Raj Dharampuriya is a man who has found huge levels of success in business both as a business owner himself, and as an advisor to a great number of businessmen and women. Raj Dharampuriya is someone who I can also count as a greta friend of mine and he has always served as a great inspiration to me. A few weeks ago we were chatting about business as I am just about to start my own, and he shared some great pearls of wisdom to me which I have no doubt will be very helpful. I wanted to share these pearls with you in the hope that they can also inspire you.
Don’t Stay Still
Innovate or die is what Raj Dharampuriya stands by and he does make a very compelling case for this. During our chat he spoke about entertainment giant Blockbuster. Once upon a time Blockbuster was the most successful company within their industry and when it came to selling or renting out entertainment, there was nobody as big as them. Unfortunately however they failed to keep up with the times and that saw companies like Netflix come along and eat up their market share, so much so that they are now out of business. The message from Raj Dharampuriya is to keep moving, keep innovating and keep an eye on the future.
Keep Friends and Enemies Close
Something which Raj Dharampuriya is also vociferous about is creating healthy relationships between yourself and other business owners and influential people. There is a notion that everyone is your competition but this isn’t something which Raj Dharampuriya believes in and he prefers to keep everyone as close as possible. There will be many times during your business career when you need someone to get you out of hole and that is when you can rely on your contacts. Keeping enemies close also gives you the upper hand in terms of how to beat your competition.
From the moment that we started to talk about business Raj Dharampuriya was consistently telling me that there is nobody more important than the customer. This customer focus he says is something that a great many businesses often forget, which of course is the start of their downfall. Don’t please the shareholders or the marketeers, place your focus on your customers and your product and everything else will look after itself.
The financial side of a business is vitally important and as Raj Dharampuriya often told me, even if I am not an expert in business, there should be someone within the business that is. My friend pointed to the fact that the majority of businesses which fail, do so because of financial mismanagement. This is why it is so important that whoever is looking after the company finances, they are someone who knows exactly what they are doing.