Ratan Tata's learnings and love for startups | Storied with Shradha Sharma | Episode 01

Summary

In this inspiring dialogue, the host expresses admiration for Mr. Ratan Tata, a legendary figure in the entrepreneurial world. The conversation delves into Mr. Tata's transition from architecture to industry, his experiences with loneliness in leadership, and his views on succession planning. Mr. Tata also shares insights on supporting startups, emphasizing the importance of innovation and meritocracy in the digital age, and reflects on his own learning journey as he invests in and mentors young entrepreneurs.

Takeaways

• 📚 The speaker has a deep respect for Mr. Ratan Tata, considering him a legend, icon, leader, inspiration, and role model.
• 🏗️ Mr. Tata's career transitioned from being a trained architect to working in the shop floor of Tata Steel, adapting to a completely different environment.
• 🔥 The experience at Tata Steel was physically tough and filled with awe-inspiring surroundings, but also marked by uncertainty about his career path.
• 💭 The speaker acknowledges the loneliness that comes with leadership, especially when making tough decisions without full agreement from colleagues.
• 🤔 Mr. Tata emphasizes the importance of making decisions based on what one believes is right, even if it means going against the advice of others.
• 👶 The script touches on the difficulty of creating separation as companies grow, especially when dealing with long-standing figures within an organization.
• 🛠️ Mr. Tata implemented a retirement scheme to refresh the board of directors, which eventually also applied to his own departure, emphasizing the importance of succession.
• 💼 The speaker admires Mr. Tata's ability to manage a smooth succession in leadership, which is a critical aspect of organizational health.
• 💡 Mr. Tata's investments in startups reflect his belief in the innovativeness and imagination of young entrepreneurs, which he finds inspiring.
• 🌐 He acknowledges the new digital world's impact on business, noting the shift from traditional 'brick and mortar' to a more technology-driven and merit-based approach.
• 📈 Mr. Tata sees the support of new India's entrepreneurial spirit as essential and is actively learning from the young entrepreneurs he encounters.

Q & A

What was Mr. Ratan Tata's initial career path before joining Tata Steel?

Mr. Ratan Tata was initially a trained architect working in Los Angeles before he transitioned to Tata Steel.

How did Mr. Tata describe his experience of shifting from architecture to working in Tata Steel?

He described it as a significant change, moving from a safe and happy environment as an architect to the challenging and dangerous shop floor of Tata Steel, which was both exciting and tough physically.

What was the most important lesson Mr. Tata learned during his early days at Tata Steel?

The most important lesson was the need to accelerate his learning in a completely new setup, which was physically tough and different from his architectural background.

Did Mr. Tata ever feel lonely in his leadership roles, and if so, how did he cope with it?

Yes, he experienced loneliness, especially when making tough decisions. He coped by seeking mentoring and counseling, and by making decisions that he believed were right, even if it meant going against his colleagues.

How did Mr. Tata manage the transition of leadership and succession in the Tata Group?

He managed succession by devising a retirement scheme that eventually led to a smooth transition, including his own retirement, ensuring that the company was not held back by long-standing fixtures.

What advice does Mr. Tata have for young entrepreneurs seeking to accelerate their companies' growth?

He encourages young entrepreneurs to embrace the innovativeness and imagination that the digital world offers, as it represents a new and exciting area of business that is merit-based and has a global reach.

How does Mr. Tata view the role of mentorship in the entrepreneurial journey?

He sees mentorship as crucial, especially when making tough decisions, as it provides the right type of guidance and counseling that can help leaders navigate through challenges.

What was the significance of Mr. Tata's investment in startups, according to the script?

His investments in startups are significant as they reflect his support for new and innovative ideas, contributing to the growth of a new, digitally-driven India.

How does Mr. Tata perceive the role of technology in modern entrepreneurship?

He views technology as a key driver in modern entrepreneurship, enabling new business models and providing a platform for ideas that were once considered unworkable or unsuccessful.

What does Mr. Tata believe is the most refreshing aspect of the new India in terms of entrepreneurship?

He finds the merit-based nature of new entrepreneurship in India refreshing, where success is not determined by connections but by the quality and innovation of the ideas.

How does Mr. Tata describe his own learning process when interacting with young entrepreneurs?

He describes it as a continuous learning exercise, where he is inspired by the vigor and new ideas brought forth by young entrepreneurs, showing a willingness to adapt and learn from the new generation.

Outlines

00:00

🌟 Launching Stories with a Renowned Icon

The speaker introduces a new segment dedicated to sharing stories with a special guest, Mr. Ratan Tata, who is highly respected and admired in the entrepreneurial and professional world. The speaker expresses their pleasure in launching this segment and highlights Mr. Tata's legendary status as an icon, leader, and inspiration. The intention is to ask Mr. Tata questions that are relevant to entrepreneurs, professionals, and people in general, providing a unique opportunity to gain insights from his vast experience.

05:01

🛠 Transitioning from Architecture to Industry and Leadership

The speaker delves into Mr. Tata's background, discussing his initial career as a trained architect and his subsequent move to Tata Steel. The transition from working in an architectural office in Los Angeles to the shop floor at Tata Steel is described as a significant and challenging shift. Mr. Tata reflects on the physical demands and the excitement of working in close proximity to danger, as well as the uncertainty of his career path at the time. The speaker also touches on the loneliness that can accompany leadership positions, especially when making tough decisions that may not align with the opinions of colleagues. Mr. Tata emphasizes the importance of believing in one's decisions and the need for mentorship and counseling during such challenging times.

Keywords

💡Storytelling

Storytelling is a powerful tool used to convey experiences, emotions, and lessons in a narrative form. In the video, the speaker emphasizes the importance of stories in inspiring, teaching, and provoking thought. The theme of storytelling is central as the speaker launches a 'story' with Mr. Ratan Tata, suggesting that his life and career are a narrative worth sharing and learning from.

💡Entrepreneurship

Entrepreneurship refers to the process of designing, launching, and running a new business, which typically starts as a small business. The video discusses the challenges and rewards of entrepreneurship, particularly in the context of startups and the role of investors like Mr. Ratan Tata. The speaker highlights the aspirations of entrepreneurs to have Mr. Tata as a partner or investor, indicating his influence and the value of his support in the entrepreneurial ecosystem.

💡Leadership

Leadership is the act of leading a group of people or an organization. It involves setting the vision, motivating, and directing others towards achieving a common goal. The script mentions Mr. Tata as a 'leader' and 'role model,' suggesting his ability to guide and inspire others. His leadership style is implied to be influential in the success of Tata Group and in mentoring the next generation of entrepreneurs.

💡Architect

An architect is a professional who designs buildings, structures, and spaces. The script reveals that Mr. Tata was trained as an architect before moving into the business world. This background in architecture is noted as a significant shift from his later career in industry, indicating a versatile skill set and adaptability in his professional journey.

💡Tata Steel

Tata Steel is a major global steel-making company and a part of the Tata Group. The script mentions Mr. Tata's transition from architecture to working on the shop floor at Tata Steel, highlighting a drastic change in his professional environment. This experience is portrayed as a formative period that contributed to his understanding of the industry and his leadership development.

💡Loneliness

Loneliness is the feeling of sadness or emptiness due to a lack of companionship or social interaction. In the context of the video, Mr. Tata acknowledges experiencing loneliness, particularly in making tough decisions as a leader. The script illustrates that leadership often involves making solitary decisions, which can be isolating but are necessary for the success and direction of a company.

💡Succession

Succession planning is the process of identifying and developing potential successors to key positions in an organization. The script discusses Mr. Tata's approach to succession, where he implemented a retirement scheme to ensure a smooth transition of leadership. This concept is crucial for the continuity and stability of businesses, especially in large corporations like the Tata Group.

💡Innovation

Innovation refers to the introduction of new ideas, products, or methods. The video script highlights the importance of innovation in the context of startups and the digital world. Mr. Tata is depicted as being inspired by the innovativeness and imagination of young entrepreneurs, suggesting that innovation is a key driver in the current business landscape and a quality he values in potential investments.

💡Digital World

The digital world refers to the environment where technology and the internet play a significant role in communication, business, and social interaction. The script mentions the digital world as a new and exciting area that offers different opportunities compared to traditional 'brick and mortar' businesses. It implies that the digital realm is a key area for innovation and growth for modern entrepreneurs.

💡Mentoring

Mentoring is a process where an experienced person (a mentor) helps to guide a less experienced person (a mentee) in developing their skills and knowledge. The script implies the importance of mentoring in leadership and decision-making, as Mr. Tata discusses the value of having people around him who can provide the right type of mentoring and counseling, especially in making tough decisions.

💡Investment

Investment in the context of the video refers to the act of putting money into financial assets, companies, or projects with the expectation of generating an income or profit. Mr. Tata's role as an investor in startups is highlighted, emphasizing his influence and the desire of entrepreneurs to have his support. Investment is portrayed as a critical factor in the growth and development of new ventures.

Highlights

Launching a story with an extraordinary man, Mr. Ratan Tata, who is admired and respected globally.

Mr. Tata's legendary status as an icon, leader, inspiration, and role model in the entrepreneurial world.

Mr. Tata's background as a trained architect before transitioning to Tata Steel.

The significant career shift and the challenges Mr. Tata faced in adapting to a new environment at Tata Steel.

The importance of mentorship and counseling in making tough decisions as a leader.

Mr. Tata's experience of loneliness in leadership and the necessity of making solitary decisions.

The dilemma of balancing between consulting with colleagues and making independent decisions.

The challenge of managing succession in a company and Mr. Tata's approach to creating a retirement scheme.

Mr. Tata's philosophy on setting an example for succession by retiring at the same age as others in the company.

Mr. Tata's active involvement in investing in startups and his influence in the entrepreneurial ecosystem.

The innovative and imaginative approaches of young entrepreneurs that inspire Mr. Tata.

The importance of embracing new technology and the digital world in modern business.

Mr. Tata's perspective on the merit-based nature of the new entrepreneurial landscape in India.

The refreshing aspect of supporting new ventures and Mr. Tata's ongoing learning journey.

The need for young entrepreneurs to focus on innovation and adapt to the rapidly changing business environment.

Mr. Tata's advice to young entrepreneurs on the importance of believing in their ideas and persevering.

Transcripts

stories live stories inspire stories

teach provoke and stay forever and guess

every story matters after eight years of

telling stories it gives me great

pleasure to launch story with an

extraordinary man I love this man

admire respect look up to and so do you

mmm sure so does everyone in this

country and across the world and

especially in the last two three years I

am sure everyone in the startup if you

ask any startup and entrepreneur who do

they want as a partner as an investor

then everyone would say one name and

that is mr. Ratan Tata he's a legend

he's an icon he's a leader he's an

inspiration he's a role model everything

combined in one and today I will ask mr.

Tata questions which all of us as

entrepreneurs all of us as people and

all of us as professionals would love to

know we don't get this opportunity but

today we have and I will ask mr. Tata

those questions so join me as I talk to

mr. Tata very few people know that you

were a trained architect and then you

moved from being an architect you moved

to Jamshed / - Tata Steel so so you knew

what it is to be at a certain place and

then completely shift and start from

scratch how did you deal with it and

what was the most important learning in

a new set up to accelerate your own

learning it was gone completely

different I was working in Los Angeles

in in an architect's office very happily

located and the changes to being on the

shop floor in Tata Steel was who is a

change which on the one hand quite

interesting because you were dealing in

in awe-inspiring surroundings hot metal

big furnaces and in close proximity to

danger is if to a young person quite

exciting with

but totally different and so those two

years were on the one hand very tough

physically but very different and the

only thing is you didn't know where you

were going in terms of a career you just

didn't understand what was being planned

for you yeah so you got up in the

morning you did whatever you had to do

and there that is that was it

founders realized as they grow that it's

very lonely and things change

relationship circumstances everything

changes

did you ever experience loneliness oh

yes and how did you deal with it

there I think when you when you're a

founder or you're the chairman or the

leader of a company every tough decision

is a lonely decision and you're very

lucky if you are surrounded by people

who can provide you with the right type

of mentoring and the right type of

counseling that take you through that

decision most of the time it's

disagreement on what should be done and

to that extent it's it's a lonely

decision because you have to decide to

go against your colleagues and do what

you believe is right or or fall in line

with what they say which which is often

a difficult thing because you should be

doing what you believe is right and

conventional wisdom also says that you

should be consulting and deliberating

something before you do it so it is a

lonely decision what I encourage you at

those moments what I just said

you'd you think a great deal about doing

what you believe is

the right thing you spend a lot of time

because usually those decisions hurt

somebody and they maybe help some hurt

one group in and help another so there's

always a downside that you deal with one

question which is very common in our

Indian context is when kids and babies

grow it's very difficult to separate and

Founder soon realize when companies grow

and they start getting professionals

that you have to create that separation

and also even in large corporates you

have figures who become fixtures and but

you in your career in an g no

outstanding brilliant sparkling career

created thank you you know were able to

manage that succession it was a smooth

succession how did that happen well i

inherited when mr. Jarrett at a step

down low and he was almost 90 years old

and he had a string of colleagues all

very notable people who are in their 80s

some of them had to be helped up out of

the car of the stairs of Bombay house I

still remember one of them the doors of

the boardroom would still swing open and

he'd be helped by two people who brought

him to a seat who sat him down and he

would fall asleep and so I had this

board of directors that would come in

fall asleep snore and they would only

seem to wake up whenever you wanted some

change to be done you needed the support

they would give you their opposition so

I devised a retirement scheme

which finally is got all of them out but

eventually got me out also so so that

that day came along and it would have

been wrong for me to say that it applied

to everybody else but not to me so I

decided that the right thing to do is to

call it a day and conform to what we

develop sir you've invested in 25

startups

you're making news every day and

everyone in this country is aspiring to

have you support their venture you know

you've met so many companies what do you

think young entrepreneurs today need and

you think that you know if they work on

this they would accelerate their own

companies faster you know it's

interesting you ask that because I've

been saying to some of the young people

we have been meeting that I'm the one

who's going through the learning

exercise because many many concepts such

as being talked about five years ago if

you ask me I would say I doubt that they

would be workable or successful but they

are and so the innovativeness and the

imagination of some of the young people

is is truly inspiring to me because it

it shows a new kind of vigor there's new

technology in which the digital world

brings two to the table and the reach is

very different from the brick and mortar

and so it's a totally new exciting area

it's it's merit-based it's not whom you

knowin who has got you started so to me

it's a very refreshing part of a new

India which needs to be supported and

I'm learning thank you so much thanks a

lot

you