Success Story of Azim Premji : From Rags to Riches
Azim Premji was only 21 years old when he got a call about his father’s sudden death and had to drop out of his engineering degree. Read the success story of India’s most influential personality.
Not all legends are born with a silver spoon in their mouth. Yes, some are born with rough and troubled times too. One such legend is Azim Premji, who gave success a completely different meaning through his sheer uphill battle, hard work, dedication, and consistency So, in this article, we are primarily going to look into the life of one of the best Indian philanthropists, entrepreneurs, and business tycoon Mr. Azim Premji who is the owner of an Indian multinational corporation, Wipro that provides IT, consulting, and business process services.
Azim Premji’s Early Life
Let’s take a glimpse of this genius extraordinary journey. Mohd Premji; Azim Premji’s father started his own company in Maharashtra by the name of Western India Vegetable Product’s. This company used to manufacture cooking oil by the name of Sunflower Oil and laundry soap.
After completing his schooling in Mumbai, Azim Premji pursued Electrical Engineering at Stanford University. He was only 21 years old when he got a call about his father’s sudden death. To take over his father’s business he came back to India immediately dropping his Engineering course midway.
Azim Premji Struggles
Once, a stakeholder in the company said that Premji ought to resign in a yearly meeting. He said the company’s business is incredibly advance and extremely complex, and a 21-year-old boy can’t run it. Before this meeting, Azim Premji was not assured concerning his skills. But after this incident, he assured himself and gained confidence. From then on, he promised himself that he’ll leave no stone unturned to grow this cooperation.
He had no expertise in running the company. The first few years were terribly troublesome for him. To know more about business and understand how things worked in-depth, he used to spend most of his time in the factory. Soon he understood everything and started to run the company on his own terms
– Azim Premji
Azim Premji’s Successful Journey
The company started making multiple new products after Azim Premji started heading businesses like Electric Products, Hydraulic Cylinders, etc. When IBM left India, in 1977, it left a lot of good opportunities behind. Azim Premji took advantage of this opportunity and his company started manufacturing IT hardware, software, IT services, etc. He changed the company’s name to Wipro. Over time, Wipro started making microcomputers. It also started giving software solutions.
In the year 1989, Azim Premji’s company joined hands with General Electric and started a company by the name of Wipro G Medical system which manufactured medical Imaging products. Soon IT services became Wipro’s core business. Later on, they entered into BPO (Business Process Outsourcing) and increased the product range of the company, and started making products for babies like baby soaps, etc. He made his company one of the biggest companies in India with his sheer hard work, dedication, and clear vision. The company focused on quality and customer satisfaction and not on quantity production thus taking the company to new heights.
Azim Premji’s Theory for Success
Mr. Azim Premji believes to attain success in life you need to have, perseverance, honesty, and obviously hard work. We typically tend to not pay attention to these things in life. Mr. Premji was renowned for his effective management and business skills. You do get an idea regarding this through his business skills and management from the example given below. A few years ago, in Amalner where one of the factories of Wipro was located, the laborers used to crib about the high temperatures because of which the manufacturing of the company used to suffer during the hot weather. Mr. Premji visited Amalner in one hot dry summer season and spent a few months with the staff of the factory. After this, the employees stopped complaining, and also the production level accrued once more.
Due to his business success, Mr. Azim Premji is the fifth richest person in India as of 2020. Azim Premji’s net worth was 6.6 billion $ in the year 2020. Wipro has stocks in various stock market indices such as Sensex and Nifty. Mr. Azim Premji started an organization by the name of family wealth management, through this organization he invests within the firms which are listed in startups and also the Stock market. Premji had invested 1000cr in HDFC bank. He conjointly invested in Myntra in the year 2014. Later on, Myntra incorporated with Flipkart and Walmart had assimilated Flipkart. He invested 25 million Dollars in Myntra. He earned a profit of 500% by investing in Flipkart. He earned enormous sums of profits in his other investments. Premji invested in many companies listed on the stock market like Lenskart, Policy Bazaar, and other companies. He mainly invests in the companies which are listed on the Stock Market.
Azim Premji - The Philanthropist
Mr. Premji had so far donated 35% of his wealth to charity. He has started the Azim Premji foundation in the year 2001 to improve the education system of India by facilitating the universalization of primary education. His foundation’s main goal is to provide education to the children living in rural India. He thinks that all Indians have a right to good quality education. He says if you are privileged then you must help the underprivileged people of our society.
Final WordsMr. Premji is the biggest Philanthropist in India. He remained the richest person in India from the year 1999-2005. Throughout his life, he never focussed on popularity and money, rather he focused on Philanthropy. After involving in a lot of Philanthropy he is still the 6th richest person in India and prefers to live a simpler life. He was awarded The Padmabhushan in the year 2005 by the Government of India.