Life lessons from business leaders

An aspiring manager narrated how he lost “everything” on a train to Calcutta and learnt to start from scratch. A business scion spoke of the importance of shedding your ego.

Stories and anecdotes from corporate leaders regaled an audience of management students last month.

The teachings that emerged went beyond just business and became life lessons.

The Shaping Young Minds Programme of the All India Management Association (AIMA), in collaboration with the Calcutta Management Association (CMA) and in association with The Telegraph, was held at IIM Calcutta.

“You will lose a lot of things in life. You need to put it behind you. Tomorrow is always a better day,” said Shiv Shivakumar, operating partner, Advent International Private Equity and past president of the AIMA.

The alumnus of IIT Madras and IIM Calcutta, with leadership experience in companies like Nokia, Pepsico and Aditya Birla Group, learnt it the hard way.

He joined IIM Calcutta after IIT Madras. On the train to Calcutta, he had a spanking new suitcase — gifted by his parents — stolen. More than clothes and money, it contained all his degree certificates, marksheets and recommendation letters from the director and dean at IIT Madras.

“I slept in the lower berth and when I woke up the next morning, it was gone. I was shocked. I had never lost anything in my life till then. I was in utter panic,” said Shivakumar.

He landed and filed a police complaint. The dean of IIT Madras came to his rescue. He spoke to IIM Calcutta officials over the phone and arranged to send duplicate copies.

“I had lost so much. My mind was not in the right frame. My first term was a disaster. It took me two terms to come out of it. I told myself ‘what are you doing to yourself? What is done is done. It is over. Now focus on your studies’,” he said.

By the time he finished, he “topped marketing” at IIM Calcutta.

The Shaping Your Minds programme is an outreach for aspiring managers, leaders and entrepreneurs. The method is storytelling and anecdotal, allowing participants to tap into the experiences of people who have overcome challenges and turned opportunities into results.

At the programme, each address was followed by an interactive session between the speaker and the audience.

Shrinivas V. Dempo, president, AIMA, and chairman of the Goa-based Dempo Group of Companies, spoke of “honesty and humility” when a student asked him about lessons from setbacks.

After taking over the reins of the group, he was saddled with a crude iron project that had run into a huge debt. His father had passed away and the banks were chasing him.

“I had a legacy to protect. It was not easy. It is not good to default on something that is taxpayers’ money. It is your money that the business people borrow,” he said.

“I approached it with honesty. I sat with my executives. I worked on a plan. I shed my ego. I was humble enough to admit that this was not my industry. So, with all humility, I worked out a plan and I gave it to the banks. I was honest enough to say that so long as the banks are paid, I am flexible on price. Fortunately, it was bought by another buyer. We learnt some lessons — humility, having less ego and being honest with yourself. All these pay in the long run,” said Dempo.

Many football lovers would be familiar with the surname because the football club of the same name is owned by the group.

Randeep Guleria, chairman of the Institute of Internal Medicine and Respiratory and Sleep Medicine, director of medical education at Medanta and former director, AIIMS, New Delhi; Aditya Ghosh, co-founder of Akasa Air and former president and whole-time director, Indigo; and Vinita Bali, independent director on global boards and former managing director and CEO, Britannia India Ltd were the other speakers at the day-long programme.