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Table of Content

Course: Master of Business Administration

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1 Introduction...................................................................................................................................2
2 Case Study of Entreprenour(Dhirubhai Ambani)...........................................................................2
3 Evaluation of Entrepreneural Abilities and Charecterstics.............................................................2
4 Evaluation of Entrepreneural Theories and Concepts...................................................................4
5 Conclusion.....................................................................................................................................6
6 References.....................................................................................................................................6

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1. Introduction
Entrepreneurship can be looked at as a step-by-step process for the creation of a
successful business by using innovate ideas which will benefit a wider society. A
motivated individual who implements his innovation successfully through a business
plan is considered as an entrepreneur. One of the first principle which is the
fundamental ideology behind an entrepreneurial mindset is to create various
possibilities, the ability to think and act resourcefully and creating positive outcomes
utilising available resources in hand. (Azim, R 2017) [3]

2. Case Study – Dhirajlal Hirachand Ambani (Dhirubhai Ambani)

In this report, the journey of Dhirubhai Ambani, an entrepreneur who was based in
India has been taken into consideration and explains the way he has started his
entrepreneurial journey, the diversification strategies of his business to create
Reliance Industries as one of the biggest business conglomerates in Asia. With a
capital of $100, Ambani in 1958 at his age of 26 started an import/export business
and has diversified the business to other areas such as textiles, Oil & Gas,
Telecommunications, Retail, Technology, Sports, Entertainment etc. From an initial
public offering (IPO) of Rs 10 (0.18 AUD), the current price stands at Rs2,487 (44
AUD) currently. The company is ranked 155 th on the fortune Global 500 list with an
annual revenue of AUD 86 billion and employees 236,000 employees. While
admirers attribute Ambani's success to his financial wizardry, deep home-grown
knowledge of the environment he was operating in, massive innovations in
marketing and technology, and unmatched project execution skills has made him a
successful entrepreneur.[1]

3. Evaluation of entrepreneurial abilities (Putta, SS 2014) [6]

Motivation- As one of the principal attributes, an entrepreneur needs to inspire
themselves and others to act in order to achieve forecasted results and Ambani was
not an exception. He was very motivated individual who has acquired necessary
skills in international trade in his early ages while working in Yemen. His confidence
in taking calculated risks to achieve results has proven vital in the creation of
Reliance Industries. His vision in the creation of business was based on his quote “if
you don't build your dream, someone else will hire you to help them build theirs” [2]
Determination- As a successful entrepreneur, the confidence and determination
Ambani has showed in the implementation of various new strategies into business
needs to be acknowledged. An example is where he set up a world class textile
factory which was a very new concept in India were traditional methods were
followed. The next challenge was to set up a new supply chain model to distribute
the goods produced to a large market within the country where imported goods were
only in demand.
Passion: Another core attribute Ambani possessed is his passion to drive his
business into new heights. He was very clear on his goals which has made him to

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work towards making Reliance as a people’s company where growth and
profit can be utilised for the uplift of the society and thereby contributing to the
national economy. In 2002 reliance industry has contributed 3% towards India’s
GDP and 5% towards countries export.i
The insane hunger to succeed: Ambani in one of his public speeches has quoted
that “our dreams have to be bigger, our ambitions higher, our commitment deeper
and our efforts greater. These are my dreams for Reliance, In fact my dreams for
India”. He was very committed and determined the way he wanted to set up the
pillars of his company which has made common people to invest and a shareholder
who has invested AUD 20 in 1980 is worth AUD 40,000 today (Fig 1) [5]

Fig 1: Reliance Share growth Graph

Flexibility – A good entrepreneur should be very flexible in his thinking so that any
changes within the business arena can be dealt accordingly. Ambani always learned
lessons from mistakes which made him flexible and confident to face any new
challenges. In the initial stages, in order to gain market, share he has agreed to sell
his products to the retailers directly in credit which was a new approach and was
widely accepted.

Recognize opportunities and go after them – Similar to other entrepreneurs he was

able to convert his ideas into opportunities. While he has started manufacturing of
yarn in his factories, he has faced enormous resistance from the then market players
which has made him to create his own brand-named Vimal. Due to the extensive
marketing and no compromise to quality, Vimal has become a household brand
name which still owns a fare market share in the current competitive market as well.

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Plan ahead: Another important attributes of Dhirubhai Ambani was his
well updated knowledge about the upcoming market trends and was able to forecast
future of reliance industries. His analysing abilities and approach along with his
entrepreneurial mindset and problem-solving strategies has made him to grow his
business. This nature has made him to diversify his business to telecommunications,
entertainment and Oil & Gas areas.
Put in consistent effort: An entrepreneur is someone who never accept failures and
works more harder towards his vison and Dhirubhai Ambani was one among in this
cadre. One of his strategies was to produce high quality products in high volume and
selling it in very marginal profits. With this strategy, reliance was able to achieve a
fair market share within domestic and international markets.
Deal with uncertainty: One of the main qualities required by all entrepreneurs whilst
achieving their vision is to deal with uncertain times and come up with innovative
solution to overcome the crisis and during the expansion of business, (Spinelli 2016,
p. 85) [10] Dhirubhai Ambani was not an exception. He faced many resistances from
various financial organisations to accrue enough funding and this was the time when
he has decided to issue the Initial Public Offering (IPO). It is an undoubtable fact that
one of his major contributions to the economy was the introduction of an equity-
based business. His experience and attention to detail paved him to understand on
how capital markets functions as well as the mindset of investors in a very
conservative market. By giving importance to long/short term investors, he was able
to raise funds that are required for the expansion of Reliance. By using this strategy,
Reliance has steadily increased its market capital from Rs 1.2 billion in 1980 to Rs.
9.96 billion in 1990 and shot up to 96.2 billion in 1995 which includes a record for
bringing out the single largest domestic issue of more than Rs 21 billion in
convertible bonds for Reliance Petroleum in 1993. As mentioned in (reference)
about taking calculated risks by an entrepreneur, Reliance has raised capital funds
for its expansion purposes, modernizing its already existing assets, diversification to
new business etc.

4. Evaluation based on entrepreneurial theories and concepts

Dhirubhai Ambani has created his entrepreneurship based on six values and
behaviours which has helped him to expand successfully from a textile company to a
key player across energy, retail, Telecom, entertainment, and digital services. These
values include Customer Value, Ownership mindset, respect, integrity, one team and
excellence [4]

Mukesh Ambani used

to follow unique
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leadership process.
He is a visionary
type human who can
forecast the future
easily. He analyses the
situation and
decides properly. He
always follows his own
approach which makes
him a
great leader today. He
has the ability to predict
for how long a company
can
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sustain and its

potentiality. He also
knows which technique
will be viable in
future for the
betterment of the
business. He has a
revolutionary mindset
and
problem solving skills
which makes him a
great entrepreneur.
Dhirubhai Ambani has created deep impacts not only to his entrepreneurship but
has contributed to the entire economy of the nation and wider community. This
success has achieved through his ability to spot opportunity (The entrepreneur:
concepts and evidence pp.1–24) [9]which can be easily noticed in the diversification
strategy followed by Reliance during various political changes within the country.
This ability has created trust from the stakeholders, customers which bounded them

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together and did not let anyone fall apart even when the company was
going through a tough phase and has made reliance achieve 121st rank in Forbes
list. This has created customer confident and value which has made Reliance’s
growth stronger even after his demise. For example, Dhirubhai has forecasted the
changes that will create the way we think with the emergence of communications
and technology has shown interest to adapt with the changing circumstances. This
has made reliance to achieve its fair share on the phone revolution as India is
considered as one of the biggest markets for smartphones.
Creating enough support and training to the team to drive their ambition, thereby
achieving mutual growth is a strategy that is always followed at Reliance. This
strategy has assisted the firm to overcome various propaganda that was created
which is a general practice followed in corporate worlds. Trusting a team and
offering them help will elevate the confidence and in most circumstances that is all
the help a team would expect for achieving results . (Spinelli 2016, p. 82) [10] One of
the qualities of a good entrepreneur is showing respect the team that builds and
maintains the organisations performance and Dhirubhai was a pioneer in setting up
and managing a good team with brilliant ideas for building his company.
One of the famous quotes of Dhirubhai Ambani is “Dream big but dream with your
eyes open”. The achievements as an entrepreneur have shown the world that
limitations were only in the mind. [2] A true entrepreneur even though in tough
situation will never accept defeat and will always tries to be stable with their
innovative ideas and that is one of the successes of Reliance. He always used to
teach his peers and colleagues to dream big. One of the examples was the
formation and marketing of Vimal brand with grand showroom openings and
advertising campaigns launched which has made it a household brand in India.
As a part of the Corporate Social responsibility (CSR) and sustainable initiatives,
Reliance contributes to the wellbeing of people by introducing sustainable measures
and aiding institutions and welfare organisations, across India. Sustainable
developments (Giddings, B, Hopwood, B & O’Brien, G 2002) [7] are considered as the
cornerstone of business strategy thereby achieving sustainable and profitable
growth, creating thriving eco-systems around all businesses. The strategy includes
fostering close and continuous interaction with people and communities around our
manufacturing divisions, bringing qualitative changes in their lives and supporting
the underprivileged. Many initiatives focused on developing community infrastructure
and protecting the environment. Examples are investing of water conservation
projects, and construction of community halls, schools, and health centres in various
remote locations of India. Other initiatives to promote environment protection
projects including investing in renewable energy sources, promoting green
plantations and spreading environmental awareness. They also work in providing
healthcare support services to various rural areas by constructing health centres,
operating mobile medical clinics and emergency ambulance services etc. [6]

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5. Conclusion
After reading the first three modules of entrepreneurial mindset and analysing the
case study it is easy to understand that the creation of a successful
entrepreneurship involves a balancing of various activities from innovation,
motivation, time management, marketing, networking, study from mistakes, financial
management. Even though there are various journals published explaining the
process of entrepreneurship, it is important that the entrepreneur should develop
proper action plan for each of his ideas to make sure that the key points required for
success are covered. By implementing innovative ideas, a successful
entrepreneurship creates positive outcomes to the society and can play a vital role in
the improvement of an economy. It is eminent that Ambani was very clear in his
vision of creating a successful entrepreneurship through his attitude, vision,
confidence, and practical approach.

6. References
Online:
(https://www.business-standard.com/article/companies/40-years-ago-and-now-he-
changed-the-idiom-of-doing-business-115011400005_1.html)

https://yourstory.com/2014/05/dhirubhai-ambani-quotes/amp
https://www.ril.com/OurCompany/About.aspx
https://www.learnstockmarket.in/share-price/reliance-industries/
https://www.ril.com/Sustainability/CorporateSustainability.aspx

Books and Journals:

Azim, R 2017, ‘Inside the Entrepreneurial Mind’, Harvard Business Review, 1 – 6.

Giddings, B, Hopwood, B & O’Brien, G 2002, ‘Environment, economy and society:

fitting them together into sustainable development .’, Sustainable Development, vol.
10, pp. 187–196.

Putta, SS 2014, ‘Entrepreneurial mindset crisis in Enterprises’, Journal of Commerce

and Management Thought, vol. 5, no. 1, pp. 70–75.

Salmony, FU & Kanbach, DK 2021, ‘Personality trait differences across types

ofentrepreneurs: a systematic literature review’, Review of Managerial Science.

Spinelli S & Adams R 2016, New venture creation: entrepreneurship for the 21st
century,

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