Self-Made Billionaire Kiran Mazumdar’s Advice for Financial Success

Indian self-made billionaire, Kiran Mazumdar-Shaw, is one of the key people behind helping India become the leading provider for bio-pharmaceutical needs in Asia. She is the pioneer of the biotech Industry in India and continues to serve as Biocon Limited’s Chairperson and Managing Director.

She often refers to herself as the ‘accidental entrepreneur’ since she started after her passion at just 25 years. She had plans of pursuing a career in brewing, but ended up founding and becoming the head of India’s leading biotechnology firm, Biocon Limited. Biocon started in a garage with just one employee. But her determination to succeed could not be dimmed with the temporary issues. She faced bias but continued looking up to people who believed in her and today she is a billionaire with companies established globally.

Biocon became the first biotech company in India to issue an IPO which was oversubscribed 33 times. It’s the first day closed with a Market value of $1.1 billion and it became India’s second company to cross the $1 billion mark on the first day of being listed in the stock market.

She believes in women leading businesses on the forefront. While women are often criticised for taking up leadership roles, Kiran says women are made to lead. She once said that women should feel safe in workplaces and she has made her firm safe for women by taking the necessary steps.

Financial Success Tips from Kiran Mazumdar

1. Take a Loan

Kiran believes that funding is key for women’s success in business. She once said that while starting off, banks wouldn’t offer loans because she was a woman looking to make a place in business. In 1978, KSFC gave her the first financial loan. It was extremely helpful for the establishment of her business.

Today, the government of India has a number of options for women seeking loans to start a business. Financial success is a business largely depends on the day-to-day functioning of the business. In order to meet this need, working Capital loans and other Business loans are necessary for funding.

Various commercial and government banks offer loans to women at affordable interest rates and loan repayment tenure. If you are planning to start a business, make sure you have done your research well about the Bank. Once you have decided on the bank, look for the interest rate and loan repayment tenure that suits your budget.

2. Always Innovate

Innovation is one of the most essential elements to pursue when it comes to establishing a financially well-kept business. Kiran once said that she really believes that innovation helps you to lead, not follow. As an entrepreneur, it is important to keep up with innovation so that you can attract investment.

She says that one of the most important lessons she has learnt is that business is about being emotionally driven about Investing, but being emotionally detached when it came to divesting.

3. Constant Research and Development

If you want to achieve financial success all the time, it is important to constantly research. Research and development help the company grow by helping you understand new trends to inculcate in your business.

It helps add Efficiency and reduce costs. It also brings in opportunities to develop new products and services to help you survive and thrive in competitive markets. She says that Biocon has been able to reach a market cap of over $1.6 billion because of constant research and development.

4. Work Hard

Financial success is hugely dependent on how hard you are working. If you want your business to grow in number and wealth, work hard toward growth. She once said that at Biocon, everyone believes in working hard. They don’t imitate other companies but have charted their own business destiny.

Hard work helped Biocon become a billion-dollar firm with an initial investment of just Rs. 10,000. Hard work is the only way toward development and growth.

5. Forget Critics

Kiran truly believes in fighting criticism if financial success is the goal. She once said that women should forget all about criticism because it is going to be there. Believe in what you are doing and you will succeed. This is what strong women do.

Establishing a company and leading it toward success is no easy feat, but faith and determination is the key. Push aside criticism and work hard on your dream. Everything will come true and your critics will be the ones to praise you.

About Kiran Mazumdar-Shaw

She is also the former chairperson of the Indian Institute of Management in Bangalore. As of January 2020, Kiran Mazumdar’s Net worth is $1.3 billion.

In 2019, she was listed as #65 on Forbes list of Powerful Women in the world. She is also the board member of governors of the Indian School of Business. She is also a former member of the board of governors of the Indian Institute of Technology in Hyderabad.

Furthermore, Kiran is the term member on the board of MIT, USA till 2023. She also serves as an independent director on the board of Infosys and is also a member of the General Body of Maharashtra State Innovation Society.

Talking about women empowerment, she is the first woman to head the board of governors of the Indian Institute of Management in Bangalore.

Conclusion

Kiran Mazumdar-Shaw has proven to be a woman of great courage. She made sure that everything she ever dreamt of came true for her. This was only possible because she believed in herself and did not let anyone dictate her into thinking otherwise.