There are many businessmen who establish their empire and make money but very few who touch our hearts. Ratan Naval Tata is one of the few industrialists who are not just well known for his business tactics but also for his ethics. The Padma Bhushan and Padma Vibhushan awardee recently revealed 5 ‘Golden Rules of Leadership’ in order to establish a successful empire. Every aspiring businessman and woman must go through the knowledge imparted by the absolute legend and enlighten themselves. Moreover, the current COVID-19 condition is causing strain on businesses all around and this might be the only way to deal with the impending problems without costing thousands their means of livelihood.
- “To stay relevant, stay connected to the youngsters”
In his first rule, he talks about connecting with youngsters. The youth is the future of every place and without studying the youth you cannot predict the future. And if you cannot predict the future as a businessman, your company is bound to suffer. If you study the youth you will know what to supply to the customers and what will be in demand in the near future.
“I have always enjoyed the company of spirited and enthusiastic youth of the country. Their energy is truly infectious, and they make me feel like I haven’t aged at all.”
- “Stay United.” Even if a company begins with one person, as it grows, the responsibility of it falls on all. This makes everyone a valuable part of the company. Staying united during COVID-19 is extremely important too. During every difficulty within the company, everyone must support and take care of each other. And that is exactly how organizations and companies must deal with the ongoing crisis that has crushed many economies worldwide.
“We can all unite and we need to unite to find solutions and put an end to this crisis.”
- “Be Available for your employees”- Secret to being a good employer is being available for your employees. You cannot seek someone’s support if you are not there for them when they need you. From shareholders to people who deliver goods, you must be available for all your employees.
“As a business leader, you have to face your shareholders. And then, there are the people who have to deliver the goods and work for you, you need to be there for them as well.”
- “Create Empathy”- The difference between a workspace and home is the environment. While in most companies the employees have to survive in an environment of stress and pressure, Tata advises against that. To bring out productivity and unity that we see at home, among teammates it is important to provide them with an empathetic surrounding.
- “Laying off is not the solution”- Lockdown, due to the impending pandemic has forced many businesses, organization and companies to lay off in huge numbers. Unemployment is already a huge problem in India and 2020 took a huge toll on the youth.
“Is laying off people going to solve the problem? It won’t. Companies need to react in the right way for the people who serve & work with them.”
The philanthropist and industrialist must have done some things right which earned him so much respect, love and money. Perhaps this is the time to listen to his advice.