Anand Mahindra is a known name in the corporate sector - a name familiar among fellow industrialists for his success in various key segments including automobiles, logistics, defence, energy, hospitality, etc. An alumnus of the Harvard University and Harvard Business School, this business magnate worth $ 220 crores is a much-respected name among Indian corporates. More than his success, it is his desire to learn new things and apply what he has learned in his business decisions.
Of the many investing lessons that this much-acclaimed industrialist shares, some can be best described as potent and hard-hitting enough for those who think doing business is everyone’s cup of tea. Some important investing lessons that Anand Mahindra has shared on various public and social platforms over the years include
Adopt a startup mindset
Now this lesson is important to today’s generation, who feels that adding too many processes or making business structures complex will make them successful. Instead, the focus should be on keeping the organization lean with an emphasis on uniformity. Apart, more heads mean more ideas so the organization should ensure scope for feedback and necessary insights regarding the daily procedures.
Do not cling to bad ideas
Ask any personal finance analyst and he or she would always advise you to get rid of bad stocks or inefficient investments. This behaviour holds true for businesses too wherein holding on to bad ideas out of grudge or an emotional attachment to ideas that would not work is nothing short of immaturity and tomfoolery. The trick is to keep moving forward and determining what works and what does not in today's competitive world.
Learn from your setbacks
Your failure should not prevent you from planning your next steps. It’s okay to fail or business tie-ups to go kaput. What matters is what you learn from the failure and how you use this opportunity to proceed with your next course of action. For example, the Mahindra Group’s failed tie-up with Ford Motors gave way to the defiantly macho Scorpio car that is now one of the most sought-after cars by millennials.
As Mahindra fondly says, “The past is just a lesson, not a life lesson and Be a people’s person are also two lessons important to keep in mind. Moreover, it is imperative to not cling to a bad business idea.”
Reimagine your future
The end is not near unless you have given up entirely on yourself. After the COVID-19 pandemic, when the world was in turmoil and business houses were learning how to revamp their operations, Mahindra emphasized the importance of rebuilding the economy and rebuilding the future as we had all imagined it.
Keep up with the changing times
We live in a much more fast-paced society than our forefathers who were content with a complacent lifestyle. Today’s people learn more from social media than from books. They love to stay updated, which is why making your presence felt on social media platforms has become all the more important. Times have largely changed, thus, prompting us to keep up with the changing times too.
Connect with your customers
What is a business without its customers? Irrespective of how grand your ideas may seem or no matter to what extent your staff aggrandizes you or unbiased of how your employees perceive you, you are nothing if your customers do not recognize you or are unable to connect with the idea behind your products and services.
“Find a place in the customer’s mind” is the essence of all businesses, thus, underlining the importance of connecting with customers. The key learning from Anand Mahindra’s takeaways is to “Be a people’s person”.
