When Ratan Tata died in October 2024, thousands of people poured into the streets of Mumbai. Most of them were not Tata Group shareholders. Many had never seen him in person. Yet they wept as if they had lost someone from their own family.
How does a businessman earn that kind of love? For entrepreneurs, the answer to that question holds the biggest lesson of all.
1. Dream Big, But Never Forget People
When Ratan Tata took charge of the group in 1991, many saw Tata as an old, slow-moving institution. Over more than two decades of leadership, he turned it into a global group. International brands like Tetley Tea, Corus Steel and Jaguar Land Rover were acquired. Group revenue grew several-fold, crossing roughly 100 billion dollars.
But his story is not only about expansion. A large share of Tata Sons is owned by the Tata Trusts, so a significant portion of the group’s profits flows into education, healthcare and research. He showed that growth and values can move together.
2. Turn Humiliation Into Fuel
The story is widely told. In 1999, Tata Motors’ passenger car business was struggling. It is said that when he approached Ford with a proposal, he was treated as though Ford would be doing him a favor by buying the unit. He did not sulk. In 2008, he bought Jaguar and Land Rover from that same Ford.
3. Admitting Failure Is Also Leadership
The Tata Nano was his dream project, a one-lakh-rupee car for the middle class. But the car got stuck with the label of “the cheapest car,” and people don’t want to drive a cheap car. They want a symbol of aspiration. The Nano failed. He didn’t dodge responsibility and openly acknowledged his mistake. It shows that how people perceive a product matters even more than its price.
4. Stand by Your People in a Crisis
After the 2008 terrorist attack on the Taj Mahal Palace in Mumbai, the Tata Group did not stop at rebuilding the hotel. It took responsibility for the families of employees who were killed or injured, and even stood by ordinary people in the neighborhood. This is why employees saw him not just as a boss, but as a guardian.
5. Believe in the Young
Late in life, the elderly industrialist invested his money and time in young startups. Whether they succeeded or not, he respected the new generation’s courage to take risks.
Ratan Tata’s wealth was enormous, but that is not why Mumbai wept for him. They wept because he showed that business is not just a ledger of profit and loss. Business is a way of earning people’s trust.
When you start your own venture, ask yourself this one day: will my identity be only how much money I earned? Or will I leave behind something people remember even in my absence?
