Ajay Piramal’s Advice to Entrepreneurs

Day 2 at TiE Mumbai saw some interesting people sharing their success stories & mantras with those assembled. Here’s what Ajay Piramal, chairman, Piramal Group had to say.

At the head of a 2-billion dollar conglomerate, Piramal may seem to be blessed with all the good things in life. However his journey to success was anything but smooth. Piramal was forced to take up the reins of business when he lost his father and elder brother to untimely deaths. As a 29-year old, Piramal was faced with a plethora of problems, like the labour unrest of Mumbai in the late 1980s which crippled the family’s main textile business; a hostile top management who refused to co-operate with Piramal when he purchased Nicholas Laboratories in 1988 and the emotional turmoil he went through because of his personal loss. But today he is hailed as one of the best businessman in the country, who is not just a visionary but is also famed for his astute sense of business. A great believer in the teachings of Bhagvad Gita, Piramal spoke to YourStory.in about the entrepreneurial scenario in India.

“Entrepreneurs should have the courage to push ahead against all odds. If you have associated yourself to an idea and made a decision particularly, then even if a VC doesn’t give you the money, you should move ahead. If you're passionate about your idea, have the courage to take it through.”

“Besides the courage to move ahead, one has to develop product/service, which is of high quality. You have to enter the game for the long run, it's not a sprint, but a marathon that you have to prepare for. Today there are no problems that existed earlier — the market is growing, many funding channels are available for people. When I decided to enter the pharmacy business, not too many people were convinced with my strategy. But I did what I believed in. Made in India medicines were sold abroad where the same medicines were very costly to produce. It was a good move and helped our business grow.”

“As an entrepreneur don’t be afraid to make mistakes and have faith in yourself. But whatever you do be true to yourself. I have maintained my integrity and stuck to my principles all along, because without that there is nothing to life.”

“Piramal group has partnered with IIMs through a prize fund to encourage young budding entrepreneurs. At the Government level as well, we are constantly lobbying and trying to make sure we that the policies they make are entrepreneur friendly.”