A Glimpse of Azim Premji Success Story
Not all legends are born with a golden spoon in their mouth. Yes, some are born with rough and struggling times too. One such legend in the name of the IT Sector is Azim Premji, who gave success a completely different meaning through his sheer hard work and dedication.
So, in this blog, we are mainly going to look into the life of one of the greatest Indian philanthropists and entrepreneurs, Mr. Azim Premji- who is the owner of Wipro. Read every segment carefully!
A Quick Glimpse of Azim Premji’s Early Life
Let’s take a glimpse of this genius phenomenal journey. Azim Premji’s father Mohd Premji started his own company by the name of Western India Vegetable Product’s in Maharashtra which used to manufacture cooking oil by the name of Sunflower Oil and washing soap.
Azim Premji pursued Electrical Engineering at Stanford University after completing his schooling in Mumbai. He got a call about his father’s sudden demise. He had to drop his Engineering in midway to take over his father’s business and came back to India, he was only 21 years old then.
Struggles of Azim Premji
After he joined the company, once in an annual meet one shareholder openly said in front of everyone that Mr. Azim Premji should resign. He said the company’s business is very complex, and a 21-year-old boy can’t run a company. Before this meeting, Azim Premji was not confident about his skills. But after this incident, he gained confidence. From then on, he promised himself that he’ll leave no stone unturned to grow the company.
He had no experience of running the company. The 1st few years were very difficult for him. To understand the business more deeply, he used to spent more of his time in the factory only. Then he started running the company according to his style.
Premji’s Successful Journey
The company started making new products after his entry into the business like Electric Products, Hydraulic Cylinders, IT Hardware, and Software. IT Services etc. IBM which was a very big IT Company, when it left India in 1977, left a lot of opportunities. Azim Premji took this as the right opportunity. He changed the company’s name to Wipro. Later on, Wipro started making Micro Computers. It also started giving Software Solutions.
Wipro joined hands with General Electric in the year 1989, and started a company by the name of Wipro G Medical system and started manufacturing Imaging products. Wipro entered into IT Services, and later it became their core business. Later on, they entered into BPO (Business Process Outsourcing) They also increased the product range of the company and started making soaps, Hydraulic cylinders, Electrical Appliances, etc. With his sheer hard work and dedication, he made his company one of the biggest companies in India. The company focused on Quality and customer satisfaction and took the company to new heights.
Premji’s Funda for Success
Mr. Azim Premji believes to achieve success in life you must have hard-work, perseverance, and honesty. We usually don’t give attention to these things in life. Mr. Premji was known for his effective management and business skills. You can an idea about his business skills and management from this example. A few years ago, Amalner where the factory of Wipro was located the staff used to complain of the hot weather, because of this the production of the company used to suffer in the summer season. Mr. Premji visited Amalner in the summer season and spent a few months with the employees of the company. After this, the employees stopped complaining, and the production level increased again.
Because of his business success, Mr Azim Premji is the second richest person in India. Azim Premji’s net worth was 20 billion $ in the year 2018. Wipro has stocks in Sensex and Nifty. Mr. Azim Premji had a company by the name of family wealth management, through these he invests in the companies which are listed in startups and Stock market. Premji had invested 1000cr in HDFC bank. He also invested in Myntra in the year 2014. Later on, Myntra merged with Flipkart and Walmart had acquired Flipkart. He invested 25 million Dollars in Myntra. After the Walmart-Flipkart deal, he earned a profit of 500%. Premji invested 230 crores in Subhiksha which is a retail chain. Later on, Subiksha got shut. His investment failed in Snapdeal. He earned huge profits in his other investments. Premji invested in Lenskart, Policy Bazaar, and other companies listed on the Stock Exchange. He mainly invests in the companies which are listed on the Stock Exchange.
The Philanthropist Azim Premji
Mr. Premji had so far donated 35% of his wealth to charity. He started the Azim Premji foundation in the year 2001 to improve the education system of India. His foundation focuses on providing education to the children of rural India. He wants that all Indians should get a quality education. He says if you are privileged then you should help people who aren’t privileged. To motive the people of the world towards Philanthropy, Mr Warren Buffet and Bill Gates started a campaign by the name of ‘The Giving Pledge’. Mr Azim Premji also became a member of this campaign and pledged 2$ in the year 2010.
Mr Premji is the biggest Philanthropist in India. He remained the richest person in India from the year 1999-2005. Even then he never focussed on popularity and money, rather focused on Philanthropy. After involving in a lot of Philanthropy he is still the 2nd richest person of India. He prefers to use Economy class whenever he travels through the flight and drives his second-hand car. He was awarded Padmabhushan in the year 2005 by the Government of India.
I hope you liked the story of Azim Premji. If you want to read another such story of a man who went rich from the rag, then read about the success story of John D Rockefeller.
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