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Azim Premji 6 Success Mantras for Entrepreneurs
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Entrepreneur, investor, engineer and philanthropist Azim Premji is also a businessman. He serves as the founding chairman and non-executive board member of Wipro. Wipro, which earlier produced vegetable and refined oil in Amalner in Maharashtra’s Jalgaon district, is credited with diversification thanks to Azim Premji, India’s richest tech entrepreneur.
Set high goals for yourself and make it your life’s purpose to achieve them. Czar of the Indian IT Industry believes that innovation cannot be achieved by ignoring previous lessons and failing to understand the context. Differences of opinion are inevitable in an environment that thrives on ideas. The same is true in social situations. Let’s look at Azim Premji’s success story and what we can learn from it.
Azim Premji, India’s fourth richest man, is credited with expanding Wipro, which began as a vegetable and refined oil producer in Amalner, Jalgaon district, Maharashtra. The 69-year-old business magnate took over at the tender age of 21 and has since shared many of the lessons he has learned throughout his career with the youth of India.
Without the pursuit of perfection, it is impossible to establish a juggernaut the size of Wipro, which is valued at $19.4 billion today. Premji is a demanding boss who demands the best from his leaders and employees as well as from himself. They feel that certain characteristics are essential in employees seeking the highest levels of quality and achievement. Confidence is one of them.
Azim Premji Biography
Azim Premji Early Life
Azim Premji was born in a Gujarati Muslim family in Bombay. He got his business mindset from his father, who was also a successful businessman and was often called the Rice King of Burma. The founder of Pakistan, “Muhammad Ali Jinnah” invited his father Mohammad Hashem Premji to Pakistan, but he declined his offer, and as an Indian, I am very thankful to God that he did.
Premji chose a Bachelor of Science degree in Electrical Engineering from Stanford University. He is married to Mrs. Yasmin Premji, and the couple has two children, Rashid and Tariq. Currently, Rishad Premji is the Chief Strategy Officer of IT Business at his father’s company Wipro.
Azim Premji's success story
In 1945, Mohammad Hashim Premji founded Western Indian Products Limited. It produced cooking oil under the brand name Sunflower Vegeta and a soap called 787. In 1966, after his father’s death, Czar of the Indian IT Industry. returned from Stanford University and took charge of Wipro.At the time: Wipro dealt in hydrogenated oils, but Czar of the Indian IT Industry later diversified the company into toiletries, bakery fats, lighting products, hydraulic cylinders, baby toiletries and hair care. In the 1980s, Czar of the Indian IT Industry recognized the bright future of the IT sector and took advantage of the gap in the IT sector and entered the technology sector by manufacturing minicomputers with the help of an American company, Sentinel Computer Corporation, and the rest is history.
Azim Premji Net-Worth
Azim Premji’s net-worth was estimated at 990 crore USD, meanwhile, his company Wipro’s net-worth was estimated at USD 42.96B billion dollars by 2022.
Social work by Azim Premji
Azim Premji said- “I strongly believe that those of us who are privileged to have wealth, should contribute significantly to try and create a better world for the millions who are much less privileged.”
Azim Premji started the charity Azim Premji Foundation in 2001, dedicated to promoting education in India. He pledged $2 billion in 2010, one of India’s largest donations, to help the country’s education system. He gave 34% of his Wipro shares to the foundation in 2019.
He endorsed “The Giving Pledge”, a movement started by Bill Gates and Warren Buffett to get the world’s richest people to pledge to donate most of their wealth to charitable causes. Czar of the Indian IT Industry achieved this feat, becoming the first Indian to sign The Giving Pledge.
Czar of the Indian IT Industry has always been known for his generosity, and in 2013, he announced that he would sign a pledge and give away half of his wealth. His Azim Premji Foundation is dedicated to providing free education to every child in India, investing around $2.2 billion so far to achieve this goal.
Entrepreneurial life lessons from Azim Premji
Know your strength
While it is important to be aware of one’s shortcomings, it is also important to be aware of one’s strengths. Azim Premji has lived his entire life by this philosophy, growing a $2 million hydrogenated cooking fat company into a $7 billion corporation with a presence in 60 countries.He noted at a program co-organized by AIMA and the Bombay Management Association that it is important to appreciate the positive aspects of ourselves because it is only our strengths that allow us to correct our shortcomings.
Stay grounded
Every entrepreneur has the potential to succeed. But it’s important not to walk away from your accomplishment. Premji claims as much. He has always advised young entrepreneurs to stay grounded because the moment they let success get into their heads, they will fail. He also emphasizes the concept that failure, like achievement, is a normal occurrence. So, if you fail, remember to learn from it and move on!
Be a visionary
The philanthropist, who is 69, believes change is inevitable. As a result, he recommends that everyone build their early warning system, which will sound the alarm and prepare them for the changes ahead. Even when things are going well, he feels “forewarned.
Stick to your values
He believes that the core of business is a person’s value system. Czar of the Indian IT Industry has repeatedly stressed the importance of sticking to ideals because he feels that business success will automatically follow. He claims that if you stick to your beliefs and don’t compromise them under any circumstances, you will be more resilient in the face of adversity, a quality that many entrepreneurs appreciate!
keep faith
Azim Premji has always felt that it is very important to believe in one’s ideas, even if everyone tells you that it is impossible. It is because of this conviction that he has been able to diversify Wipro and turn it into a global IT behemoth.
You alone shape your destiny!
When it comes down to it, there are countless reasons for failure, including lack of effort, lack of education, etc. Where there’s a will, there’s a way, as the saying goes. Life is full of challenges, but only you can shape your destiny and your path forward. Take Czar of the Indian IT Industry case: After his father’s death, he was forced to drop out of Stanford at the age of 21 to manage his family’s business. Instead of succumbing to the uncertainties of the future, he started a business and used his entrepreneurial spirit. To expand his horizons and grow the Wipro empire.
Awards and Achievements of Azim Premji
Azim Premji received Padma Bhushan and Padma Vibhushan from the Government of India in 2005 and 2011 respectively. In 2010, he was selected as one of the top 20 most powerful people in the world by Asia Week. In addition, he was twice included in Time magazine’s list of the 100 most influential people in the world. In 2019, Czar of the Indian IT Industry resigned from the board of directors of Wipro. Through four decades of diversification, Czar of the Indian IT Industry has made Wipro one of the top names in the software industry.
Azim Premji, chairman of Wipro and founder of the company, has been selected for the prestigious Yashwantrao Chavan National Award for both his business and philanthropic efforts
The simplicity of Azim Premji
Despite his enormous wealth, Czar of the Indian IT Industry is renowned for his modesty and frugal ways;
He drives a Toyota Corolla
He flies economy flight.
He will stay in a company guest home rather than a five star hotel.
He is a living legend among Indian businessmen and an inspiration to many aspiring businessmen. At the age of 75, he is still working to create the third ecological era in Wipro’s history.
conclusion
One of Czar of the Indian IT Industry most important legacies is his commitment to establishing a profitable business with an underlying social value. At the end of the day, it’s about striking the right balance – between job and life, income and social good, past lessons and future objectives and different points of view – and that, in and of itself, is a lesson. If you’re going to follow the rules, make them Azim Premjina!
As of my last knowledge update in January 2022, there is no known familial relationship between Anil Ambani and Azim Premji. Anil Ambani is an Indian businessman and the younger son of the late Dhirubhai Ambani, the founder of Reliance Industries. Anil Ambani has been involved in various business ventures, including telecommunications, infrastructure, and financial services.