Entrepreneurship and Innovation: Success Story of Reliance Industry

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Entrepreneurship and innovation
Executive summary
This report throws light on the reasons of success of entrepreneurs. Dhirbhai ambani
has been the limelight for this report, as he is an individual who started with a small business
and have expanded to one of the largest industry. He can be seen as an innovator who came
up with new ideas, goods and services by taking up risks and experiencing new venture. This
report covers all the main attributes that helps an entrepreneur to be successful. Along with
that the personality and personal approach that was used by reliance industry has been
discussed. Reliance has expanded in every sector thus the products and services used are
listed below in the report.

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Entrepreneurship and innovation
Table of Contents
Introduction................................................................................................................................3
Main attributes that helped entrepreneurs to succeed................................................................3
Personality and personal approach of Reliance Industry...........................................................4
Products and services of Reliance Industry...............................................................................5
Process of being an entrepreneur............................................................................................5
Challenges faced by reliance..................................................................................................6
Conclusion..................................................................................................................................7
References..................................................................................................................................8

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Entrepreneurship and innovation
Introduction
Entrepreneurship and innovation is an important part for every industry to be
successful. A good entrepreneurship skill and innovative creation can help an organisation to
grow in the global world. In this report the discussion is carried out by considering the case of
reliance as it is one of the largest private sector company of India. Reliance activities have
span in various sectors like refining of petroleum, marketing, petrochemicals,
telecommunication and retail market. In 2002, after dhirubhai ambani died the company was
taken over by the brothers (Jaskiewicz, Combs & Rau, 2015). In that particular year, the
company’s dominance was increased as they started with petrochemical sector. Later the
company grew due to the large telecommunication network that captured larger target
audience. The reason behind its success was the effective policies that were developed by the
company to overcome all the challenges. This report covers the process that an entrepreneur
follows to be successful along with the major challenges that were faced by reliance (Stam &
Spigel, 2016). Reliance is one of the successful industries till date but has faced many
challenges in their entire journey.
Main attributes that helped entrepreneurs to succeed
In this the success would be discussed by keeping Dhirubhai ambani founder of
Reliance industry into consideration. The reason behind this success was passion to connect
with market with strong connection. Entrepreneurs can only succeed if they have strong
passion to achieve their idea and take strong risk. They have the passion to venture new
things by investing the market demand. Entrepreneurs like dhirubhai ambani as an urge to
attain the objective to satisfy the need of clients (Robinson, 2017). Ambani has made success
in the journey and has undoubtedly made capital in his lifetime. The main reason behind this
success is self-discipline and flexibility in their venture (Stam & Spigel, 2016). The reason
behind his success story is flexibility as they are willing to take all the challenges by
estimating the outcomes (Eftekhari & Bogers, 2015). They get succeeded as they have the
power to think interestingly and work on the unrealistic situation. Dhirubhai ambani being a
successful entrepreneur till date have created the line between the stubborn confidence and
humble realism. He has succeeded because he took the risk and faced all the challenges by
not bothering the uncertainty that could be faced in future. Entrepreneurs are mostly seen to
be confident in their actions and are dedicated towards their project (Armanios, Eesley &