ANIL AMBANI AS AN ENTREPRENEUR

1.0     INTRODUCTION

Various scholars had given several definitions and meanings to Entrepreneurship Entrepreneur is said to be a person/business person who not only conceives and organizes ventures but take risk. Entrepreneurship is said to be self-employment. An Entrepreneur is an individual who predict and act upon changes with markets (Knight, 1921).  Schumpeter (1934) believed the entrepreneur as the innovator who implements changes within markets such as introduction of new techniques of production, reorganization of an industry and innovation. An entrepreneur is a person who has possession of a new enterprise, venture or idea and assumes significant accountability for the inherent risks (Wikipedia, 2000).

Confidence, self esteem and faith is part of an entrepreneur. Entrepreneur is responsible for making things done with high sense of ownership. Ability to hone his/her communication skills with the available tools and resources. An entrepreneur recognizes part and element of business with the strong relationship through proud communication (12 Essential Characteristics of an Entrepreneur, n.d.).

2.0 ENTREPRENEUR TRAITS

2.1 PROACTIVE

Being Proactive of an entrepreneur means creating or controlling a situation by causing to happen rather than responding to a situation after it has happened. Being proactive identifies the importance of flexibility and adaptability towards an uncertain future. For entrepreneurs to take initiative in improving their businesses, it involves changing things in a right direction for the better. A proactive entrepreneur will be able to minimize stress level. A proactive entrepreneur thinks about solving a particular problem when they arise unexpectedly. Being proactive is all about learning, learning how to improve. A proactive entrepreneur will need to know inside and out of the business in order to control an arising situation (Anbalagan Chinniah ,2014).

A good example is Sean Hammons who is the creator of Clicky. He saw that there is an opportunity to create a premium analytics service rather than Google Analytics. Clicky became the selling point because Google Analytics didn’t offer real-time analytics

2.2 NETWORKED

Building value-based relationships not collection of business cards and contact list make you a networked entrepreneur. Ability of an entrepreneur to network his business channel leads to various business opportunities and long term relationship that bring about mutual benefits. Networking should not have selfishness as a factor but should provide value to help future benefit. Networking goes hand in hand with running a successful business. But many of us dread walking into a room and introducing ourselves to a bunch of strangers (Hiscox.com, 2016).

A good example is a Jordanian former CVS executive in the US, Amjad Aryan while studying and working in the State and Europe had networked and returned to launch Pharmacy 1 which was the first drugstore chain expanding throughout the middle east.

  

2.3 OPEN RISK TAKER

In business, an entrepreneur should be prepared to be a risk taker because risk taking is synonymous with entrepreneurship. An entrepreneur must dare to take risk because risk taking play a very important role in an entrepreneur life. Risk Taking is a scary action, therefore, investing personal capital in a business is all about risk (Larry Alton, 2016). It was believed by researchers that people who take risk tends to have the gene for risk taking (Sue S., 2013). A real entrepreneur doesn’t ask the question; will I succeed? They are never afraid to take risk because of the confidence they have in them (Hiscox.com, 2016).

Tony Fernandes is a great example of an open risk taker who decided to sell his whole life savings, mortgaged his house, forego his high paid salary to purchase Airasia. Industry analyst and lender predicted failure for him if he ventures into this business. Tony Fernandes had shown the world that for entrepreneurs to succeed in business, they must try new things and take the risk ahead (Entrepreneurshipassignmenta151, 2016).

2.4 OBSERVANT

Studying Competitors is compulsory because industries are constantly changing. A successful entrepreneur always has a strong sense of self confidence and a healthy opinion of their skills and abilities. Their personality is assertive and strong. They are always focused and do not really dilly dally with the issues at hand which make them different from the rest of entrepreneurs. Willingness to listen and learn from the people and use of technology identifies observant entrepreneurs.

To unleash creativity, an entrepreneur should be observant of the surroundings. Learning trends is the key to every problem. When an entrepreneur is observant, he/she will be able to notice things or opportunities other entrepreneurs cannot see.  An observant entrepreneur will be ahead of others and can create new things without being left behind (Larry Nicholson, 2016).

Observant Entrepreneurs will continue to learn and listen to what consumers want, how the change of product or service can meet up their taste and how the change affected the market. Knowledge got from learning will be used in market and product decisions. With the changing world, entrepreneurs should be observant to have great ideas in them. Understanding and studying what large number people wants is trait of observant by watching people and also evaluating how they act (Norah Abraham, n.d.).

Steve Jobs is an observant CEO who approach to product design was unique. He observed what the customers wants. He realized that product quality comes first before great packaging and excellent marketing strategies. He studies what everyone wants before he comes out with a new product.

2.5 VISIONARY

Entrepreneurs are driven by an overriding purpose when starting their business. Successful entrepreneurs take it one step farther and develop a vision for future growth. Vision plays a very important role to analyse an entrepreneur. Being a visionary entrepreneur will help to imagine business in another world, another dimension and increase the ability of communication across to investors, customers and staff.

Most entrepreneurs are driven by an overriding purpose when starting their business. Successful entrepreneurs take it one step farther and develop a vision for future growth. This vision helps guide the day-to-day operations and strategic decision-making necessary to achieve success.

Eldad Matityahu, founder of Net Optics saw his vision beyond his yogurt stores and learn business with a fibre-optic company to discover his niche. He helped to reduce frustration of customers who have cannot see who was on their network. His vision was in for Security.

2.6 FAILURE IS AN OPTION

Understanding failure is part of the game in an entrepreneurs’ life is very important. To succeed as an entrepreneur, you will take failures as a learning experience.  An entrepreneur who believed that failure is an option in Business should have uncertainty and obstacles throughout the business line. Starting all over again is the solution when failure happens. Allowing success is the same as allowing room for failure. (Minda Zetlin (2016).

Jett McCandless, CEO of CarrierDirect is a great example for this entrepreneur trait who failed while he was a partner in a fast growing freight logistics company, fired without any cash reserve, lost his company house, car. He accepted the offer at CarrierDirect even though he failed before but he created a new space in the logistics field.

2.7 OPEN CULTURE

An entrepreneur should have an open mind and eagerness to learn new things. It is imperative to understand that the only way to keep at the top is to keep on changing and evolving with the time. An entrepreneur should be aware of the latest service techniques and technology in order to serve the clients in a better way. 

Ability to accept new suggestions, comments and questions is said to be one of the trait of an Entrepreneur. Readiness to consider and receive new ideas will bring about feel flow of ideas during discussion with the team. An open cultured entrepreneur adapts to latest technology and information due to his/her exposure. Open cultured entrepreneur accepts new ideas from employees, friends, suppliers and competitors for the benefit of the organization (welkessa, n.d)

A good example is Joe Chen who owns Renren in China, he uses to open culture style of leadership whereby he believes that boss should be approachable. Chen said 50% of power in creativity will be lost if we address superiority in business.

2.8 OUTCOME ORIENTED

The primary responsibility is to design the future the way he wants it to be. The very act of becoming clear about what he wants and what he has to do to get it dramatically increases the probability that he will realize the goals exactly as imagined and in the timescale to set (Clarifying your vision, n.d).

The starting point of business success is to think like a winner. Successful people think about what they want and how to get it most of the time. Unsuccessful people, on the other hand, tend to think and talk about what they don’t want most of the time. In fact, the big difference between the successful and unsuccessful is their level of belief and optimism. The more optimistic and positive you are, the more creative you will be coming up with great ideas and recognizing new possibilities to help you move even faster toward your goals, the goals you think about most of the time. As entrepreneurs it is so important that to keep a laser-focus on the goals (Clarifying your vision, n.d).

A recent example is John D. and Catherine T. MacArthur Foundation’s using the outcome of their goals to build the field of digital media and learning.

2.9 TEAM ORIENTED

Successful Entrepreneurs believes they cannot build or run business alone without the help of a team. Team oriented means that you just don't think of just yourself, you include others in your decisions. Everyone has a contributing factor in the operations and decisions that concern the business or venture. No one is more superior in the business and everybody has an equal say without any repercussions. Tan Sri Datuk Loh Boon Siew as a team oriented entrepreneur through out his career. Tan Sri Datuk Loh Boon Siew is the founder of Boon Siew Assembly Plant Sdn.Bhd. He is an illiterate and cannot read but relies on his memory and judgment in making any decision with his team.  Tan Sri was a person who’s thinking about other people benefit. He struggled to create and produce his owned Honda motorcycle, that’s will benefit to others (Joe Robinson, 2014). 

3.0 BIOGRAPHY OF ANIL AMBANI

Anil Ambani was born on 4^th of June, 1959 in the city of Mumbai, India. Anil Ambani is a younger brother Mukesh Ambani and two sisters, son of a the legendary and visionary Dhirubhai Ambani. He is a young and dynamic entrepreneur. Anil Ambani is highly educated billionaire who studied Bachelors degree in Science from the University of Mumbai and Master in Business Administration at The Wharton School, University of Pennsylvania. He is married to an Indian Bollywood Actress (Anil Ambani Biography, 2005).

Anil Ambani is known for his new generation role model business style and also known for his realistic approach. He lived a life style mixed with health and glamour. He dines and wine with famous personalities in politics and movie industries (Anil Ambani Biography, 2005).

He was declared the 6^th richest person in the world. He also bought the entertainment industry under the ADAG like Adlabs, Zapak, BIG FM, Bigadda etc. Anil Ambani is married to Tina Ambani who was a former Bollywood actress with 2 children (Anil Ambani Biography, 2005).

65% of Anil wealth comes from Reliance Communication. Anil Ambani Group firms involves Reliance Communications (RCOM), Reliance Capital (RCL), Reliance Energy (REL) and Reliance Natural Resources Ltd (RNRL). He is also an expertise in Finance who usually is referred to as Financial Wizard (Anil Ambani Biography, 2005).

He was awarded severally by different award bodies and also help the position of governor and member of educational institutions and government. Anil was voted in 2009 as the third most powerful person in India as stated on India Today List.  He is highly respected among youth in India. He is said to be a man of substance who is well-respected in the business world. He was US$12.5 Billion worth in 2005 (Anil Ambani Biography, 2005)

Every entrepreneur with different traits and characteristics in them which make them unique in their own ways. The traits of Anil Ambani as an entrepreneur is buttressed below

3.1 ANIL AMBANI’S PROACTIVE TRAIT

His early exposure in education and learning from his childhood days. He was able to realized that the population of India will be a boom in his business and it helped him to work out the dreams of common people of India. He studied the need of the people of India and project to extend his business into towns and villages (Spark of Corporate, n.d).

With Anil being proactive, his ideas and dreams were brought to past with his early passion and perception. His Early Hard work brought about his efficiency in Entrepreneurship. With this, Anil Ambani is known to be young business jewel of India.

3.2 ANIL AMBANI’S NETWORKED TRAIT

He was in charge of pioneering India Inc. into overseas capital markets with international public offerings of global depository receipts and bonds. He led Reliance to arise around US$2 billion from overseas financial market since 1991 through his networked channels. His company was the first Indian company with over 1 million retails customers in the United States. He continued to penetrate markets with several range of offerings highest standard of service. He believed that he can achieved some synergistic growth opportunities in the global telecom market (V.R Salkute, 2011).  

Before the split of Amkesh and Anil Ambani, there was a contractual agreement to supply gas for Dabri from Krishna Godavari Basin. International price of gas also escalated and Anil still believed his brother should stick to the Contractual agreement no matter the circumstances (Dadri Plant is On, 2009).

3.3 ANIL AMBANI’S OPEN RISK TAKER TRAIT

Anil Ambani said that innovative ideas can be realized in modern time if the ability to believe that risk in business is high. A business cannot grow if you are stopped from embarking on something new. Anil Ambani converts various obstacles into stepping stones and move up ahead adversity. He took over Adlabs – a film production and distribution house, and multiplex organization. Anil believed that adversity is faced by all successful businessman (Anbalagan Chinniah (2014).

He is risk taker for heading a diversified conglomerate business which includes asset management, financial services, entertainment, power, natural resources and petrochemicals (Spark of Corporate, n. d.)

3.4 ANIL AMBANI’S VISIONARY TRAIT

The visionary trait was imbibed by Dhirubhai Ambani to think big. Anil Ambani considered himself to be a builder rather than inheritors of Reliance. He made to be seen that Reliance leads and grow over large multinationals. He brought about three phases after he studied that the need for standard telecommunication systems will be in trend in the nearby future. The first phase in 2003 aimed to provide a wireless network for nearly 90% of India’s population and the second phase aimed at providing 100 mbps Ethernet links while the final stage in end of 2003 was aimed to provide high speed Ethernet links for television, videoconferencing and audio conferencing (India Public sector, 2002).

Anil Ambani is armed with widescreen vision where he runs his business empire and raise his market of his companies better than his richer brother. He runs runs growing and profitable but he seems not content because he didn’t meet up with his mission and vision. Anil Dhirubhai Ambani is determined to develop his company’s financial services, telecommunications and energy assets conglomerate (India Public sector, 2002).

3.5 ANIL AMBANI’S OPEN CULTURE TRAIT

He got the open mindedness trait in him as a boss. He gave his workers inspiration and passion to work. He believed that every day at work should be treated as a new day whereby the optimism should show while working. He also believed that if a worker is being nudged, he will be looking behind him and work will not be done but encouragement will yield outcome at work (Spark of Corporate, n.d).

Anil Ambani affirmed that workers can change the company’s fortune with their idea. Strong Relationship and humility will help build the team at work place. (Spark of Corporate, n.d).

3.6 ANIL AMBANI’S FAILURE IS OPTION TRAIT

An entrepreneur believes that failure and obstacles. Anil Ambani was listed among the World Biggest loser in business in late 2008 for loosing $32.5 billion and lost his position to from top ten to number 34 in 2009. He faced the allegation of spectrum scam and he was interrogated by the Central Bureau of Investigation. With failures, challenges and obstacles, Anil never give up because he believed Failure is part of business (Anil Ambani’s Dream Falters, 2010).

After the death of his father, and the company was split into two and many of the shareholders were not happy with Anil’s performance. The shareholders believed that Anil does not have the abilities for large projects. Anil never gave up even with the obstacles faced with the company shareholders and proved his capabilities.  He deals with $850 million with Spielberg’s DreamWorks to produce Hollywood films. Anil got over his obstacles in short run and presently run his projects smoothly without the shareholders being affected (Anil Ambani’s Dream Falters, 2010).

4.0 CONCLUSION

Entrepreneurs faced so many challenges before and after establishment of business but few gave up along this struggle. Being an entrepreneur requires several traits and characteristics where few of the important traits were mentioned above. Each characteristics differs and all entrepreneurs got different characteristics which brought about uniqueness among themselves. The risk of venturing into a new or an existing business is a general characteristic all entrepreneurs has but the level of risk differs.

Anil Ambani was brought up and groomed by his father who was a known business tycoon in India. Anil business was inherited from his father after the business was split among the two brothers. Being a young entrepreneur, he was able to explore more on what people in the society needs and he touched the lives of every Indians.

Anil had shown the society the traits in him with his involvement in politics, sports and many. The open mindedness trait is noticeable and ability to give to their society through politics and charity giving. He foresees the economy of Indian to grow faster and better in the nearby future.  Anil is unique in his own way being a risk taker for venturing into so many businesses and came over the challenges faced.