitable. And so he advises everyone to develop their own early warning system, which sets the alarm and prepares one for the changes ahead. He believes 'being forewarned is being forearmed' even when things are going right.

Stick To Your Values!

He has believed that one's value system forms the core of the business. Premji has time and again emphasized on the need for sticking to values because he firmly believes that success in business eventually but inevitably follows. He has said that once you stand by what you believe and don't compromise with it under any circumstances; he becomes resilient to stand up to crisis, a quality much adored in entrepreneurs!

Have Faith!

Azim Premji has always believed that it is important to have faith in one's own ideas, even when everyone around tells you it is impossible. It is this faith that has helped him diversify Wipro and make it an IT giant, not just in the country but across the globe.