Convocation Address of Shri Anil Ambani, Vice-Chairman and Managing Director, Reliance Industries Limited; Chief Guest for the 5th Convocation of EDI's Post Graduate Programmes held on 13^th September 2003.

But entrepreneurs approach risk in a different way - they evaluate risks and then take decisions based on their assessment of risk. Successful entrepreneurs always focus on goals, not on possible hurdles along the way - and that is why they are not paralysed into immobility, but keep moving ahead. All entrepreneurs are faced with adversity at some point of time. The secret is to convert every adversity into opportunity, and keep moving on. Successful entrepreneurs also learn to take doubts and criticisms in their stride. Consider critics to be your greatest friends - they show you where you can still improve. Successful entrepreneurs also learn to take doubts and criticisms in their stride. Consider critics to be your greatest friends - they show you where you can still improve. Successful entrepreneurs have all these qualities I spoke of. But there are some additional qualities required, especially in the Indian context, which are very significant in building sustainable businesses - and which, incidentally, not institute teaches. I am sure you have heard the popular joke about MBAs - that MBA stands for Mane Badhu Aavdache ? - people who claim to know everything, but actually know very little. To be successful, apart from all our academic knowledge, we have to develop an understanding of the business environment. We have a plethora of laws, rules and regulations, and a high level of government and bureaucratic intervention, that can kill the most ardent entrepreneurial spirit. Archaic and complex laws and procedures in India, often impede swift decision-making, impairing the ability to exploit new business opportunities. But, we have to succeed in this very environment. We have to understand the democratic and parliamentary system in India - how laws are made or altered, what parliamentary committees advise on legislation. We have to understand the legal and judicial system in the country. We have to understand the complex direct and indirect tax systems and procedures - customs, excise, sales tax, income tax - all major determinants of success, and profitability, of any business.

Of course, I am not suggesting that each one of you should become a tax expert, but a basic understanding of such matters is important, if you wish to succeed as an entrepreneur in India.

My dear young friends, to meet the challenges of the 21st century, India needs entrepreneurs with a global vision, who believe in change and transformation, who have the ability to take risks and chart out new growth paths. To guide you in this exciting journey of entrepreneurship, I would like to end my comments today, by sharing with you the guru-mantras for all entrepreneurs :

• Relationship and trust - these are the foundations of success.
• If you work with determination and with perfection, success will follow.
• Meeting deadlines is not good enough. Beating deadlines is what is required.
• Pursue your goals even in the face of difficulties. In every adversity, there is an opportunity.
• Do not accept defeat. Challenge negative forces. The past will give in. You will certainly succeed. Never give up.
• Hope is your most powerful weapon. Self-confidence is your greatest asset.
• Ordinary people, when motivated, achieve extraordinary things.
• Pedigree is no longer of any significance in modern India. It is performance that is crucial.
• Recognition is your greatest reward.
• Work till your last breath. Work is worship.

In conclusion, my dear young friends, I sincerely hope, that each one of you will derive inspiration from Dhirubhai's life and deeds - and accomplish his dream of making India an economic superpower. That will be a fitting tribute to him - and to the entrepreneurial spirit of which he will remain the undying icon. Let me once again, extend my warmest congratulations to all of you graduating today.

Thank you. Ladies and Gentlemen.

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