Global Security Tycoon & Entrepreneur Dr Richie Nanda, one of UK’s Wealthiest Residents according to The Sunday Times Rich List 2013, is sharing his tips for success with Semperey readers
From a company owner employing just three people – now 93,000 in the UK and India combined, excelled business growth is very much down to having the right mindset. Sometimes it’s really about having the attitude over skills.
The UK Government needs to inspire and encourage a new wave of entrepreneurs. In India, you will find an entrepreneur on every corner, even in the slums. This is how they survive. They make something, find something, adapt something – and sell it. I believe entrepreneurship and business strategy is something that should be taught in schools.
Acquiring businesses at any time is tricky, let alone during an economic crisis in which confidence has been decimated. For me it was about evaluating my skills, interests and experience. It would be extremely difficult for me to succeed in a business, which I do not feel passionate about – or have no experience in. The business you establish has to mesh with what you do well and with your personal and business philosophy. Choose familiar territory, to reduce your risk of failure.
People always want you to play safe in life, but you simply cannot become an entrepreneur if you cannot take risks!
I have never listened to any advisers and always listened to what my heart says and what my team members believe in. I feel it is important not to listen too closely to what consultants have to say, as their safe and cautious approach to business could hinder your reaching the top and achieving your entrepreneurial goals.
To have a successful business, you have to learn to trust your gut instinct – and be able to take risks to get to the top. Also relying on your intuition will enable you to make your own mistakes and learn from them.
To be a strong entrepreneur, the ability to continue to strive for the best after being knocked down is essential. Learn from your previous mistakes and use them to build stronger business plans in the future.
The key to success for start-up businesses – and to survive in the marketplace – is to try and differentiate a brand from other similar products and services on the market. For this you need to really think out of the box to find your cutting edge. It is imperative for fledgling start-ups, who are just unfolding their business wings, to research carefully and identify a niche in the market and play up to this with a methodical and sustainable financial, marketing and publicity plan.
Both Mervyn King (Former Bank of England Governor) and the Chancellor George Osborne had a gloomy view on the economic outlook for the years to come and warned that Europe might face a lost decade, similar to Japan’s economic downturn between 1991 and 2000. These are difficult times for all us, but this situation has also created opportunities. We at The Shield Group are doing well because of our focus on innovation and quality of services. The economy cannot always be booming: it’s cyclical – so you have to adapt your business accordingly. We work to understand our customer, the competition and thrive on pro-active innovation. Think big and have a vision! Man could see the moon and found a way to reach there. So if you can see it, you can achieve it.
Personally, I am a very hands-on, committed, ethical, ambitious and innovative leader, who never takes ‘no’ for an answer and believes in not going around the hurdles or impediments but in breaking all such barriers and going right through them. These and other traits that I have are quite similar to most of the entrepreneurs whom I know and respect. For me, execution of strategies and ideas takes more predominance as compared to any other attributes that I may have. All essential attributes to have when trying to turn a small private business into a larger, global enterprise.
About Dr Nanda
A self-made entrepreneur, Richie Nanda is regarded as a leader in the global security sector, ensuring the likes of high profile sporting events, businesses and premier venues are protected. He is widely acknowledged as the pioneer and the most prominent spokesperson of the burgeoning security industry in India. He was recognised as an Outstanding Entrepreneur of the Year after he took over the reins of TOPSGRUP at the age of 22, an ailing company with revenues of just £30,000 PA and eight customers, and built it into India’s largest security group with revenues in excess of £150 million, 93,000 employees, 120 offices and approximately 8,000 customers. The multi award-winning TOPSGRUP has also embarked on a global leadership mission with a vision to become the number one brand in the global security space and a US$10 billion security group by 2020.
